The loss is made below the operating line
ANAP Holdings Inc. (TSE: 3189) reported consolidated results for FY8/2026, the twelve months from September 1, 2025 to August 31, 2026, on October 15, 2026 under Japanese GAAP. Net sales rose 20.0% to ¥2,128 million, but gross profit fell 50.8% to ¥435 million and the gross margin dropped to 20.4%. With SG&A expenses up 10.7% to ¥2,591 million, the operating loss widened to ¥2,155 million from ¥1,456 million. The bigger hit came below that line: the group books gains and losses on the crypto assets held by its investment unit as non-operating items, and this year that meant a ¥4,374 million valuation loss, against a ¥1,218 million valuation gain a year earlier. The ordinary loss therefore ballooned to ¥6,762 million from ¥316 million, and the net loss attributable to owners of the parent reached ¥7,323 million, or ¥172.37 per share.
Every segment loses money
Stores, wholesale and licensing grew sales 16.1% to ¥1,282 million but its segment loss widened to ¥484 million from ¥383 million as the group held back purchasing. Online sales nearly doubled, up 91.8% to ¥353 million, while the company pruned unprofitable third-party marketplaces; the loss there still grew to ¥138 million. The esthetic and relaxation salon business lifted sales 2.7% to ¥492 million, but early advertising costs took its loss to ¥562 million from ¥262 million. The investment business recorded no sales and a ¥19 million loss, its valuation result sitting in non-operating items.
Balance sheet, going concern and outlook
Total assets rose 5.4% to ¥19,317 million as crypto assets increased by ¥1,724 million. The company repaid ¥5,000 million of short-term borrowings but added ¥8,865 million of long-term borrowings and ¥1,600 million of bonds, while the net loss cut net assets 36.9% to ¥7,980 million; the equity ratio fell to 41.3% from 68.9%. Operating cash flow was an outflow of ¥2,272 million and investing activities used ¥6,207 million, mainly ¥6,080 million spent buying crypto assets. After seven straight years of operating, ordinary and net losses, the company again flags events that cast significant doubt on its ability to continue as a going concern. It paid no dividend, plans none for FY8/2027 and will publish a forecast only when it can calculate one reasonably.
| Metric | FY8/2026 | FY8/2025 | Change |
|---|---|---|---|
| Net sales (¥ million) | 2,128 | 1,774 | +20.0% |
| Operating profit (¥ million) | −2,155 | −1,456 | loss widened |
| Ordinary profit (¥ million) | −6,762 | −316 | loss widened |
| Net profit attrib. to owners of parent (¥ million) | −7,323 | −2,660 | loss widened |
| EPS (¥) | −172.37 | −153.95 | loss widened |
| Stores, wholesale & licensing — revenue (¥ million) | 1,282 | 1,104 | +16.1% |
| Stores, wholesale & licensing — segment profit (¥ million) | −484 | −383 | loss widened |
| Online sales — revenue (¥ million) | 353 | 184 | +91.8% |
| Online sales — segment profit (¥ million) | −138 | −81 | loss widened |
| Esthetic & relaxation salons — revenue (¥ million) | 492 | 479 | +2.7% |
| Esthetic & relaxation salons — segment profit (¥ million) | −562 | −262 | loss widened |
| Total assets (¥ million) | 19,317 | 18,320 | +5.4% |
| Net assets (¥ million) | 7,980 | 12,644 | −36.9% |
| Equity ratio | 41.3% | 68.9% | −27.6 pt |
| Annual dividend per share (¥) | 0.00 | 0.00 | unchanged |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.