A 17-month year and a big acquisition
San Holdings, Inc. (TSE: 9628) reported consolidated results for FY8/2026, a 17-month period from April 1, 2025 to August 31, 2026, on October 15, 2026 under Japanese GAAP. Because the period is not comparable with the 12-month FY3/2025, the company gives no percentage changes. Operating revenue was ¥57,736 million, operating profit ¥3,954 million and ordinary profit ¥3,734 million. Net profit attributable to owners of the parent was ¥4,562 million, or ¥208.74 per share, including a ¥2,810 million gain on negative goodwill when Kokoronet became a subsidiary through a share exchange in February 2026, partly offset by ¥520 million of impairment losses. Costs included ¥1,104 million of goodwill amortisation, mostly from consolidating Kizuna Holdings, now Kazokusou no Famille after a merger on September 1, 2026, along with rent for new halls and recruitment. Kokoronet's results are included from April to August 2026. With it, the group operates in 21 prefectures from Hokkaido to Kyushu, and it calls itself Japan's largest listed pure-play funeral company.
Fewer deaths, smaller funerals
Group funeral revenue was ¥48,216 million. Japan recorded about 1.55 million deaths in the year to June 2026, roughly 5.8% fewer than a year earlier, the company said, and a shift toward small family funerals and cremation-only services pushed down average spending per funeral, even as funeral numbers and revenue grew on new halls, marketing and the Kokoronet deal. By segment, the Koekisha group had sales of ¥27,381 million and segment profit of ¥2,826 million, the Kizuna group sales of ¥21,061 million and a segment loss of ¥86 million after ¥1,071 million of goodwill amortisation and higher fixed costs from new halls, and the newly added Kokoronet group sales of ¥3,922 million and profit of ¥265 million. The company targets 550 halls across the group by FY2031.
Balance sheet, dividend and outlook
Total assets rose 17.0% from March 31, 2025 to ¥73,750 million and net assets 20.0% to ¥44,601 million, lifting the equity ratio to 60.5% from 59.0%. Dividends for the 17-month year totalled ¥57, in two payments of ¥28.50, against ¥37 for FY3/2025. For FY8/2027 the company forecasts operating revenue of ¥49,100 million, operating profit of ¥3,430 million, ordinary profit of ¥3,280 million and net profit of ¥1,650 million, or ¥70.24 per share, with one-off Kokoronet acquisition costs dropping out but Kizuna goodwill amortisation continuing. It plans dividends of ¥20.50 at the interim and the year-end, a total of ¥41.
| Metric | FY8/2026 (17 mo.) | FY3/2025 | Change |
|---|---|---|---|
| Operating revenue (¥ million) | 57,736 | 31,984 | n.m. |
| Operating profit (¥ million) | 3,954 | 4,521 | n.m. |
| Ordinary profit (¥ million) | 3,734 | 4,363 | n.m. |
| Net profit attrib. to owners of parent (¥ million) | 4,562 | 4,721 | n.m. |
| EPS (¥) | 208.74 | 230.96 | n.m. |
| Total assets (¥ million) | 73,750 | 63,053 | +17.0% |
| Net assets (¥ million) | 44,601 | 37,172 | +20.0% |
| Equity ratio | 60.5% | 59.0% | +1.5 pt |
| FY8/2027 guidance — operating revenue (¥ million) | 49,100 | — | — |
| FY8/2027 guidance — operating profit (¥ million) | 3,430 | — | — |
| FY8/2027 guidance — ordinary profit (¥ million) | 3,280 | — | — |
| FY8/2027 guidance — net profit (¥ million) | 1,650 | — | — |
| Annual dividend per share (¥) | 41.00 | 57.00 | n.m. |
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.