パン・パシフィック・インターナショナルホールディングス: 3QF6/26決算：YoY+12％OP増益、TAM獲得に向けた準備着々

Research evidence excerpt

パン・パシフィック・インターナショナルホールディングス: 3QF6/26決算：YoY+12％OP増益、TAM獲得に向けた準備着々

UpdateM図表1: Earnings summary (bn yen, %)

F6/2024 F6/2025 F6/2026 F6/2026

Consolidated 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4QCE FYCE

Sales 509.3 538.3 519.8 527.7 2,095.1 550.6 578.0 559.6 558.6 2,246.8 573.3 636.8 616.4 608.5 2,435.0

Gross profit 158.2 172.8 162.7 169.2 662.9 176.8 187.1 174.8 178.0 716.7 182.0 201.2 189.5 199.3 772.0

SG&A expenses 125.3 130.2 127.9 139.3 522.7 135.7 138.4 135.9 144.4 554.4 140.7 148.6 146.0 162.8 598.0

Operating profit 32.9 42.6 34.8 29.9 140.2 41.1 48.7 38.9 33.6 162.3 41.3 52.6 43.5 36.5 174.0

Recurring profit 36.1 37.5 40.0 35.1 148.7 32.1 54.8 38.8 32.9 158.5 42.2 54.3 43.9 31.6 172.0

Net profit (parent) 24.6 23.6 23.9 16.6 88.7 20.5 33.5 21.9 14.1 90.0 28.5 35.3 30.2 13.0 107.0

GPM% 31.1% 32.1% 31.3% 32.1% 31.6% 32.1% 32.4% 31.2% 31.9% 31.9% 31.8% 31.6% 30.7% 32.8% 31.7%

OPM% 6.5% 7.9% 6.7% 5.7% 6.7% 7.5% 8.4% 7.0% 6.0% 7.2% 7.2% 8.3% 7.1% 6.0% 7.1%

DS business

Sales 324.6 336.0 324.1 333.9 1,318.6 354.5 370.4 355.6 364.9 1,445.3 376.6 399.8 383.1 380.5 1,540.0

Gross profit 87.0 93.2 87.5 92.5 360.2 99.9 104.0 97.2 101.5 402.6 105.6 111.3 104.1 111.7 432.7

SG&A expenses 68.1 67.4 66.6 72.2 274.2 72.9 72.6 73.3 80.0 298.8 78.5 80.3 78.7 84.7 322.2

Operating profit 18.9 25.8 20.9 20.4 86.0 27.1 31.4 23.8 21.5 103.8 27.1 31.0 25.4 27.0 110.5

GPM% 26.8% 27.7% 27.0% 27.7% 27.3% 28.2% 28.1% 27.3% 27.8% 27.9% 28.0% 27.8% 27.2% 29.4% 28.1%

OPM% 5.8% 7.7% 6.4% 6.1% 6.5% 7.6% 8.5% 6.7% 5.9% 7.2% 7.2% 7.8% 6.6% 7.1% 7.2%

SSSG cumulative 10.9% 10.4% 10.5% 10.1% 10.1% 6.9% 7.1% 7.1% 7.1% 7.1% 3.6% 4.7% 5.0% - 4.0%

Inbound sales 21.1 29.1 31.1 36.0 117.3 35.1 44.7 44.6 49.8 174.2 47.5 59.6 58.1 44.8 210.0

Ex.