MARUI GROUP (8252) 4Q FY2025: Profit boost from higher revolving credit fees negated by adverse impact of spending and receivables securitization

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MARUI GROUP (8252) 4Q FY2025: Profit boost from higher revolving credit fees negated by adverse impact of spending and receivables securitization

J P M O R G A N Asia Pacific Equity Research

16 May 2026

MARUI GROUP (8252)

4Q FY2025: Profit boost from higher revolving credit Overweight

fees negated by adverse impact of spending and 8252.T, 8252 JP

receivables securitization Price (15 May 26):¥3,019

Price Target (Dec-26):¥3,700

Somewhat negative: Marui Group reported 4Q operating profit of ¥10.4 billion, Japan Equity Research

below our estimate of ¥12.2 billion and the Bloomberg consensus estimate of ¥11.3

Retail

billion. It guides for FY2026 sales to grow 6.9% YoY, operating profit to grow 9.5%,

and recurring profit to grow 3.2%. We think operating profit guidance of ¥55 billion Dairo Murata AC

is somewhat disappointing considering the weak 4Q profits due to interest repayment (81-3) 6736 8620

dairo.murata@jpmorgan.com

provisions. An increase in revolving credit fees should have a large positive impact

Ami Terai

in FY2026, but we also expect negative impacts from spending on app improvement (81-3) 6736-8660

and database construction to reduce profit fluctuations, and from receivables ami.terai@jpmorgan.com

securitization. Kazuha Matsuo

• 4Q results: Segment operating profit was retailing ¥2.8 billion (+1% YoY) and (81-3)kazuha.matsuo@jpmorgan.com6736-8614

fintech ¥9.5 billion (−10%). Operating profit excluding the impact of fintech JPMorgan Securities Japan Co., Ltd.

receivables securitization was ¥12.1 billion (+9%) and eliminations and

corporate were −¥1.9 billion. Our previous estimates were ¥3.6 billion, ¥10.7

billion, ¥13.4 billion, and −¥2.1 billion, respectively. Retailing and fintech

both missed our estimates. Fintech sales were generally in line with our