Aeon Financial Service Co. (8570.T): 1Q Results First Take: In line with guidance on weak yen and cost control, but upcoming costs from 2Q

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Aeon Financial Service Co. (8570.T): 1Q Results First Take: In line with guidance on weak yen and cost control, but upcoming costs from 2Q

Equity Research

9 July 2026 | 11:10PM JST

Aeon Financial Service Co. (8570.T): 1Q Results First Take: In line with

guidance on weak yen and cost control, but upcoming costs from 2Q

Aeon Financial Service (AFS) announced its 1Q results after the market close on July Makoto Kuroda

+81(3)4587-9920 |

9. 1Q2/27 consolidated operating revenues came to ¥153.8 bn (+13% yoy, 26% run makoto.kuroda@gs.com

Goldman Sachs Japan Co., Ltd.

rate versus full-year guidance of ¥600 bn), and operating profits were ¥17.4 bn

Hibiki Takuma

(+35% yoy, 39% run rate versus guidance of ¥45 bn, 29% run rate versus an adjusted +81(3)4587-4935 |

¥60 bn which adds back the ¥15 bn in card system renewal expenses from 2Q to hibiki.takuma@gs.comGoldman Sachs Japan Co., Ltd.

full-year guidance; domestic run rates of 118%/30%; overseas run rate of 28%).

These results were thus largely in line with guidance. Net profits came to ¥8.9 bn

(+106% yoy, 60% run rate versus guidance of ¥15 bn/30% run rate after adjusting for

the aforementioned system expenses, 45% run rate versus full-year Bloomberg

consensus of ¥19.73 bn), which was slightly above expectations. However, AFS made

no upward revision in anticipation of ¥15 bn in card system renewal expenses from

2Q (¥7 bn in depreciation and amortization expenses, ¥8 bn in one-time expenses).

Domestic shopping transaction volume + e-money (+2% yoy, full-year guidance

+12%, 22.8% run rate) and overseas outstanding trade receivables (+0.5% yoy,

full-year guidance +11%, 4.3% run rate) appear slightly below guidance, but the

weak yen and cost controls were the main factors behind the slight upside in

operating profits.