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Explanation of Results of Operations （Third Quarter of FY3/2026）
Summary
（JPY: Million）
| Net Sales | 143,194 | YoY+36.7% |
|---|---|---|
| Operating Profit | 62,398 | YoY+51.8% |
| OP Margin | 43.6% | ー |
| Ordinary Profit | 63,456 | YoY+48.7% |
| Profit attributable to owners of parent | 43,679 | YoY+29.3% |
| Basic Earnings per Share | 181.66Yen | ー |
|---|
【Summary for Q3 of FY 3/2026】
- Consolidated net sales and operating profit for the cumulative consolidated and stand-alone third quarter of FY3/2026 marked record highs
- In Japan, Product Sales and the License Business remained firm, despite the end of the Expo Osaka Kansai and a decline in inbound sales that began in November. Growth in mainland China was driven by the expansion of the product sales business, while Europe benefited from increased demand from fast fashion licensees
- We revised operating profit upward from 70.2 billion yen to 75.1 billion yen, taking into account strong cumulative third quarter results for FY3/2026 and expected strong performance in Japan domestic license business, mainland China, and Europe in the fourth quarter.
Net Sales
（JPY: Million）
| Net Sales | 143,194 | YoY+36.7% |
|---|
Consolidated net sales and operating profit for the cumulative consolidated and stand-alone third quarter of FY3/2026 marked record highs
Operating Profit
（JPY: Million）
| Operating Profit | 62,398 | YoY+51.8% |
|---|
Consolidated net sales and operating profit for the cumulative consolidated and stand-alone third quarter of FY3/2026 marked record highs
Reportable Segment
Segment Sales Ratio
i. Japan: Net sales rose 34.1% year-on-year to 85.2 billion yen and operating profit rose 48.8% to 40.6 billion yen.
The product sales and licensing businesses continued to perform well, supported by the sustained popularity of Hello Kitty and the ongoing success of a strategy featuring a wide range of Sanrio characters centered on Kuromi and My Melody, both of which celebrated anniversaries in 2025.
In the product sales business, the Tokyo Character Street store opened in November 2025 and the Harajuku store in December. Store-exclusive offerings proved popular, including the patch decoration corner at the Harajuku store where customers can create original goods, contributing to both stores significantly exceeding their sales targets.
In the licensing business, a wide range of Sanrio characters—particularly those celebrating anniversaries—were adopted, driving significant sales growth across diverse categories including beverages, food service, consumer goods, cosmetics, and apparel. Related merchandise gained popularity, reflecting the growing demand for stickers.
Operating profit rose significantly due to a big increase in sales.
ii. Europe: Net sales rose 128.3% year-on-year to 7.9 billion yen and operating profit rose 163.4% year-on-year to 2.3 billion yen.
In the licensing business, sales rose significantly, driven by the continued strategy of featuring a wide range of Sanrio characters and successful initiatives with global brands. In particular, growth was led by the apparel category,which benefited from partnerships with fast fashion brands, and the toy category, which also featured a wide range of Sanrio characters.
Operating profit increased significantly due to sales growth.
iii. North America: Net sales rose 3.2% year-on-year to 18.8 billion yen and operating profit rose 13.1% yearon-year to 5.8 billion yen.
The licensing business saw sales growth in the toy, apparel, and digital categories. In the toy category, plush toys,character figures, and other products performed well. The apparel category continued to expand its product lineup for the mass market (such as large retail chains) through initiatives with existing licensees. In the digital category,the launch of game content featuring a wide range of Sanrio characters across additional platforms contributed to increased sales and higher brand awareness.
Additionally, as part of its initiatives to enhance brand value and expand customer touchpoints, the Group held several sports and culture events. These included events in partnership with professional sports leagues such as MLB (baseball), NHL (ice hockey), NBA (basketball), MLS and NWSL (football), and F1 Academy.
Operating profit increased despite factors including marketing investments and higher e-commerce shipping costs.
iv. Latin America: Net sales rose 98.5% year-on-year to 2.2 billion yen and operating profit rose 59.0% year-onyear to 0.6 billion yen.
In Latin America as a whole, the licensing business performed well in the categories of apparel, health & beauty,stationery, accessories and bags. Moreover, characters other than Hello Kitty grew in popularity, including My Melody, which is marking its 50th, Kuromi, which is celebrating its 20th anniversary, and Cinnamoroll.
In Mexico, the bag category performed well, driven by strong sales of school bags, as did the stationery category, supported by the popularity of school supplies targeting teenagers. In Brazil, higher sales were driven by the health & beauty category, due to the success of a lip balm created in collaboration with a major pharmaceutical company.
The apparel category also saw higher sales of merchandise featuring Kuromi and Hello Kitty amid their growing popularity. Additionally, throughout Latin America, the rollout of products across multiple categories by major global brands drove sales. Furthermore, collaboration with a global fast-food chain contributed significantly to increasing Hello Kitty brand awareness.
Operating profit increased due to sales growth.
v. Asia: Net sales rose 57.6% year-on-year to28.8 billion yen and operating profit rose 72.1% to 14.9 billion yen.
In China, licensing business sales in the toys & hobby, apparel and accessories and corporate special sales categories were strong. The strategic deployment of a wide range of Sanrio characters proved successful, with not only Hello Kitty but also Kuromi and My Sweet Piano gaining in popularity. In the product sales business, sales increased significantly through new store openings and the rollout of region-exclusive products, which expanded customer touchpoints and generated market buzz.
In South Korea, licensing business sales in the health & beauty, corporate special sales and stationary categories were strong with Hello Kitty and Pochacco attracting attention.
In Taiwan, the licensing business performed well in the toy, apparel and food categories. The strategic deployment of a wide range of Sanrio characters proved successful. Notably, the popularity of My Melody and Kuromi has further increased.
In the Hong Kong and Macau region, the licensing business saw growth in sales, driven by the success of the corporate special sales category, which implemented initiatives in collaboration with financial institutions and local governments.
In Southeast Asia, sales of the licensing business were driven by multi-regional expansion through toy licensees and the corporate special sales category also performed well, contributing to sales growth. Hello Kitty maintained its popularity, and the toy and food categories saw sales growth due to the strong performance of a wide range of Sanrio characters.
Operating profit increased due to sales growth across Asia.
Explanation of Financial Position
（JPY: Million）
| Total Assets | 210,108 | YoY+3.8% |
|---|---|---|
| Net Assets | 137,866 | YoY+28.1% |
| Equity Ratio | 65.5% | ー |
Total Assets
（JPY: Million）
| Total Assets | 210,108 | YoY+3.8% |
|---|
At the end of the third quarter of the current fiscal year, total assets stood at 210.1 billion yen, an increase of 7.7 billion yen from the end of the previous fiscal year. The main increases were 7.0 billion yen in accounts receivable-trade, 3.9 billion yen in merchandise and finished goods, 0.5 billion yen in raw materials and supplies, 1.4 billion yen in other current assets, 0.4 billion yen in buildings and structures, net, 0.8 billion yen in other, net under property, plant and equipment, 1.9 billion yen in intangible assets, 1.1 billion yen in investment securities, 0.3 billion yen in retirement benefit asset, and 1.8 billion yen in investments and other assets. The main decrease was 11.7 billion yen in cash and deposits.
Liabilities decreased 22.5 billion yen from the end of the previous fiscal year to 72.2 billion yen. The main increases were 4.4 billion yen in notes and accounts payable-trade and 1.2 billion yen in other non-current liabilities. The main decreases were 3.9 billion yen in long- and short-term borrowings, bonds payable (including current portion of bonds payable), 0.8 billion yen in income taxes payable, 0.3 billion yen in provision for bonuses, 2.0 billion yen in other current liabilities, and 21.0 billion yen in convertible-bond-type bonds with share acquisition rights.
Net Assets
（JPY: Million）
| Net Assets | 137,866 | YoY+28.1% |
|---|
Net assets increased 30.2 billion yen from the end of the previous fiscal year to 137.8 billion yen. The main increases were 28.2 billion yen in retained earnings and 12.0 billion yen in capital surplus mainly due to exercise of rights under the convertible-bond-type bonds with share acquisition rights. The main decreases were 7.1 billion yen in treasury shares, 0.5 billion yen in valuation difference on available -for-sale securities, 1.0 billion yen in foreign currency translation adjustment, and 0.8 billion yen in remeasurements of defined benefit plans.
As a result, the equity ratio was 65.5%, up 12.6 percentage points from the end of the previous fiscal year.