Belluna revises half-year earnings forecast up on strong performance

Belluna Co., Ltd. has revised its consolidated earnings forecast for the interim period ending September 30, 2025, with significant increases across profit metrics. The company now expects operating profit to reach JPY 4,874m, an increase of JPY 874m (21.9%) from the previously forecast JPY 4,000m. Ordinary profit is projected at JPY 4,497m, up JPY 1,207m (36.7%) from JPY 3,290m. Net income attributable to owners of the parent is now forecast at JPY 3,326m, a substantial rise of JPY 1,426m (75.1%) from JPY 1,900m. Revenue sees a slight increase of JPY 192m (0.2%), reaching JPY 97,992m.

The upward revision is primarily driven by strong performance in the property business, particularly domestic hotels benefiting from increased domestic tourism and inbound demand, leading to higher sales and profitability. The apparel and general merchandise business also contributed by focusing on profitable operations.

Further boosting profits, the company expects increased foreign exchange gains compared to initial plans. Additionally, Belluna anticipates recording extraordinary gains from the sale of a portion of its investment securities, held for the purpose of investing in growth areas such as its hotel business. There are no changes to the full-year earnings or dividend forecasts.