Forest Holdings ended the year to March 2026 with higher sales, but its profit measures moved in different directions. Consolidated net sales rose to ¥522.4bn from ¥510.46bn, while ordinary income slipped to ¥7.32bn from ¥7.94bn. Profit attributable to owners of parent went the other way, rising to ¥8.82bn from ¥5.02bn.
The split is the story
For readers outside Japan, that gap is the main point. This report shows a larger revenue base, lower ordinary income, higher bottom-line profit and comprehensive income of ¥15.32bn, up from ¥6.52bn a year earlier. Basic earnings per share also rose to ¥265.15 from ¥150.96. A reader looking only at the parent-profit line would see improvement, while one focused on ordinary income would see the opposite. The packet does not include the note disclosures or management explanation needed to say why those profit lines diverged, so the filing is clear on direction but thin on causes.
| Metric | Year to March 2026 | Year to March 2025 |
|---|---|---|
| Net sales | ¥522.40bn | ¥510.46bn |
| Ordinary income | ¥7.32bn | ¥7.94bn |
| Profit attributable to owners of parent | ¥8.82bn | ¥5.02bn |
| Comprehensive income | ¥15.32bn | ¥6.52bn |
| Total assets | ¥313.67bn | ¥289.98bn |
| Net assets | ¥160.44bn | ¥145.88bn |
| Basic earnings per share | ¥265.15 | ¥150.96 |
Scale kept rising, ordinary income did not
The multi-year rows show higher scale over time. Consolidated net sales rose from ¥476.03bn in the year to March 2022 to ¥522.4bn in the latest year, and net assets increased from ¥127.68bn to ¥160.44bn over the same stretch. Comprehensive income moved from a ¥1.63bn loss in the year to March 2022 to a ¥15.32bn gain in the latest year. Ordinary income, however, has eased for two straight years from ¥8.0bn in the year to March 2024 to ¥7.94bn and then ¥7.32bn.
Standalone figures are not identical
On a non-consolidated basis, net sales increased to ¥2.79bn from ¥2.45bn, but ordinary income fell to ¥555mn from ¥1.27bn. Net assets per share on that basis edged down to ¥1,685.00 from ¥1,695.38. The consolidated balance sheet still expanded, with total assets rising to ¥313.67bn from ¥289.98bn and net assets increasing to ¥160.44bn from ¥145.88bn. On the evidence in this packet, the supported conclusion is narrow: Forest Holdings reported higher sales, higher assets, higher net assets, lower ordinary income and higher profit attributable to owners of parent.