TRIAL Holdings, the Fukuoka-based discount retailer that folded the Seiyu supermarket chain into its accounts on July 1, 2025, reported group sales of ¥1.35tn for the year to June 2026, up 67.6% from ¥803.8bn a year earlier. Profit attributable to owners of the parent fell 70% to ¥3.5bn from ¥11.8bn, and ordinary profit slipped 9.1% to ¥20.2bn from ¥22.2bn, even as the top line surged. The filing attributes the year's swings largely to the Seiyu acquisition and, at the parent-company level, to the related borrowing costs.
| Metric | Year to June 2025 | Year to June 2026 |
|---|---|---|
| Net sales | ¥803.8bn | ¥1.35tn |
| Ordinary profit | ¥22.2bn | ¥20.2bn |
| Profit attributable to owners of parent | ¥11.8bn | ¥3.5bn |
| Total assets | ¥300.3bn | ¥807.8bn |
| Equity ratio | 42.0% | 16.2% |
| Return on equity | 9.7% | 2.7% |
| Operating cash flow | ¥4.4bn used | ¥92.1bn generated |
TRIAL Holdings acquired all shares of Seiyu on July 1, 2025, bringing Seiyu and its two subsidiaries into the consolidated group. Seiyu added 245 stores, 170 supermarkets and 75 hypermarkets (including five Livin locations); after one opening and three closures during the year, Seiyu's store count stood at 243 at fiscal year-end, while Trial's own store network stood at 378 stores (including three franchise stores) at the same date. The combined group ended the year with 621 stores, and the company has already converted three former Seiyu locations, starting in November 2025, into a hybrid "Trial Seiyu" format aimed at Tokyo-area shoppers.
The acquisition also reshaped the balance sheet. Total assets more than doubled to ¥807.8bn from ¥300.3bn, primarily reflecting a ¥292.0bn increase in goodwill following the deal. Net assets rose only modestly, to ¥134.4bn from ¥129.0bn, so the equity ratio dropped to 16.2% from 42.0% and return on equity fell to 2.7% from 9.7%. Operating cash flow turned strongly positive, generating ¥92.1bn versus ¥4.4bn used a year earlier, aided by a ¥48.5bn rise in trade payables.
TRIAL Holdings funded the purchase with a one-year bridge loan from MUFG Bank that stood at ¥367.4bn at year-end and carries covenants requiring the group to keep net assets at 75% or more of the prior year's level and avoid two consecutive years of operating losses. The bridge loan was refinanced into a syndicated term loan on July 1, 2026. Investing cash flow for the year was a negative ¥405.0bn, which included a ¥359.0bn net outflow for the acquisition of subsidiary shares tied to the change in consolidation scope. At the parent-company level, where acquisition financing costs are booked directly, TRIAL Holdings alone reported an ordinary loss of ¥8.4bn and a net loss of ¥5.0bn for the year.
Management's medium-term plan, adopted in February 2026, targets sales of ¥1.6tn, EBITDA of ¥100bn and operating profit of ¥64bn for the year to June 2029, alongside repaying ¥115bn of the acquisition debt over three years and restoring the equity ratio to at least 20%. The board is proposing a dividend of ¥17 per share for the year, up from ¥16, subject to shareholder approval at the annual meeting scheduled for September 25, 2026.