TRIAL Holdings has attached numbers to the integration of Seiyu, the supermarket chain it made a wholly owned subsidiary on 1 July 2025. Its business plan and growth potential presentation of 29 September targets ¥1.63tn of sales and ¥64.0bn of operating profit in the year to June 2029, against ¥1.35tn of sales in the year to June 2026. The results themselves were covered earlier. The deck refers to a mid-term plan announced on 12 February 2026 and uses that plan's forecast for the year to June 2026 as the starting point for its growth rates. It sets out the milestones, synergy sums and early store evidence behind the targets.
The three-year targets
The group target is split between the two operating businesses, with goodwill amortisation of ¥15.2bn deducted at group level. The company says it treats EBITDA as its key yardstick because goodwill amortisation and depreciation do not involve cash outflow.
| Measure | Trial | Seiyu | TRIAL Holdings group |
|---|---|---|---|
| Sales | ¥1.05tn | ¥580bn | ¥1.63tn |
| Operating profit | ¥61.2bn | ¥18.0bn | ¥64.0bn |
| EBITDA | ¥75.0bn | ¥25.0bn | ¥100.0bn |
Where the gains come from
TRIAL Holdings quantifies three levers:
- Purchasing: unifying the wholesalers and supply routes of Trial and Seiyu and aligning purchase terms is expected to lift gross profit by a cumulative ¥13bn from the second half of the year to June 2026 through the year to June 2027. The company says it will spend part of the profit created on price cuts to win customers.
- Private label and category management: a cumulative ¥45bn gross-profit lift through the year to June 2029, with group private-label sales share raised to 25%.
- Systems: moving Seiyu onto Trial's systems is expected to cut costs by ¥2bn a year by June 2029.
Stores: conversions, renovations, openings
The group ended June 2026 with 621 stores, up 269 from a year earlier, including 243 Seiyu stores. The plan keeps Seiyu at 243 stores, with 30 hypermarkets converted to the new "Trial Seiyu" format and 60 supermarkets renovated over three years. Trial itself is planned to grow from 378 stores to 513 by opening 35 supercenters and 100 small TRIAL GO stores with no closures, and to renovate 45 stores, mainly supercenters.
The evidence so far is small. Three Seiyu stores had converted to Trial Seiyu by the end of June, and five by 29 September. The deck reports year-on-year sales gains of about 22% and about 42%, and customer-count gains of about 23% and 38%, across the converted and remodelled Seiyu stores in the months since. The company aims for converted stores to reach 60% higher sales than before conversion by year three.
The balance sheet behind it
Interest-bearing debt stood at ¥394.6bn at the end of June against equity of ¥130.9bn, a debt-to-equity ratio of 3.01. The plan sets targets of net debt at no more than three times EBITDA and an equity ratio of at least 20%. The plan is built without the new lease accounting standard, which applies to the company from the year to June 2028, and the company's own risk section warns that store openings and renovations could slow if land, construction, financing or labour costs rise.