BEING HOLDINGS CO., LTD.

Business Details

The Group's core business is the 3PL Business specializing in daily necessities (food, pharmaceuticals, cosmetics, and daily goods), providing an integrated offering of logistics center on-site operations, delivery operations, and consulting. Using its proprietary concept of "Non-Transport Logistics®," the Group consolidates and rationalizes inter-hub logistics to optimize the entire supply chain of wholesalers and retailers. Major customers are Kusuri no Aoki (35.5% of operating revenue) and the Mitsubishi Shokuhin Group (11.7% of operating revenue). Based on the "Medium-Term Management Plan 2028" covering FY2026 (ending December 2026) through FY2028 (ending December 2028), the Group is advancing the establishment of a logistics infrastructure specialized in daily necessities and its nationwide rollout.

Recent Overview

Revenue increased, but the relocation of the Tokai SCM Center caused a sharp decline in profit margin, and cost increases continued

In Q1 of FY2026 (ending December 2026), the Group achieved higher operating revenue of ¥8,355 million (up 10.6% year on year), while operating profit fell sharply to ¥388 million (down 28.8% year on year) and net profit attributable to owners of parent declined significantly to ¥189 million (down 42.4% year on year). Although the productivity of the Tokai SCM Center, which was relocated in the previous fiscal year, has recovered to pre-relocation levels, its profit margin has not yet recovered, which weighed on the overall profit margin. In addition, cost increases from driver shortages, rising labor costs, and a renewed rise in fuel costs continued. The Group newly launched operations at "Matsusaka TC" and "Kainan TC" in January, and relocated "Matsumoto FDC" in March. The Group also advanced its procurement of CO2-free electricity through the installation of solar panels at the Toyama SCM Center. The full-year earnings forecast remains unchanged (operating revenue of ¥36,870 million, operating profit of ¥2,400 million).

Key Products

Growth Drivers

• Establishment of a logistics infrastructure specialized in daily necessities and nationwide rollout based on the "Medium-Term Management Plan 2028" (newly launched Matsusaka TC and Kainan TC in January 2026)
• Gradual recovery of profit margin as operational improvements progress at the Tokai SCM Center (productivity has already recovered to pre-relocation levels)
• Continued expansion of logistics locations through deepening relationships with existing customers, and revenue contribution from the stable operation of existing locations
• Improved productivity and cost control through enhanced data and AI functionality in the in-house developed system "Jobs"
• Improvement of cost structure through expanded use of renewable energy (installation of solar panels at the Toyama SCM Center and procurement of CO2-free electricity)

Risks

• Continued upward pressure on operating costs due to worsening driver shortages (the logistics industry's "2024 problem") and rising labor costs
• Renewed rise in fuel costs due to increasing crude oil prices amid heightened tensions in the Middle East
• Risk of initial costs incurred when launching or relocating new locations, and of declining profit margins until operations stabilize (as seen in the case of the Tokai SCM Center)
• Customer concentration risk due to reliance on a major customer, Kusuri no Aoki (35.5% of operating revenue)
• An uncertain business environment going forward due to concerns over a slowdown in overseas economies and continued price increases