AIN HOLDINGS INC.
9627・Prime Market・Retail Trade
Business
Ain Holdings Inc. is a holding company (transitioned to holding company structure in 2015) with a history dating back to its founding in 1969 and its entry into the pharmacy business in 1993. Its core Pharmacy Business operates "Ain Pharmacy," with 1,290 stores nationwide (as of the end of FY2025 (ending April 2025)), generating its main revenue from insurance dispensing. The Retail Business operates the cosmetics store "Ains \u0026 PPES" (95 stores) and the interior goods shop "Francfranc" (165 stores), which joined the group in August 2024. Key customers are patients with prescriptions and local residents (Pharmacy) and consumers interested in beauty and interior goods (Retail). In March 2025, the company announced "Ambitious Goals 2034," targeting ¥1 trillion in sales for FY2034 (ending April 2034).
Business Model
The Pharmacy Business generates revenue from dispensing fees based on prescriptions (insurance benefits plus patient co-payments), and represents a stable foundation accounting for approximately 84% of net sales of ¥456,804 million. The Retail Business is engaged in the retail sale of cosmetics and interior goods, aiming to raise average customer spending through differentiated products. Both businesses pursue economies of scale through M&A and new store openings, adopting a strategy that simultaneously achieves operational efficiency and enhanced added value through the promotion of DX.
Company Strengths
As of the end of April 2025, the company operates 1,290 dispensing pharmacies nationwide. In the fiscal year under review alone, it opened 98 stores including through M&A, strengthening its presence as regional healthcare infrastructure. Furthermore, with the completion of the M&A of the Sakura Pharmacy Group in August 2025, the total number of pharmacies is expected to expand significantly to approximately 2,140 stores.
Following the consolidation of Francfranc as a subsidiary in August 2024, sales in the Retail Business surged 96.2% year on year to ¥61,041 million. With 95 Ains & PPES stores and 165 Francfranc stores, totaling 260 stores, the company has significantly enhanced its lifestyle proposal capabilities spanning both cosmetics and interior products.
In April 2025, the company obtained an MSCI ESG rating of "A" for the second consecutive year. Its core subsidiary Ain Pharmaciez received "Platinum Eruboshi" certification from the Minister of Health, Labour and Welfare in June 2024, and has also been recognized as a "Health and Productivity Management Outstanding Organization (White 500)" for five consecutive years. These ESG and human capital management achievements are directly linked to institutional investor evaluations.
ENVALITH's Perspective
Performance Trend
Revenue expanded roughly twofold over five fiscal years, from ¥316,247 million in FY2022 to ¥647,834 million in FY2026. In FY2025, operating profit declined to ¥16,871 million (down 17.4% year on year) due to M&A-related costs and other factors, but in FY2026, the scale expansion and earnings improvement from Sakura Yakkyoku Group joining the group (August 2025) exceeded expectations, driving a strong recovery with operating profit of ¥29,832 million (up 76.8% year on year) and EBITDA of ¥52,011 million (up 67.6% year on year). As an external factor, rising per-prescription unit prices due to increased prescribing of high-priced pharmaceuticals provided a tailwind. On the other hand, interest expenses surged from ¥264 million to ¥2,093 million, and although the operating margin improved to 4.6% (from 3.7% in the previous period), the increase in financial costs held back growth in ordinary profit (which rose only 57.2%). Net profit came to ¥17,264 million (up 86.4% year on year), including the additional recognition of deferred tax assets (approximately ¥4.0 billion).
Growth Strategy
Advancing "Ambitious Goals 2034," a mid-to-long-term vision targeting ¥1 trillion in net sales by FY2034 (ending April 2034) through M&A and new store openings
PMI progress at the Sakura Pharmacy Group (centered on population-dense areas such as the Greater Tokyo, Kansai, and Tokai regions), which joined the group in August 2025, has exceeded expectations, achieving profit improvement significant enough to result in the additional recognition of deferred tax assets (approximately ¥4.0 billion). The company plans to continue enhancing productivity through the integration of mutual business know-how beyond FY2027 (ending April 2027).
In FY2026 (ending April 2026), the group opened 902 stores including through M&A (with 30 store closures and 25 business transfers), bringing the total number of pharmacies to 2,137. The company plans to continue expanding its business scale in FY2027 (ending April 2027) through active use of new development and M&A. Under the mid-to-long-term vision "Ambitious Goals 2034," the company targets net sales of ¥1 trillion in FY2034 (ending April 2034).
The company is promoting simultaneous improvement of pharmacist productivity and patient convenience through the addition of Mynaportal integration to its official app (June 2025) and an automatic medication notebook registration function (November 2025), as well as the introduction of AI Medication History / AI Diagnostic Report. Over-the-counter sales of emergency contraceptives (February 2026, at approximately 1,000 stores nationwide) have also begun as a new revenue opportunity.
In FY2026 (ending April 2026), the company opened 14 Ains & PPES stores and 7 Francfranc stores, expanding the total number of stores to 269. Through differentiation measures such as exclusive and early sales of Asian cosmetics, and strong sales of Francfranc's seasonal products, net sales reached ¥80,255 million (up 31.5% year on year). For FY2027 (ending April 2027), the company expects continued profitability improvement through ongoing store openings in prime locations and cost reductions.
Last updated: July 17, 2026