• Early signs of inflection as macro clouds clear – AS ONE's Q1-3 results demonstrated strong operational execution with operating profit (+12.4% YoY) significantly outpacing revenue growth (+5.1% YoY), reflecting margin expansion and cost discipline. Looking ahead, macroeconomic headwinds are fading as Japan-U.S. tariff uncertainty resolves and corporate earnings improve, while the Takaichi administration's anticipated fiscal stimulus measures are expected to benefit AS ONE's core customer base (universities, research institutions, and medical facilities), positioning the Company for reacceleration of growth in FY3/27. With the ¥1bn share buyback program completed ahead of schedule, AS ONE maintains the flexibility to return additional capital to shareholders if M&A opportunities do not meet return hurdles.
