• AS ONE started FY3/26 on a profitable note – AS ONE's Q1 results demonstrate strong profitability driven by significant margin expansion and disciplined cost management, which allowed the company to deliver robust earnings growth despite top-line results being tempered by macro factors and falling slightly short of ambitious internal targets. The company's new detailed disclosure on its small but high-growth Services business highlights a key pillar of its medium-term plan and a potential catalyst for margin accretion and further accelerate growth. We think if e-commerce sales met internal targets and weakness in the Medical segment is addressed, AS ONE would be on track to exceed its FY3/26 targets.
