Ateam Holdings (3662) investor relations material

Executive summary

• FY26 revenue fell 3.8% YoY to ¥22,997m and Adjusted EBITDA fell 36.0% to ¥1,100m; operating income rose 29.6% to ¥1,095m as expenses declined.

• Ordinary income declined 63.2% to ¥584m and net income fell 65.3% to ¥359m, with crypto-asset valuation losses weighing on results.

• D2C supported Q4 Adjusted EBITDA growth, while customer-acquisition competition and declining existing titles pressured other businesses.

• Priorities include M&A, growth in existing businesses, lower earnings volatility and shareholder returns.

Financial highlights

• FY26 EBITDA was ¥1,506m; gross profit was ¥19,441m and SG&A was ¥18,345m.

• Q4 revenue was ¥5,754m; Adjusted EBITDA was ¥322m, up 5.2% YoY and 22.8% QoQ.

• Q4 operating income was ¥334m, ordinary income ¥199m and net income ¥16m.

• FY26 cash and cash equivalents ended at ¥5,038m; operating cash flow was -¥467m.

Outlook and guidance

• FY27 forecast: revenue ¥24,000m, Adjusted EBITDA ¥1,200m, operating and ordinary income ¥600m each, net income ¥300m.

• FY27 revenue and Adjusted EBITDA forecasts are 104.4% and 109.0% of FY26 actual; earnings are weighted to H2, with existing-media activity expected to strengthen from Q3.

• FY27 outlook assumes crypto prices remain at end-July FY26 levels and excludes crypto valuation gains/losses, sales-promotion provisions and prospective M&A performance impacts.

• FY28 targets: revenue ¥34bn, Adjusted EBITDA ¥4bn, operating income ¥2bn and ¥10bn cumulative M&A investment.

• Adjusted EBITDA target bridge includes ¥2bn–¥2.5bn from new services and existing-business growth, plus ¥500m–¥1bn from M&A.