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COVER Corporation (5253) investor relations material
COVER Corporation Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary11 Nov, 2025
Executive summary
Revenue for the six months ended September 30, 2025, rose 27.2% year-over-year to ¥21,754 million, driven by strong performance in live events, trading card games, and licensing collaborations.
Operating profit declined 20.9% year-over-year to ¥2,666 million due to increased upfront investments and inventory valuation losses, despite higher revenue.
Net profit decreased 5.7% year-over-year to ¥1,999 million, reflecting lower margins and extraordinary losses.
Revenue growth was led by Concerts/Events and Licensing/Collaborations, while Merchandising faced headwinds from North American tariffs and sales channel shifts.
Operating income exceeded forecasts by about 10%, despite revenue falling short by 4% due to external factors and a temporary decrease in EC sales.
Financial highlights
Gross profit for the interim period was ¥10,573 million, up from ¥9,083 million in the prior year.
Operating margin declined due to higher selling, general, and administrative expenses, totaling ¥7,907 million.
Extraordinary losses included a ¥450 million provision for foreign indirect taxes and impairment losses.
Basic earnings per share for the period was ¥30.46, down from ¥34.21 year-over-year.
Cash and cash equivalents at period-end were ¥13,056 million, up ¥1,558 million from March 31, 2025.
Outlook and guidance
Full-year revenue forecast for fiscal year ending March 31, 2026, is ¥52,500 million, up 21.0% year-over-year.
Operating profit and ordinary profit are both forecast at ¥8,200 million, with net profit projected at ¥5,700 million and basic EPS at ¥86.82.
The company aims to catch up with its full-year plan in the second half through expanded events, TCG business, and licensing, as well as improvements in supply chain management and merchandising channels.
Q3 is expected to benefit from increased content viewing during the winter holidays and new fan club initiatives.
Medium-term targets are set at 100 billion yen in net sales and 25 billion yen in operating profit by FY2030.
When do upfront investments boost operating margin?
Mitigation plans for EC sales slowdown factors.
Reconcile interim profit decline with full-year forecast.
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Next COVER Corporation earnings date
Q3 202611 Feb, 2026
Next COVER Corporation earnings date
Q3 202611 Feb, 2026
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Frequently asked questions
COVER Corporation is a Japan-based company engaged in the development and management of virtual content and digital entertainment services. The company is known for producing and managing virtual YouTubers (VTubers), offering entertainment through live streaming, music, and digital media. COVER Corporation provides talent management, content production, and merchandise sales, leveraging technologies such as 3D modeling and motion capture. The company is headquartered in Tokyo, Japan, and its shares are listed on the TSE.
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