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Investor Relations14 Oct 2025
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COVER Corporation (5253) investor relations material
COVER Corporation Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary12 Aug, 2025
Executive summary
Q1 FY2026/3 revenue rose 50.1% year-over-year to 9,629 million yen, with net profit up 11.9% to 693 million yen, driven by strong TCG and merchandising sales, and expansion in digital and overseas content.
Operating profit increased 16.5% year-over-year to 972 million yen, supported by the "hololive OFFICIAL CARD GAME" and overseas initiatives.
Upfront investments in technology, logistics, and overseas business development increased costs and temporarily reduced operating margin.
Seasonal factors and North American tariffs led to a sequential decline from the previous quarter and a temporary EC sales slowdown.
Streaming revenue adjusted slightly due to fewer events and performer retirements, but new and overseas talent initiatives supported year-over-year audience growth.
Financial highlights
Revenue: 9,629 million yen (+50.1% YoY); Gross profit: 4,907 million yen (+47.6% YoY); Operating profit: 972 million yen (+16.5% YoY); Net profit: 693 million yen (+11.9% YoY).
Merchandising revenue nearly doubled year-over-year (+99.2%) due to TCG sales and new store openings; Licensing/Collaborations up 7.4%.
Gross margin improved to 51% in Q1 FY2026/3 from 50% in FY2025/3.
Operating margin declined to 10% from 18% in the previous year due to upfront investments.
Basic earnings per share for the quarter were 10.57 yen, compared to 10.35 yen a year earlier.
Outlook and guidance
Full-year revenue forecast is 52,500 million yen, up 21.0% year-over-year; net profit forecast is 5,700 million yen, up 2.5%.
No changes to the previously disclosed full-year forecast.
Plans to expand summer content and events, launch English TCG sales, and increase overseas collaborations, especially in North America and Asia.
FY2026/3 operating profit forecast at 820 million yen (15% margin), with reference value of 1,120 million yen (21%) excluding upfront investment expenditures.
Medium-term targets set for 100 billion yen in net sales and 25 billion yen operating profit by FY2030/3.
What is driving medium- to long-term growth?
Why did accounts receivable - trade decrease?
How do they plan to expand the creator economy?
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Next COVER Corporation earnings date
Q2 202611 Nov, 2025
Next COVER Corporation earnings date
Q2 202611 Nov, 2025
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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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