Raksul (4384) investor relations material

Executive summary

• Announced a management buyout (MBO) with a tender offer at JPY 1,710 per share, representing a 36.8% premium over the previous close, endorsed by the board, with no year-end dividend if MBO is achieved.

• Q1 revenue reached a record JPY 17.2 billion, up 17.2% year-over-year, with gross profit up 20.2% and EBITDA up 11.8%.

• Net income attributable to owners of parent increased 87.1% to JPY 808 million; comprehensive income rose 70.2% year-over-year.

• Strategic partnership with Canva and launch of Raksul Bank to expand platform capabilities.

• User base expanded to 3.47 million IDs, supporting multifaceted revenue growth.

Financial highlights

• Q1 revenue: JPY 17.2 billion (+17.2% YoY); gross profit: JPY 6.09 billion (+20.2% YoY); EBITDA: JPY 1.71 billion (+11.8% YoY); net profit (non-GAAP): JPY 1.18 billion (+44.3% YoY).

• Gross margin improved to 35.3% (+0.9pt YoY); procurement platform margin: 30–33%, marketing platform: 55–65%.

• Basic earnings per share increased to JPY 13.95 from JPY 7.42 in the prior year.

• Cash and deposits at period end: JPY 14.06 billion (31.1% of total assets); net debt: JPY 2.5 billion; net debt/EBITDA: 0.26x.

• Total assets as of October 31, 2025, were JPY 45.15 billion, with equity of JPY 16.48 billion.

Outlook and guidance

• Full-year revenue forecast for FY ending July 31, 2026: JPY 75.0–77.0 billion (+21.1–24.3% YoY); gross profit: JPY 26.0–27.0 billion (+19.9–24.5% YoY); EBITDA: JPY 7.2–7.7 billion (+18.1–26.3% YoY).

• Growth expected to be weighted toward the second half of the year; Q2 guidance: >20% YoY gross profit growth, >10% YoY EBITDA growth.

• Medium-term targets for FY2027: gross profit JPY 30 billion, EBITDA JPY 10 billion.

• No annual dividend is planned for FY2026, with a revision from the previous forecast.