ValueCommerce (2491) investor relations material

Executive summary

• Net sales for the six months ended June 30, 2026, were ¥5,797 million, reflecting a sharp decline due to the termination of Online Mall Services and changes in advertiser policies.

• Operating loss was ¥560 million, ordinary loss ¥548 million, and net loss ¥460 million, despite cost-cutting and a one-time gain on sale of non-current assets.

• The company transitioned to non-consolidated financial statements after absorbing former subsidiaries from FY2026.

Financial highlights

• Gross income for Jan–Jun 2026 was ¥2,003 million on net sales of ¥5,797 million, down 58.4% year-over-year.

• SG&A expenses were ¥2,564 million, and basic EPS for the first half was -¥21.23.

• Cash and cash equivalents at period end were ¥10,013 million, down ¥1,013 million from the previous year-end.

• Total assets decreased to ¥15,407 million, and net assets to ¥11,357 million, mainly due to dividend payments and net loss.

Outlook and guidance

• Full-year forecast for FY2026 projects net sales of ¥14,400 million, operating and ordinary losses of ¥700 million, and net loss of ¥800 million (EPS: -36.91 yen); no revisions have been made to previously announced forecasts.

• The business environment is expected to remain challenging due to market maturity, contract terminations, and shifting consumer behavior.

• Stable dividend payments are targeted, with a forecast of ¥16.00 per share for FY2026.