ValueCommerce (2491) investor relations material

Executive summary

• 9M FY2026 net sales were ¥8,379m, operating loss was ¥767m and net loss was ¥661m; FY2025 consolidated and FY2026 non-consolidated figures are not directly comparable.

• Q3 net sales were ¥2,581m, down 46.8% YoY and 11.0% QoQ; quarterly operating loss was ¥207m.

• The July 2025 termination of Online Mall Services materially reduced sales, cost of revenue and operating income.

Financial highlights

• 9M gross income was ¥2,957m and SG&A was ¥3,724m, including strategic investment and one-time head-office relocation costs.

• 9M ordinary loss was ¥749m; net loss of ¥661m included an ¥88m gain on sale of non-current assets.

• Q3 gross income was ¥953m, down 35.1% YoY and 2.7% QoQ; SG&A was ¥1,160m, down 8.9% YoY and 11.0% QoQ.

• 9M cost of revenue was ¥5,422m; Q3 cost of revenue was ¥1,628m, down 51.9% YoY and 15.3% QoQ.

Outlook and guidance

• FY2026 forecast was revised to net sales of ¥11,000m, operating loss of ¥1,000m, net loss of ¥900m and EPS of -¥41.44; forecast sales are down 53.8% YoY.

• The sales forecast reflects affiliate revenue below expectations; the operating forecast reflects lower-than-expected sales despite cost-cutting benefits.

• 9M sales represented 76.2% of the revised full-year forecast.

• The FY2026 dividend forecast remains ¥16 per share: ¥8 interim actual and ¥8 year-end forecast; policy prioritizes stable dividends while considering financial soundness and free cash flow.

• Profitability as soon as possible is targeted through cost-structure optimization; actual results may differ materially from forecasts.