CyberAgent (4751) Q2 2025 earnings summary

Executive summary

• Record-high consolidated sales of ¥217.3 billion in Q2 FY2025, up 1.2% year-over-year, with operating income rising 0.7% to ¥20.8 billion and net income attributable to owners surging 74.2% to ¥15,863 million for 1H FY2025.

• Growth was driven by strong performance in Media & IP and Internet Advertisement segments, while the Game Business saw a year-over-year decline due to a prior hit console game but rebounded quarter-over-quarter.

• Correction of past annual securities reports and inappropriate accounting at a subsidiary was disclosed, with corrective actions taken.

Financial highlights

• Net sales: ¥217,372 million in Q2 (up 1.2% YoY, up 6.6% QoQ); 1H FY2025 net sales rose 3.4% to ¥421,214 million.

• Operating income: ¥20,868 million in Q2 (up 0.7% YoY, up 151.4% QoQ); 1H FY2025 operating income up 9.7% to ¥29,169 million.

• Net income attributable to owners: ¥10,792 million in Q2 (up 7.9% YoY, up 112.8% QoQ); 1H FY2025 net income up 74.2% to ¥15,863 million.

• Gross profit: ¥65,827 million in Q2 (up 0.9% YoY, up 21.9% QoQ); 1H FY2025 gross profit increased to ¥119,807 million.

• Basic EPS for 1H FY2025 was ¥31.32, up from ¥17.98 in 1H FY2024.

Outlook and guidance

• Full-year FY2025 forecast: net sales ¥820,000 million (+2.3%), operating income ¥42,000 million (+4.8%), net income attributable to owners ¥21,000 million (+31.4%), and basic EPS ¥41.46.

• Progress rates at Q2: 51.4% for sales, 69.5% for operating profit, 75.5% for net income.

• Confident in achieving and potentially exceeding full-year targets based on strong first-half performance.