Demae-Can (2484) Q4 2025 earnings summary

Executive summary

• FY8/2025 revenue was ¥39.7bn, a YoY decrease of 21.2%, in line with revised guidance and reflecting a challenging market and changes in promotional cost accounting.

• Operating loss improved by ¥1.1bn YoY to ¥4.9bn, matching guidance, with cost optimization and controlled marketing spend.

• Transitioned to a "New Growth Phase" in 2H FY8/2025, focusing on product competitiveness, financial foundation, and service quality.

• Strategic initiatives launched to address high pricing, stimulate order growth, and expand both food and non-food merchant lineups.

• Loss attributable to owners of parent widened to ¥4,971 million from ¥3,705 million YoY.

Financial highlights

• Revenue: ¥39.7bn (YoY -21.2%); Operating loss: ¥4.9bn (improved from ¥5.99bn YoY); Ordinary loss: ¥4.97bn (improved from ¥5.85bn YoY).

• Net loss per share: ¥43.62 (vs. ¥28.19 YoY); Return on equity: -15.3% (vs. -9.4% YoY).

• Gross profit margin dropped to 11.5% in 2Q and 1.8% in 3Q/4Q FY8/2025 due to coupon accounting changes.

• GMV for FY8/2025 was ¥167.2bn, 88% of prior year.

• Active users and orders remained stable YoY.

Outlook and guidance

• FY8/2026 guidance: revenue ¥44.1bn (+11% YoY), operating loss to narrow to ¥4.0bn.

• Double-digit top-line growth and bottom-line improvement targeted, with continued investment in product and service improvements.

• No dividend planned for FY2026.

• Continued optimization of fixed costs and reinvestment of marginal profits into growth.