Kakaku.com (2371) Q1 2025 earnings summary

Executive summary

• Q1 FY2025 revenue rose 15.3% YoY to ¥17,713 million; operating profit increased 34.9% to ¥6,977 million and profit attributable to owners rose 32.1% to ¥4,824 million.

• Operating margin improved 5.7 points YoY to 39.4%, reflecting revenue growth and cost control.

• Full-year earnings guidance remained unchanged from May.

Financial highlights

• Operating expenses increased 5.3% YoY; variable expenses rose 15.1% while fixed expenses declined 2.5%.

• Advertising and commission costs rose with revenue, while personnel and outsourcing costs remained at prior-year levels; advertising and commissions were managed to maintain a constant sales ratio.

• Basic EPS was ¥24.38, up from ¥18.15 in Q1 FY2024.

Outlook and guidance

• FY2025 forecasts: revenue ¥74,000 million (+10.6% YoY), operating profit ¥28,500 million (+10.4%), profit attributable to owners ¥19,400 million (+7.2%), and basic EPS ¥98.19.

• Forecast dividends were raised to ¥25 per share for both interim and year-end, or ¥50 for the full year.

• Kyujin Box revenue and user growth are expected to remain subdued in Q2 amid slower growth in job postings.

• Tabelog plans to grow inbound reservations through improved site content and expanded overseas partnerships.

• Priorities include expanding Tabelog contracted restaurants and ARPU, maximizing Kyujin Box users and revenue per user, and developing new businesses and M&A.