Kakaku.com (2371) Q1 2025 earnings summary

Executive summary

• Revenue rose 15.3% year-over-year to ¥17,713 million in Q1 FY25/3, with operating profit up 34.9% to ¥6,977 million and net profit attributable to owners up 32.1% to ¥4,824 million.

• Operating margin improved by 5.7 points to 39.4% year-over-year, reflecting strong cost control and revenue growth.

• Segment reorganization implemented from April 2024, now reporting Kakaku.com, Tabelog, Kyujin Box, and Incubation as separate segments.

• Full-year outlook remains unchanged, with continued growth investments planned.

Financial highlights

• Q1 FY2025 revenue: ¥17,713 million (+15.3% YoY); operating profit: ¥6,977 million (+34.9% YoY); profit before income taxes: ¥7,086 million (+33.8% YoY); profit attributable to owners: ¥4,824 million (+32.1% YoY).

• Basic EPS for Q1 FY2025: ¥24.38, up from ¥18.15 in Q1 FY2024.

• Q1 operating expenses increased 5.3% year-over-year, mainly due to higher advertising and commissions, especially for Kyujin Box and Tabelog.

• Variable expenses rose 15.1% year-over-year, while fixed expenses declined 2.5%.

• Cash and cash equivalents at quarter-end: ¥37,883 million, up ¥182 million from March 31, 2024.

Outlook and guidance

• FY25/3 revenue forecast at ¥74,000 million (+10.6% year-over-year), operating profit at ¥28,500 million (+10.4%), profit attributable to owners at ¥19,400 million (+7.2%), and basic EPS at ¥98.19.

• Dividend forecast raised to ¥50.00 per share for the year, with interim and year-end dividends at ¥25.00 each.

• Kakaku.com segment expected to be flat, Tabelog +15%, Kyujin Box +35%, Incubation +5% (excluding gaie).

• Focus on expanding contracted restaurants and ARPU for Tabelog, maximizing users and revenue per user for Kyujin Box, and promoting new business launches and M&A.

• No changes to previously announced earnings forecasts.