Kakaku.com (2371) Q2 2025 earnings summary

Executive summary

• Revenue for H1 FY25/3 rose 15.7% year-on-year to ¥36,363 million, driven by growth in Kakaku.com, Tabelog, Kyujin Box, and travel/transportation in Incubation.

• Operating profit for H1 increased 24.2% year-on-year to ¥14,034 million, supported by higher revenue and reduced outsourcing and personnel expenses.

• Profit attributable to owners grew 21.1% year-on-year to ¥9,590 million.

• Excluding a ¥588 million impairment loss, Q2 operating profit was ¥7,646 million (+24.8% YoY).

• Economic normalization contributed to revenue growth across core businesses.

Financial highlights

• Q2 operating margin was 37.8%, down 0.3pt YoY; H1 margin improved by 2.7pt to 38.6%.

• Basic earnings per share rose to ¥48.52 from ¥39.36 year-on-year.

• Total assets increased to ¥94,008 million as of September 30, 2024.

• Cash and cash equivalents rose by ¥7,212 million to ¥44,913 million during the period.

• Advertising and commission expenses rose sharply, reflecting growth investments.

Outlook and guidance

• Full-year revenue forecast at ¥74,000 million (+10.6% YoY); operating profit forecast at ¥28,500 million (+10.4% YoY); profit attributable to owners forecast at ¥19,400 million (+7.2% YoY).

• Dividend payout ratio to remain at least 50%, with annual dividend forecast at ¥50.00 per share, up from ¥46.00.

• No changes to previously announced earnings forecasts.