MIXI (2121) Q4 2025 earnings summary

Executive summary

• Net sales rose 5.4% year-over-year to ¥154.8 billion for FY2025, with profit attributable to owners of parent up 148.5% to ¥17.6 billion, driven by Sports, Lifestyle, and Investment segment growth, cost optimizations, and one-time gains from Timee, Inc. share sales.

• EBITDA increased 34.9% to ¥31.7 billion, and operating income grew 38.7% to ¥26.6 billion year-over-year.

• AI utilization is a core strategy, with over 70% of engineers and employees using AI tools, and company-wide adoption of Google Agentspace, ChatGPT Enterprise, and Github Copilot.

• FY2025 annual dividend per share increased to ¥120, with a share buyback of up to ¥9.5 billion approved.

• Comprehensive income reached ¥20.4 billion, up 183.1% year-over-year.

Financial highlights

• FY2025 net sales: ¥154.8 billion (+5.4% YoY); EBITDA: ¥31.7 billion (+34.9% YoY); operating income: ¥26.6 billion (+38.7% YoY); net income: ¥17.6 billion (+148.5% YoY).

• Q4 FY2025 net sales: ¥44.5 billion (+6.8% YoY); EBITDA: ¥11.1 billion (+12.6% YoY); operating income: ¥9.6 billion (+10.0% YoY); net income: ¥7.2 billion (+197.6% YoY).

• Gross profit was ¥106.0 billion, with a gross margin of 68.5% for FY2025.

• Basic earnings per share rose to ¥255.43 from ¥99.71 year-over-year.

• Cash and cash equivalents at period end: ¥108.2 billion.

Outlook and guidance

• FY2026 forecast: net sales ¥155.0 billion (+0.1%), EBITDA ¥25.0 billion (–21.1%), operating income ¥20.0 billion (–24.8%), net income ¥13.0 billion (–26.1%).

• Dividend forecast for FY2026 is ¥120 per share, targeting a 5% dividends-to-equity ratio.

• Guidance does not include the impact of the planned acquisition of PointsBet Holdings Limited; updates to be disclosed upon consolidation.

• Sports segment net sales expected to rise, but EBITDA to fall due to increased TIPSTAR investments; Lifestyle segment to grow over 20% in net sales.

• Digital Entertainment segment net sales expected to fall 5%, with EBITDA down 2.9%.