Raksul (4384) Q3 2025 earnings summary

Executive summary

• Registered users surpassed 3.15 million, reflecting strong platform expansion and successful ID integration.

• Achieved record Q3 revenue of JPY 15,997 million, up 17.9% year-over-year, and record EBITDA, highlighting business model resilience and multi-faceted B2B growth.

• Business model combines organic growth with a roll-up M&A strategy, supporting stable growth and platform expansion.

• Maintains a healthy balance sheet, enabling continued investment and leverage for future growth.

• Revenue for the nine months ended April 30, 2025, rose 21.8% year-over-year to JPY 45,750 million, with gross profit up 26.5% to JPY 15,969 million.

Financial highlights

• Q3 FY2025 revenue: JPY 15,997 million (+17.9% YoY); gross profit: JPY 5,659 million (+20.1% YoY); EBITDA: JPY 1,652 million (+19.9% YoY); net profit (non-GAAP): JPY 891 million (+38.2% YoY).

• Cumulative 3Q revenue: JPY 45,750 million (+21.8% YoY); gross profit: JPY 15,969 million (+26.5% YoY).

• Non-GAAP EBITDA for the nine months was JPY 4,571 million, up 28.5% year-over-year.

• EPS (non-GAAP) rose to JPY 15.4 (+JPY 4.3 YoY); earnings per share for nine months was JPY 40.23.

• Net assets per share stood at JPY 242.23.

Outlook and guidance

• Full-year revenue forecast revised to JPY 61.5–62.5 billion, up 20.3–22.3% year-over-year.

• Full-year EBITDA expected at JPY 6 billion (+31.9% YoY), at the upper end of guidance.

• Operating profit projected at JPY 3.7 billion (up 46.6%), and net profit attributable to owners of parent at JPY 2.7 billion (up 27.4%).

• Dividend per share planned at JPY 3.0 (+76.5% YoY), unchanged from previous forecast.

• Long-term targets include JPY 30 billion in gross profit and JPY 10 billion in EBITDA by fiscal 2027.