Raksul (4384) Q4 2025 earnings summary

Executive summary

• Revenue rose 21.2% year-over-year to JPY 61.95 billion, with gross profit up 26.1% to JPY 21.68 billion and EBITDA reaching JPY 6.09 billion, surpassing guidance.

• Net profit increased 21.3% year-over-year to JPY 4.29 billion, and operating profit rose 51.3% to JPY 3.82 billion.

• User base exceeded 3.31 million, reflecting steady platform expansion.

• Aggressive investments in growth, including M&A and technology, are planned for the next fiscal year.

• The company is entering a "Quality Growth" phase, focusing on profit and cash flow generation, with a new medium-term policy targeting significant growth by FY2027.

Financial highlights

• FY2025 revenue: JPY 61.95 billion (+21.2% YoY); gross profit: JPY 21.68 billion (+26.1% YoY); EBITDA: JPY 6.10 billion (+34.1% YoY).

• Q4 revenue: JPY 16.2 billion (+19.4% YoY); gross profit: JPY 5.71 billion (+25.1% YoY); EBITDA: JPY 1.53 billion (+53.9% YoY).

• Net profit for FY2025: JPY 4.29 billion (+21.3% YoY); EPS: JPY 73.8 (+13.2 YoY); ROE: 18.9% (+3.1pt YoY).

• Ordinary profit surged 69.6% year-over-year to JPY 3.46 billion.

• Cash and equivalents at period end were JPY 15.55 billion.

Outlook and guidance

• FY2026 revenue forecast: JPY 75.0–77.0 billion (+21.1–24.3% YoY); gross profit: JPY 26.0–27.0 billion (+19.9–24.5% YoY); EBITDA: JPY 7.2–7.7 billion (+18.1–26.3% YoY).

• Operating profit is projected at JPY 4.5–5.0 billion (up 17.8–30.9% YoY).

• Investments to be front-loaded in early FY2026, with margin expansion expected to resume next year.

• Tracking well against medium-term targets for FY2027 (JPY 30 billion gross profit, JPY 10 billion EBITDA).

• Dividend per share planned at JPY 3.0 for FY2025 and JPY 4.25 for FY2026.