Rebase (5138) Q2 2027 earnings summary

Executive summary

• Q2 revenue was ¥604m, up 19% YoY, and operating income was ¥56m versus ¥4m a year earlier; H1 revenue reached ¥1,172,201k, up 17.1%.

• H1 operating profit fell 85.7% to ¥9,463k and net income declined 54.9% to ¥21,053k; FY March 2027 guidance was raised.

Financial highlights

• Q2 ordinary income was ¥57m, up 894% YoY, and net income was ¥39m, up 897%; H1 ordinary profit was ¥9,322k, down 86.2%.

• H1 gross profit was ¥1,130,760k on revenue of ¥1,172,201k; SG&A rose 25.0% to ¥1,121,297k, including office relocation-related costs.

• H1 pretax income was ¥31,227k; a ¥21,450k deposit and guarantee settlement gain contributed to extraordinary income.

• Total assets were ¥2,208,366k, down ¥64,450k from FY2026 year-end; net assets rose ¥21,053k to ¥1,305,019k.

Outlook and guidance

• FY March 2027 revenue guidance rose by ¥200m to ¥2,600m, up 19% YoY; operating income guidance rose by ¥108m to ¥180m, up 85%.

• Ordinary income guidance increased by ¥110m to ¥178m, up 79% YoY; net income guidance increased by ¥81m to ¥137m, up 84%.

• Revised KPI targets: 1.916m uses, ¥8.54bn gross transaction value, ¥4.4k average spend, 61.2k listed spaces, and 14.8k net space additions; H1 revenue forecast attainment was 49%.