Rebase (5138) Q3 2026 earnings summary

Executive summary

• Revenue for the nine months ended Q3 FY2026 was ¥1,604.99 million, up 13.3% year-over-year, while operating profit dropped 74.9% to ¥94.66 million and net profit fell 72.6% to ¥66.14 million due to aggressive upfront investments and underperformance of short-term growth initiatives.

• Progress is on track with revised forecasts, with active investment in new marketing initiatives to develop new customer acquisition channels.

• The company operates a single segment: matching platform services, with its main service, Instabase, facing increased supply of vacant spaces and growing demand for flexible space usage.

Financial highlights

• Q3 revenue reached ¥604 million, a 10% increase year-over-year.

• Operating profit for Q3 was ¥28 million, down 83% year-over-year, with a margin of 5%.

• SG&A expenses rose 51% year-over-year, mainly due to higher advertising, personnel, and office costs.

• EPS for the period was ¥13.46, compared to ¥52.16 in the prior year.

• Gross profit margin declined as operating expenses increased due to higher depreciation and upfront investments.

Outlook and guidance

• Revenue and profit are progressing as planned against revised full-year forecasts, with 74% of revenue and 72% of SG&A targets achieved by Q3.

• Full-year guidance remains unchanged from the November 13, 2025, revision, with revenue expected to grow 13.0% year-over-year and net profit forecast at ¥49 million (EPS ¥10.04).

• Continued focus on marketing and new customer channels is expected to drive further growth.