Rebase (5138) Q4 2025 earnings summary

Executive summary

• Revenue for the year ended March 2025 rose 29.3% year-over-year to ¥1,926.9 million, surpassing revised full-year forecasts.

• Operating profit increased 45.3% to ¥487.1 million, and net profit surged 58.6% to ¥362.9 million, aided by exclusion from retained earnings taxation.

• Growth was driven by the core matching platform business, benefiting from increased demand for space sharing and higher transaction volumes.

• Strategic office relocation planned for April 2026, leveraging strong internal reserves for future growth.

Financial highlights

• Q4 revenue increased 26% year-over-year to ¥510 million, driven by steady user growth.

• Operating margin improved to 25.3% for FY2025 and 21% in Q4, with net margin at 18.8%.

• Cash and deposits increased 37% year-over-year to ¥1,541.6 million.

• Shareholders’ equity rose to ¥1,380.3 million, with equity ratio at 70.3%.

• EPS increased to ¥78.13, up from ¥49.67 year-over-year.

Outlook and guidance

• FY2026 revenue projected to grow 20% to ¥2,313 million, with operating profit expected to be flat at ¥490 million and net profit to decline to ¥339 million due to one-time relocation costs.

• Operating profit would rise 27% excluding relocation costs; profit guidance includes a ¥130 million one-time cost.

• Key targets: user count +23% to 1,774k, gross transaction value +20% to ¥7.74 billion, and listed spaces +4.6k.

• The company will focus on maximizing transaction volume through user growth, higher average spend, and increased space listings.