Smaregi (4431) Q4 2025 earnings summary

Executive summary

• Achieved record net sales of ¥11.07 billion (+32.0% YoY) and operating profit of ¥2.38 billion (+36.9% YoY), marking 12 consecutive years of revenue growth and 3 years of record profit.

• Profit attributable to owners was ¥1.64 billion, with basic EPS of ¥85.16.

• Consolidated reporting began in 3Q FY2025 after acquiring Netshop Supporters Co., Ltd., with four months of consolidated results included.

• Annual Recurring Revenue (ARR) grew 46.3% YoY to ¥8.68 billion, exceeding the mid-term plan target by 19.4%.

Financial highlights

• Net sales: ¥11.07 billion (+32.0% YoY); operating profit: ¥2.38 billion (+36.9% YoY); ordinary profit: ¥2.36 billion (+39.0% YoY); profit attributable to owners: ¥1.64 billion (+35.2% YoY).

• Gross profit totaled ¥6,761 million, with a gross margin of 61.1%.

• 4Q net sales reached a record ¥3.19 billion (QoQ +17.1%).

• Equity ratio remained high at 71.8%; net assets increased 28.4% YoY to ¥7,667 million.

• ROE was 21.4% and ROA 15.4%, reflecting strong capital efficiency and profitability.

Outlook and guidance

• FY2026 net sales forecast: ¥13.86 billion (+25.2% YoY); operating profit: ¥2.80–2.95 billion (+18.1–24.4% YoY); profit: ¥1.87–2.02 billion (+13.8–23.0% YoY).

• Basic EPS forecasted at ¥96.90–104.69.

• Dividend per share planned to increase from ¥15.00 to ¥20.00.

• ARR target for FY2026 set at ¥9.46 billion.