ValueCommerce (2491) Q1 2025 earnings summary

Executive summary

• Q1 FY2025 net sales rose 6.9% year-over-year to ¥8.18 billion, driven by Affiliate Marketing and StoreMatch services.

• Operating income declined 19.8% year-over-year to ¥1.06 billion due to higher cost rates, increased SG&A, and the absence of high-margin projects.

• Net income attributable to owners increased 15.3% year-over-year to ¥1.05 billion, supported by a ¥600 million extraordinary gain from service transitions.

• Comprehensive income rose 24.5% year-over-year to ¥1,117 million.

• Progress toward first-half and full-year forecasts remains steady, with guidance revised to reflect updated business conditions and extraordinary income reclassification.

Financial highlights

• Net sales: ¥8.18 billion (+6.9% YoY, +0.5% QoQ).

• Operating income: ¥1.06 billion (-19.8% YoY, +1.7% QoQ).

• EBITDA: ¥1.17 billion (-17.1% YoY, +1.9% QoQ).

• Net income attributable to owners: ¥1.05 billion (+15.3% YoY, +46.7% QoQ).

• Basic EPS: ¥48.65; annualized ROE: 32.2%.

Outlook and guidance

• Full-year FY2025 net sales forecast revised to ¥22.9 billion, operating income to ¥1.5 billion, and net income to ¥2.1 billion, reflecting extraordinary income reclassification.

• Dividend forecast unchanged at ¥49 per share, with annual payout ratio expected at 50.6%.

• Continued investment in social commerce and influencer marketing, with strategic focus on Southeast Asia.