4255.T

Company Overview

• Founded in January 2014, headquartered in Harajuku, with 124 total employees, operating two core businesses
• Corporate vision: "Keep challenging the impossible", with a shared company-wide focus on creating new businesses

Business Model Explanations

• Fan Business Platform (Fanicon): Provides a platform that allows creators/athletes/teams/influencers (called icons) to easily open their own paid closed fan communities within the app. Business model is revenue sharing of monthly subscription fees from fans with icons. The service uses a fully paid, fully membership model for three core reasons:
  • Maintains high engagement of core fans, and preserves and increases fan enthusiasm regardless of overall fan base size
  • Enables a stable revenue base from ongoing support of core fans
  • Creates psychological safety: the closed community only gathers fans that unconditionally support the icon, forming a very high-engagement community The platform is currently used by a wide range of icons, including idols, artists, actors, musicians, talents, YouTubers, sports teams, athletes, and K-POP creators.
• Digital Marketing: An online advertising agency business that collects fees and margins from advertisers to plan and operate influencer marketing and online marketing campaigns. The influencer sales sub-business offers end-to-end influencer marketing planning, leveraging a proprietary database of over 330,000 influencers to propose optimal campaigns that solve client and agency challenges.

2025 Fiscal Year Strategy Progress

• Fan Business Platform: 2025 strategic goals were acquiring large icons to grow fan count, and reviewing cost structure to improve profitability. Progress:
  • Fan count grew steadily as planned
  • Pricing optimization tied to added value delivered increased profit amount and improved profit margin
• Digital Marketing: 2025 strategic goals were building new influencer networks and creating additional added value. Progress:
  • Proactively proposed client-tailored campaigns, created additional added value, and delivered increased profit amount and improved profit margin
• Overall cost management: SG&A growth was kept within expectations by balancing growth investment with cost control for items such as personnel expenses

• 2026 December full year total company revenue target: 5.48 billion yen, representing a 13.4% year-over-year increase
• The company expects cost increases from: higher personnel expenses tied to talent investment, higher development costs, general cost increases from price inflation, and investment in new service exploration and new sales channel development
• Total planned growth investment for 2026: 180 million yen (0.18 billion yen), focused on accelerating growth after completing the 2025 business base restructuring that delivered profitability conversion
• Pre-investment operating profit is targeted at 480 million yen (0.48 billion yen), and after accounting for planned growth investment, full year 2026 operating profit is targeted at 300 million yen (0.3 billion yen) (positive black ink)
• 2026 strategic priorities by segment:
  • Fan Business Platform: Strengthen acquisition of new icons to drive fan count growth, continue further cost structure review to improve profit, and work on development of new products to drive medium- to long-term growth
  • Digital Marketing: Focus on building organizational infrastructure and strengthening sales capabilities to acquire large new clients, with the goal of expanding profit scale while maintaining current solid profit margins
• Long-term performance trajectory: After temporary profitability decline in 2023, the company completed performance improvement in 2024 and restructured its operating base in 2025 to achieve profitable conversion and full company black ink, and is now moving into a growth acceleration phase in 2026

1. Fan Business Platform Segment Full Year 2025:

• Revenue: grew 18.3% year-over-year, contributing ~76.5% of total company full year revenue
• Operating profit: increased 237 million yen (237 million yen = 0.237 billion yen) year-over-year, driving overall company profit improvement Q4 2025:
• Revenue: 1.068 billion yen, up 13.7% year-over-year, contributing ~76.4% of total company Q4 revenue
• Operating profit: 100 million yen (0.1 billion yen) Key KPIs (Q4 2025):
• Number of icons (content creators): ~3,800, up 18.8% year-over-year
• Total fan count: 412,000, up 19.4% year-over-year
• Gross merchandise value (GMV): up 19.8% year-over-year
• ARPU is on a downward trend due to growth of fan count for OEM individual apps that only have fees recorded as revenue, this is not considered a core growth metric going forward

1. Digital Marketing Segment Full Year 2025:

• Revenue declined year-over-year due to ongoing profitability review initiatives
• Gross profit improved; operating profit increased 28 million yen (0.028 billion yen) year-over-year, with overall profit and loss showing clear improvement Q4 2025:
• Revenue: 329 million yen (0.329 billion yen), up 12.9% year-over-year, contributing ~23.6% of total company Q4 revenue
• Operating profit: negative 26 million yen (-0.026 billion yen), a 6 million yen (0.006 billion yen) decrease in profit year-over-year Key KPIs (Full Year 2025 & Q4 2025):
• Number of handled projects decreased year-over-year, but average project value performed strongly and grew year-over-year The segment consists of two sub-businesses: Influencer Sales and Digital Advertising. It has a database of over 330,000 influencer entries and provides end-to-end influencer marketing solutions as a core competitive advantage.

Company-wide Full Year 2025:

• Total revenue: 4.831 billion yen, up 11.5% year-over-year
• Total gross profit: 2.229 billion yen, up 21.7% year-over-year
• Total selling, general and administrative expenses (SG&A): 2.032 billion yen, up 7% year-over-year, with costs effectively controlled
• Total operating profit: 197 million yen (0.197 billion yen), an increase of 265 million yen (0.265 billion yen) year-over-year
• Net income: 174 million yen (0.174 billion yen), a 243 million yen (0.243 billion yen) improvement year-over-year, both operating profit and net income landed in positive territory with significant performance improvement

Company-wide Q4 2025:

• Total revenue: 1.398 billion yen, up 13.5% year-over-year
• Total gross profit: 648 million yen (0.648 billion yen), up 15.9% year-over-year
• SG&A: up 20.6% year-over-year due to growth investment for existing services and additional sales channel exploration
• Net income: 63 million yen (0.063 billion yen), delivering a Q4 net profit
• Operating profit: 73 million yen (0.073 billion yen), a decrease of 8 million yen (0.008 billion yen) year-over-year

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