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Business Overview

• ユミルリンクグループ provides messaging solution services that support corporate marketing and communication activities, with its main product line being the Cuenote series, including 3 email services, 2 SMS services, and additional services such as Web push notification, Web survey/form systems, and emergency confirmation services.
• 97% of the company's total revenue comes from SaaS service usage fees, which features predictable recurring revenue accumulation and consistently low churn rates that drive stable sales growth. As of the end of December 2025, the company has over 2,800 active customer contracts.
• The company achieved 11 consecutive years of revenue growth driven by accumulated stock-type revenue, and 7 consecutive years of operating profit growth, with both full-year revenue and operating profit reaching all-time record highs in the 2025 December period. Key SaaS metrics: Annual Recurring Revenue (ARR) reached 3.03 billion yen, average monthly churn rate across all services was 0.57%, and Net Revenue Retention (NRR) exceeded 100% for both Mail and SMS services, with SMS service NRR exceeding 150%.

2025 Operational Updates for Core Services

• Mail Service Updates:
  • Launched two new offerings targeting mid-sized and small users: 1) Cuenote Mail for kintone, an integrated service with Cybozu's kintone platform, which has accumulated implementation cases and earned official partner certification from Cybozu; 2) A new entry-level plan for the Cuenote SR-S mail relay service, which meets demand for transactional email use cases such as user authentication and notifications.
  • Gained new enterprise customers for its enterprise plan including Sony Bank, Mitsubishi UFJ Bank, major convenience store headquarters, and government agencies.
• SMS Service Updates:
  • Growth was driven by increasing new users, with multiple new public and private sector customers including Kisarazu City Hall, CO-OP Okinawa, FREE BRAIN Inc., and Ryukoku University. Monthly SMS delivery volume grew steadily alongside customer growth.

Cost Structure and Balance Sheet Highlights

• Cost of goods sold increased 22.2% year-over-year to 1.066 billion yen, but the cost of goods sold ratio remained broadly flat despite increases tied to new consolidated operations. Selling, general and administrative (SG&A) expenses increased 13.6% year-over-year to 1.316 billion yen, primarily driven by higher personnel costs from expanded headcount. The SG&A ratio was kept stable thanks to strong revenue growth.
• Total connected employees at the end of the period was 163, an increase of 11 from the prior period end.
• Total assets as of period end were 3.576 billion yen, an increase of 140 million yen from the prior period end. Total liabilities were 575 million yen, a decrease of 12 million yen from the prior period end. Total net assets were 3 billion yen, an increase of 153 million yen from the prior period end.

Long-term Strategic Direction

• The company's long-term growth strategy is to achieve sustained growth through expanding messaging channels and building out an integrated messaging platform, responding to the diversification of consumer communication methods by providing a unified management platform to improve the sophistication of corporate marketing and communication activities.
• Currently, the company already owns and operates most core platform functions, and will expand coverage of the platform by adding new functions and pursuing capital/business alliances to fill unaddressed capability gaps. The company will pursue market share growth in the core email and SMS messaging markets, while accelerating development investment (especially in development personnel), strengthening marketing to boost brand awareness, and pursuing capital/business alliances to accelerate growth.
• The combined market size of the company's core email delivery and SMS delivery service markets is just over 50 billion yen, and the company currently holds only approximately 6% market share (≈3 billion yen in revenue), leaving significant room for expansion. Platformization and new service development also create opportunities to expand into adjacent markets such as sales and marketing.

• For the full-year 2026 December period, the company plans for an increase in revenue and a decrease in profit to invest in future profitability growth: total consolidated revenue is projected to be 3.36 billion yen, a 10% increase year-over-year; operating profit is projected to be 530 million yen, a 21% decrease year-over-year; net income is projected to be 365 million yen, a 0.9% increase year-over-year.
• By segment: Mail service full-year stock revenue is projected to be 2.515 billion yen, a 6.6% increase year-over-year; SMS service full-year stock revenue is projected to be 523 million yen, a 17.2% increase year-over-year.
• 2026 planned investment priorities are equipment investment and human resources investment:
  • Equipment investment: The company is transitioning away from third-party foreign software that has implemented large price increases, with further price hikes expected. The company began hardware investment for this transition in the 2025 period, and the full migration is expected to take approximately 3 years. After migration is complete, the company expects annual software cost reductions of 300 million to 400 million yen.
  • Human resources investment: The company plans to hire 18 new employees including high-class skilled talent, and expand adoption of AI tools to accelerate business growth.
• Key 2026 product initiatives: 1) Implement a major version update of Cuenote FC, the company's flagship product which accounts for 60% of total revenue, refreshing the UI to improve operability and drive customer expansion; 2) Launch the new Cuenote MA service (working title), which is designed specifically for B2B use cases to expand the company's customer base beyond existing B2C-focused use cases; 3) Continue investment in a new service infrastructure that will support long-term profitability growth.
• Shareholder return: The company expects to increase dividends by 1 yen per share to 20 yen per share for the 2026 December period, balancing growth investment, retained earnings, and sustained return to shareholders.

1. Mail Service: Full-year revenue of 2.395 billion yen, a 6.1% increase year-over-year. End-of-period MRR (Monthly Recurring Revenue) was 203 million yen, a 7.2% increase year-over-year. Full-year stock revenue was 2.36 billion yen, an 8.1% increase year-over-year. Average monthly usage per customer was 105 thousand yen, a 5.5% increase year-over-year. Average monthly churn rate was 0.58%, remaining at a low industry level despite a small increase following gradual price adjustments implemented from June 2025. Annual mail delivery volume reached 95.5 billion messages, an all-time high. This segment contributes 78.4% of total company revenue.
2. SMS・Auth Service: Full-year revenue of 446 million yen, a 27.4% increase year-over-year. End-of-period MRR was 43 million yen, a 40.3% increase year-over-year. Full-year stock revenue was 446 million yen, a 27.5% increase year-over-year. Average monthly usage per customer decreased 15.4% year-over-year due to growth in the number of small-scale delivery customers. Average monthly churn rate remained at a low 0.38%. Monthly SMS delivery volume grew steadily alongside new customer growth. This segment contributes 14.6% of total company revenue.
3. Survey and Other Services: Full-year revenue of 66 million yen, an 8.6% increase year-over-year. This segment contributes 2.2% of total company revenue. Overall company total revenue was 3.054 billion yen, a 14.4% increase year-over-year, gross profit was 1.988 billion yen, a 10.7% increase year-over-year, operating profit was 671 million yen, a 5.3% increase year-over-year, ordinary profit was 672 million yen, a 5.6% increase year-over-year, and net income was 362 million yen, a 22.8% decrease year-over-year due to a one-off 81 million yen special loss from goodwill impairment.

• Consolidated subsidiary 株式会社ROC, which provides SNS operation contracts and support services, underperformed relative to initial growth projections in the 2025 period. This underperformance was caused by increased back-office workload following the start of consolidated accounting, and understaffing of director and sales roles during the period. As a result, the company recorded an 81 million yen special loss from a goodwill impairment write-down, which led to a 22.8% year-over-year decrease in net income. The company is currently working to improve profitability by ensuring per-project profitability, optimizing cost structure, and streamlining back-office operations.
• The company's existing use of third-party foreign software has already seen large price increases, and further price hikes are expected in the future, which would pressure profitability if no action is taken. The multi-year migration to replace this software requires upfront capital investment that will reduce near-term profitability.
• The company's current market share in its core market is only around 6%, and competition in the enterprise messaging space is intense, creating risk that the company may fail to achieve projected market share growth.

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