4482.T

Overall Financial Results

• The company achieved 10 consecutive years of revenue growth, with double-digit growth in both consolidated revenue and operating profit, and updated its all-time record high profit.
• Three core drivers of the 2025 result: (1) Increased total point issuance to shareholders by existing Premium Yutai Club clients, as clients aim to improve liquidity and boost market capitalization (since higher point issuance correlates with higher shareholder counts and higher share trading volumes); (2) Churn rate was suppressed to its lowest ever level, down from historically relatively high levels; (3) The average size of new clients adopting Premium Yutai Club has expanded, with inquiries from large enterprises increasing significantly compared to the early period when most clients were small-cap firms with 1 billion to 2 billion yen in market capitalization.

Active Human Capital Investment

• The company is increasing investment in human resources amid growing revenue and profit, conducting new hiring and base pay raises to drive higher value-add per employee, which is required for the business's consulting-focused sales model.

Market Environment Tailwinds

• Tokyo Stock Exchange reforms (including new listing maintenance standards and the new TOPIX) are driving increasing IR activity among listed companies: the Prime market requires 10 billion yen in floating market capitalization, and the Growth market requires 10 billion yen in market capitalization by 2030, so more companies are strengthening shareholder benefits as part of shareholder returns to boost market capitalization and liquidity.
• The number of individual Japanese shareholders has hit an all-time high of 83.59 million, growing for 11 consecutive years amid the new NISA system and rising stock prices, creating a strong tailwind for the business.
• The number of companies with shareholder benefit programs hit an all-time high of 1,659, up 133 from the prior year, after a decline during the COVID-19 pandemic when many companies eliminated programs, further expanding the addressable market.

Balance Sheet & Cash Flow

• Total assets grew 558 million yen year-over-year to 4.822 billion yen, and shareholders' equity grew 448 million yen year-over-year to 2.578 billion yen, driven by Premium Yutai Club expansion.
• Operating cash flow grew 129.1% year-over-year to 1.383 billion yen; investing cash flow had a 408 million yen outflow, almost all for system development, with 399 million yen spent to acquire intangible fixed assets.
• Free cash flow remained positive as in prior years, supported by expanding operating cash flow; financing cash flow was negative 728 million yen due to last year's treasury share repurchase.

New Product & Platform Developments

• IR-navi Renewal: Phase 1 of the full IR-navi renewal launched last year, and Phase 2 (including an English version) is under development and on track to launch within 2026. The updated IR-navi will evolve from a one-way information distribution tool to a two-way communication tool that allows domestic companies to interact with overseas institutional investors, with new features including: (1) analysis of meeting history by investment style and region for issuers to manage interactions with overseas investors; (2) meeting scheduling and management functionality, which makes it easier for large companies with high foreign ownership ratios to manage meeting applications from overseas investors directly on the IR-navi homepage.
• Digital Yutai Club Launch (March 2026): A new product line for small-to-mid-sized growth companies with 1 billion to 2 billion yen in market capitalization, allowing 1:1 point exchange for common digital benefits such as Amazon gift cards and QUO cards. The company will provide customized recommendations: large-cap companies tend to have older shareholders with larger point balances that prefer product exchange or furusato tax donation use cases, so the company will analyze a client's shareholder base, market capitalization, fundamentals and ownership structure to recommend the optimal benefit format.
• IR-port AI-powered Integrated Report Generation Service: The new service addresses unmet demand from mid-sized companies (hundreds of billions to trillions of yen in market capitalization) that need integrated reports to meet demands from overseas institutional investors, but have limited budgets of 8 million to 10 million yen that are too low for traditional custom, manual integrated report production. IR-port uses AI to generate integrated reports at lower cost, expanding the company's addressable market. Additional features include: (1) generation of sponsored research and simple corporate research reports in both Japanese and English to reduce the information gap that leaves many Japanese companies unknown to overseas investors amid declining analyst coverage; (2) support for adding sustainability information to securities reports, to align with upcoming regulatory requirements for non-financial disclosures.
• Co-Creation Platform Vision: The company is building an integrated platform that connects issuers and investors, based on the core belief that effective IR requires two complementary pillars: communicating accurate information to all stakeholders to improve liquidity, and packaging growth stories into high-quality IR content. The platform structure will be: (1) Premium Yutai Club to strengthen engagement between individual investors and issuers; (2) IR-navi to build a two-way communication network for domestic and overseas institutional investors; (3) IR-port will host Japanese and English IR content on the network to close information gaps between domestic/overseas investors and between individual/institutional investors.
• Marketing for IR-port: The company will co-publish the book Goodbye Integrated Reports with AI development partner Panhouse, centered on the concept of shifting from paper to digital integrated reporting.
• The company has seen growing adoption of its services by large-cap and mega-cap firms including Nissin Foods, Ajinomoto, Japan Airlines, Idemitsu Kosan, and Mitsubishi Heavy Industries, and aims to continue supporting digital engagement as an IR-focused firm.
• The company fully absorbed subsidiary Netmile this fiscal year, shifting to standalone accounting, which is expected to deliver moderate administrative cost rationalization.

• For the 2026 December full fiscal year, management forecasts revenue of 6.75 billion yen and operating profit of 1.5 billion yen, representing strong continued double-digit growth.
• Growing demand from all sizes of companies, driven by TSE reforms that have expanded demand beyond small caps to large companies targeting Prime market or TOPIX inclusion. Inquiries from mega-cap companies (with market capitalization over several trillion yen) for shareholder management platform adoption have increased sharply, driven by demand for better digital engagement with individual shareholders amid ongoing unwinding of cross-shareholdings, where large companies are positioning individual investors as the new buyer base for released shares.
• The business will now operate with two core shareholder benefit product lines: the existing Premium Yutai Club and the new Digital Yutai Club launching in March 2026.
• The company plans to expand the number of partner municipalities eligible for its existing furusato tax donation service, which allows shareholders to exchange unused benefit points for WILLsCoin to pay taxes.
• Expected cost increases include higher software depreciation from system development, increased human resource investment including base pay raises, and higher advertising spending starting this fiscal year to improve brand awareness and added value; management expects these cost increases can be fully absorbed while delivering over 20% revenue growth.
• For 2026, management plans an interim dividend of 9 yen and a year-end dividend of 9 yen, for a full year payout ratio target of 38.3%, up from 32.61% in 2025. The company will continue to grow the business while increasing shareholder returns via both point-based benefits through Premium Yutai Club and cash dividends.

1. Shareholder Management Platform Business: This segment includes Premium Yutai Club, IR-navi, and Sustainability Solutions. Total revenue for this segment grew year-over-year, driven by the core stock-based Premium Yutai Club, which hit 126.7% of prior year revenue. Premium Yutai Club grew by 935 million yen year-over-year, added 14 net new clients, and saw rising average client size. IR-navi has 375 clients and maintained steady annual growth ahead of its full renewal. Sustainability Solutions continued its growth trend with increasing project counts. 2. Advertising Business: This segment corresponds to the pre-merger Netmile business, and revenue came in at 94.2% of prior year revenue, representing a year-over-year decline. Total consolidated revenue for 2025 was 6.051 billion yen, 119.3% of prior year revenue and 108.4% of plan.

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