9337.T

• Overall Mid-Term Management Plan Progress

  • The company achieved significant revenue and profit growth in 2025, the first year of the mid-term management plan, while executing upfront investment in the new product Vooster.
  • The fundamental strategy of the mid-term plan remains: growth the business across the Product and Marketing Partner segments based on the company's core competitive advantage, its proprietary influencer database.
  • The company's new product positioning now covers all customer segments: toridori base, a fixed monthly fee, all-you-can-use influencer platform positioned as an entry product for first-time influencer marketing users; Vooster, a new AI-powered, performance-linked, usage-based pricing product targeting medium and large enterprises that pursue strict return on investment, supporting both standalone self-serve use and partner-assisted support for high-budget clients.

• Influencer Database Development

  • 2025 results: Cumulative matching volume exceeded 1,000,000 cases, creating a positive feedback loop that improves prediction accuracy; a new optimized recommendation function for both advertisers and influencers was launched, increasing project browsing and application volumes dramatically; proprietary matching algorithms have already had patent applications filed to build technology-driven barriers to entry and secure competitive advantage.
  • 2026+ plan: Further evolve the existing engagement prediction function by assigning monetary value to individual engagement actions (likes, saves, shares, comments), to visualize and standardize influencer impact that was hard to quantify previously, creating a transparent trading environment for both advertisers and influencers, and driving expansion of the overall influencer marketing market. The company aims to build a new economic ecosystem that lets influencers earn fair compensation for their influence in a casual, accessible way.

• Product Segment Initiatives

  • Influencer expansion: The company added 16,000 new registered influencers in 2025 to address nationwide influencer shortage driven by growing advertiser demand, and improved the onboarding flow to reduce drop-off during registration. Starting in 2026, the company will open cash reward functionality for influencers to accelerate acquisition of influencer segments that were hard to reach with gifting-only models, and launch a function to send active offers to influencers directly, improving matching accuracy across all regions.
  • Customer support strengthening: A pilot small customer success team confirmed high reproducibility of performance improvement from consulting support, so the company will scale this team fully in 2026. AI will be used to fully automate efficiency improvements for passive routine customer support, freeing resources to focus on active proactive consulting, to maximize customer satisfaction and lifetime value (LTV), with the impact of this expansion expected to become visible in top-line growth starting in 2026.
  • New product launch: Vooster was officially launched concurrent with this earnings call, built as the company's new growth engine with a future purchase tracking function planned. It received over 700 pre-launch applications, with sales and support infrastructure already built out during the beta period. Vooster has four core differentiators: (1) It is a budget-based operational influencer advertising product with flexible usage-based pricing that minimizes initial advertiser risk, improves PDCA cycle cycling, and improves efficiency over time as more performance data accumulates; (2) It uses engagement prediction to set usage-based pricing, quantifying influencer value to create transparent ROI for advertisers and fair compensation for influencers, eliminating the historical black box nature of influencer marketing; (3) AI automates the entire process from influencer outreach to posting, drastically reducing advertiser labor and enabling efficient campaigns for companies that previously could not run influencer marketing due to resource constraints; (4) All projects include standardized cash compensation for influencers based on their impact, boosting influencer motivation and accelerating acquisition of high-quality, high-reach influencers that were hard to attract with gifting models.

• Marketing Partner Segment Initiatives

  • 2025 results: Cross-group collaboration increased cross-selling volume steadily, improved sales efficiency significantly, and delivered improved profit stability at OverFlow, while GIVIN built a solid reproducible D2C business base.
  • 2026+ strategy: The company will continue maximizing cross-group synergy to deliver stable growth, and will leverage the group's accumulated data and influencer marketing expertise to launch a new initiative to create proprietary private brands, building a systematic, reproducible private brand development model to create a high-margin, recurring revenue business model.

• For FY2026 ending December 2026, the company guides: total revenue of 7.2 billion yen, gross profit of 6.7 billion yen, operating income of 1 billion yen, ordinary income of 950 million yen, and net income attributable to parent company shareholders of 450 million yen.
  • The company will prioritize continued growth investment in Vooster in 2026, with expected investment covering new feature development, marketing spend, and sales/customer success personnel costs, leading to an expected 300 million yen operating loss for the Vooster business, which will temporarily suppress overall operating profit growth in 2026.
  • The company targets over 30% year-over-year growth for both revenue and gross profit in 2026, led by toridori base, and expects to deliver steady net profit growth even with the planned Vooster investment. Net income growth will be modest due to the change in trading terms with subsidiary Toridori IS, and the company will continue evaluating optimal group structural adjustments.
  • From 2027 onward, profit expansion from Vooster will accelerate as its revenue grows, with the company guiding operating profit growth from 1 billion yen in 2026 to 2 billion yen in 2027.
  • Toridori's historical performance shows that earnings accumulation is weighted to the second half of the year, with Q1 typically seeing lower toridori made revenue due to seasonal factors.

Company-wide consolidated full-year 2025 results: Total revenue reached 5.372 billion yen, representing 25.7% year-over-year growth; operating income reached 0.707 billion yen, representing 55.7% year-over-year growth. Product segment: toridori base delivered gross profit of 1.005 billion yen, up 41.7% year-over-year, with 12-month plan sales reaching 84% of total toridori base sales, driving significant improvement in earnings stability. Marketing Partner segment: toridori ad (performance-based advertising) saw a year-over-year revenue decline due to the departure of large influencers; toridori promotion (tie-up advertising) delivered gross profit of 133 million yen, up 61.6% year-over-year, driven by improved internal sales efficiency and cross-group cross-selling projects. Subsidiary OverFlow achieved record-high profit on improved sales efficiency, and subsidiary GIVIN established a reproducible profit model for its influencer D2C business and built a solid business foundation.

• Strengthening agency governance for toridori base led to the separation of some non-compliant agencies in Q4 2025, which caused a temporary decline in new customer acquisition and only a slight increase in net customer growth quarter-over-quarter.
  • The 2026 change in trading terms with Toridori IS (the group's agency oversight subsidiary) to give the subsidiary more investment capacity for organizational strengthening is expected to create some short-term negative impact on group earnings, and may lead to additional agency departures during the governance strengthening process.
  • The planned 300 million yen operating loss for the Vooster business in 2026 will temporarily suppress overall group operating profit growth compared to what it would have been without the investment.
  • Net income attributable to parent shareholders in 2026 will only see modest growth due to the trading term changes with Toridori IS.

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