COVER (5253) Q4 2025 earnings summary

Executive summary

• FY2025/3 revenue reached 43,401 million yen, up 43.9% year-over-year, with net profit at 5,559 million yen, up 34.4% year-over-year.

• Growth driven by strong merchandising (up 64.6%), successful TCG launch, and expansion in concerts/events and licensing.

• Overseas business, new performer debuts, and global events contributed to fanbase and revenue growth.

• Q4 revenue rose 32.9% year-over-year, with record event attendance and robust merchandise shipments.

• Company continues to invest in technology, content, and global expansion, targeting further growth.

Financial highlights

• Full-year gross profit was 21,805 million yen (+55.9% YoY), operating profit 8,001 million yen (+44.5% YoY), and net profit 5,559 million yen (+34.4% YoY).

• Gross margin improved to 50.2% for the year, with operating margin at 18.4% and net margin at 12.8%.

• Cash and equivalents at year-end were 11,498 million yen, up 2,831 million yen from prior year; total assets reached 33,060 million yen.

• Operating cash flow for the year was 5,285 million yen, with continued investment in growth.

• No dividends declared or forecasted for the fiscal year.

Outlook and guidance

• FY2026/3 revenue forecasted at 52,500 million yen (+21% YoY), with net profit expected to rise to 5,700 million yen.

• Operating profit margin expected to temporarily decline due to upfront investments and higher fixed costs.

• First half of FY2026 expected to see lower profits due to increased fixed costs and seasonality; second half to benefit from operational optimizations.

• Medium-term targets set at 100 billion yen revenue and 25 billion yen operating income by FY2030/3, with up to 50 billion yen in strategic investments or M&A.

• Growth to be driven by global TCG rollout, expanded licensing, and digital content initiatives.