Net Protections (7383) Q3 2026 earnings summary

Executive summary

• GMV for the nine months ended December 31, 2025, reached JPY570.8bn, up 19.3% year-over-year, with B2B GMV up 41.3% and B2C up 6.1%.

• Operating profit rose 42.7% year-over-year to JPY2.53bn, and profit attributable to owners increased 56.3% to JPY1.58bn.

• Total operating revenue for the nine months ended December 31, 2025, rose 9.7% year-over-year to JPY18.96bn.

• Gross profit for the period was JPY9.09bn, up 16.0% year-over-year, and EBITDA (non-GAAP) reached JPY3.86bn, up 28.8%.

• Growth was driven by increased transaction volume from existing merchants, new merchant acquisitions, and expansion in digital markets.

Financial highlights

• B2C atone GMV surged 56.8% year-over-year, B2B service GMV grew 41.3%, while B2C NP Atobarai and others saw a modest 0.7% increase.

• Gross profit margin improved due to lower ratios of invoicing and bad debt expenses to GMV.

• Operating profit margin and EBITDA margin both improved, supported by operational efficiency gains.

• SG&A expenses rose 8.3% to JPY7.02bn, with the SG&A ratio to GMV improving to 1.16%.

• Basic EPS was 15.95 yen, up from 10.41 yen in the prior year period.

Outlook and guidance

• Full-year GMV forecast is JPY763bn, with 74.8% progress achieved by Q3.

• Full-year FY2026 forecast: operating revenue of JPY25.4bn (+10.3% YoY), operating profit of JPY2.9bn (+37.9%), profit attributable to owners of JPY1.6bn (+18.5%), and basic EPS of JPY16.11.

• GMV for the full year is projected at JPY763bn (+18.9%), with EBITDA expected to reach JPY4.69bn (+25.2%).

• Medium-term plan targets GMV of JPY1,050–1,080bn and operating profit of JPY4bn by FY3/28, with a three-year operating profit CAGR of 25%.

• B2C atone is expected to achieve a CAGR of 50–55%, and B2B NP Kakebarai a CAGR of 25–30% through FY3/28.