POPER (5134) Investor presentation summary

Business overview and market position

• Provides business management and communication platforms for education providers, with a focus on cram schools and expanding into lessons and school segments.

• Main products include Comiru, ComiruAir, ComiruHR, ComiruPay, and BIT CAMPUS, offering features like parent communication, billing, attendance, and online class management.

• Holds the No.1 domestic share in cloud-based business management systems for cram schools, with a strong recurring revenue model and low churn rate (0.6%).

• Expanding market share across major, mid-sized, and private cram schools, aiming for 25% market share in the sector.

• Diversifying into adjacent markets such as lessons, after-school care, and public/private schools to expand TAM.

Financial performance and growth

• Net sales grew by 29.7% YoY to ¥1,389M in FY2025, with operating profit up 138.2% and net income up 65.9%.

• Gross profit margin improved to 75.2% (+0.7pt YoY), supported by revenue growth and development efficiency.

• SG&A expense ratio improved to 62.6% (-5.0pt YoY) through disciplined cost control.

• Paid contract companies increased by 14.8% YoY, with a low churn rate and growing number of billed student IDs (+13.7% YoY).

• ARPU declined due to more SMB customers but turned upward in 2H; ARR increased 9.4% YoY.

Strategic initiatives and future outlook

• Shifting from labor-intensive custom development to scalable license and recurring revenue, with short-term margin pressure but long-term profitability.

• Investing in infrastructure, security, and product features to support enterprise clients and market expansion.

• Expanding ComiruPay and payment options to drive adoption, increase switching costs, and maximize LTV.

• Building a community platform (ComiruDay) to deepen customer engagement, reduce churn, and drive referrals.

• Targeting a ¥10B market cap by 2030 through organic growth, M&A, and shareholder returns.