POPER (5134) Q4 2025 earnings summary

Executive summary

• Achieved 29.7% year-over-year revenue growth and 138.2% increase in operating profit, driven by SaaS expansion, new service launches, and successful strategies for both large and small customers.

• Net income increased 65.9% year-over-year, with all profit stages exceeding prior year results.

• Expanded customer base, especially among small/mid-sized cram schools and new verticals like extracurricular activities, and strengthened cross-sell ecosystem with ComiruPay and ComiruERP.

• Maintained low churn rate and increased paid contracts by 14.8% year-over-year.

• Continued investment in product development, marketing, and organizational capacity to support future growth.

Financial highlights

• Revenue: ¥1,389 million (+29.7% YoY); Operating profit: ¥174 million (+138.2% YoY); Net profit: ¥139 million (+65.9% YoY).

• Gross margin improved to 75.2% (+0.7pt YoY); Operating margin rose to 12.6% (+5.8pt YoY).

• SG&A ratio improved to 62.6% from 67.6% YoY, reflecting disciplined cost control.

• Cash and equivalents at year-end: ¥849 million, up ¥143 million from prior year.

• ARPU decreased 4.7% YoY due to increased small customer contracts but rebounded after Q3.

Outlook and guidance

• FY2026 revenue forecast: ¥1,425 million (+2.6% YoY); Operating profit: ¥85 million (–50.8% YoY); Net profit: ¥55 million (–59.7% YoY), reflecting strategic investments.

• Gross margin expected to decrease to 71.5% (–3.7pt YoY).

• Focus on building a high-margin, recurring revenue base and investing in infrastructure and talent for future growth.

• Profit decline expected due to upfront investments in system infrastructure and talent.

• Guidance based on conservative assumptions for non-recurring/customized revenue.