Uridoki (418A) FY2026 Q2 Earnings Deep Dive Report

Uridoki Inc. (Securities Code: 418A) has announced its financial results for the second quarter of the fiscal year ending November 2026 (FY2026 2Q). This period saw record-high operating revenue and operating profit , leading to an upward revision of the full-year earnings forecast, indicating a very strong performance.

Earnings Highlights and Progress Against Full-Year Forecast

For the cumulative FY2026 2Q period, Uridoki achieved significant increases in both revenue and profit: operating revenue reached 1,190 million yen (up 70.6% year-on-year) , operating profit was 219 million yen (up 211.4% year-on-year) , and net profit stood at 151 million yen (up 36.3% year-on-year) . Notably, operating profit expanded to 3.1 times that of the previous year. This strong performance was driven by the growth of both the CtoB matching service and media service segments. The company has actively invested in marketing to expand its market share in the medium to long term, while also successfully improving profitability.

This slide is crucial as it provides an immediate overview of the key financial indicators for the cumulative FY2026 2Q period. It clearly presents the figures for operating revenue, operating profit, and net profit, along with their respective year-on-year growth rates, succinctly demonstrating that the company's business is in a strong growth phase . The particularly high growth rate of 211.4% in operating profit suggests not only sales expansion but also potential improvements in efficient operations and cost structure.

Regarding progress against the initial full-year earnings forecast, as of the end of the second quarter, operating revenue reached 55.2% and operating profit reached 64.5%. Despite the company's business characteristics typically showing a heavier weighting towards the second half of the fiscal year, operating profit was tracking ahead of the full-year forecast . This high rate of progress served as the basis for the subsequent upward revision of the full-year earnings forecast.

P/L Summary and Segmental Growth

In the FY2026 2Q cumulative P/L summary, out of the 1,190 million yen in operating revenue, the CtoB matching service contributed 537 million yen (up 59.4% year-on-year) , and the media service contributed 653 million yen (up 81.2% year-on-year) , indicating robust growth in both segments. The media service, in particular, showed a high growth rate. Operating expenses increased to 970 million yen (up 54.8% year-on-year), but the operating profit margin significantly improved from 10.1% in the previous year to 18.4%.

Quarterly Growth Trend

Looking at the quarterly trend in operating revenue, the standalone FY2026 2Q revenue was 644 million yen , surpassing the 545 million yen recorded in the previous quarter (1Q). This represents a record-high quarterly revenue and a 64.4% increase year-on-year, demonstrating that the company continues to maintain strong growth momentum.

This slide visually illustrates how the company's operating revenue has trended quarter by quarter, making it extremely important for understanding the sustained growth trajectory . Specifically, the fact that FY2026 2Q operating revenue set a new record high and showed significant year-on-year growth underscores the robust expansion of the company's business. This graph indicates that the company is steadily increasing its business scale, unaffected by seasonality or temporary factors.

Profitability Improvement and Cost Structure

In the analysis of operating profit increase, operating revenue increased by 492 million yen year-on-year, while operating expenses increased by 343 million yen. Although advertising expenses rose by 272 million yen, this is part of proactive marketing investments aimed at expanding market share in the medium to long term. As the increase in fixed costs was limited, the company maintains a profit structure where the expansion of operating revenue easily translates into profit growth, achieving both growth investment and profit growth.

Detailed Analysis of Key Services and KPIs

For the CtoB matching service , the number of effective appraisal requests progressed steadily, leading to operating revenue of 537 million yen (up 59.4% year-on-year) for the cumulative FY2026 2Q. The number of effective appraisal requests reached 60,487, with growth supported by site visitors, CVR (conversion rate), and the balance between advertising costs and CPA (cost per acquisition).

The media service also performed strongly, with an increase in effective inquiry counts driving operating revenue to 653 million yen (up 81.2% year-on-year) for the cumulative FY2026 2Q. The number of effective inquiry counts reached 25,932, with growth propelled by both listing-based revenue and inquiry-acquisition-based revenue.

Growth Strategy and Technological Innovation

The company continues to invest in technology to enhance user experience and operational efficiency. In June 2026, Uridoki released its proprietary AI, the fourth installment, "Uridoki Item Image Classifier." This AI model specializes in classifying reuse product images, supporting users in selecting product categories during appraisal requests and reducing their input burden. The introduction of this AI is expected to improve user convenience and enhance the overall service experience. In the future, the company aims to further improve classification accuracy by utilizing a re-learning model.

Upward Revision of Full-Year Earnings Forecast

Following the strong FY226 2Q performance, the company revised its full-year earnings forecast upwards . The revised full-year forecast projects operating revenue of 2,489 million yen (up 15.4% from the previous forecast, up 63.9% year-on-year) , operating profit of 443 million yen (up 30.6% from the previous forecast, up 152.8% year-on-year) , and net profit of 307 million yen (up 27.0% from the previous forecast, up 42.6% year-on-year) . This revision is based on the fact that results up to 2Q exceeded expectations, and the plan to continue expanding transactions with affiliated stores, actively investing in marketing, and developing new product categories in the second half.

This slide illustrates the significant upward revision of the company's full-year earnings forecast, making it extremely important for understanding management's strong confidence in future business and the shift in market expectations . Compared to the previous forecast, all key figures—operating revenue, operating profit, and net profit—have been raised by double-digit percentages, with operating profit seeing an increase of over 30%. This suggests that the strong performance in Q2 is not considered a temporary phenomenon but is likely to be sustained throughout the fiscal year.

Market Environment and Business Model Advantages

The reuse market, where Uridoki operates, has been expanding for 15 consecutive years since the start of surveys, reaching an estimated 3.3 trillion yen in 2024 . It is projected to grow to 4 trillion yen by 2030, indicating a high-growth market. Furthermore, the total value of "hidden assets" sleeping in Japanese households is estimated at approximately 90.5 trillion yen. As these assets become visible in the reuse market, there is significant potential for the market size to grow substantially.

Uridoki's business model is characterized by a platform synergy cycle centered around its purchase matching site "Uridoki!" and its reuse article-focused web media "Uridoki Plus." Increased traffic from Uridoki Plus boosts transaction volume on Uridoki!, and the transaction data and reviews, in turn, enhance the content value of Uridoki Plus, creating a virtuous cycle. This enables synergistic business growth . Additionally, for reuse businesses, using Uridoki's services offers the advantage of being able to relatively lower customer acquisition costs (CAC) compared to conducting purchases via their own websites.

Conclusion

Uridoki achieved record-high performance in key indicators for FY2026 2Q and significantly revised its full-year earnings forecast upwards. Both the CtoB matching service and media service segments demonstrated robust growth, while the company actively pursued marketing investments and service improvements through AI technology adoption. Against the backdrop of an expanding reuse market, Uridoki appears to be strengthening its foundation for sustainable growth by leveraging its unique platform synergy and providing value to reuse businesses.