SPRIX Q3 FY2026 Earnings Report: Significant Profit Growth Driven by Core 'Morijuku' Expansion and Improved Performance in Overseas and New Businesses

SPRIX Inc.'s financial results for the first nine months of the fiscal year ending September 2026 (October 2025 – June 2026) demonstrate substantial growth in both revenue and profit across all stages compared to the same period last year . This performance was driven by the steady expansion of its core individual tutoring school, 'Morijuku,' alongside improved profit margins in its overseas and new business segments.

This report provides a multi-faceted analysis based on SPRIX's earnings presentation materials, covering the overall performance, key profit drivers, segment-specific progress, progress against full-year targets considering seasonality, and future growth strategies.

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1. Q3 FY2026 Earnings Overview: Achieving Significant Profit Growth

For the nine-month period, consolidated results were as follows: Revenue reached ¥27,268 million (+9.4% YoY) , Operating Profit was ¥1,468 million (+92.8% YoY) , EBITDA stood at ¥2,225 million (+50.2% YoY) , and Net Income attributable to owners of the parent was ¥899 million (+115.6% YoY) .

Slide Analysis: The Significance of the Earnings Overview

The slide above provides intuitive data highlighting the consolidated performance for the period. While revenue increased by ¥2,352 million (+9.4%) compared to the same period last year, operating profit surged by approximately 1.9 times (+92.8%) . This is attributed to revenue growth from a steady increase in student numbers at the core SPRIX business (including 'Morijuku'), as well as improved profit margins in overseas and new businesses, such as the International Academic Ability Test 'TOFAS.' Although Shonan Seminar is incurring upfront investment costs due to new school openings, the progress is in line with the plan, reflecting a significant improvement in profitability for the group as a whole.

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2. Structure and Variance Analysis Supporting the 92.8% YoY Operating Profit Growth

The doubling of operating profit compared to the previous year is due to the profit-boosting effect of increased revenue, which more than absorbed the rise in fixed costs such as facility expenses and personnel costs.

Slide Analysis: Background of Revenue and Operating Profit Variance (YoY)

The waterfall chart in the slide above details the process by which operating profit increased by ¥706 million, from ¥761 million to ¥1,468 million. Specifically, the revenue growth effect of the core SPRIX business contributed +¥1,984 million to profit. Against this, selling, general, and administrative expenses increased due to the expansion of the school network and revisions to personnel costs, including facility expenses (-¥298 million), personnel expenses (-¥502 million), advertising expenses (-¥117 million), and other expenses (-¥381 million). However, the reduction in new business investment and R&D expenses ( +¥128 million ) and the revenue growth effect at Shonan Seminar ( +¥368 million ) acted as positive drivers, resulting in a significant net increase in profit. This indicates that the company is transitioning into a monetization phase while continuing to invest in growth.

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3. Segment Performance and Key KPIs (Student and School Numbers)

SPRIX's business domains are divided into 'Morijuku,' 'Shonan Seminar,' 'Kawaijuku Manavis,' and 'Others' (Education-related services and academic ability business). The trends for each segment are as follows:

① Morijuku Segment (Core Individual Tutoring School)

• Revenue : ¥15,078 million (+12.1% YoY)
• Operating Profit : ¥3,938 million (+22.0% YoY)
• Number of Students : 55,793 (+8.0% YoY, +4,129 students)
• Number of Schools : 260 (+19 schools YoY) With smooth new school openings and successful marketing initiatives—including tie-ups with official ambassador Hirona Nagahama and word-of-mouth referrals—both student numbers and performance remain extremely robust.

② Shonan Seminar Segment (Group Tutoring School)

• Revenue : ¥6,722 million (+3.5% YoY)
• Operating Profit : ¥274 million (-¥104 million YoY)
• Number of Students : 18,870 (+2.4% YoY, +438 students)
• Number of Schools : 203 (+5 schools YoY) Student numbers reached a record high for elementary school students due to the expansion of content and strengthened marketing. While operating profit is temporarily lower than the previous year due to upfront costs for new school openings, this is a planned measure for long-term expansion of the student base.

③ Kawaijuku Manavis Segment (Franchise for High School Students)

• Revenue : ¥2,210 million (+6.5% YoY)
• Operating Profit : -¥14 million (Improvement of +¥23 million YoY)
• Number of Students : 4,878 (+3.3% YoY, +155 students)
• Number of Schools : 52 (+1 school YoY) Through rigorous KPI management and operational strengthening, student numbers increased across all grade levels, leading to revenue growth and a narrowing of the operating loss.

④ Other Segments (IT Self-Learning, Online, Academic Ability, etc.)

• Revenue : ¥3,256 million (+12.6% YoY)
• Operating Profit : -¥542 million (Significant improvement of +¥403 million YoY) Contributions from 'Self-Learning RED' (211 classrooms), the online individual tutoring 'Sora Juku,' the dance school 'PiNKs' (formerly Tokyo Dance Village), and the expansion of the overseas 'TOFAS' business led to a substantial reduction in operating losses.

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4. Progress Against Full-Year Plan and Industry-Specific 'Seasonality'

The progress against the full-year consolidated earnings forecast as of Q3 is as follows:

• Revenue : 71.8% (Actual: ¥27,268 million / Forecast: ¥38,000 million)
• Operating Profit : 61.2% (Actual: ¥1,468 million / Forecast: ¥2,400 million)
• EBITDA : 63.6% (Actual: ¥2,225 million / Forecast: ¥3,500 million)
• Net Income attributable to owners of the parent : 64.3% (Actual: ¥899 million / Forecast: ¥1,400 million)

At first glance, an operating profit progress rate of 61.2% at Q3 might appear lower than the 75% mark (three-quarters through the year), but this is due to the seasonality inherent in the business structure.

Slide Analysis: Key Points on Operating Profit (Seasonality of Progress)

This slide is crucial for understanding the revenue structure of the cram school industry. SPRIX's performance is characterized by profits being skewed toward the first quarter (Oct-Dec) and the fourth quarter (July-Sept) due to seasonal factors such as summer courses and the start of the new school year. Compared to past Q3 cumulative progress rates (2023 Q3: 10.0%, 2024 Q3: 14.7%, 2025 Q3: 47.6%), the current 61.2% progress rate is at a very high level compared to previous years, proving that the company is progressing extremely well and ahead of plan toward achieving its full-year targets.

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5. Future Growth Strategy and Acceleration of Global Expansion

SPRIX is building on a foundation of " steady growth in the cram school business " while aiming for " full-scale monetization and global expansion of the academic ability business. "

1. Deepening the Multi-Store Expansion Model (Strategy 1) The company will continue to systematize its proven individual tutoring know-how and operations, centered on 'Morijuku,' to increase student density in existing schools and continue opening new locations.
2. Global Expansion of the Academic Ability Business (Strategy 2) Global initiatives centered on the international academic ability test 'TOFAS' and the AI tablet learning material 'DOJO' are in full swing.
   • Egypt : Signed multiple MOUs for comprehensive cooperation in education and human resource development with the Ministry of Education and Technical Education.
   • USA : Signed a partnership agreement with Rancho Family YMCA (under the YMCA of San Diego County) to provide STEM education programs.
   • Domestic Digital Certification : Initiated a pilot program for the digital certificate 'Open Badge' in collaboration with the Digital Credential Consortium and Infozan.

Conclusion

The Q3 FY2026 earnings results show that while the core 'Morijuku' business has established a stable foundation for revenue and profit growth, overseas and new businesses (such as TOFAS), which had previously been in the upfront investment phase, have begun to contribute to profits. This has resulted in a significant performance improvement, with operating profit nearly doubling year-on-year . Given the quarterly skew typical of the cram school industry, further profit accumulation is expected in the fourth quarter, and the company is steadily advancing its growth story as a global education IT enterprise.