Earnings Deep Dive: Take and Give Needs Co., Ltd. – Upward Revision of Full-Year Forecast and the Growth Story Behind the 'EVOL2030' Mid-Term Management Plan

Take and Give Needs Co., Ltd. (Securities Code: 4331) delivered results exceeding initial projections for the interim period of the fiscal year ending December 2026. This performance was driven by rising unit prices and a steady accumulation of order backlogs in its core wedding business, alongside high occupancy rates and strong average daily rates (ADR) in its hotel business. Consequently, the company has upwardly revised its full-year consolidated earnings forecast .

This report extracts 10 key topics from the disclosed financial materials, providing a detailed overview ranging from current performance highlights and segment-specific status to human capital investment and the newly announced mid-term management plan, "EVOL2030 Final Stage Toward 2035 Vision."

---

1. Upward Revision of FY2026 Full-Year Consolidated Earnings Forecast

Following performance that trended above plan during the first half, Take and Give Needs has announced an upward revision to its full-year consolidated earnings forecast .

Although the company anticipates additional investments to strengthen hotel brand development and some expense shifts in the second half, the positive impact of increased revenue is expected to absorb these costs, leading to a plan that exceeds initial projections across all profit categories.

The earnings forecast slide above highlights the most significant achievements of this financial period. Compared to the initial forecast, net sales have been revised upward to 49,000 million yen (+1,160 million yen) , operating profit to 1,500 million yen (+260 million yen) , ordinary profit to 1,000 million yen (+280 million yen) , and net income to 800 million yen (+230 million yen) .

The annual dividend forecast remains unchanged at 40 yen per share , reflecting a management stance that balances growth investment with shareholder returns.

---

2. Interim Performance Achievement (Exceeding Plan)

The results for the interim period of the fiscal year ending December 2026 were strong, with both sales and profits significantly exceeding the plan.

• Net Sales : 23,905 million yen (vs. interim forecast of 23,350 million yen; +555 million yen )
• Operating Profit : 609 million yen (vs. interim forecast of 170 million yen; +439 million yen )
• Ordinary Profit : 378 million yen (vs. interim forecast of -90 million yen; +468 million yen )
• Interim Net Income : 800 million yen (vs. interim forecast of 502 million yen; +298 million yen )

Despite proactive upfront investments in talent acquisition, development, and advertising, the company benefited from effective cost control and rising wedding unit prices. Additionally, the recording of 973 million yen in gains from the sale of fixed assets as extraordinary income contributed to the boost in interim net income.

---

3. Performance Trends in the Domestic Wedding Business

The core Domestic Wedding Business continues to demonstrate highly stable performance as the group's primary revenue foundation. The interim performance for this segment is as follows:

• Net Sales : 23,191 million yen (of which the "TRUNK" brand accounted for 3,153 million yen )
• Directly Operated Store Sales : 19,875 million yen (number of weddings: 4,505 )
• Consulting (Management Contract) Sales : 1,003 million yen (number of weddings handled: 1,346 )
• Segment Operating Profit : 1,647 million yen (operating profit margin: 7.1% )

In addition to the number of weddings at directly operated stores tracking largely in line with the plan, the maintenance of high wedding unit prices and the expansion of the consulting domain have supported segment profitability.

---

4. Rising Wedding Unit Prices and Order Backlog Status

Average wedding unit prices and the number of order backlogs serve as critical leading indicators for the future performance of the wedding business.

As shown in the slide above, promotional measures for key products and a recovery in the number of guests per wedding have been successful, with the average wedding unit price for the first half reaching a high level of 4,276 thousand yen (+193 thousand yen year-on-year) . The average number of guests per wedding also increased to 61.6 (+1.3 year-on-year) .

More importantly, the order backlog (as of the week of August 1st) , which represents future revenue, has expanded significantly:

• FY2026 Second Half : 105.4% of the previous year
• FY2027 and beyond : 125.8% of the previous year

This substantial accumulation of order backlogs confirms that a solid foundation is being built for earnings growth from 2027 onward.

---

5. Progress in Customer Acquisition and Management Contract (MC) / Inbound Initiatives

To drive further growth in the wedding business, the company is advancing its marketing strategy and expanding its business domain.

1. Strengthening Owned Media Utilization
   • Aiming to reduce reliance on portal sites, the company launched the "NEEDS by T&G WEDDING" branding initiative. The ratio of inquiries via owned media rose from 22.1% in the same period last year to 25.8% , with the total number of inquiries growing steadily at 117.1% year-on-year .
2. Expansion of Management Contract (MC) Business
   • The number of partner facilities for wedding management contracts with hotels and other venues increased to 8 facilities (+2 facilities year-on-year) . The order backlog for management contracts from the second half of FY2026 onward has also grown significantly to 121.2% year-on-year .
3. Strengthening Inbound Wedding Acceptance
   • To respond to the increase in inquiries from overseas customers (up 132.6% year-on-year over the past year), a private salon was opened in Aoyama, Tokyo, expanding the system for accepting high-end, haute couture weddings for affluent clients.

---

6. Hotel Business: TRUNK(HOTEL)'s Exceptional Occupancy and ADR

The hotel business, "TRUNK(HOTEL)," which is a pillar of the company's new business, maintains industry-leading performance backed by rising inbound demand and strong brand power.

• TRUNK(HOTEL) CAT STREET (Jingumae, Shibuya-ku)
  • Average Daily Rate (ADR): 97,081 yen / Occupancy Rate: 90.6%
• TRUNK(HOTEL) YOYOGI PARK (Tomigaya, Shibuya-ku)
  • Average Daily Rate (ADR): 102,353 yen / Occupancy Rate: 93.9%

Despite ADRs exceeding 100,000 yen, the hotels maintain occupancy rates of over 90%, cementing their status as luxury boutique hotels.

---

7. New Hotel Opening Pipeline from 2027 Onward

The company has positioned the luxury hotel business as a mid-to-long-term growth driver and is steadily advancing its development pipeline.

• PROJECT 01: Kanagawa (Kamakura) (Scheduled to open in 2027 / 16 rooms)
  • The T&G Group's first hotel management contract. Staffing and training for the opening are currently in full swing.
• PROJECT 02: Hokkaido (Sapporo) (Scheduled to open in 2027 / 107 rooms)
  • Established the operating subsidiary "Polo Hotel Management Co., Ltd." An opening preparation office was established in July 2026, and wedding bookings have commenced.
• PROJECT 03: Tokyo (Shibuya/Dogenzaka) (Scheduled to open in 2028 / 125 rooms)
  • Planning is proceeding smoothly for a 2027 completion.
• PROJECT 04: Hyogo (Kobe) (Scheduled to open in 2028 / 63 rooms)
  • The opening of an opening preparation office has been decided.

---

8. Human Capital Investment and Strengthening Organizational Foundation

To support new hotel openings and improve service quality, the company is significantly increasing its investment in "people."

• Securing Opening Talent and External Secondment System
  • In addition to internal job posting systems, the company has launched an "External Secondment System" where employees work at other luxury hotels (such as Pasona Group's "Awaji Nature Lab & Resort" and Suisei Inc.) while remaining employed by T&G. This allows wedding talent with high hospitality skills to acquire know-how in accommodation and stay-experience value.
• Overseas Training Programs
  • Ten employees selected from across the company participated in overseas training in major Western cities including New York, London, Paris, and Milan, learning cutting-edge design and operations to boost the creativity of the entire organization.
• Creating a Comfortable Work Environment and Diversity
  • The company is implementing initiatives that balance diversity and ease of work, such as the "Recharge Leave" (a 5-day consecutive holiday where all stores close simultaneously) and the promotion of Inclusive Weddings with advisors from the LGBTQ+ community.

---

9. New Mid-Term Management Plan: "EVOL2030 Final Stage Toward 2035 Vision"

One of the biggest highlights of this earnings announcement is the presentation of the new mid-term management plan . The company has declared a transition from the "upfront investment phase" to the "profitability phase."

This slide clearly illustrates the company's long-term growth vision and roadmap. The plan is to use the stable cash flow generated by the wedding business as a foundation to expand the high-margin hotel business as a growth driver .

[FY2035 Final Plan Targets]

• Transaction Volume : 118,000 million yen
• Net Sales : 75,000 million yen
• Operating Profit : 7,600 million yen
• Operating Profit Margin : 10.1%

[Operating Profit Roadmap] Profit growth is expected to accelerate from 2027 onward as new hotels open sequentially.

• FY26 : 1,500 million yen
• FY27 : 1,600 million yen
• FY28 : 3,000 million yen (Contribution from Kamakura and Sapporo)
• FY29 : 4,200 million yen (Acceleration from full-year hotel operations)
• FY30 : 4,700 million yen
• FY35 : 7,600 million yen (Hotel business becomes the main pillar of profit)

---

10. Summary and Future Outlook

The interim results for the fiscal year ending December 2026 for Take and Give Needs have reaffirmed the strong profitability of its core wedding business and the extremely high potential of its hotel business, centered on the TRUNK brand .

Currently, the trend toward higher unit prices and larger guest counts, combined with a robust order backlog for 2027 and beyond, is increasing the certainty of performance. Moving forward, the company is expected to steadily advance into the profitability phase, aiming for an operating profit of 7.6 billion yen by 2035 , while appropriately controlling upfront investments for the series of new hotel openings starting in 2027.