[In-Depth Analysis] Scala, Inc. (4845) FY2026 Full-Year Financial Results: Expansion of DX Stock Revenue and Record-High TCG Profits, Targeting Over ¥10 Billion in Sales for Next Fiscal Year

1. Executive Summary: FY2026 Financial Highlights

Scala, Inc. (Securities Code: 4845) announced its consolidated financial results for the fiscal year ended June 30, 2026 , reporting revenue of ¥8,533 million (97.0% of the initial plan) and an operating profit of ¥522 million (83.0% of the initial plan).

Core businesses performed strongly, driven by the expansion of SaaS stock revenue and cost optimization in the DX business , as well as record-high performance in the TCG (Trading Card Game) business . However, consolidated operating profit fell short of the plan due to the impact of earlier-than-expected recruitment cycles in the HR business, one-time M&A-related expenses incurred in Q4, and upfront costs in the Incubation business.

Nevertheless, the company has made steady progress in strengthening its mid-to-long-term earnings base, including the reinforcement of its stock revenue foundation ( ARR reached ¥2.814 billion ), the execution of new M&A deals, and company-wide operational efficiency improvements through the adoption of AI (Claude) . For the fiscal year ending June 30, 2027 , the company projects significant growth, with revenue of ¥10,100 million (+18.4% YoY) and an operating profit of ¥850 million (+62.6% YoY).

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2. Analysis of FY2026 Consolidated Performance

We examine the performance of the fiscal year ended June 30, 2026, by reviewing the achievement status and variance factors for each segment.

The slide above summarizes the comparison between actual results and planned figures for the group and its four main segments (DX, HR, TCG, and Incubation) for the full fiscal year 2026. Key takeaways from this data include:

• DX Business : While revenue reached ¥4,419 million (89.3% achievement), operating profit reached ¥446 million (109.0% achievement), significantly exceeding the plan . Cost optimization and the promotion of AI utilization in the SaaS business contributed to improved profit margins.
• TCG Business : Revenue reached ¥2,804 million (113.5% achievement) and operating profit reached ¥353 million (100.9% achievement), hitting record highs in both top and bottom lines . Flexible sales strategies adapted to inflation and rising costs, combined with aggressive inventory procurement, proved successful.
• HR Business : Revenue was ¥1,127 million (98.0% achievement) and operating profit was ¥165 million (87.3% achievement), slightly below the plan. The primary cause was the lower-than-expected acquisition of '27-graduate members due to the acceleration of the job-hunting cycle.
• Incubation Business : Revenue was ¥182 million (73.1% achievement) with an operating loss of ¥58 million . This was influenced by the prioritization of internal group projects and company-wide resource allocation.

Looking at the quarterly progression, while performance exceeded plans from Q1 to Q3, one-time costs such as advisory fees and system investments associated with accelerated M&A activities in Q4 caused the final operating profit to fall below the target.

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3. Segment Performance and Key KPI Analysis

We provide a deeper analysis of the growth scenarios and KPI trends for each business.

(1) DX Business: Structural Shift to Stock Revenue and AI Utilization

The DX business is the pillar of the Scala Group, with a rapid transition toward a stock revenue structure based on fixed monthly income.

The slide above presents critical data on the quarterly trends of MRR (Monthly Recurring Revenue) , ARR (Annual Recurring Revenue) , and the number of customer accounts in the DX business.

• Continuous Growth in MRR and ARR : MRR has trended upward from ¥213 million in Q4 2025 to ¥234 million in Q4 2026. Consequently, ARR, which represents annualized stock revenue, expanded from ¥2.557 billion in Q4 2025 to ¥2.814 billion in Q4 2026.
• Trends in Customer Accounts : As of Q4 2026, the number of customer accounts reached 1,311 , an increase of +110 accounts compared to the same period last year. This steady accumulation of accounts solidifies the foundation for stock revenue.

Furthermore, the continued expansion of the 'Furusato Nozei' (hometown tax) business for local governments, administrative office systems for central ministries, and the adoption of administrative SaaS suites (SCOM x Egg) confirm that the shift from flow-based projects to a stock-based business model is progressing smoothly.

(2) TCG Business: High Customer Engagement and Increased Unit Prices

The TCG business (operated by Scala Place, including 'Yuyu-tei') has achieved dramatic growth by capturing market expansion. The number of members reached 354,573 by the end of Q4 2026, and monthly average PVs remain over 17 million . Notably, the purchase unit price has increased , growing from ¥8,091 in Q1 2025 to ¥10,476 in Q4 2026, surpassing the ¥10,000 milestone . Securing ample inventory and creating demand for bulk purchases have been key drivers of this price increase.

(3) HR Business: Adapting to Changes in the New Graduate Recruitment Market

In the HR business, which provides support for new graduate and mid-career recruitment through Aspla and Gear Remake, membership for career support services for female students, such as 'Joshi-Cari,' has grown significantly. However, due to the delay in acquiring '27-graduate members amidst the overall acceleration of the new graduate recruitment market, the company has moved up its acquisition activities for '28-graduates to March to adapt immediately to structural market changes.

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4. Strategic Topics: M&A and Company-wide AI Infrastructure

To accelerate mid-to-long-term growth, Scala is executing aggressive M&A investments and the full-scale adoption of generative AI .

① Execution of M&A Strategy (HATO and Terra)

Effective July 1, 2026, Scala acquired HATO Co., Ltd. , which operates the trading card reuse shop 'Toreca Sunrise,' as a wholly-owned subsidiary (grand-subsidiary). This will promote an omnichannel strategy by integrating Yuyu-tei's 350,000 e-commerce members with HATO's 7 physical stores. Furthermore, in September 2026, the company plans to acquire 80% of the shares of Terra Co., Ltd. , which provides POS services to approximately 2,500 mobile phone shops nationwide, to accelerate the deployment of DX and AI solutions in retail stores.

② Adoption of Company-wide AI Infrastructure 'Claude'

Scala is rolling out Claude , an advanced AI model, to all employees. Beyond streamlining internal business processes, the company is promoting the automation of BPO tasks in the DX business and the integration of AI into existing SaaS products (e.g., automated FAQ generation, knowledge classification), aiming to improve productivity and add value across the entire group.

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5. FY2027 Earnings Forecast and Growth Story

The Scala Group anticipates significant earnings growth for the fiscal year ending June 30, 2027.

The slide above shows the consolidated earnings forecast and key financial indicators for FY2027.

• Revenue : ¥10,100 million (+18.4% YoY), aiming to surpass the ¥10 billion milestone.
• Operating Profit : ¥850 million (+62.6% YoY).
• Non-GAAP Operating Profit : ¥850 million (+61.0% YoY).
• Dividends per Share : Planned increase to ¥18.0 from the previous year's ¥17.0 (+¥1.0 increase).

By segment, the DX business is expected to be the primary driver, with revenue of ¥5,980 million (+35.3% YoY) and operating profit of ¥560 million (+25.6% YoY), bolstered by new service launches and the contribution of Terra's M&A. The HR business also aims for an operating profit of ¥190 million (+15.2% YoY) through resource improvements and branch expansion. In the TCG business, the company expects profit growth (operating profit of ¥400 million , +13.3% YoY) through synergies between existing e-commerce and physical stores, while assessing the impact of the HATO acquisition.

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6. Conclusion

While Scala's FY2026 results fell short of the operating profit target due to one-time M&A-related costs, the performance demonstrated strong growth in fundamental earning power, evidenced by the expansion of DX stock revenue (ARR of ¥2.814 billion) and record-high profits in the TCG business .

The ambitious targets for FY2027— "over ¥10 billion in revenue and ¥850 million in operating profit" —reflect a process where the transition to a stock-based structure, synergies from M&A, and the utilization of a company-wide AI infrastructure begin to contribute meaningfully to earnings.