AnyMind Group Q2 FY2026 Earnings Deep Dive: Unpacking the Profit Growth Structure Driven by High-Growth Brand Enablement and Enhanced Productivity

1. Q2 FY2026 Earnings Overview and Highlights

AnyMind Group’s consolidated financial results for the second quarter (Q2) of the fiscal year ending December 2026 demonstrate significant growth in both revenue and profit, fueled by the strong performance of its core Brand Enablement business and the advancement of company-wide productivity improvement projects .

Key financial figures for Q2 are as follows:

• Revenue : ¥20,466 million (+55.0% YoY)
• Gross Profit : ¥7,829 million (+52.2% YoY)
• Operating Profit : ¥861 million (+93.1% YoY)
• Profit Attributable to Owners of the Parent : ¥326 million (+159.8% YoY)
• Adjusted EBITDA : ¥1,540 million (+59.1% YoY)

Revenue and gross profit reached record highs on a quarterly basis. With the temporary cost factors from Q1—such as environmental shifts in the Creator Enablement business and office expansion—now behind them, the operating profit margin improved from 3.4% in the same period last year to 4.2% , signaling a return to a clear profit-growth trajectory.

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2. Strong Driver: The Breakthrough in Brand Enablement

The primary engine of company-wide growth is the Brand Enablement business , which encompasses both the Marketing and D2C/EC segments. Gross profit for this segment reached ¥6,195 million , a +65% increase YoY, now accounting for approximately 80% ( 79% ) of the group's total gross profit.

The slide below illustrates the gross profit trend by business segment.

As shown, the red " Brand Enablement " area has consistently expanded over the past few years, confirming its role as the cornerstone of the group's portfolio. In particular, the successful capture of demand for corporate EC and marketing support in Japan and Southeast Asia is a major factor driving the company's overall gross profit growth rate ( +52% ).

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3. Productivity Improvement Projects and SG&A Control

A key highlight of these earnings is the perfect balance between rapid top-line expansion and disciplined headcount management .

The company is leveraging internal AI processes and global operational standardization, building a structure that scales business operations without relying on proportional headcount increases.

The slide above (Progress of Productivity Improvement Projects and Optimization of SG&A Expenses) most clearly demonstrates the results of the company's operational efficiency efforts. Despite a slight decrease in the number of full-time employees from 2,352 in Q1 2026 to 2,330 in Q2, organizational productivity gains drove the monthly gross profit per employee in Q2 to ¥1,120 thousand (+34% YoY).

As a result, the ratio of SG&A expenses to gross profit declined to 89% , lower than the same period last year. In a structure where personnel costs account for approximately half of SG&A, the transition to a growth model that does not rely on headcount expansion is steadily progressing.

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4. Detailed Analysis by Business Segment

Progress and characteristics of each business segment are as follows:

(1) Marketing Business (Brand Enablement)

• Gross Profit : ¥3,020 million (+20.4% YoY)
• Growth rates recovered to the 20% range due to strengthened sales structures and an increase in cross-border projects. Specifically, "inbound and outbound support," such as assisting Korean beauty (K-Beauty) brands entering Japan and supporting major domestic firms' expansion into the U.S. market, has contributed significantly.

(2) D2C / EC Business (Brand Enablement)

• Gross Profit : ¥3,175 million (+154.4% YoY)

As shown in the slide above, in addition to the contribution from Sun Smile, which was consolidated in January 2026, the organic business also saw explosive growth with revenue up 100% and gross profit up 99%. Growth was driven by an increase in live commerce projects in Southeast Asia, strong merchandise sales utilizing proprietary talent IP (such as "seju"), and the stable growth of the fitness brand "LYFT." Furthermore, the company has established successful online-to-offline (OMO) patterns, including the full-scale deployment of human-AI hybrid live streaming using the AI distribution platform " AnyLive " and OMO initiatives leveraging Sun Smile's retail network.

(3) Publisher Enablement Business (Partner Growth)

• Gross Profit : ¥740 million (+2.9% YoY)
• The company is maintaining stable earnings while adapting to market changes through disciplined operations that prioritize profitability.

(4) Creator Enablement Business (Partner Growth)

• Gross Profit : ¥852 million (+42.9% YoY)
• High growth exceeding initial expectations was achieved, thanks to the review of focus areas and increased earnings from proprietary talent activities.

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5. Global Revenue Structure and Cross-Border Strategy

AnyMind Group maintains a well-balanced revenue base across Asia.

• Japan & South Korea : 58% of gross profit (+80% YoY)
• Southeast Asia : 33% of gross profit (+52% YoY)
• Greater China & India : 9% of gross profit (+42% YoY)

Each region is achieving high growth rates, centered on the Brand Enablement business. By integrating local subsidiary networks, influencer networks, and AI solutions cultivated across Asia, the company is strengthening its position as a " growth infrastructure " for exporting Japanese brands and IP (J-Beauty, J-Food, Entertainment, etc.) to the world.

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6. Progress Against Full-Year Forecasts and Financial/Shareholder Return Measures

Progress Against Full-Year Forecasts

Against the full-year FY2026 forecast (Revenue: ¥79,110 million/+38.1% YoY, Gross Profit: ¥30,350 million/+38.4% YoY, Operating Profit: ¥3,060 million/+70.1% YoY), the progress in the first half (cumulative Q2) is as follows:

• Revenue : ¥38,209 million (48% progress)
• Gross Profit : ¥14,594 million (48% progress)
• Operating Profit : ¥1,055 million (34% progress)

Given the seasonality of the company's business model, where revenue and profit are weighted toward the second half (particularly Q3 and Q4), the 48% progress in gross profit for the first half is considered a steady pace exceeding internal plans. The full-year forecast remains unchanged.

Financial Position and Shareholder Returns

• Financial Soundness : While interest-bearing debt increased due to M&A-related bank loans, the company maintains a sound financial base with an equity ratio of 34.2% , a D/E ratio of 0.72x , and a goodwill-to-net-assets ratio of 0.47x .
• Share Buybacks : Regarding the share buyback resolution from May 2026 (up to ¥500 million/1.25 million shares), as of the end of July 2026, the company has repurchased 839,600 shares ( 67% of the limit) for a total of approximately ¥409 million ( 82% of the limit), steadily executing capital efficiency improvements and shareholder returns.

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Summary

AnyMind Group's Q2 FY2026 earnings represent a high-quality increase in both revenue and profit, driven by a combination of strong demand for Brand Enablement , M&A synergy creation , and overwhelming productivity gains through generative AI and business automation . With seasonal tailwinds expected for the second half, the company has demonstrated steady progress in its medium-term growth story.