On The Page Co., Ltd. FY2026 Q2 Earnings Deep Dive: Operating Profit Surges 2.7x Above Plan Driven by Integration Synergies and Higher Unit Prices

On The Page Co., Ltd. (Securities Code: 9160, formed by the merger of the former Novarese and Escrit) has announced its financial results for the second quarter of the fiscal year ending December 2026. This earnings release marks a critical milestone in evaluating the true value of the newly formed "On The Page" following the business integration of major bridal companies, as well as the progress of synergies generated by the group consolidation.

This report extracts 10 key topics from the disclosed earnings presentation materials, providing a comprehensive and detailed analysis of performance highlights, factors behind the profit surge, trends in major KPIs, and the progress of management integration and growth strategies.

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10 Key Topics Extracted

1. Birth of the New "On The Page" and Business Portfolio (Bridal, Restaurant-specialized, and Architectural/Real Estate)
2. FY2026 Q2 Cumulative Performance Summary (Revenue in line with plan, profit stages significantly exceeding targets)
3. Consolidated Statement of Profit or Loss (IFRS) Performance Comparison (Revenue: 16,807 million JPY, Operating Profit: 735 million JPY)
4. Structural Analysis of the 173.3% (approx. 2.7x) Operating Profit Outperformance
5. Trends in Key Bridal Business KPIs (Number of weddings, average number of guests, and average unit price growth)
6. Seasonal Characteristics of Quarterly Performance (Revenue structure skewed toward Q2 and Q4)
7. Segment Performance Trends (Bridal remains the core pillar, accounting for 86.9% of total revenue)
8. Improving Weekday Facility Utilization and Alliances with the TKP Group
9. Progress in Synergy Creation through Management Integration (Cost reduction, increased in-house production, and organizational integration)
10. CRM/LTV Maximization Initiatives and Outlook for Full-Year Performance

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1. Overview and Business Structure of the New "On The Page"

Born from the merger of the former Novarese and Escrit, On The Page Co., Ltd. is a comprehensive lifestyle production company that centers on the bridal business while broadly operating restaurant-specialized and architectural/real estate businesses.

Leveraging the "foundation" of the TKP Group , its major shareholder and parent-like entity, the company is advancing the platformization of BtoB and BtoC domains centered on space-based businesses. The company name embodies the desire to "continue to be present at the moments when life stories are updated," aiming to provide multifaceted value tailored to life stages beyond mere wedding production.

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2. FY2026 Q2 Consolidated Performance Highlights (IFRS)

For the cumulative second quarter (January–June 2026), revenue reached 16,807 million JPY (+0.1% vs. plan, +73.2% YoY), and operating profit hit 735 million JPY (+173.3% vs. plan, +49.7% YoY). While revenue landed exactly on target, the company delivered a strong performance with operating profit significantly exceeding expectations .

The following slide details the consolidated statement of profit or loss for the cumulative second quarter.

[Slide Commentary: Key Points of the Consolidated Statement of Profit or Loss (IFRS)]

As shown in the table above, Gross Profit (8,781 million JPY, +1.2% vs. plan) exceeded expectations, and Selling, General and Administrative Expenses (8,023 million JPY, -4.5% vs. plan) were kept significantly lower than planned, driving the dramatic surge in operating profit. Notably, operating profit reached 735 million JPY against a plan of 269 million JPY (+173.3%) , approximately 2.7 times the initial forecast. Furthermore, EBITDA , a metric for cash-generating capability, stood at 3,035 million JPY (+20.0% vs. plan, +78.2% YoY) , numerically validating the steady improvement in cash-generating power post-integration.

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3. Analysis of Factors Driving the Operating Profit Surge

Why was the company able to exceed the operating profit plan by 173.3%? An analysis of the breakdown highlights two major factors: the profit-boosting effect of higher unit prices and cost containment through economies of scale .

[Slide Commentary: Variance Analysis of Operating Profit vs. Plan]

The chart clearly illustrates the factors contributing to the +466 million JPY increase from the initial operating profit plan of 269 million JPY to the actual 735 million JPY .

1. Increase in Average Unit Price per Wedding (+234 million JPY boost) : Success in new product planning and development, promotion of pre-wedding photo shoots, and the renewal of wedding menus contributed significantly to profit.
2. SG&A Expense Control and Efficiency (+179 million JPY boost) : Economies of scale from the integration improved the investment efficiency of advertising expenses. Additionally, higher employee retention reduced recruitment and training costs, while merger-related project expenses were lower than initially anticipated.
3. Increase in Average Number of Guests (+47 million JPY) and General Dining (+37 million JPY) : The recovery from the COVID-19 pandemic led to an increase in guest counts, and the restaurant/banquet division performed solidly.

The defining characteristic of these results is that qualitative improvements on the top line—specifically "unit price increases" driven by initiatives to enhance customer experience—are fueling profit growth , rather than mere cost-cutting.

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4. Bridal Business Key KPIs and Operational Trends

We examine the trends in key performance indicators (KPIs) for the bridal business, the company's core segment. The network expansion through integration is beginning to bear fruit.

[Slide Commentary: Status of the Bridal Business]

This slide summarizes the fundamental data supporting the growth of the bridal business compared to the previous year and the plan.

• Number of Venues : 66 (an increase of 2 due to new openings).
• Number of Weddings : 3,130 (+2.7% YoY, -0.2% vs. plan). The two newly opened venues performed well, driving the total count.
• Average Number of Guests : 52.8 (+0.2% YoY, +1.1% vs. plan). The recovery in wedding scale continues.
• Average Unit Price per Wedding : 3,988 thousand JPY (+7.8% YoY, +5.9% vs. plan). As mentioned, product development and enhanced promotions are directly reflected in higher unit prices.
• Backlog of Weddings : 6,322 (+0.7% YoY). Improved booking rates and lower cancellation rates due to various initiatives have contributed to a steady accumulation of the backlog, which serves as the foundation for future revenue.

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5. Seasonality and Quarterly Performance Trends

A characteristic of the bridal industry is the concentration of weddings in spring (Q2: April–June) and autumn (Q4: October–December) , when the climate is mild and there are many public holidays.

Looking at the company's quarterly trends (Slides 14–15), while Q1 (January–March) shows an operating loss of 35 million JPY, the business expands rapidly in Q2 (April–June) to 12,068 million JPY in revenue and 770 million JPY in operating profit (6.4% operating margin) . The business model expects similarly high profitability toward Q4, meaning the profit outperformance in Q2 significantly raises the safety margin for the second half of the year.

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6. Segment Performance and Initiatives to Improve Weekday Utilization

Revenue Composition by Segment

• Bridal Business : Revenue 14,601 million JPY (86.9% of total), Segment Profit 1,533 million JPY
• Restaurant-specialized Business : Revenue 770 million JPY (4.6% of total), Segment Loss 37 million JPY (loss narrowed compared to the previous year)
• Architectural/Real Estate Business : Revenue 1,434 million JPY (8.5% of total), Segment Profit 40 million JPY

Strategy for Improving Weekday Utilization (Slide 18)

For bridal facilities where operations are concentrated on weekends, improving weekday utilization is key to profitability. The company's weekday utilization rate in Q2 2026 was 30% (a 3pt improvement from 27% in the same period last year). Moving forward, the company plans to reduce fixed cost burdens and further improve profit margins by strengthening CRM-driven sales and actively attracting corporate banquets and MICE events through enhanced collaboration with TKP and travel agencies .

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7. Progress of Management Integration and Promotion of In-house Production

Efforts to accelerate essential value creation through management integration, including the reorganization of sales structures and group businesses, are underway.

1. Integration of the Sales Headquarters (Slides 22-23) : As of July 2026, the sales headquarters were integrated into a unified, field-led sales structure. Departments such as dress shops in the Kobe area, photo/video production, and call center functions have been consolidated, achieving both cost reductions and knowledge sharing.
2. Increased In-house Production Rate (Slide 26) : The company is promoting the in-house production of services previously outsourced , utilizing group companies such as Shibuya (construction/renovation), Timeless (gifts), MARRY MARBLE (production video), Hananomise Senjuen (floral arrangements), Do (advertising), and others handling costumes, Hawaii weddings, and travel. A mechanism to circulate profits within the group is being established.

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8. LTV Maximization Initiative "On The Page Club" and Future Growth Strategy

To perpetuate relationships with customers and increase Customer Lifetime Value (LTV), the company will launch the membership program "On The Page Club" in September 2026 (Slide 28). By revamping and expanding the former "Novarese Club," the company will build a circular model that encourages the use of restaurants and services at various life milestones even after the wedding, through centralized customer data management, enhanced recommendation functions, and exclusive offers from the company and its partners.

Regarding new store opening plans (Slides 29-30), the company plans to open new guest houses such as "Flairge Sakae" (Nagoya) and "Karuizawa Kaisei no Mori" between 2026 and 2027, expanding the network to 129 locations nationwide (69 guest houses, 37 dress shops, 8 others, and 15 restaurants).

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9. Full-Year Earnings Forecast and Summary

The full-year consolidated earnings forecast for the fiscal year ending December 2026 remains unchanged as follows:

• Revenue : 42,789 million JPY (+94.1% YoY)
• Operating Profit : 3,000 million JPY (+33.5% YoY)
• Profit Before Tax : 2,480 million JPY (+34.1% YoY)
• Profit Attributable to Owners of Parent : 1,640 million JPY (+30.5% YoY)

With 735 million JPY in operating profit recorded by the end of Q2, progress toward the full-year target of 3,000 million JPY is on track. Given the seasonal characteristic where significant profits are recorded in the busy Q4 (October–December), the substantial outperformance in Q2 due to unit price increases and SG&A cost control serves as a strong tailwind for achieving the full-year goals.

Attention will be focused on On The Page's future developments as it steadily pushes forward with organizational unification, thorough in-house production, and strengthened collaboration with the TKP Group in its first year of integration.