Macbee Planet Q1 FY2027 Earnings Analysis: A Comprehensive Review of New Management and Group Restructuring

Macbee Planet, Inc. (Securities Code: 7095) has announced its financial results for the first quarter of the fiscal year ending April 2027. This quarter marks a pivotal turning point for the company's future growth trajectory, characterized by performance landing in line with initial projections , the inauguration of a new management structure including the appointment of a new President and Representative Director , and a large-scale group restructuring involving the transition of a core subsidiary to an equity-method affiliate .

This report provides a detailed analysis of the Q1 financial and operational trends, a breakdown of performance by industry, the four key commitments of the new management team, and the strategic objectives and impact of the corporate restructuring.

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1. Q1 FY2027 Earnings Highlights

While consolidated revenue for the first quarter decreased year-on-year, gross profit and operating profit exceeded the figures from the same period last year, landing largely in line with the company's initial expectations.

As shown in the slide above, the key financial indicators for the first quarter are as follows:

• Revenue : 12,290 million JPY ( 3.8% decrease YoY)
• Gross Profit : 2,085 million JPY ( 0.1% increase YoY, Gross Profit Margin 17.0% / +0.7pt YoY)
• Operating Profit : 764 million JPY ( 1.3% increase YoY, Operating Profit Margin 6.2% / +0.3pt YoY)
• Quarterly Profit Attributable to Owners of Parent : 442 million JPY ( 12.5% decrease YoY)
• Basic Earnings Per Share (EPS) : 35.53 JPY ( 2.5% decrease YoY)

Background of Performance and Margin Improvement

The decline in revenue is attributed to the ongoing impact of lower advertising unit prices in the "Online Medical Consultation" sector , a specific issue involving a major client that emerged in the previous fiscal year. Conversely, the gross profit margin improved to 17.0% due to the resolution of soaring media costs in the "Loans & Cards" sector, which had burdened the previous year's results, leading to a slight increase in profit.

Regarding operating profit, despite increases in personnel costs, earn-out expenses from M&A, and system usage fees, the company achieved profit growth by significantly reducing advertising expenses (an improvement effect of +182 million JPY YoY) , which kept overall SG&A expenses in check. The decrease in quarterly profit attributable to owners of the parent is due to temporary tax rate differences and remains in line with initial projections. Furthermore, the impact on EPS was minimized by the share buybacks conducted in the previous fiscal year.

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2. Industry-Specific Revenue Trends and Market Analysis

While there were fluctuations across various segments in the first quarter, overall performance did not deviate significantly from the assumptions made during the formulation of the full-year forecast.

• Finance Industry : 5,460 million JPY ( +18.5% YoY)
  • Securities : 1,840 million JPY (+4.2%). While mid-tier securities performed steadily, the segment was affected by changes in the business flow of major securities firms during Q1.
  • FX/Crypto Assets : 926 million JPY (down 33.7%). The cooling market for crypto assets acted as a headwind.
  • Loans & Cards : 1,869 million JPY ( +115.6% ). Significant growth was driven by the resolution of high media costs and a temporary strengthening of acquisition efforts to compensate for the previous year's shortfall.
  • Other (Finance) : 824 million JPY (+42.8%). Growth in insurance-related projects contributed to this result.
• Wellness Industry : 3,624 million JPY ( down 27.8% YoY)
  • Online Medical Consultation : 2,011 million JPY (down 48.9%). A significant reactionary decline occurred as the previous year's figures were recorded before the revision of advertising unit prices.
  • In-person Medical Consultation : 1,117 million JPY ( +46.8% ). Strong market conditions led to substantial growth.
  • Other (Wellness) : 495 million JPY (+51.4%). Beauty and salon-related projects performed well.
• Human Resources Industry : 1,207 million JPY ( down 7.9% YoY)
  • The impact of advertising restrictions on correspondence education projects, which began in Q2 of the previous fiscal year, continued.
• Other Industries : 1,997 million JPY ( +8.8% YoY)
  • The impact of advertising restrictions following a change in policy for professional service projects was offset by the accumulation of app-related projects.

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3. Financial Position and Strong Cash Position

As of the end of the first quarter of the fiscal year ending April 2027, the company maintains strong financial health, despite a decrease in cash and deposits due to dividend payments and the repayment of borrowings.

• Current Assets : 16,067 million JPY (down 504 million JPY from the end of the previous fiscal year)
  • Of which, Cash and Cash Equivalents: 6,294 million JPY (down 1,016 million JPY from the end of the previous fiscal year)
• Interest-Bearing Debt : 4,233 million JPY (down 192 million JPY from the end of the previous fiscal year, reflecting progress in repaying short-term loans)
• Net Cash : 2,061 million JPY (maintaining a net-debt-free status where cash and deposits significantly exceed interest-bearing debt)
• Net D/E Ratio : -0.17x

The company maintains a robust balance sheet and borrowing capacity, enabling agile capital allocation for future growth investments, new businesses, and M&A.

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4. Inauguration of New Management and Four Commitments

In July 2026, the company implemented a major overhaul of its management structure. A co-leadership system was established, with Hideyuki Shoda appointed as President and Representative Director to lead top-level decision-making, while founder Masakazu Matsumoto transitioned to Representative Director and Chairman to oversee group-wide governance and supervision.

Upon taking office, the new President, Mr. Shoda, introduced the slogan "Created, Expanded—Now, Create Again," and announced four commitments to build a foundation for renewed growth:

1. Group Restructuring : Optimize the group structure to build a solid foundation for group-wide renewed growth.
2. Rebuilding Governance : Strengthen the Board of Directors, conduct a comprehensive review of compensation and internal controls, and refresh the system to support decisive decision-making.
3. Optimization of AI and Human Resources : Pursue thorough efficiency through AI utilization while accelerating the recruitment and development of talented individuals who cannot be replaced by AI.
4. Optimization of Capital Efficiency (Circulation) : Invest capital generated from the core advertising business into new ventures. Create a virtuous cycle between existing and new businesses to return to a high-growth trajectory.

Furthermore, the company has defined its vision as evolving from a "Marketing Company" to a "Company that Starts with Marketing," aiming to leverage the customer acquisition capabilities and data cultivated through LTV marketing to expand into new business domains and solve client business challenges.

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5. Overview of Group Restructuring and Impact on Performance

As one of the most important measures under the new structure, the company resolved to restructure the group by transferring shares of consolidated subsidiaries All Ads, Inc. and Smash, Inc. , transitioning them into equity-method affiliates .

Background and Governance of Restructuring

Since joining the group in 2023, All Ads has achieved growth; however, the company required a level of expertise and an approach distinct from the Macbee Planet core business. Consequently, the decision was made to transfer a portion of shares to the company's executives to encourage commitment as management shareholders and facilitate agile decision-making, while Macbee Planet retains over one-third of the voting rights to maintain capital ties. The review of this transaction was conducted under a strict governance framework, including the exclusion of directors with special interests from the resolution, consultation with independent officers, and valuation by external appraisal agencies.

Key Impacts on Performance and Organization

• Group Transaction Volume : As All Ads and Smash remain within the group as equity-method affiliates, the position of "No. 1 in performance-based advertising transaction volume" and the total scale of transaction volume will be maintained .
• Consolidated Revenue and Operating Profit : As both companies will be excluded from the scope of consolidation, these figures are expected to decrease from the previous full-year forecast (51 billion JPY in revenue, 3.0 billion JPY in operating profit). The figures are currently under review, and revised forecasts will be disclosed promptly once finalized.
• Consolidated Number of Employees : The organization will be streamlined from approximately 201 to approximately 107 employees , transitioning to a leaner structure.
• Shareholder Returns : There are no planned changes to the year-end dividend forecast (55 JPY per share) , which is expected to remain unchanged despite the group restructuring.

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6. Disclosure Roadmap and Growth Outlook

Following the disclosure of the "Management Structure," "Management Policy," and "Group Restructuring" in this Q1 earnings announcement, the company has presented a roadmap to disclose a detailed "Management Strategy" and "Key Performance Indicators (KPIs)" under the new structure at the time of the second-quarter earnings announcement scheduled for December 2026 .

By using the funds recovered through the group restructuring as a source of capital, the company aims to update its core LTV marketing engine and proceed with agile reinvestment in M&A and new businesses, thereby aiming to improve medium- to long-term capital efficiency and maximize corporate value.