A fully success-fee-based structure for both sellers and buyers
First written in FY2024. 4 of 5 entries say "Restated". Latest entry: FY2026.
1 other company's latest entry also says "Restated".
- FY2026RestatedAnnual report
「For both sellers and buyers, we support M&A transactions solely on a success-fee basis, without charging an upfront fee, generally payable upon execution of the advisory agreement, or an interim fee, generally payable upon execution of the memorandum of understanding.」
The fee structure of receiving only success fees from both sellers and buyers remains a core service feature. - 2026-03-31RestatedPresentation materials on financial results
「We have adopted a fully success-fee-based model for both sellers and buyers and are currently the only listed M&A brokerage specialist that uses a fully success-fee-based model for both sellers and buyers.」
The fully success-fee-based model for both sellers and buyers was reaffirmed as a differentiator from other companies. - FY2025RestatedAnnual report
「We operate only an M&A advisory business, and our revenue consists solely of success fees.」
The revenue-recognition explanation reaffirms the business model of receiving success fees from both sellers and buyers. - FY2025-H1RestatedAnnual report
「We operate only an M&A advisory business, and our revenue consists solely of success fees.」
The business model, in which success fees are the only type of revenue, is reaffirmed in the explanation of revenue recognition. - FY2024First statedAnnual report
「For both sellers and buyers, we support M&A transactions solely on a success-fee basis, without charging an upfront fee, generally payable upon execution of the advisory agreement, or an interim fee, generally payable upon execution of the memorandum of understanding.」
The fee structure, under which no fee is charged unless an M&A transaction is completed, is presented as a feature that limits unnecessary risk for clients.