Komori
Earnings presentation196AMFS,Inc.Financials (excluding banks)

Financial Results Briefing Materials for the Third Quarter of the Fiscal Year Ending June 2026

For the nine months ended Q3, revenue increased significantly and the company recorded an operating profit, driven by Mojicheck's return to profitability and the expansion of INVASE's sales and purchase model. In light of the increase in revenue from INVASE's sales and purchase model, the full-year earnings forecast was revised upward.

Worth reading
62In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Mixed performance
Direction inferred from the company’s description.
Scale
95.5
% (upside versus the full-year profit plan for the Mojicheck business)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationThird quarter of the fiscal year ending June 202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥5,764,218 thousand+194.7%
Operating profit¥64,118 thousand
Ordinary income¥64,118 thousand
Net income¥77,914 thousand
Gross Profit Margin24.0%
Operating profit margin1.1%
Selling, general and administrative expenses¥1,316,815 thousand
Results for the three months of the current quarterFigures for the standalone third quarter are provided for revenue, operating profit, segment revenue and operating income/loss, and key KPIs. Company-wide revenue increased 204.8% year on year, Mojicheck business revenue decreased 50.3%, and INVASE business revenue increased 1,396.0%.
Full-year earnings forecast
Net Sales
¥3,779,889 thousand
Gross profit
¥2,157,866 thousand
Selling, general and administrative expenses
¥1,962,636 thousand
Operating profit
¥195,230 thousand
Ordinary income
¥186,352 thousand
Net income for the current fiscal year
¥146,069 thousand
Mojicheck business revenue
¥1,500,289 thousand
INVASE business revenue
¥2,279,600 thousand
Progress against full-year forecast　通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales152.5%
Revenue (excluding gross-up)63.0%
Mojicheck business revenue59.8%
INVASE business revenue (excluding gross-up)67.3%
Gross profit64.0%
Selling, general and administrative expenses67.1%
Operating profit32.8%
Ordinary income34.4%
Net income for the current fiscal year53.3%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The Mojicheck business assumes full-year profit of ¥113 million, 95.5% above plan. The INVASE business assumes full-year profitability and is in line with plan. However, both revenue and operating profit are below the initial assumptions, and the company aims to recover in Q4.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Progress in recognizing revenue associated with loan closings
  • Efficient deployment of advertising expenditures
  • Increase in revenue from INVASE's sales and purchase model
  • Delays in procurement and contract execution due to changes in banks' underwriting criteria and other factors

The company identifies the factors but does not state the amount attributable to each one.

Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Management-accounting-based unit economics assuming higher interest rates, financial institutions' online advertising expenditures, and a 12% loan-closing rate. The 12% loan-closing rate is stated as a numerical assumption.
New initiatives
  • Convert the entire process from the mortgage assessment through loan closing to generative AI by the end of June 2026
  • Provide mortgage AI adviser functionality to other AI agents
  • Develop an AI agent for real estate investment consulting
  • Strengthen INVASE's IA and AC teams and launch a PM team
  • Expand the number of financial institutions offering preferential interest rates and real-time underwriting through Mojicheck
Key KPIsA metric the company considers important as a management benchmark.
  • Number of underwriting applications16,999 Engagements
    Year on year against the same period last year-30.1%
  • Revenue per underwriting application¥19,841
    Year on year against the same period last year-49.6%
  • Customer acquisition cost per underwriting application (CPA)¥7,006
    Year on year against the same period last year-49.6%
  • ROAS
    Year on year against the same period last year+72.0%
  • Cumulative member registrations
    Year on year against the same period last yearUp by 126,000 as of March 2026
  • Advertising expense ratio (Mojicheck)35.3%
  • Advertising expense ratio (INVASE)
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Number of underwriting applications16,999 Engagements
    Year on year against the same period last year-30.1%
  • Revenue per underwriting application¥19,841
    Year on year against the same period last year-49.6%
  • Customer acquisition cost per underwriting application (CPA)¥7,006
    Year on year against the same period last year-49.6%
  • Number of voucher registrations885 Engagements
  • Number of contracts148 Engagements
Segment results
Mojicheck business
Net Sales
¥896,753 thousand
Year on year against the same period last year-43.2%
Operating profit (loss)
91,000 approximately thousand yen
INVASE business
Net Sales
¥4,867,465 thousand
Year on year against the same period last year+1,186.8%
Revenue (excluding gross-up)
¥767,091 thousand
Year on year (excluding gross-up)102.8
Operating profit (loss)
¥20,000 thousand
Medium-term management plan targets
Vision2030Progress is explained, but the specific target figures and target year are Not disclosed in the excerpt.
Market Size / Share
For the price of 70-square-meter used condominiums in the three major metropolitan areas, figures including ¥66.72 million, ¥58.57 million, and ¥51.84 million are provided for 2026. The materials state that the company has established a solid position as an online mortgage broker, but the market share figure is Not disclosed.
Number of employees
Number of Employees79 people
Change during the periodHiring continued from the previous fiscal year. In Q3, 21 engineers and designers and 58 other full-time employees were hired.
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredThird quarter of the fiscal year ending June 2026
Net Sales¥5,764,218 thousand (YoY +194.7%)
Operating profit¥64,118 thousand
Ordinary income¥64,118 thousand
Net income¥77,914 thousand
Gross Profit Margin24.0%
Operating profit margin1.1%
Selling, general and administrative expenses¥1,316,815 thousand
Results for the three months of the current quarterFigures for the standalone third quarter are provided for revenue, operating profit, segment revenue and operating income/loss, and key KPIs. Company-wide revenue increased 204.8% year on year, Mojicheck business revenue decreased 50.3%, and INVASE business revenue increased 1,396.0%.
Full-year earnings forecastNet Sales ¥3,779,889 thousand / Gross profit ¥2,157,866 thousand / Selling, general and administrative expenses ¥1,962,636 thousand / Operating profit ¥195,230 thousand / Ordinary income ¥186,352 thousand / Net income for the current fiscal year ¥146,069 thousand / Mojicheck business revenue ¥1,500,289 thousand / INVASE business revenue ¥2,279,600 thousand
Progress against full-year forecastNet Sales 152.5% / Revenue (excluding gross-up) 63.0% / Mojicheck business revenue 59.8% / INVASE business revenue (excluding gross-up) 67.3% / Gross profit 64.0% / Selling, general and administrative expenses 67.1% / Operating profit 32.8% / Ordinary income 34.4% / Net income for the current fiscal year 53.3% / INVASE business revenue Not disclosed
Self-assessment against the planThe Mojicheck business assumes full-year profit of ¥113 million, 95.5% above plan. The INVASE business assumes full-year profitability and is in line with plan. However, both revenue and operating profit are below the initial assumptions, and the company aims to recover in Q4.
Segment resultsMojicheck business Net Sales ¥896,753 thousand / Year on year against the same period last year -43.2 / Operating profit (loss) 91,000 approximately thousand yen / INVASE business Net Sales ¥4,867,465 thousand / Year on year against the same period last year 1,186.8 / Revenue (excluding gross-up) ¥767,091 thousand / Year on year (excluding gross-up) 102.8 / Operating profit (loss) ¥20,000 thousand
Breakdown of Factors Affecting the ChangeFactors Progress in recognizing revenue associated with loan closings / Amount Not disclosed, Factors Efficient deployment of advertising expenditures / Amount Not disclosed, Factors Increase in revenue from INVASE's sales and purchase model / Amount Not disclosed, Factors Delays in procurement and contract execution due to changes in banks' underwriting criteria and other factors / Amount Not disclosed
Key KPIsIndicator name Number of underwriting applications / Value 16,999 Engagements / Year on year against the same period last year -30.1 Engagements, Indicator name Revenue per underwriting application / Value ¥19,841 / Year on year against the same period last year ¥-49.6, Indicator name Customer acquisition cost per underwriting application (CPA) / Value ¥7,006 / Year on year against the same period last year ¥-49.6, Indicator name ROAS / Value Not disclosed / Year on year against the same period last year 72 %, Indicator name Cumulative member registrations / Value Not disclosed / Year on year against the same period last year Up by 126,000 as of March 2026, Indicator name Advertising expense ratio (Mojicheck) / Value 35.3% / Year on year against the same period last year Not disclosed, Indicator name Advertising expense ratio (INVASE) / Value Not disclosed / Year on year against the same period last year Not disclosed
Unit price and quantity metricsIndicator name Number of underwriting applications / Value 16,999 Engagements / Year on year against the same period last year -30.1 Engagements, Indicator name Revenue per underwriting application / Value ¥19,841 / Year on year against the same period last year ¥-49.6, Indicator name Customer acquisition cost per underwriting application (CPA) / Value ¥7,006 / Year on year against the same period last year ¥-49.6, Indicator name Number of voucher registrations / Value 885 Engagements / Year on year against the same period last year Not disclosed, Indicator name Number of contracts / Value 148 Engagements / Year on year against the same period last year Not disclosed
Number of employeesNumber of Employees 79 people / Change during the period Hiring continued from the previous fiscal year. In Q3, 21 engineers and designers and 58 other full-time employees were hired.
Assumptions Underlying the Business OutlookManagement-accounting-based unit economics assuming higher interest rates, financial institutions' online advertising expenditures, and a 12% loan-closing rate. The 12% loan-closing rate is stated as a numerical assumption.
Medium-term management plan targetsVision2030 Progress is explained, but the specific target figures and target year are Not disclosed in the excerpt.
Market Size / ShareFor the price of 70-square-meter used condominiums in the three major metropolitan areas, figures including ¥66.72 million, ¥58.57 million, and ¥51.84 million are provided for 2026. The materials state that the company has established a solid position as an online mortgage broker, but the market share figure is Not disclosed.
New initiativesConvert the entire process from the mortgage assessment through loan closing to generative AI by the end of June 2026, Provide mortgage AI adviser functionality to other AI agents, Develop an AI agent for real estate investment consulting, Strengthen INVASE's IA and AC teams and launch a PM team, Expand the number of financial institutions offering preferential interest rates and real-time underwriting through Mojicheck
Items this document does not state (9)
Number of stores and locationsRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

For Mojicheck, progress in recognizing revenue associated with loan closings and more efficient advertising expenditures contributed to results. For INVASE, the sales and purchase model gained traction. Meanwhile, at INVASE, procurement and contract execution were delayed due to temporary factors including changes in banks' underwriting criteria, resulting in revenue and operating profit falling short of the initial assumptions.

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Financial Results Briefing Materials for the Third Quarter of the Fiscal Year Ending June 2026 | MFS,Inc. (196A) timely disclosure | Komori