Komori
Earnings presentation2497UNITED,Inc.Information and Communications, Services and Others

Earnings Presentation Materials for the First Half (Cumulative) of FY2027/3

The first half was affected by lower revenue following the reshaping of the business portfolio, while operating profit turned positive as a result of selling securities held and reducing expenses. Revenue in the education business increased as the company expanded new classroom openings, but the business posted an operating loss due to upfront investment.

Worth reading
63In 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
778
Millions of yen (year-on-year change in operating profit)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationFirst half (cumulative) of the fiscal year ending March 202712 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥4,012 million-7.0%
Operating profit¥87 million
Ordinary income¥63 million
Net income¥227 million
Selling, general and administrative expenses¥1,697 million
Results for the three months of the current quarter
Net Sales
¥1,963 million-17.0%
Operating profit
¥21 million
Ordinary income
¥5 million
Net income
¥11 million
Full-year earnings forecast
Net Sales¥7,800–8,200 million
Operating profit¥0–200 million
Ordinary income¥0–100 million
Net income¥0–50 million
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。
Investment business
Net Sales80%
Operating profit69%
Education Business
Net Sales41%
Ad-Tech Business
Net Sales48%
Operating profit47%
Developing Businesses
Net Sales46%
Operating profit12%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
In line with plan
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Impact of Business Portfolio RestructuringRevenue of ¥1,165 million and an operating loss of ¥202 million (impact in the first half of the prior year)
New Investments in Investment Business¥210 million
Sale of Securities in Investment Business¥770 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • ベストコ: 20–25 new classroom openings annually
  • ベストコ: plan to open 6–11 new classrooms in the second half
  • Seasonality of attendance at ベストコ
  • The investment business plans to sell securities held in the second half
New initiatives
  • Investment in funds that invest in AI start-ups and similar companies
  • Investment in funds that invest in start-ups addressing social issues
  • Acceleration of new ベストコ classroom openings in regional areas
  • UMT's response to connected TV and digital out-of-home advertising
  • Automation of advertising operations using AI
Key KPIsA metric the company considers important as a management benchmark.
  • Advertising billings¥12 100 million second quarter
    Year on year against the same period last year+38%
  • Connected TV and digital out-of-home advertising delivery ratio46 %
    Year on year against the same period last year+19 percentage points
  • Number of students at ベストコ7,765 people
  • Retention rate from junior high school to high school
    Year on year against the same period last year+2.7%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Students per ベストコ classroom
  • Monthly tuition per subject at ベストコ9,900 yen
Segment results
Investment business
Net Sales¥876 million (up 200% year on year)
Operating profit¥484 million (up ¥518 million year on year; turned profitable)
Education Business (ベストコ)
Net Sales¥1,306 million (up 13% year on year)
Operating profit−¥107 million (down ¥60 million year on year)
Ad Tech Business (UMT)
Net Sales¥686 million (up 1% year on year)
Operating profit¥170 million (up 3% year on year)
Developing Businesses
Net Sales¥1,161 million (down 47% year on year)
Operating profit¥18 million (up ¥313 million year on year; turned profitable)
Market Size / Share
  • Cram school market size: ¥952 billion in FY2025
  • Share of the elementary, junior high and high school student population in regional areas: 54%
  • Share of students attending cram schools in regional areas: 42%
Number of stores and locations
Number of classrooms144 classrooms (as of the end of September 2026)
Store openings during the period14 classrooms
H2 plan6–11 classrooms
Number of employees
1,700 People including temporary employees, as of the end of September 2026
Annual Dividend
Per share¥22
Interim¥11
End of period¥11 (forecast)
Payout ratio
The higher of a 5% DOE or a 50% consolidated dividend payout ratio
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredFirst half (cumulative) of the fiscal year ending March 2027
Net Sales¥4,012 million (YoY -7.0%)
Operating profit¥87 million
Ordinary income¥63 million
Net income¥227 million
Selling, general and administrative expenses¥1,697 million
Results for the three months of the current quarterNet Sales ¥1,963 million (YoY -17.0%) / Operating profit ¥21 million / Ordinary income ¥5 million / Net income ¥11 million
Full-year earnings forecastNet Sales ¥7,800–8,200 million / Operating profit ¥0–200 million / Ordinary income ¥0–100 million / Net income ¥0–50 million
Progress against full-year forecastConsolidated Not disclosed / Investment business Net Sales 80% / Operating profit 69% / Education Business Net Sales 41% / Operating profit Not disclosed / Ad-Tech Business Net Sales 48% / Operating profit 47% / Developing Businesses Net Sales 46% / Operating profit 12%
Self-assessment against the planIn line with plan
Segment resultsInvestment business Net Sales ¥876 million (up 200% year on year) / Operating profit ¥484 million (up ¥518 million year on year; turned profitable) / Education Business (ベストコ) Net Sales ¥1,306 million (up 13% year on year) / Operating profit −¥107 million (down ¥60 million year on year) / Ad Tech Business (UMT) Net Sales ¥686 million (up 1% year on year) / Operating profit ¥170 million (up 3% year on year) / Developing Businesses Net Sales ¥1,161 million (down 47% year on year) / Operating profit ¥18 million (up ¥313 million year on year; turned profitable)
Breakdown of Factors Affecting the ChangeImpact of Business Portfolio Restructuring Revenue of ¥1,165 million and an operating loss of ¥202 million (impact in the first half of the prior year) / New Investments in Investment Business ¥210 million / Sale of Securities in Investment Business ¥770 million
Key KPIsAdvertising billings ¥12 100 million (second quarter), Connected TV and digital out-of-home advertising delivery ratio 46 %, Number of students at ベストコ 7,765 people, Indicator name Retention rate from junior high school to high school / value Not disclosed / Year on year against the same period last year +2.7%
Unit price and quantity metricsIndicator name Students per ベストコ classroom / value Not disclosed / Year on year against the same period last year Not disclosed, Monthly tuition per subject at ベストコ 9,900 yen
Number of stores and locationsNumber of classrooms 144 classrooms (as of the end of September 2026) / Store openings during the period 14 classrooms / H2 plan 6–11 classrooms
Number of employees1,700 People (including temporary employees, as of the end of September 2026)
Assumptions Underlying the Business Outlookベストコ: 20–25 new classroom openings annually, ベストコ: plan to open 6–11 new classrooms in the second half, Seasonality of attendance at ベストコ, The investment business plans to sell securities held in the second half
Annual DividendPer share ¥22 / Interim ¥11 / End of period ¥11 (forecast)
Payout ratioThe higher of a 5% DOE or a 50% consolidated dividend payout ratio
Market Size / ShareCram school market size: ¥952 billion in FY2025, Share of the elementary, junior high and high school student population in regional areas: 54%, Share of students attending cram schools in regional areas: 42%
New initiativesInvestment in funds that invest in AI start-ups and similar companies, Investment in funds that invest in start-ups addressing social issues, Acceleration of new ベストコ classroom openings in regional areas, UMT's response to connected TV and digital out-of-home advertising, Automation of advertising operations using AI
Items this document does not state (9)
Gross Profit MarginOperating profit marginRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAcquisition 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.

The company cited the sale of securities held, lower personnel expenses associated with reshaping the business portfolio, new classroom openings and an increase in the number of students in the education business, upfront investment associated with new classroom openings in the education business, and expanded advertising inventory and improvements to the advertising system in the ad tech business.

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