Komori
Earnings presentation299AKurashiru,Inc.Information and Communications, Services and Others

Financial Results Briefing Materials for the Second Quarter of the Fiscal Year Ending March 2027

In the second quarter of the fiscal year ending March 2027, revenue increased 22.7% year on year and Non-GAAP operating profit increased 2.7%. However, as the company made substantial investments in advertising, marketing and sales promotion for Recipe Challenge, the Non-GAAP operating margin declined and net income decreased.

Worth reading
65In 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
22.7
Year-on-year change in net sales (%)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationSecond quarter 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¥4,948 million+22.7%
Operating profit¥833 million+3.3%
Net income¥555 million-2.6%
Selling, general and administrative expenses¥1,559 million
Operating profit margin16.8%, down 3.2 percentage points year on year
Results for the three months of the current quarterRevenue ¥4,948 million, gross profit ¥2,393 million, operating profit ¥833 million, Non-GAAP operating profit ¥868 million, net income ¥555 million
Full-year earnings forecast
Net Sales
¥21,368 million
Non-GAAP operating profit
¥3,716 million
Net income for the current fiscal year
¥2,468 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。
Net Sales45.5%
Non-GAAP operating profit48.7%
Net income for the current fiscal year47.0%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing as planned
Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
  1. Reason revenue growth slowed despite an increase in offline purchasing UU: inflows of light users and the large number of campaigns with limits on participation frequency meant that revenue did not grow in line with UU.
  2. Progress in Recipe Challenge-related investments: trial costs were below the initial plan, while user acquisition investments were implemented ahead of schedule.
  3. Reason for not revising the full-year forecast: user acquisition investments are scheduled for the second half, and there is currently no basis for a revision. The impact of the sale of AL Holdings is still under review.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Year on year against the same period last year
Media revenue349
Purchasing revenue346
Other revenue221
Costs of sales-426
Advertising and sales promotion expenses-412
Personnel Expenses-57
Other SG&A expenses2
Quarter-on-quarter change
Media revenue100
Purchasing revenue9
Other revenue72
Costs of sales-99
Advertising and sales promotion expenses-186
Personnel Expenses26
Other SG&A expenses6
New initiatives
  • Concentration of management resources on the Kurashiru AI OS business
  • Expansion through reassignment and new hiring in the AI-related business division
  • Receipt of an order for the development and implementation of an AI agent with Mizkan, and commencement of paid use
  • Transfer of all shares in AL Holdings to Yoyogi Animation Group
  • Prioritise the use of proceeds from the sale for growth investments and M&A
Key KPIsA metric the company considers important as a management benchmark.
  • Recipe Challenge-related MAU365 10,000 MAU
  • Recipe Challenge offline purchasing UU (Annual Base)58.6 10,000 UUs
  • Number of retail partners14 companies
  • National-brand coverage among food and beverage manufacturers93 %
  • Number of retail partner stores nationwide30,000 Store
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Recipe Challenge offline purchasing UU (Annual Base) was 586,000 UUs. The company stated that participation frequency per user decreased from Q1. Per-unit price: Not disclosed
Segment results
Media
Net Sales
¥2,318 million
Year on year against the same period last year+17.8%
Procurement
Net Sales
¥1,702 million
Year on year against the same period last year+25.5%
Other
Net Sales
¥927 million
Year on year against the same period last year+31.2%
Medium-term management plan targets
By 2035, the company aims for the Kurashiru AI OS business to account for a substantial proportion of its business mix and become a medium- to long-term growth driver, in addition to expanding the purchasing business. Numerical target: Not disclosed
Market Size / Share
The market for media advertising in the cooking and food sector is approximately ¥300 billion, the market for food and beverage manufacturers' sales promotion spending is ¥2 trillion, and the market related to the consumer goods distribution value chain is ¥11.5 trillion. National-brand coverage among food and beverage manufacturers: 93%
Number of stores and locations
There are approximately 30,000 retail partner stores nationwide. The number of retail partners increased from 7 at the beginning of the period to 14.
Number of employees
216 employees (as of September 2026). Reassignments from the media division and new hiring are planned for the next fiscal year.
Gross profit
48.4%, up 1.2 percentage points year on year
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredSecond quarter of the fiscal year ending March 2027
Net Sales¥4,948 million (YoY +22.7%)
Operating profit¥833 million (YoY +3.3%)
Net income¥555 million (YoY -2.6%)
Gross profit48.4%, up 1.2 percentage points year on year
Operating profit margin16.8%, down 3.2 percentage points year on year
Selling, general and administrative expenses¥1,559 million
Results for the three months of the current quarterRevenue ¥4,948 million, gross profit ¥2,393 million, operating profit ¥833 million, Non-GAAP operating profit ¥868 million, net income ¥555 million
Full-year earnings forecastNet Sales ¥21,368 million / Non-GAAP operating profit ¥3,716 million / Net income for the current fiscal year ¥2,468 million
Progress against full-year forecastNet Sales 45.5% / Non-GAAP operating profit 48.7% / Net income for the current fiscal year 47.0%
Self-assessment against the planProgressing as planned
Segment resultsMedia Net Sales ¥2,318 million / yoy_pct 17.8 / Procurement Net Sales ¥1,702 million / yoy_pct 25.5 / Other Net Sales ¥927 million / yoy_pct 31.2
Breakdown of Factors Affecting the ChangeYear on year against the same period last year Media revenue 349 / Purchasing revenue 346 / Other revenue 221 / Costs of sales -426 / Advertising and sales promotion expenses -412 / Personnel Expenses -57 / Other SG&A expenses 2 / Quarter-on-quarter change Media revenue 100 / Purchasing revenue 9 / Other revenue 72 / Costs of sales -99 / Advertising and sales promotion expenses -186 / Personnel Expenses 26 / Other SG&A expenses 6
Key KPIsRecipe Challenge-related MAU 365 10,000 MAU, Recipe Challenge offline purchasing UU (Annual Base) 58.6 10,000 UUs, Number of retail partners 14 companies, National-brand coverage among food and beverage manufacturers 93 %, Number of retail partner stores nationwide 30,000 Store
Unit price and quantity metricsRecipe Challenge offline purchasing UU (Annual Base) was 586,000 UUs. The company stated that participation frequency per user decreased from Q1. Per-unit price: Not disclosed
Number of stores and locationsThere are approximately 30,000 retail partner stores nationwide. The number of retail partners increased from 7 at the beginning of the period to 14.
Number of employees216 employees (as of September 2026). Reassignments from the media division and new hiring are planned for the next fiscal year.
Medium-term management plan targetsBy 2035, the company aims for the Kurashiru AI OS business to account for a substantial proportion of its business mix and become a medium- to long-term growth driver, in addition to expanding the purchasing business. Numerical target: Not disclosed
Market Size / ShareThe market for media advertising in the cooking and food sector is approximately ¥300 billion, the market for food and beverage manufacturers' sales promotion spending is ¥2 trillion, and the market related to the consumer goods distribution value chain is ¥11.5 trillion. National-brand coverage among food and beverage manufacturers: 93%
Key points of the Q&AReason revenue growth slowed despite an increase in offline purchasing UU: inflows of light users and the large number of campaigns with limits on participation frequency meant that revenue did not grow in line with UU., Progress in Recipe Challenge-related investments: trial costs were below the initial plan, while user acquisition investments were implemented ahead of schedule., Reason for not revising the full-year forecast: user acquisition investments are scheduled for the second half, and there is currently no basis for a revision. The impact of the sale of AL Holdings is still under review.
New initiativesConcentration of management resources on the Kurashiru AI OS business, Expansion through reassignment and new hiring in the AI-related business division, Receipt of an order for the development and implementation of an AI agent with Mizkan, and commencement of paid use, Transfer of all shares in AL Holdings to Yoyogi Animation Group, Prioritise the use of proceeds from the sale for growth investments and M&A
Items this document does not state (9)
Ordinary incomeAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlog

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.

In the media business, page views remained solid, driven by growth in the number of users of Recipe Challenge-related services and initiatives to increase internal traffic. In the purchasing business, the number of retail partners increased from 7 at the beginning of the period to 14, while in the Other business, the effects of the acquisition of the VTuber business conducted in the previous fiscal year and other factors contributed. However, profit margins declined because of substantial investments in advertising, marketing and sales promotion, mainly for the Recipe Challenge app.

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