Worth reading
53Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
-745
¥ million (versus the previous operating profit forecast)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Earnings presentationSecond quarter of the fiscal year ending December 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales7,721 million yen-7.3%
Operating profit448 million yen-10.3%
Ordinary income420 million yen-10.0%
Net income178 million yen-13.4%
Selling, general and administrative expensesAdvertising expenses decreased by ¥280 million year on year. The SG&A ratio to revenue was Not disclosed
Results for the three months of the current quarterQuarterly trends by segment are presented in a graph. Consolidated three-month standalone profit and loss was Not disclosed
Full-year earnings forecast
Net Sales
15,263 million yen
Adjusted EBITDA
1,675 million yen
Operating profit
745 million yen
Ordinary income
698 million yen
Profit attributable to owners of the parent
271 million yen
Earnings per share
48.55 yen
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Platform segmentManga Kingdom: lower revenue and earnings due to a decline in MAUs, together with higher costs. External sales: higher revenue and earnings driven by hits among original works
Content segmentDigital publishing: lower revenue and earnings due to market maturation and intensifying competition, a decline in hit titles, and lower revenue per title. Print publishing: lower revenue and earnings due to market contraction and higher costs. Overseas: higher revenue and earnings driven by the active promotion of overseas licensing
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The assumptions and factors cited include the maturing and intensifying competition in the digital publishing market, MAUs, the number of hit titles, revenue per title and the cost ratio. Specific figures for foreign exchange rates, raw material prices and interest rates were Not disclosedNew initiatives
- Promoting social media marketing through platforms including TikTok and Instagram
- Strengthening remake and production capabilities using generative AI
- Starting distribution of LINE Manga and Heroes titles
- Expanding into light BL, GL and works for general female audiences
- Promoting media mixes including television dramas and anime series
- A collaborative novel submission contest with Shōsetsuka ni Narō, a web novel platform
- Expanding the BL “GUSH” label into North America
- Making the YouTube “GUSH” channel available in 15 countries
Key KPIsA metric the company considers important as a management benchmark.
- MAUYear on year against the same period last year-29.5%
- Paying ARPPUYear on year against the same period last year+13.2%
- Spending ARPPUYear on year against the same period last year+9.4%
- Membership900 More than 10,000 people
- Cumulative downloads25 100 million copies
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Paying ARPPU and Spending ARPPU. MAUs are also presented, but the figures themselves were Not disclosedSegment results
Platform segment
Net Sales
5,088 million yen-3.0%
Operating profit
265 million yen+315.0%
Content segment
Net Sales
2,730 million yen-15.0%
Operating profit
182 million yen-66.9%
Financial targets
The actual D/E ratio of 0.35 and equity ratio of 54.3% are presented. Financial target figures were Not disclosedMarket Size / Share
The digital publishing market was valued at ¥684.6 billion in FY2025 and is forecast to reach approximately ¥750.0 billion in FY2030. The 2025 comic market comprised digital comics at 78%, print comic volumes at 16% and print comic magazines at 5%Number of employees
Number of Employeesビーグリー standalone: 110 people; ぶんか社 Group: 149 people (both as of the end of December 2025)
Changes during the period and hiring planThe recruitment and training of editorial staff are cited as initiatives
Annual Dividend
Annual dividend per share45 yen
BreakdownInterim and year-end breakdown: Not disclosed
Payout ratio
92.7% (forecast for the fiscal year ending December 2026). A new policy was established targeting a payout ratio of at least 30% and DOE of at least 3.0%. Forecast DOE is 3.1%| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | 7,721 million yen (YoY -7.3%) |
| Operating profit | 448 million yen (YoY -10.3%) |
| Ordinary income | 420 million yen (YoY -10.0%) |
| Net income | 178 million yen (YoY -13.4%) |
| Selling, general and administrative expenses | Advertising expenses decreased by ¥280 million year on year. The SG&A ratio to revenue was Not disclosed |
| Results for the three months of the current quarter | Quarterly trends by segment are presented in a graph. Consolidated three-month standalone profit and loss was Not disclosed |
| Full-year earnings forecast | Net Sales 15,263 million yen / Adjusted EBITDA 1,675 million yen / Operating profit 745 million yen / Ordinary income 698 million yen / Profit attributable to owners of the parent 271 million yen / Earnings per share 48.55 yen |
| Segment results | Platform segment Net Sales 5,088 million yen (YoY -3.0%) / Operating profit 265 million yen (YoY +315.0%) / Content segment Net Sales 2,730 million yen (YoY -15.0%) / Operating profit 182 million yen (YoY -66.9%) |
| Breakdown of Factors Affecting the Change | Platform segment Manga Kingdom: lower revenue and earnings due to a decline in MAUs, together with higher costs. External sales: higher revenue and earnings driven by hits among original works / Content segment Digital publishing: lower revenue and earnings due to market maturation and intensifying competition, a decline in hit titles, and lower revenue per title. Print publishing: lower revenue and earnings due to market contraction and higher costs. Overseas: higher revenue and earnings driven by the active promotion of overseas licensing |
| Key KPIs | Indicator name MAU / Value Not disclosed / Year on year against the same period last year -29.5, Indicator name Paying ARPPU / Value Not disclosed / Year on year against the same period last year 13.2, Indicator name Spending ARPPU / Value Not disclosed / Year on year against the same period last year 9.4, Indicator name Membership / Value 900 More than 10,000 people / Year on year against the same period last year Not disclosed, Indicator name Cumulative downloads / Value 25 100 million copies / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Paying ARPPU and Spending ARPPU. MAUs are also presented, but the figures themselves were Not disclosed |
| Number of employees | Number of Employees ビーグリー standalone: 110 people; ぶんか社 Group: 149 people (both as of the end of December 2025) / Changes during the period and hiring plan The recruitment and training of editorial staff are cited as initiatives |
| Assumptions Underlying the Business Outlook | The assumptions and factors cited include the maturing and intensifying competition in the digital publishing market, MAUs, the number of hit titles, revenue per title and the cost ratio. Specific figures for foreign exchange rates, raw material prices and interest rates were Not disclosed |
| Financial targets | The actual D/E ratio of 0.35 and equity ratio of 54.3% are presented. Financial target figures were Not disclosed |
| Annual Dividend | Annual dividend per share 45 yen / Breakdown Interim and year-end breakdown: Not disclosed |
| Payout ratio | 92.7% (forecast for the fiscal year ending December 2026). A new policy was established targeting a payout ratio of at least 30% and DOE of at least 3.0%. Forecast DOE is 3.1% |
| Market Size / Share | The digital publishing market was valued at ¥684.6 billion in FY2025 and is forecast to reach approximately ¥750.0 billion in FY2030. The 2025 comic market comprised digital comics at 78%, print comic volumes at 16% and print comic magazines at 5% |
| New initiatives | Promoting social media marketing through platforms including TikTok and Instagram, Strengthening remake and production capabilities using generative AI, Starting distribution of LINE Manga and Heroes titles, Expanding into light BL, GL and works for general female audiences, Promoting media mixes including television dramas and anime series, A collaborative novel submission contest with Shōsetsuka ni Narō, a web novel platform, Expanding the BL “GUSH” label into North America, Making the YouTube “GUSH” channel available in 15 countries |
Items this document does not state (11)
Gross Profit MarginOperating profit marginProgress against full-year forecastSelf-assessment against the planNumber of stores and locationsRisk amount incorporated into the outlookMedium-term management plan 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.In the Platform segment, Manga Kingdom recorded lower revenue due to a decline in MAUs, while costs including royalties increased. In the Content segment, the company was affected by the maturing and intensifying competition in the digital publishing market, a decline in the number of hit titles and revenue per title, the shrinking print publishing market, and higher costs including materials, printing and manuscript fees.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.