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Financial results presentation4169ENECHANGE Ltd.Information and Communications, Services and Others

First-Quarter Financial Results Presentation for the Fiscal Year Ending March 2027

In Q1 FY2027, revenue declined year on year, while adjusted EBITDA excluding one-off factors increased 38% and progressed in line with the plan. The Company plans to expand commercial electricity switching, make ダーウィン a wholly owned subsidiary, invest in Flight PILOT and acquire its AI inspection software, and conduct a share buyback of up to ¥1 billion.

Worth reading
67In 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
78
¥ million (adjusted EBITDA)
Wording
Avoiding a definitive answer
How definitive the wording is.

Contents of this document

Financial results presentationFirst quarter of the fiscal year ending March 202713 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,345 million-13.0%
Operating profit¥49 million-75.0%
Net income¥47 million
Selling, general and administrative expenses¥1,110 million
Results for the three months of the current quarterRevenue: ¥1,345 million; gross profit: ¥1,160 million; SG&A expenses: ¥1,110 million; operating profit: ¥49 million; adjusted EBITDA: ¥78 million; net profit: ¥47 million.
Full-year earnings forecast
Adjusted EBITDA
¥655 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。
Adjusted EBITDA12%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Q1 progressed in line with the plan
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Adjusted EBITDA, Q1 FY25¥211 million
  • One-off items–¥154 million
  • Q1 FY25, excluding one-off items¥57 million
  • FY26 growth+¥21 million
  • Q1 FY26 results¥78 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The plan is weighted toward the second half. Adjusted EBITDA for FY27 is expected to reflect growth in electricity switching, completion and expansion of CIS development, and contributions from the next growth area. Specific figures for foreign exchange rates, raw material prices and interest rates: Not disclosed.
New initiatives
  • Make ダーウィン a wholly owned subsidiary
  • Acquire a 19.89% stake in Flight PILOT and enter into a capital and business alliance
  • Acquire inspection software for AI image recognition and damage detection from Flight PILOT
  • Cross-sell inspection services and AI software using the electricity-switching customer base
  • Share buyback of up to ¥1 billion
Key KPIsA metric the company considers important as a management benchmark.
  • Stock revenue¥635 million
    Year on year against the same period last year+6%
  • Residential active users258 thousand cases
    Year on year against the same period last yearSlight decrease
  • Residential recurring ARPU¥614
    Year on year against the same period last year+16%
  • Commercial active sites18,333 Engagements
    Year on year against the same period last year+13%
  • Commercial recurring ARPU¥17,081
    Year on year against the same period last year+13%
  • SaaS and system development customers42 companies
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Residential active users258 thousand cases
  • Residential recurring ARPU¥614
  • Commercial active sites18,333 Engagements
  • Commercial recurring ARPU¥17,081
Segment results
  • Electricity switching (residential)
    Net Sales¥752 million
    Year on year against the same period last yearFlat
  • Electricity switching (commercial)
    Net Sales¥339 million
    Year on year against the same period last year+13%
  • SaaS and systems development
    Net Sales¥200 million
    Year on year against the same period last year-10% (excluding one-off items)
Medium-term management plan targets
Adjusted EBITDA: ¥1.25 billion in FY27 and ¥5–10 billion from FY28 onward. FY26 Company forecast: ¥650 million.
Financial targets
ROE: 2.8% actual in FY25, approximately 11.5% in the FY26 forecast before the share buyback, and approximately 14.5% after completion of the share buyback. Equity ratio: 69.1% at the end of June 2026.
Market Size / Share
Electricity market: approximately ¥18 trillion; TAM for electricity-switching fees: over ¥360 billion; TAM for IT systems budgets: over ¥180 billion. No. 1 electricity-switching comparison site (based on the Company’s own research as of December 2025).
Number of stores and locations
Commercial active sites: 18,333. Openings and closures during the period: Not disclosed.
Number of employees
Approximately 15 Flight PILOT employees and 191 group employees (at the end of March 2026). Changes during the period and hiring plans: Not disclosed.
Acquisition of treasury shares
Number of shares acquiredUp to 4,000,000 shares
Acquisition priceUp to ¥1,000,000,000
Acquisition period10 August 2026 to 30 June 2027
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFirst quarter of the fiscal year ending March 2027
Net Sales¥1,345 million (YoY -13.0%)
Operating profit¥49 million (YoY -75.0%)
Net income¥47 million
Selling, general and administrative expenses¥1,110 million
Results for the three months of the current quarterRevenue: ¥1,345 million; gross profit: ¥1,160 million; SG&A expenses: ¥1,110 million; operating profit: ¥49 million; adjusted EBITDA: ¥78 million; net profit: ¥47 million.
Full-year earnings forecastAdjusted EBITDA ¥655 million
Progress against full-year forecastAdjusted EBITDA 12%
Self-assessment against the planQ1 progressed in line with the plan
Segment resultsSegment Electricity switching (residential) / Net Sales ¥752 million / Year on year against the same period last year Flat, Segment Electricity switching (commercial) / Net Sales ¥339 million / Year on year against the same period last year +13%, Segment SaaS and systems development / Net Sales ¥200 million / Year on year against the same period last year -10% (excluding one-off items)
Breakdown of Factors Affecting the ChangeFactors Adjusted EBITDA, Q1 FY25 / Amount ¥211 million, Factors One-off items / Amount –¥154 million, Factors Q1 FY25, excluding one-off items / Amount ¥57 million, Factors FY26 growth / Amount +¥21 million, Factors Q1 FY26 results / Amount ¥78 million
Key KPIsIndicator name Stock revenue / Value ¥635 million / Year on year against the same period last year +6%, Indicator name Residential active users / Value 258 thousand cases / Year on year against the same period last year Slight decrease, Indicator name Residential recurring ARPU / Value ¥614 / Year on year against the same period last year +16%, Indicator name Commercial active sites / Value 18,333 Engagements / Year on year against the same period last year +13%, Indicator name Commercial recurring ARPU / Value ¥17,081 / Year on year against the same period last year +13%, Indicator name SaaS and system development customers / Value 42 companies / Year on year against the same period last year Not disclosed
Unit price and quantity metricsIndicator name Residential active users / Value 258 thousand cases, Indicator name Residential recurring ARPU / Value ¥614, Indicator name Commercial active sites / Value 18,333 Engagements, Indicator name Commercial recurring ARPU / Value ¥17,081
Number of stores and locationsCommercial active sites: 18,333. Openings and closures during the period: Not disclosed.
Number of employeesApproximately 15 Flight PILOT employees and 191 group employees (at the end of March 2026). Changes during the period and hiring plans: Not disclosed.
Assumptions Underlying the Business OutlookThe plan is weighted toward the second half. Adjusted EBITDA for FY27 is expected to reflect growth in electricity switching, completion and expansion of CIS development, and contributions from the next growth area. Specific figures for foreign exchange rates, raw material prices and interest rates: Not disclosed.
Medium-term management plan targetsAdjusted EBITDA: ¥1.25 billion in FY27 and ¥5–10 billion from FY28 onward. FY26 Company forecast: ¥650 million.
Financial targetsROE: 2.8% actual in FY25, approximately 11.5% in the FY26 forecast before the share buyback, and approximately 14.5% after completion of the share buyback. Equity ratio: 69.1% at the end of June 2026.
Acquisition of treasury sharesNumber of shares acquired Up to 4,000,000 shares / Acquisition price Up to ¥1,000,000,000 / Acquisition period 10 August 2026 to 30 June 2027
Market Size / ShareElectricity market: approximately ¥18 trillion; TAM for electricity-switching fees: over ¥360 billion; TAM for IT systems budgets: over ¥180 billion. No. 1 electricity-switching comparison site (based on the Company’s own research as of December 2025).
New initiativesMake ダーウィン a wholly owned subsidiary, Acquire a 19.89% stake in Flight PILOT and enter into a capital and business alliance, Acquire inspection software for AI image recognition and damage detection from Flight PILOT, Cross-sell inspection services and AI software using the electricity-switching customer base, Share buyback of up to ¥1 billion
Items this document does not state (9)
Ordinary incomeGross profitOperating profit marginRisk amount incorporated into the outlookAnnual DividendPayout ratioCapital 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.

Steady growth in commercial electricity switching drove adjusted EBITDA. Recurring revenue increased due to growth in the number of commercial electricity-switching sites and ARPU, while SaaS and system development declined slightly as resources were concentrated on CIS development.

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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
First-Quarter Financial Results Presentation for the Fiscal Year Ending March 2027 | ENECHANGE Ltd. (4169) timely disclosure | Komori