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Earnings presentation5243note inc.Information and Communications, Services and Others

Earnings Presentation Materials for the Second Quarter of the Fiscal Year Ending November 2026

Revenue and profit both increased significantly for the first half, and the company revised its full-year earnings forecasts upward. Against a backdrop of productivity gains from the use of AI and strong performance across its businesses, the company raised its full-year operating profit forecast from ¥700 million to ¥1,100 million.

Worth reading
78Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
400
¥ million (increase in full-year operating profit forecast)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationSecond quarter of the fiscal year ending November 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥2,604 million +32.2%first half
Operating profit¥538 million +2,176.1%first half
Ordinary income¥530 million +1,383.4%first half
Net income¥660 million +831.7%net income attributable to owners of the parent, first half
Gross Profit MarginGross margin was approximately 90.9% for the first half. No specific year-on-year drivers were disclosed.
Operating profit marginOperating margin was approximately 20.7% for the first half. No specific year-on-year drivers were disclosed.
Selling, general and administrative expensesSpecific amounts, including the SG&A-to-revenue ratio, were not disclosed. A breakdown was provided for personnel expenses (SG&A), communication expenses, payment processing fees, advertising and sales promotion expenses, outsourcing expenses, and other expenses.
Results for the three months of the current quarter
Net Sales
¥1,385 million+36.8%
Gross profit
¥1,229 million+30.0%
Adjusted EBITDA
¥328 million+890.3%
Operating profit
¥303 million+1,570.6%
Ordinary income
¥298 million+904.7%
Net income
¥369 million+459.7%
Full-year earnings forecast
Net Sales
¥5,650 million
Gross profit
¥4,900 million
Adjusted EBITDA
¥1,220 million
Operating profit
¥1,100 million
Ordinary income
¥1,130 million
Net income for the current fiscal year
¥1,200 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 Sales46.1%
Gross profit48.3%
Adjusted EBITDA47.9%
Operating profit49.0%
Ordinary income46.9%
Net income for the current fiscal year55.1%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress is on track. Each business is progressing very strongly, exceeding expectations.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
The factors behind the change in operating profit from Q1 to Q2 were illustrated, including higher revenue excluding the AI-related business, higher cost of sales, higher communication expenses and payment processing fees, higher personnel and outsourcing expenses, and other factors, including the AI-related business.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Specific assumptions for foreign exchange rates, raw material prices, interest rates, volumes, and other factors were not disclosed.
New initiatives
  • Fukatsu (深津) appointed CSO
  • Strengthening the AI context network
  • Comprehensive renewal of the generative-AI-powered recommendation engine
  • Providing automatic multilingual support to all creators
  • Launching note Question Box (beta)
  • Building a database through the GENIAC project
  • Demonstration of a development platform supporting the adaptation of story IP into games
  • Strengthening and expanding PR services for corporate clients
Key KPIsA metric the company considers important as a management benchmark.
  • Quarterly GMV¥6,484 million
    Year on year against the same period last year+24.6%
  • Registered members1,248 10,000 people
    Year on year against the same period last year+25.4%
  • Cumulative unique creators241 10,000 people
    Year on year against the same period last year+38.7%
  • Published content8,209 ten thousand items
    Year on year against the same period last year+39.2%
  • MAU9,123 ten thousand
  • note pro ARR
    Year on year against the same period last year+26.4%
  • Number of paid note pro contracts1,133 Engagements
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Number of paid note pro contractsQoQ +140
  • note pro ARPPUin the ¥56,000 range
  • note subscribers
  • note ARPPUaround ¥2,700
Segment results
A breakdown of revenue was provided for note, note pro and corporate services, the AI-related business, and IP and content creation, among others. Segment profit was not disclosed.
Medium-term management plan targets
Target periodAround 2028–2030
Consolidated revenue¥10 billion
EBITDA margin30～40%
Financial targets
Equity ratio
Actual results70.1%
OtherThe company lists consolidated revenue of ¥10 billion and an EBITDA margin of 30–40% as its medium- to long-term financial targets.
Market Size / Share
MAU of 91.23 million. note.com ranked 13th in Japan in Similarweb's website traffic rankings. It ranked second among Japanese domains by the frequency with which they are cited in AI searches.
Number of employees
The presentation shows the trend in headcount. Headcount is expected to increase in the second half, but the specific number of employees and the amount of the increase were not disclosed.
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredSecond quarter of the fiscal year ending November 2026
Net Sales¥2,604 million (first half) (YoY +32.2%)
Operating profit¥538 million (first half) (YoY +2,176.1%)
Ordinary income¥530 million (first half) (YoY +1,383.4%)
Net income¥660 million (net income attributable to owners of the parent, first half) (YoY +831.7%)
Gross Profit MarginGross margin was approximately 90.9% for the first half. No specific year-on-year drivers were disclosed.
Operating profit marginOperating margin was approximately 20.7% for the first half. No specific year-on-year drivers were disclosed.
Selling, general and administrative expensesSpecific amounts, including the SG&A-to-revenue ratio, were not disclosed. A breakdown was provided for personnel expenses (SG&A), communication expenses, payment processing fees, advertising and sales promotion expenses, outsourcing expenses, and other expenses.
Results for the three months of the current quarterNet Sales ¥1,385 million (YoY +36.8%) / Gross profit ¥1,229 million (YoY +30.0%) / Adjusted EBITDA ¥328 million (YoY +890.3%) / Operating profit ¥303 million (YoY +1,570.6%) / Ordinary income ¥298 million (YoY +904.7%) / Net income ¥369 million (YoY +459.7%)
Full-year earnings forecastNet Sales ¥5,650 million / Gross profit ¥4,900 million / Adjusted EBITDA ¥1,220 million / Operating profit ¥1,100 million / Ordinary income ¥1,130 million / Net income for the current fiscal year ¥1,200 million
Progress against full-year forecastNet Sales 46.1% / Gross profit 48.3% / Adjusted EBITDA 47.9% / Operating profit 49.0% / Ordinary income 46.9% / Net income for the current fiscal year 55.1%
Self-assessment against the planProgress is on track. Each business is progressing very strongly, exceeding expectations.
Segment resultsA breakdown of revenue was provided for note, note pro and corporate services, the AI-related business, and IP and content creation, among others. Segment profit was not disclosed.
Breakdown of Factors Affecting the ChangeThe factors behind the change in operating profit from Q1 to Q2 were illustrated, including higher revenue excluding the AI-related business, higher cost of sales, higher communication expenses and payment processing fees, higher personnel and outsourcing expenses, and other factors, including the AI-related business.
Key KPIsQuarterly GMV ¥6,484 million, Registered members 1,248 10,000 people, Cumulative unique creators 241 10,000 people, Published content 8,209 ten thousand items, MAU 9,123 ten thousand, note pro ARR 非開示, Number of paid note pro contracts 1,133 Engagements
Unit price and quantity metricsNumber of paid note pro contracts QoQ +140, note pro ARPPU in the ¥56,000 range, note subscribers 非開示, note ARPPU around ¥2,700
Number of employeesThe presentation shows the trend in headcount. Headcount is expected to increase in the second half, but the specific number of employees and the amount of the increase were not disclosed.
Assumptions Underlying the Business OutlookSpecific assumptions for foreign exchange rates, raw material prices, interest rates, volumes, and other factors were not disclosed.
Medium-term management plan targetsTarget period Around 2028–2030 / Consolidated revenue ¥10 billion / EBITDA margin 30～40%
Financial targetsEquity ratio Actual results 70.1% / Target Not disclosed / Other The company lists consolidated revenue of ¥10 billion and an EBITDA margin of 30–40% as its medium- to long-term financial targets.
Market Size / ShareMAU of 91.23 million. note.com ranked 13th in Japan in Similarweb's website traffic rankings. It ranked second among Japanese domains by the frequency with which they are cited in AI searches.
New initiativesFukatsu (深津) appointed CSO, Strengthening the AI context network, Comprehensive renewal of the generative-AI-powered recommendation engine, Providing automatic multilingual support to all creators, Launching note Question Box (beta), Building a database through the GENIAC project, Demonstration of a development platform supporting the adaptation of story IP into games, Strengthening and expanding PR services for corporate clients
Items this document does not state (8)
Number of stores and locationsRisk amount incorporated into the outlookAnnual 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.

In addition to each business progressing more strongly than expected, the company anticipates lower personnel and other expenses as a result of productivity gains from the use of AI. For non-operating items, the company also cited lower interest expense due to debt repayments and higher deposit interest rates. For the adjustment to income taxes and other taxes, it cited an adjustment to the expected amount of deferred tax assets to be recognized as a result of strong business performance.

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.
Earnings Presentation Materials for the Second Quarter of the Fiscal Year Ending November 2026 | note inc. (5243) timely disclosure | Komori