Financial Results Presentation for the Third Quarter of the Fiscal Year Ending November 2026 | note inc. (5243) timely disclosure

Worth reading

68In focus

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

35.1

Revenue YoY (%)

Wording

Conditional

How definitive the wording is.

Contents of this document

Presentation materials for financial resultsThird 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¥4,058 million +33.2%nine months ended third quarter

Operating profit¥849 million +567.0%nine months ended third quarter

Ordinary income¥858 million +513.6%nine months ended third quarter

Net income¥994 million +368.1%nine months ended third quarter

Results for the three months of the current quarter

Net Sales

¥1,453 million+35.1%

Operating profit

¥310 million+199.5%

Ordinary income

¥328 million+215.3%

Net income

¥334 million+135.9%

Adjusted EBITDA

¥338 million+193.4%

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

¥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 Sales71.8%

Gross profit73.7%

Adjusted EBITDA75.7%

Operating profit77.2%

Ordinary income76.0%

Net income82.9%

What the company explained in this material

Self-assessment against the planThe company's self-assessment against its own plan.

Progressing as expected. Each profit level is tracking above plan, and operating profit, ordinary profit and net income are expected to finish above forecast.

Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.

Increase in revenue+¥227 million
Increase in cost of sales-¥20 million
Increase in communication costs-¥25 million
Decrease in personnel and outsourced service costs+¥37 million
Increase in recruitment and training costs-¥21 million
Other, including AI-related items+¥9 million

Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.

In the fourth quarter, revenue is expected to increase from the third quarter, operating profit and adjusted EBITDA are expected to remain at approximately the third-quarter levels, and net income is expected to decline from the third quarter. Specific assumptions for foreign exchange rates, raw material prices and other factors are not disclosed.

New initiatives

Expansion of the AI Context Network
Building a data distribution ecosystem through GENIAC
Strengthening the recommendation engine using generative AI
Expanding automated multilingual support using AI
Beginning to cite note articles in NAVER AI Briefing
Providing note pro free of charge to boards of education and supporting its operation
Plans to offer keyword pages to companies for a fee
IP development and media expansion by Tales & Co.
Considering non-linear growth through business partnerships, M&A and other initiatives

Key KPIsA metric the company considers important as a management benchmark.

Monthly subscribersYoY +20.7%
note pro ARRYoY +29.5%
Number of paid note pro contracts+145 YoY
MAU9,123 ten thousand
Registered members1,313 10,000 people
Published content8,993 ten thousand items
Annual gross transaction value213 Hundreds of millions of yen
Number of keyword pages in the AI Context Network117 more than ten thousand items

Unit price and quantity metricsThese figures show sales broken down by price and volume.

Monthly subscribersYoY +20.7%
ARPPU¥2,700 range
Number of paid note pro contracts1,078 Engagements
note pro ARPPU

Segment results

Revenue is presented by business segment for note, note pro, services for corporate customers, AI, IP and Other. Segment profit: not disclosed

Medium-term management plan targets

Target periodAround 2028–2030

Consolidated revenue¥10 billion

EBITDA margin30～40%

Financial targets

Equity ratio

End of November 202545.9%

End of August 202670.6%

Consolidated revenue target¥10 billion

EBITDA margin target30～40%

Market Size / Share

Japan website access ranking13th
Ranking of domains cited by AI in Japan2nd
Expected traffic from AI searchesApproximately 4x compared with other websites

Number of employees

Headcount remained broadly flat. The combined number of permanent and contract employees is shown in a graph, but the specific figure is not disclosed.

Contents of this document
Item	Details
Document type	Presentation materials for financial results
Fiscal Period Covered	Third quarter of the fiscal year ending November 2026
Net Sales	¥4,058 million (nine months ended third quarter) (YoY +33.2%)
Operating profit	¥849 million (nine months ended third quarter) (YoY +567.0%)
Ordinary income	¥858 million (nine months ended third quarter) (YoY +513.6%)
Net income	¥994 million (nine months ended third quarter) (YoY +368.1%)
Results for the three months of the current quarter	Net Sales ¥1,453 million (YoY +35.1%) / Operating profit ¥310 million (YoY +199.5%) / Ordinary income ¥328 million (YoY +215.3%) / Net income ¥334 million (YoY +135.9%) / Adjusted EBITDA ¥338 million (YoY +193.4%)
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 ¥1,200 million
Progress against full-year forecast	Net Sales 71.8% / Gross profit 73.7% / Adjusted EBITDA 75.7% / Operating profit 77.2% / Ordinary income 76.0% / Net income 82.9%
Self-assessment against the plan	Progressing as expected. Each profit level is tracking above plan, and operating profit, ordinary profit and net income are expected to finish above forecast.
Segment results	Revenue is presented by business segment for note, note pro, services for corporate customers, AI, IP and Other. Segment profit: not disclosed
Breakdown of Factors Affecting the Change	Factors Increase in revenue / Amount +¥227 million, Factors Increase in cost of sales / Amount -¥20 million, Factors Increase in communication costs / Amount -¥25 million, Factors Decrease in personnel and outsourced service costs / Amount +¥37 million, Factors Increase in recruitment and training costs / Amount -¥21 million, Factors Other, including AI-related items / Amount +¥9 million
Key KPIs	Indicator name Monthly subscribers / Value YoY +20.7%, Indicator name note pro ARR / Value YoY +29.5%, Indicator name Number of paid note pro contracts / Value +145 YoY, Indicator name MAU / Value 9,123 ten thousand, Indicator name Registered members / Value 1,313 10,000 people, Indicator name Published content / Value 8,993 ten thousand items, Indicator name Annual gross transaction value / Value 213 Hundreds of millions of yen, Indicator name Number of keyword pages in the AI Context Network / Value 117 more than ten thousand items
Unit price and quantity metrics	Indicator name Monthly subscribers / Value YoY +20.7%, Indicator name ARPPU / Value ¥2,700 range, Indicator name Number of paid note pro contracts / Value 1,078 Engagements, Indicator name note pro ARPPU / Value Not disclosed
Number of employees	Headcount remained broadly flat. The combined number of permanent and contract employees is shown in a graph, but the specific figure is not disclosed.
Assumptions Underlying the Business Outlook	In the fourth quarter, revenue is expected to increase from the third quarter, operating profit and adjusted EBITDA are expected to remain at approximately the third-quarter levels, and net income is expected to decline from the third quarter. Specific assumptions for foreign exchange rates, raw material prices and other factors are not disclosed.
Medium-term management plan targets	Target period Around 2028–2030 / Consolidated revenue ¥10 billion / EBITDA margin 30～40%
Financial targets	Equity ratio End of November 2025 45.9% / End of August 2026 70.6% / Consolidated revenue target ¥10 billion / EBITDA margin target 30～40%
Market Size / Share	Indicator name Japan website access ranking / Value 13th, Indicator name Ranking of domains cited by AI in Japan / Value 2nd, Indicator name Expected traffic from AI searches / Value Approximately 4x compared with other websites
New initiatives	Expansion of the AI Context Network, Building a data distribution ecosystem through GENIAC, Strengthening the recommendation engine using generative AI, Expanding automated multilingual support using AI, Beginning to cite note articles in NAVER AI Briefing, Providing note pro free of charge to boards of education and supporting its operation, Plans to offer keyword pages to companies for a fee, IP development and media expansion by Tales & Co., Considering non-linear growth through business partnerships, M&A and other initiatives

Items this document does not state (11)

Gross Profit MarginOperating profit marginSelling, general and administrative expensesNumber 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.

Revenue growth was driven by the steady performance of the note and note pro businesses and the expansion of revenue from the AI-related business. On the profit side, in addition to higher revenue, productivity gains from the use of AI and reductions in personnel and outsourced service costs contributed to the result.

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.