Worth reading
67In focus
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
-76410
¥ million (amount of revision to the revenue target for the fiscal year ending March 2029)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales-67.3%
基準 113,500Target37,090million
Operating profit-74.7%
基準 51,600Target13,053million
Operating profit margin-10.3pt
基準 45.5Target35.2%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
ROE targetNot disclosed → Policy of achieving ROE above the cost of equity. Numerical target: not disclosedROE is the percentage of profit generated from money provided by shareholders.
ROIC targetNot disclosed → Policy of achieving ROIC above the cost of equity. Numerical target: not disclosedROIC is the percentage of profit generated from money invested in the business, including borrowings.
Investment amount by sectorField Expansion and horizontal deployment of AI product functionality, investment in personnel and development / Amount Not disclosed, Field Building an approval pipeline for the healthcare business and implementing operations in the regenerative medicine field / Amount Not disclosed, Field M&A activities and expansion of the business network / Amount Not disclosed, Field Additional growth investment if BTC-related gains and losses or unconfirmed M&A-related revenue arise / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyDuring the plan period, the Company intends to allocate shareholder returns, including dividends and share repurchases, flexibly. Numerical targets for the payout ratio and DOE have not been disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe Company will actively consider share repurchases as an important capital policy measure during the plan period. Until a market capitalization of approximately ¥100 billion is reached, the Company intends to actively and continuously consider and implement shareholder return measures, including share repurchases. The repurchase limit, repurchase amount, and specific timing have not been disclosed.
Self-assessment of PBR and share priceThe Company recognizes a market capitalization of approximately ¥100 billion as one of the minimum levels at which its corporate value would be appropriately reflected. Specific assessments of the PBR and current share price level have not been disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Establish the new AI business segment as a standalone segment
02Phase 1: Consulting plus AI tools
03Phase 2: Consulting plus AI products
04Phase 3: Consulting plus full AI SaaS
05Build recurring revenue foundations for each product
06Increase the number of customers and ARR per customer
07Capture cross-selling opportunities
08Structurally lower CAC by using the Group’s medical institution network, operating platform for business companies, monthly customer traffic base, and track record of attracting candidates in the recruitment field as sales channels
09Expand the network of affiliated medical institutions, cross-sell services such as thread lifts, and increase value added in the regenerative medicine field
10Gradually scale the FAST NAIL brand
11Create revenue and cost dashboards and structurally optimize the triangle of utilization rate, average customer spend, and repeat rate
12Systematize the “replication of standardized practices” through the nail technician training system, standardize operations using proprietary technology, and accelerate the PDCA cycle for each store
13Open stores based on models with established unit economics, with an active focus on regional areas, suburban locations, and commercial facilities
14Exclude all BTC-related gains and losses from the plan assumptions
15Reflect only transactions that have reached the required certainty threshold in the plan figures
Plan assumptionsConsumer cost-consciousness in Japan’s nail services market, raw material price levels, and the movements of major competitors do not deviate significantly from current conditions. Specific pricing assumptions have not been disclosed., The regulatory environment for elective medical services, medical advertising regulations, policies promoting medical DX, the Act on Securing Safety of Regenerative Medicine, and other relevant laws and regulations do not deviate significantly from current conditions., The business continuity of major customers is maintained., The systems for recruiting and developing personnel function as planned, and the necessary human resources are secured., The macroeconomic environment, including exchange rates, interest-rate levels, and financial market conditions, does not undergo extreme fluctuations. Specific exchange-rate and interest-rate assumptions have not been disclosed.
Segment targetSegment Consulting business / Fiscal year ending March 2027 Revenue 18,023 / Operating profit 6,308 / Operating profit margin 35.0% / Fiscal year ending March 2028 Revenue 19,214 / Operating profit 6,725 / Operating profit margin 35.0% / Fiscal year ending March 2029 Revenue 24,223 / Operating profit 8,478 / Operating profit margin 35.0%, Segment AI Business / Fiscal year ending March 2027 Revenue 768 / Operating profit 268 / Operating profit margin 34.9% / Fiscal year ending March 2028 Revenue 1,477 / Operating profit 517 / Operating profit margin 35.0% / Fiscal year ending March 2029 Revenue 2,417 / Operating profit 846 / Operating profit margin 35.0%, Segment Healthcare Business / Fiscal year ending March 2027 Revenue 4,000 / Operating profit 2,000 / Operating profit margin 50.0% / Fiscal year ending March 2028 Revenue 5,000 / Operating profit 2,500 / Operating profit margin 50.0% / Fiscal year ending March 2029 Revenue 6,000 / Operating profit 3,000 / Operating profit margin 50.0%, Segment Nail business / Fiscal year ending March 2027 Revenue 3,961 / Operating profit 381 / Operating profit margin 9.6% / Number of Stores at Period-End 80 / Fiscal year ending March 2028 Revenue 4,319 / Operating profit 630 / Operating profit margin 14.6% / Number of Stores at Period-End 100 / Fiscal year ending March 2029 Revenue 4,450 / Operating profit 729 / Operating profit margin 16.4% / Number of Stores at Period-End 130, Segment I&A business / Fiscal year ending March 2027 Revenue 0 / Operating profit 0 / Fiscal year ending March 2028 Revenue 0 / Operating profit 0 / Fiscal year ending March 2029 Revenue 0 / Operating profit 0
Non-financial targetsIndicator Number of nail business stores at fiscal year-end / Target value 80 stores (fiscal year ending March 2027), 100 stores (fiscal year ending March 2028), 130 stores (fiscal year ending March 2029) / Timing Fiscal years ending March 2027 to March 2029, Indicator Domestic market share in the nail industry / Target value No. 1 in Japan / Timing Fiscal year ending March 2028, Indicator Additions to the network of affiliated medical institutions / Target value Approximately 100 additional institutions / Timing During the plan period
Size of the Target MarketMarket Size Domestic DX-related market: more than approximately ¥6.5 trillion / Growth rate Not disclosed / Source Not disclosed
Risks identified by the company
Market and economic conditions: fluctuations in domestic consumer trends, the pace of expansion of the elective medical services market, medical institutions’ willingness to invest in IT, and companies’ capacity for consulting expenditure
Competition: entry and expansion by competitors, intensifying price competition, and entry by major platform operators
Regulation and systems: delays in obtaining PMDA approval, changes in the operation of the Act on Securing Safety of Regenerative Medicine, and regulatory developments relating to AI, data utilization, and credit sales operations
Personnel: difficulty recruiting and retaining consultants, data scientists, AI engineers, medical specialists, nail technicians, and other personnel
Technology: obsolescence of AI products due to the rapid evolution of generative AI, and system failures or information leaks caused by inadequate data governance
M&A: the likelihood and timing of transaction completion, post-acquisition integration, and failure to realize expected synergies
Crypto-assets: valuation gains and losses resulting from fluctuations in the BTC price, and the impact of changes in the holding policy
Downside risks relating to the maintenance and renewal of consulting contracts, the buildup of the AI business, existing products in the healthcare business, and the store-opening plan for the nail business
Reason for revision or withdrawal
In light of recent business progress and the reorganization of the business portfolio, the consolidated numerical targets and the estimation assumptions for each segment were reviewed. Revenue factors arising from the previous high-growth scenario and market fluctuations were separated from the plan assumptions, and the targets were revised to conservative levels judged to be the minimum achievable through a “bottom-up calculation” based on existing contracts, order backlogs, recurring transactions, and performance data from existing store operations. However, page 11 of the main text separately states that the consolidated revenue target for the fiscal year ending March 2029 was revised from ¥16,000 million to ¥6,000 million, which does not match the revision from ¥113,500 million to ¥37,090 million stated in the numerical target revision table.
| Item | Details |
|---|---|
| Plan name | Third Medium-Term Management Plan |
| Plan period | Fiscal years ending March 2027 to March 2029 |
| Progress against the plan | Partially revised |
| Sales Target | ¥113,500 million → ¥37,090 million（-67.3%） |
| Operating profit target | ¥51,600 million → ¥13,053 million（-74.7%） |
| Operating profit margin target | 45.5 % → 35.2 %（-22.6%） |
| ROE target | Not disclosed → Policy of achieving ROE above the cost of equity. Numerical target: not disclosed |
| ROIC target | Not disclosed → Policy of achieving ROIC above the cost of equity. Numerical target: not disclosed |
| Payout ratio / DOE policy | During the plan period, the Company intends to allocate shareholder returns, including dividends and share repurchases, flexibly. Numerical targets for the payout ratio and DOE have not been disclosed. |
| Treasury share acquisition policy | The Company will actively consider share repurchases as an important capital policy measure during the plan period. Until a market capitalization of approximately ¥100 billion is reached, the Company intends to actively and continuously consider and implement shareholder return measures, including share repurchases. The repurchase limit, repurchase amount, and specific timing have not been disclosed. |
| Self-assessment of PBR and share price | The Company recognizes a market capitalization of approximately ¥100 billion as one of the minimum levels at which its corporate value would be appropriately reflected. Specific assessments of the PBR and current share price level have not been disclosed. |
| Investment amount by sector | Field Expansion and horizontal deployment of AI product functionality, investment in personnel and development / Amount Not disclosed, Field Building an approval pipeline for the healthcare business and implementing operations in the regenerative medicine field / Amount Not disclosed, Field M&A activities and expansion of the business network / Amount Not disclosed, Field Additional growth investment if BTC-related gains and losses or unconfirmed M&A-related revenue arise / Amount Not disclosed |
| Segment target | Segment Consulting business / Fiscal year ending March 2027 Revenue 18,023 / Operating profit 6,308 / Operating profit margin 35.0% / Fiscal year ending March 2028 Revenue 19,214 / Operating profit 6,725 / Operating profit margin 35.0% / Fiscal year ending March 2029 Revenue 24,223 / Operating profit 8,478 / Operating profit margin 35.0%, Segment AI Business / Fiscal year ending March 2027 Revenue 768 / Operating profit 268 / Operating profit margin 34.9% / Fiscal year ending March 2028 Revenue 1,477 / Operating profit 517 / Operating profit margin 35.0% / Fiscal year ending March 2029 Revenue 2,417 / Operating profit 846 / Operating profit margin 35.0%, Segment Healthcare Business / Fiscal year ending March 2027 Revenue 4,000 / Operating profit 2,000 / Operating profit margin 50.0% / Fiscal year ending March 2028 Revenue 5,000 / Operating profit 2,500 / Operating profit margin 50.0% / Fiscal year ending March 2029 Revenue 6,000 / Operating profit 3,000 / Operating profit margin 50.0%, Segment Nail business / Fiscal year ending March 2027 Revenue 3,961 / Operating profit 381 / Operating profit margin 9.6% / Number of Stores at Period-End 80 / Fiscal year ending March 2028 Revenue 4,319 / Operating profit 630 / Operating profit margin 14.6% / Number of Stores at Period-End 100 / Fiscal year ending March 2029 Revenue 4,450 / Operating profit 729 / Operating profit margin 16.4% / Number of Stores at Period-End 130, Segment I&A business / Fiscal year ending March 2027 Revenue 0 / Operating profit 0 / Fiscal year ending March 2028 Revenue 0 / Operating profit 0 / Fiscal year ending March 2029 Revenue 0 / Operating profit 0 |
| Non-financial targets | Indicator Number of nail business stores at fiscal year-end / Target value 80 stores (fiscal year ending March 2027), 100 stores (fiscal year ending March 2028), 130 stores (fiscal year ending March 2029) / Timing Fiscal years ending March 2027 to March 2029, Indicator Domestic market share in the nail industry / Target value No. 1 in Japan / Timing Fiscal year ending March 2028, Indicator Additions to the network of affiliated medical institutions / Target value Approximately 100 additional institutions / Timing During the plan period |
| Plan assumptions | Consumer cost-consciousness in Japan’s nail services market, raw material price levels, and the movements of major competitors do not deviate significantly from current conditions. Specific pricing assumptions have not been disclosed., The regulatory environment for elective medical services, medical advertising regulations, policies promoting medical DX, the Act on Securing Safety of Regenerative Medicine, and other relevant laws and regulations do not deviate significantly from current conditions., The business continuity of major customers is maintained., The systems for recruiting and developing personnel function as planned, and the necessary human resources are secured., The macroeconomic environment, including exchange rates, interest-rate levels, and financial market conditions, does not undergo extreme fluctuations. Specific exchange-rate and interest-rate assumptions have not been disclosed. |
| Key initiatives | Establish the new AI business segment as a standalone segment, Phase 1: Consulting plus AI tools, Phase 2: Consulting plus AI products, Phase 3: Consulting plus full AI SaaS, Build recurring revenue foundations for each product, Increase the number of customers and ARR per customer, Capture cross-selling opportunities, Structurally lower CAC by using the Group’s medical institution network, operating platform for business companies, monthly customer traffic base, and track record of attracting candidates in the recruitment field as sales channels, Expand the network of affiliated medical institutions, cross-sell services such as thread lifts, and increase value added in the regenerative medicine field, Gradually scale the FAST NAIL brand, Create revenue and cost dashboards and structurally optimize the triangle of utilization rate, average customer spend, and repeat rate, Systematize the “replication of standardized practices” through the nail technician training system, standardize operations using proprietary technology, and accelerate the PDCA cycle for each store, Open stores based on models with established unit economics, with an active focus on regional areas, suburban locations, and commercial facilities, Exclude all BTC-related gains and losses from the plan assumptions, Reflect only transactions that have reached the required certainty threshold in the plan figures |
| Reason for revision or withdrawal | In light of recent business progress and the reorganization of the business portfolio, the consolidated numerical targets and the estimation assumptions for each segment were reviewed. Revenue factors arising from the previous high-growth scenario and market fluctuations were separated from the plan assumptions, and the targets were revised to conservative levels judged to be the minimum achievable through a “bottom-up calculation” based on existing contracts, order backlogs, recurring transactions, and performance data from existing store operations. However, page 11 of the main text separately states that the consolidated revenue target for the fiscal year ending March 2029 was revised from ¥16,000 million to ¥6,000 million, which does not match the revision from ¥113,500 million to ¥37,090 million stated in the numerical target revision table. |
| Size of the Target Market | Market Size Domestic DX-related market: more than approximately ¥6.5 trillion / Growth rate Not disclosed / Source Not disclosed |
| Risks identified | Market and economic conditions: fluctuations in domestic consumer trends, the pace of expansion of the elective medical services market, medical institutions’ willingness to invest in IT, and companies’ capacity for consulting expenditure, Competition: entry and expansion by competitors, intensifying price competition, and entry by major platform operators, Regulation and systems: delays in obtaining PMDA approval, changes in the operation of the Act on Securing Safety of Regenerative Medicine, and regulatory developments relating to AI, data utilization, and credit sales operations, Personnel: difficulty recruiting and retaining consultants, data scientists, AI engineers, medical specialists, nail technicians, and other personnel, Technology: obsolescence of AI products due to the rapid evolution of generative AI, and system failures or information leaks caused by inadequate data governance, M&A: the likelihood and timing of transaction completion, post-acquisition integration, and failure to realize expected synergies, Crypto-assets: valuation gains and losses resulting from fluctuations in the BTC price, and the impact of changes in the holding policy, Downside risks relating to the maintenance and renewal of consulting contracts, the buildup of the AI business, existing products in the healthcare business, and the store-opening plan for the nail business |
| Date of board resolution | 15 May 2026 |
| Publication date | 15 May 2026 |
Items this document does not state (4)
Net income targetCost of capitalTotal investment planResults under the previous plan
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.The estimation assumptions for each segment were reviewed in light of recent business progress and the reorganization of the business portfolio. Elements whose realization could not be ensured, including BTC-related gains and losses, revenue from M&A transactions that had not been finalized, and revenue premised on obtaining PMDA approval, were excluded from the plan. The calculation method was changed to a conservative, bottom-up approach based on existing contracts, order backlogs, recurring transactions, and the performance of existing stores.
How to read this page
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