Revenue growth is being driven primarily by the expanded consolidation scope, with continued contributions from acquired businesses the key focus for FY2027-H1

First-quarter revenue was ¥1,317 million, an increase of ¥539 million from ¥778 million in the year-earlier quarter. The breakdown of the revenue drivers was ¥645 million from the newly consolidated かならぼ and ¥178 million from the clinic-related entities, for a total uplift of ¥823 million. In contrast, WinC, 松村商店 and brand support and holding-company-related businesses were revenue headwinds of ¥107 million, ¥25 million and ¥152 million, respectively, resulting in net revenue growth of ¥539 million after these factors were deducted.

Across the 3 business areas used for internal management purposes, revenue was ¥1,024 million in the company’s own-brand business, ¥117 million in contract planning and manufacturing, and ¥176 million in other new businesses. The own-brand business accounted for approximately 77.8% of consolidated revenue, compared with approximately 8.9% for contract planning and manufacturing and approximately 13.4% for other new businesses. Revenue from the own-brand business increased sharply by 264.6% year on year, while contract planning and manufacturing declined 30.6% and other new businesses declined 46.3%, so the portfolio as a whole did not improve uniformly.

First-quarter progress against the full-year revenue forecast of ¥6,602 million was 19.9%, and the company considers this to be in line with its plan, at a similar level to the 21.5% and 18.8% first-quarter progress rates in the previous 2 fiscal years. However, because the company assumes a revenue structure weighted toward the second half, it would not be appropriate to simply expect 50% of annual revenue to be achieved by the interim period. In FY2027-H1, it will be necessary to examine the relationship between cumulative first-half revenue and the ¥5,285 million required over the remaining 3 quarters, and to verify whether the second-half weighting is being reproduced in actual results.

The reported business consists of a single segment, the brand production business, while the 3 areas presented in the latest materials are closer to internal management classifications. Accordingly, it is not currently possible to determine which acquired businesses and brands make up the ¥1,024 million of own-brand revenue, or how much profit each area generates. At the interim results, a key disclosure issue will be whether the company can separately present the revenue and profit contributions of かならぼ, the clinic-related entities, WinC, 松村商店, and the holding-company and brand-support businesses.