Can ARR growth continue on the three pillars of store count, average revenue per customer, and low churn?

The number of customer locations was 18,191 at the end of the first half, up 1,180 from 17,011 at the end of December 2025 over the six-month period. It also increased by 677 from 17,514 at the end of the first quarter to the end of the second quarter, with direct sales, wins from large chains, implementations through sales partners, and expansion across existing brands serving as multiple acquisition channels. In the third quarter, the first point to confirm will be whether the pace of net additions has been maintained from the 18,191 locations recorded at the end of the first half.

Average revenue per customer rose ¥630, or approximately 5.2%, from ¥12,035 at the end of the first quarter to ¥12,665 at the end of the first half. The company attributed this to greater use of personalized delivery based on the accumulation of operational data by location, as well as the rollout of additional products, in other words, progress in upselling. The company had explained in the first quarter that the proportion of locations in the early stages of implementation increased as the store count expanded, temporarily lowering average revenue per customer. Whether the figure can remain at or above ¥12,665 in the third quarter will therefore indicate whether customer acquisition is leading to higher-margin additional sales.

The company identifies ARR as its most important management metric, and ARR reached a record high at the end of the first half. In addition, the average monthly churn rate remained low at approximately 1.3% in the first half, improving from the 1.7% average in 2025. Simultaneous improvement in customer numbers, average revenue per customer, and churn provides evidence of growth in recurring revenue that is not dependent solely on one-off large deals. However, in the third quarter, the company will need to quantify ARR and its year-on-year growth, as well as whether customer-number growth or higher average revenue per customer was the main driver.