Assess the P&L impact of ending the メディア・トラスト partnership and PMI in FY2027-H1

In October 2026, the termination of the capital and business alliance agreements with メディア・トラスト and others was announced. ブレーン and ダイキサウンド will continue their businesses as consolidated subsidiaries, while the directors and audit & supervisory board members dispatched to them are reportedly due to retire, along with changes in the presidents of the subsidiaries. The next earnings release will provide an opportunity to assess how the post-acquisition integration and management structure has changed, rather than merely confirming that the alliances have ended.

On the P&L side, reports indicate that a loss equal to the amount associated with this event is scheduled to be recognized in FY2027-H1, but the amount, P&L classification and whether it will involve a cash outflow remain unclear based on the information presented. In the next earnings release, it will be necessary to confirm whether the loss will be treated as an extraordinary loss or recorded under another item, such as an impairment loss on investment securities or a loss on the liquidation of an affiliated company. In particular, if the amount is not disclosed, it will remain impossible to assess the impact on the ¥6,000 million forecast for net income attributable to owners of the parent.

For the preferred shares, it is also important to determine whether the redemption amount, terms and timing will be disclosed. If redemption is settled in cash, it could place additional pressure on funding, given that cash flow from operating activities was negative ¥6,132 million and cash flow from financing activities was positive ¥6,412 million in FY2026. Conversely, if the impact is limited to an impairment loss with no cash outflow, the effect on earnings and the effect on funding will need to be considered separately.

Post-acquisition profitability will also require review. In FY2026, ブレーン-related goodwill and fixed assets were subject to an impairment loss of ¥536 million, while total impairment losses for the year were ¥625.543 million. We will want to review together the revenue and operating profit of ブレーン and ダイキサウンド, the goodwill balance and the management structure after the officers' retirements, to determine whether the termination of the alliance has led to another review of the acquired companies' business plans or additional impairment losses following the previous fiscal year.