CELSYS (3663): FY2025 Results Summary — Record Sales and Operating Profit as Subscription ARR Grows 25.4%; ROE 35.5%

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: CELSYS’ fiscal year ends in December. Following this site’s convention, the fiscal year ended December 31, 2025 is classified as FY2025; the company labels it FY12/25, and the body text and tables below keep the company’s own labels (FY12/24 = prior year; FY12/26 = fiscal year ending December 2026). According to the materials, financial information is presented on a consolidated basis for 2024 and on a non-consolidated basis for 2025 and beyond. Figures are in millions of yen unless otherwise stated.

CELSYS, the developer of the CLIP STUDIO PAINT creative application, reported FY12/25 net sales of 9,471 million yen (+15.4% year on year) and operating profit of 2,967 million yen (+38.3%), both record highs. The operating margin rose 5.1 pt to 31.3%, subscription ARR reached 5,450 million yen (+25.4%), and ROE was 35.5% (+11.9 pt), meeting the Medium-Term Management Plan target of 30% or higher. For FY12/26 the company plans net sales of 9,963 million yen (+5.2%), operating profit of 3,317 million yen (+11.8%) and an annual dividend of 38 yen per share, up 2 yen.

Financial Results (FY12/25 Actual)

The company cites four key topics for the year. First, campaigns for the one-time purchase version aimed at acquiring new users, particularly for overseas sales, generated more demand than expected at the beginning of the fiscal year, together with the effects of the major version upgrade and regular campaigns. Second, ARR reached a new record high due to the growth of the subscription model. Third, development, advertising and other expenses remained in line with the plan, boosting profit. Fourth, the company achieved ROE of 30% or higher, a Medium-Term Management Plan target, while also implementing active shareholder returns initiatives.

Net sales of 9.47 billion yen and operating profit of 2.96 billion yen each represented an achievement rate of 102% against the full-year forecasts revised on November 14 (net sales of 9.26 billion yen and operating profit of 2.90 billion yen). Ordinary profit rose 28.8% to 2,934 million yen and profit rose 20.1% to 1,681 million yen.

Item	FY12/24	FY12/25	Profit ratio	YoY
Net sales	8,204	9,471	–	+15.4%
Operating profit	2,146	2,967	31.3%	+38.3%
Ordinary profit	2,279	2,934	31.0%	+28.8%
Profit	1,399	1,681	17.7%	+20.1%
ROE	–	35.5%	–	+11.9pt

Among key management indicators, subscription ARR rose from 4.34 billion yen to 5.45 billion yen (+25.4%), and the subscription churn rate improved by 0.2 pt from 4.8% to 4.6%. The number of platform users increased from 9.65 million to 11.62 million (+20.4%). Cumulative shipments of CLIP STUDIO PAINT reached 59.57 million units (+26.5% from 47.10 million units), and its overseas ratio rose 1.1 pt to 82.0%.

Results by Field

CELSYS reports net sales in two fields. The Creator Support field, positioned in the expansion phase, grew 19.3% to 8,122 million yen, of which subscription sales rose 28.6% to 5,005 million yen. The Creator Platform field, positioned in the preparation phase as a growth investment field, declined 3.2% to 1,348 million yen. The ratio of subscription sales to total company sales rose to 52% in 2025, from 47% in 2024.

Field	Metric	FY12/24	FY12/25	YoY
Creator Support	Net sales	6,811	8,122	+19.3%
of which Subscription	Net sales	3,893	5,005	+28.6%
Creator Platform	Net sales	1,393	1,348	-3.2%
Total	Net sales	8,204	9,471	+15.4%

In the Creator Support field, the company’s priority measures are to increase new user acquisition by strengthening global expansion, to expand the user base by engaging with young and light users, and to increase the retention rate by strengthening user communities. Cumulative subscription contracts grew 3.1x in Indonesia, 2.7x in Brazil, 2.5x in Mexico and 2.2x in Thailand between December 2024 and December 2025, and Android version sales in the second half of FY12/25 increased 28% year on year. In the Creator Platform field, the company continues planning and development to launch a new platform to support creators’ monetization and new community services in 2026 and beyond.

FY12/26 Plan

For FY12/26 the company plans net sales of 9,963 million yen (+5.2%), with Creator Support sales of 8,724 million yen (+7.4%), including subscription sales of 6,113 million yen (+22.1%), and Creator Platform sales of 1,239 million yen (-8.1%). Operating profit is planned at 3,317 million yen (+11.8%, margin 33.3%), ordinary profit at 3,282 million yen (+11.8%) and profit at 2,192 million yen (+30.4%). The company notes that expenses previously included in corporate tax will be reclassified into selling, general and administrative expenses effective FY12/26 due to a change in tax regulations, reducing operating profit by 100 million yen compared with FY12/25.

Subscription sales are expected to grow stably. For the one-time purchase version, the plan as of the beginning of the period assumes 85% of the prior year, reflecting customers’ transition to subscription, while the company sees upside potential through marketing campaigns, as in FY12/25. Measures include a major version upgrade (Version 5.0) scheduled for March 2026, an average 10% price increase for the one-time purchase version, and sales promotion campaigns aimed at acquiring new users four times a year. Contract production in the Creator Platform field is expected to decrease by 0.1 billion yen, with no impact on profit and loss.

Item	FY12/25 Results	FY12/26 Plan	Profit ratio	YoY
Net sales	9,471	9,963	–	+5.2%
Creator Support	8,122	8,724	–	+7.4%
of which Subscription	5,005	6,113	–	+22.1%
Creator Platform	1,348	1,239	–	-8.1%
Operating profit	2,967	3,317	33.3%	+11.8%
Ordinary profit	2,934	3,282	32.9%	+11.8%
Profit	1,681	2,192	22.0%	+30.4%
Annual dividend per share	36 yen	38 yen	–	+2 yen
ROE (target: 30% or higher)	35.5%	40% or higher	–	–

Shareholder Returns

The annual dividend for FY12/25 is 36 yen per share, consisting of an interim dividend of 12.0 yen, a year-end dividend of 14.0 yen (forecast) and a commemorative dividend of 10.0 yen for listing on the Prime Market, compared with 24.0 yen for 2024. The company plans to raise the annual dividend to 38 yen per share for FY12/26, and states that it will continue to strive to increase dividends for the current period and over the medium to long term, taking into consideration the target of achieving ROE of 30% or higher. The materials describe the dividend per share as increasing for 11 consecutive terms, leading to 38 yen per share for 2026 (forecast).

The company acquired 6.5 billion yen of treasury shares from 2022 to 2025, including 1.0 billion yen in Q4 (October to December) of FY12/25. Regarding the handling of treasury shares, it will consider cancellation according to the holding ratio, use them to reduce the financial burden in mergers and acquisitions and capital alliances, and use them for the stock-based compensation system.

Dividend per share (yen)	2024	2025
Interim	12.0	12.0
Year-end	12.0	14.0 (forecast)
Commemorative (Prime Market listing)	–	10.0
Annual	24.0	36.0

FY12/26 plan: annual dividend of 38.0 yen per share (forecast).

Medium-Term Management Plan 2025–2027

Under the Medium-Term Management Plan 2025–2027, CELSYS targets ROE of 30% or higher throughout the plan period, prioritizing subscriptions and strengthening development of the stock-type model to emphasize ARR, while offering new services in the Creator Platform field. In 2025, results exceeded the plan for net sales (9,471 million yen versus a plan of 9,079 million yen), operating profit (2,967 million yen versus 2,555 million yen) and ROE (35.5% versus 30.0%).

For 2027 the plan targets net sales of 10.7 billion yen, operating profit of 3.3 billion yen and ROE of 30% or higher. The company states that business operations and net sales are progressing in line with the plan, while the 2027 operating profit target is expected to be achieved one year earlier than scheduled, and operating profit in 2027 is expected to exceed the target significantly. It cites business investment implemented steadily at a constant scale, maintaining operating profit in the 30% range during the plan period, and applying an advertising expenses-to-net sales ratio benchmark of 14% to 16% (2025 result: 14.4%; 2026 plan: 14.5%). The company also aims to keep the subscription churn rate at 5% or lower and to maintain inclusion in TOPIX.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.