Enigmo (3665): FY2025 Results Summary — Operating Income Beats Plan Amid Structural Reform; 30-Yen Dividend Commitment

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

Note: Enigmo’s fiscal year ends on January 31. Following this site’s convention, the fiscal year ended January 31, 2026 is classified as FY2025; the company refers to it as FYE Jan. 2026 (also labeled “FY2026” in the materials), and the body text and tables below keep the company’s own labels (FYE Jan. 2027 = fiscal year ending January 2027). The materials compare full-year results with the company’s plan rather than presenting prior-year consolidated figures. Figures are in millions of yen unless otherwise stated; ▲ denotes a negative figure, as in the materials.

Enigmo, operator of the “specialty” fashion marketplace BUYMA, reported FYE Jan. 2026 net sales of 6,295 million yen (96.7% of plan, 106.2% YoY) and operating income of 46 million yen (153.6% of plan). Operating income exceeded the initial plan despite incorporating one-time investment costs associated with structural reform, while net sales fell below the plan but achieved a year-on-year increase. For FYE Jan. 2027 the company forecasts net sales of 7,267 million yen (115.4% YoY) and operating income of 44 million yen (95.3% YoY), and it has committed to a dividend of 30 yen per share during the structural reform period (FYE Jan. 2026 and FYE Jan. 2027).

Consolidated Results (FYE Jan. 2026)

According to the company, operating income exceeded the plan due to thorough cost management, while incorporating one-time investment costs (170 million JPY) for structural reform. Although net sales fell below the plan, they grew by 6.2% YoY, and revenue efficiency in major businesses improved steadily. Ordinary income significantly exceeded the plan, supported in part by one-time gains from the sale of investment securities. Net income attributable to owners of the parent was 326 million yen, 84.4% of the plan of 387 million yen, and adjusted EPS was 17.79 JPY against a plan of 19.39 JPY.

Item	FYE Jan. 2026 Results	Consolidated Performance Forecast	Difference	Achievement Rate
Net sales	6,295	6,505	▲209	96.7%
Gross profit	4,525	–	–	–
SG&A expenses	4,478	–	–	–
Advertising expenses	1,213	–	–	–
Personnel expenses	1,981	–	–	–
Operating income	46	30	16	153.6%
Ordinary income	43	2	41	2054.9%
Net income attributable to owners of the parent	326	387	▲61	84.4%
Adjusted EPS	17.79 JPY	19.39 JPY	▲1.60 JPY	91.7%

Segment Results

By business, Enigmo (Standalone), which operates BUYMA, accelerated investment in areas where sustainable growth is expected even after one-time investments, and recorded net sales of 5,375 million yen and operating income of 391 million yen. At BUYMA TRAVEL, gross merchandise value (GMV) increased due to the recovery in travel demand; it recorded net sales of 906 million yen and an operating loss of ▲282 million yen, with the business foundation steadily expanding. Getsuraku recorded net sales of 15 million yen and an operating loss of ▲6 million yen, and goodwill-related items reduced operating income by ▲51 million yen.

Segment	Net Sales	Gross Profit	SG&A Expenses	Operating Income/Loss	Net Income/Loss Attributable to Owners of the Parent
Enigmo (Consolidated)	6,295	4,525	4,478	46	326
Goodwill	–	–	51	▲51	▲51
Other	▲1	–	2	▲4	5
Enigmo (Standalone)	5,375	3,974	3,582	391	707
BUYMA TRAVEL	906	541	824	▲282	▲327
Getsuraku	15	11	18	▲6	▲6

For BUYMA, total GMV was 93.3% YoY and net sales were 5.37 billion JPY (95.2% YoY). The impact of the strong Euro became apparent in the second half, leading to a slowdown in GMV from Q3, and the business finished with challenges remaining toward the target of over 100% YoY. Operating income decreased due to prioritizing strategic investments in sales promotion and AI. BUYMA GMV was 49,358 million yen (52,914 million yen in FY25/1), the number of active members was 797,295 (878,288), and the number of transactions handled was 1,506,778 (1,715,431), while ARPU in Q4 rose to 53,137 yen (52,749 yen in FY25/1 Q4). In the VINTAGE domain, order value surged to over 331% YoY, and the company partnered with over 20 new shops as overseas corporations entered the platform.

BUYMA Key KPI	FY24/1	FY25/1	FY26/1
BUYMA GMV (million JPY)	56,983	52,914	49,358
Number of active members (persons)	1,041,783	878,288	797,295
Number of transactions handled	2,102,227	1,715,431	1,506,778
ARPU, Q4 (JPY)	48,211	52,749	53,137

At BUYMA TRAVEL, the platform maintained high growth with GMV exceeding 185% YoY, reaching total GMV (platform, excluding the Hello Activity business and the Hotel business) of 240 million JPY, despite ending with an operating loss. Net sales of overseas activity services were 870 million JPY. While offsetting the platform’s deficit with revenue from overseas activity services, the company is promoting foundation building toward achieving profitability in the next period.

FYE Jan. 2027 Forecast

For FYE Jan. 2027 the company incorporates one-time investment costs (approx. 500 million JPY) for the “PHOENIX PROJECT” and anticipates substantial revenue growth of 115.4% YoY, driven by the expansion of the revenue base through the new consolidation of Crystal Co., Ltd. A gain on sale of investment securities (approx. 800 million JPY) will be allocated to business reinvestment and shareholder returns in accordance with the new management policy. The company prioritizes the transformation into a “high-profit business structure” over short-term profit levels, while projecting significant growth in net income attributable to owners of parent (151.1% YoY) to pave the way for the growth stage from FYE Jan. 2028 onward. Consolidated operating income takes into account the amortization of goodwill.

Item	FYE Jan. 2027 Forecast	FYE Jan. 2026 Results	YoY
Net sales	7,267	6,295	115.4%
Gross profit	5,481	4,525	121.1%
SG&A expenses	5,436	4,478	121.4%
Operating income	44	46	95.3%
Ordinary income	40	43	92.0%
Net income attributable to owners of the parent	493	326	151.1%
Adjusted EPS	20.88 JPY	17.79 JPY	117.3%

By business, BUYMA targets FYE Jan. 2027 net sales of 5.70 billion JPY (106.1% YoY) and aims for total GMV of 103% YoY by creating “reasons to be chosen” and maximizing “opportunities to be bought,” centered on the three pillars of Product, Attracting Customers, and CVR. BUYMA TRAVEL targets total GMV (platform, excluding the Hotel business) of 740 million JPY and net sales of overseas activity services of 1.31 billion JPY, aiming for single-month profitability within the fiscal year and achieving an income of 300 million JPY in FYE Jan. 2028.

Shareholder Returns

Enigmo has committed to a 30-yen dividend per share during the structural reform period (FYE Jan. 2026 and 2027), consisting of an ordinary dividend of 10 yen and a commemorative dividend of 20 yen, which the company describes as shareholder returns at 3 times the previous 10-yen dividend. The materials state a dividend yield of approx. 7.4%, calculated based on the stock price of 403 yen as of Jan. 30, 2026. After entering the growth stage (FYE Jan. 2028 onwards), the company will link profit growth to dividends, adopting the higher of “Payout Ratio 50%” or “DOE 5%”, and aims to maximize total return through the improvement of adjusted EPS.

Period	Dividend Policy
FYE Jan. 2026 / FYE Jan. 2027 (structural reform period)	30 yen per share (ordinary dividend 10 yen + commemorative dividend 20 yen)
FYE Jan. 2028 and beyond (growth stage)	Higher of payout ratio 50% or DOE 5%

The company also operates a Shareholder Special Benefit Plan under which eligible shareholders holding 200 shares or more receive a coupon usable on BUYMA or BUYMA TRAVEL: 2,000 yen for 200 to less than 500 shares, 5,000 yen for 500 to less than 1,000 shares, and 10,000 yen for 1,000 shares or more.

Structural Reform and FYE Jan. 2028 Targets

Through the structural reform “PHOENIX PROJECT” and the “Three Essential Missions” (return to growth for the core business BUYMA, nurturing BUYMA TRAVEL into a business pillar, and creation of a third revenue stream through new businesses and M&A), supported by strengthening the business foundation through AI, Enigmo aims to achieve a non-negotiable target of 2.0 billion JPY in operating income and 40 JPY in adjusted EPS for FYE Jan. 2028. The FYE Jan. 2028 operating income targets are 1.2 billion JPY for BUYMA, 0.3 billion JPY for BUYMA TRAVEL and 0.5 billion JPY for new businesses and M&A; the new management policy also sets a necessary target of ROE of 15% or more for FYE Jan. 2028.

In new businesses, a personalized supplement service co-developed with key investee Saikinso Inc. is scheduled to launch in Summer 2026, and the company will focus on M&A of companies that will lead to immediate profit contribution after joining the group. Under the capital allocation plan for FYE Jan. 2026/2027, funding of about 7 billion yen is allocated to organic investment (about 800 million yen), M&As (about 3 billion yen), strategic investments (about 800 million yen) and dividends (about 2.4 billion yen). On AI implementation, the materials report that AI search users showed 2x conversion rate, and development lead time was reduced to 1/3.

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.