CERES Inc. (3696): FY2025 Results Summary — Record Net Sales and EBITDA Led by the Point Business

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

Note: CERES Inc. has a December fiscal year-end; FY2025 in this article refers to the fiscal year ended December 31, 2025, as labeled in the company’s materials.

CERES Inc. reported FY2025 net sales of 29,660 million yen (+7.1% YoY), a record high, as the Point business grew revenue by 39.4% YoY despite revenue declines in D2C and Mercury and the deconsolidation of YUMEMI. EBITDA rose 71.4% YoY to 5,392 million yen, supported by strong performance at Moppy and an extraordinary gain of approximately ¥2.7 bn from the sale of shares in subsidiary YUMEMI. The company also withdrew its previous medium-term plan and announced the new Medium-Term Management Plan 2030, targeting ¥60.0 bn in net sales, ¥12.0 bn in EBITDA and ROE of 15%.

Consolidated Results (Full-Year Actual)

Operating profit was 2,334 million yen (+4.8% YoY), roughly flat, as point business growth offset declines in D2C and Mercury. Ordinary profit declined 21.4% to 2,105 million yen, reflecting a reversal at bitbank from a ¥472 million profit to an approximately 200 million loss. Profit attributable to owners of parent rose 68.6% to 2,497 million yen. According to the company, FY2024 results include three months of YUMEMI’s performance, while FY2025 results exclude it due to deconsolidation.

Item (Millions of yen)	FY2025	FY2024	YoY
Net sales	29,660	27,706	+7.1%
Gross profit	13,017	13,335	-2.4%
SG&A expenses	10,682	11,107	-3.8%
Operating profit	2,334	2,228	+4.8%
Ordinary profit	2,105	2,677	-21.4%
Profit attributable to owners of parent	2,497	1,480	+68.6%
EBITDA	5,392	3,146	+71.4%

Against the revised forecast announced on May 30, 2025, net sales reached 104.4% as strong performance in the point business more than offset weaker-than-expected results in D2C and Mercury, while operating profit reached 81.9% of the revised forecast. On the balance sheet, total assets were 37,504 million yen (FY2024: 32,976 million yen) and total net assets were 13,964 million yen (FY2024: 12,721 million yen).

Segment Results

The Mobile Service Business posted record-high net sales of 27,990 million yen (+6.9%) and operating profit of 4,895 million yen (+11.4%), driven by strong growth in the Point business despite YUMEMI’s deconsolidation. Point net sales rose 39.4% to 20,080 million yen and operating profit rose 38.6% to 4,359 million yen. Moppy’s active members reached 6.48 million (YoY +13.4%), and e-commerce GMV via Moppy reached ¥140 billion. D2C net sales fell 30.8% to 4,867 million yen and operating profit fell 88.5% to 107 million yen due to slower sales of the core product Pitsole; inventory valuation losses of approximately ¥170 million were recorded in FY2025.

The Financial Service Business grew net sales 10.3% to 1,690 million yen, supported by strong revenue growth at labol, but recorded a wider operating loss of 1,079 million yen due to the prolonged downturn in the crypto asset market. As of the end of FY2025, altcoin prices were down 18% from the beginning of the year.

Segment (Millions of yen)	Net sales FY2025	YoY	Net sales FY2024	Operating profit FY2025	YoY	Operating profit FY2024
Consolidated	29,660	+7.1%	27,706	2,334	+4.8%	2,228
Mobile Service Business	27,990	+6.9%	26,185	4,895	+11.4%	4,395
Point	20,080	+39.4%	14,405	4,359	+38.6%	3,145
D2C	4,867	-30.8%	7,035	107	-88.5%	932
DX	3,153	-35.2%	4,865	599	+34.4%	446
Inter segment transactions	-111	–	-120	-171	–	-129
Financial Service Business	1,690	+10.3%	1,532	-1,079	–	-991
Inter segment transactions and adjustments	-20	–	-11	-1,481	–	-1,176

FY2026 Forecast

For FY2026, the company forecasts net sales of 35,700 million yen (+20.4%) and operating profit of 2,800 million yen (+20.0%). Ordinary profit is expected to rise 33.0% to 2,800 million yen, while profit attributable to owners of parent is forecast to decline 35.9% to 1,600 million yen and EBITDA to decline 36.0% to 3,450 million yen. By segment, Point net sales are forecast at 25,600 million yen (+27.5%), D2C at 6,800 million yen (+39.7%) and Financial Service at 3,450 million yen (+104.1%), with the Financial Service operating loss forecast to narrow to -320 million yen.

Item (Millions of yen)	FY2026 Forecast	FY2025	YoY	Change in amount
Net sales	35,700	29,660	+20.4%	+6,039
Operating profit	2,800	2,334	+20.0%	+465
Ordinary profit	2,800	2,105	+33.0%	+694
Profit attributable to owners of parent	1,600	2,497	-35.9%	-897
EBITDA	3,450	5,392	-36.0%	-1,942
EPS	138.66 yen	216.61 yen	–	–

Shareholder Returns

The annual dividend for FY2025 was 80 yen, including a special dividend of ¥20, for a total dividend amount of ¥923 million, a dividend payout ratio of 36.9% and a dividend on equity ratio of 7.5%. For FY2026, the company plans an annual dividend of 60 yen (ordinary dividend ¥60), with a forecast dividend payout ratio of 43.3%. As a shareholder perk for FY2025, shareholders holding 100-299 shares receive crypto assets equivalent to ¥5,000, and those holding more than 300 shares receive crypto assets equivalent to ¥20,000.

Item	FY2026 Forecast	FY2025	FY2024
Annual dividend	60 yen (Ordinary dividend ¥60)	80 yen (Special dividend ¥20)	60 yen (Commemorative ¥20)
Total dividend amount	–	¥ 923 million	¥ 690 million
Dividend payout ratio	43.3%	36.9%	46.5%
Dividend on equity ratio	–	7.5%	6.8%

Medium-Term Management Plan 2030

In light of strategic portfolio optimization and prolonged crypto market weakness, CERES withdrew the Medium-Term Management Plan announced in December 2021 and announced the Medium-Term Management Plan 2030 (2026-2030). Targets for FY2030 are net sales of ￥60bn (CAGR FY2025-2030: 15.1%), EBITDA of ￥12bn (CAGR FY2025-2030: 17.4%) and ROE of 15%, compared with an average ROE of 15.2% for FY2021-2025. By business, the FY2030 targets are net sales of ¥35.0bn and EBITDA of ¥6.0bn for Point (with 10 million Moppy active members), net sales of ¥15.0bn and EBITDA of ¥2.0bn for D2C, and net sales of ¥10.0bn and EBITDA of ¥4.0bn for Financial Services.

During FY2025, the company divested YUMEMI to reallocate capital to higher-synergy businesses, acquired the Point Income business through a business transfer, made CyberBuzz an equity-method affiliate and consolidated two D2C companies into the Group.

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.