Kamakura Shinsho (6184): FY2025 Results Summary — Record Highs Across All Key Metrics for the Fifth Consecutive Year

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

Kamakura Shinsho, Ltd. (6184) reported results for FY2025 (February 2025 to January 2026), an End-of-Life (“Shu-katsu”) information services group that operates portal sites serving as matching platforms and supports municipal services for senior citizens. Consolidated sales rose 18.0% year on year to 8,335 million yen and consolidated operating profit rose 27.6% to 1,161 million yen, with the company stating it achieved record highs and double-digit growth for the 5th consecutive year across all key metrics. Excluding 190 million yen in stock-based compensation expenses, adjusted operating profit rose to 1,351 million yen (+48.4% YoY). Overall growth was propelled by strong performance in the Public-Private Partnership (+33.7% YoY) and Nursing Care (+24.8% YoY) segments.

Consolidated Results (Full-Year Actual)

The company states that strong performance in its core businesses drove record highs across all key metrics. EBITDA increased 44.5% year on year to 1,653 million yen, consolidated recurring profit rose 28.4% to 1,165 million yen, and parent company’s net income rose 11.3% to 765 million yen. The consolidated operating profit margin improved 1.0pt to 13.9%.

Item (million yen)	FY2024 Results	FY2025 Results	Change	YoY
Consolidated sales	7,061	8,335	1,274	+18.0%
Grave	2,335	2,545	209	+9.0%
Funeral Service	1,347	1,520	173	+12.8%
Inheritance	895	749	▲145	-16.3%
Nursing Care	643	802	159	+24.8%
Public-private Collaboration Business	795	1,063	267	+33.7%
Small Amount & Short-term Insurance	241	949	708	+292.9%
Others	802	704	▲97	-12.2%
Consolidated operating profit	910	1,161	250	+27.6%
Consolidated operating profit margin (%)	12.9	13.9	–	+1.0pt
EBITDA	1,144	1,653	509	+44.5%
Consolidated recurring profit	907	1,165	258	+28.4%
Parent Company’s net income	687	765	77	+11.3%

Progress Against the Full-Year Plan

The company explains that it prioritized ‘Quality of Growth’ over ‘Revenue Scale’ by focusing on ad acquisition efficiency. While sales fell slightly short of the forecast, improved margins led to operating income and EBITDA meeting their targets. Achievement rates against the full-year forecast were 96.9% for sales, 101.0% for operating profit and 114.8% for EBITDA; on an adjusted basis excluding stock-based compensation recorded one year ahead of schedule, the achievement rate was 117.5%. Quarterly sales were 1,966 / 2,050 / 2,070 / 2,247 million yen, and quarterly operating profit was 233 / 357 / 303 / 268 million yen, with 190 million yen of stock-based compensation expenses recorded in the fourth quarter.

Segment Results

In the Grave Business, PMI of the acquired LIFEDOT business is progressing smoothly. In the Funeral Business, profit margins rose significantly by in-sourcing ad operations and call center BPO, while partnerships with major mutual aid associations continued to expand. The Inheritance Business faced headwinds in web-based customer acquisition due to the entry of major professional firms and mega-banks into the market. The Nursing Care Business successfully achieved profitability after the company stepped up hiring of offline sales personnel in the first half. In the Public-private Collaborating Business, partner municipalities exceeded 500, reaching 60% population coverage, and AI-driven operational improvements boosted ad sales productivity by approximately 2.2x. Within Others, PMI for Bell Insurance Co., Ltd. is progressing smoothly with new web-based policyholders increasing approximately 4.7x since the acquisition, and KS Real Estate Partners, Ltd. was established to solve end-of-life property issues, beginning operations in December and securing first contracts by January.

Business	FY2025 Sales	YoY	FY2025 Profit	YoY
Grave Business	¥2,545 million	+9.0%	Business Profit: ¥1,382 million	+11.1%
Funeral Business	¥1,520 million	+12.8%	Business Profit: ¥762 million	+58.2%
Inheritance Business	¥749 million	-16.3%	Business Profit: ¥149 million	-39.5%
Nursing Care Business	¥802 million	+24.8%	Operating Income: ¥83 million	+¥92M YoY
Public-private Collaborating Business	¥1,063 million	+33.7%	Operating Income: ¥295 million	+78.1%

Balance Sheet

Current assets increased significantly following the capital and business alliance with Sompo Holdings, Inc. Non-current assets rose due to the acquisition of software through IT projects and goodwill from M&A. The equity ratio remains high at 75.1%, which the company describes as maintaining a strong financial foundation.

Item (million yen)	End of Jan. 2025	End of Jan. 2026	% Change
Current assets	3,452	5,796	+67.9%
Of which, cash and deposits	2,085	4,204	+101.6%
Non-current assets	1,931	2,304	+19.3%
Total assets	5,384	8,100	+50.4%
Current liabilities	1,145	1,380	+20.5%
Non-current liabilities	470	371	-21.1%
Net assets	3,768	6,348	+68.5%
Of which, capital stock	1,058	1,671	+58.0%
Of which, treasury stock	▲1,336	0	-100.0%
Equity ratio (%)	68.5	75.1	+6.6pt

Medium-Term Management Plan and FY2026 Plan

The company disclosed its new Medium-Term Management Plan on March 13, 2025. In this first fiscal year, it prioritized improving advertising acquisition efficiency; while net sales fell short of the target, it achieved its operating income plan even after accounting for stock-based compensation expenses originally scheduled for the following year. For FY2026, the plan has been updated based on these current results: sales of 10,500 million yen, operating profit of 1,700 million yen, an operating margin of 16.2% and EBITDA of 2,075 million yen. Figures shown in parentheses for FY2025 are Core Operating Income (operating income excluding stock-based compensation expenses) and the corresponding margin. For the FY2026 operating income forecast the company had originally anticipated approximately ¥224 million in stock-based compensation expenses upon meeting performance-linked stock option vesting conditions; because these conditions were met one year ahead of schedule, ¥190 million was recognized in FY2025 instead.

Item (million yen)	FY2024	FY2025 (Plan)	FY2025 (Actual)	FY2026 (Plan・Updated)	FY2027 (Plan)
Sales	7,061	8,600	8,335	10,500	12,700
Operating profit	910	1,150	1,161 (1,351)	1,700	2,600
Operating margin (%)	12.9	13.4	13.9 (16.2)	16.2	20.5
EBITDA	1,144	1,440	1,653	2,075	3,000
ROE (%)	20.1	—	15.7	—	—
EPS (yen)	18.6	20.8	20.4	—	—

Shareholder Returns

Under its financial strategy framework, the company positions stable shareholder returns as a key policy: for FY24 to FY26 it will adopt a payout ratio of 100% or a dividend of 20 yen per share, whichever is lower. Within the Mid-Term Management Plan (FY24-FY26) capital allocation, sales cash flow of 3.3 billion yen plus cash of 1 billion yen is allocated to growth investment of 2.1 billion yen (IT systems, M&A, human capital investment) and shareholder returns of over 2.2 billion yen (dividends, share buybacks, etc.). The dividend per share actually paid for FY2025 cannot be confirmed from the materials, which present the returns policy only.

Topics: Alliance with Sompo Holdings and Long-Term Vision

On December 18, 2025, Kamakura Shinsho formed a capital and business alliance with Sompo Holdings, Inc., including a 10% equity stake in the company, raising 2,376 million yen to accelerate M&A and AI R&D. The two groups will collaborate to provide End-of-Life services to SOMPO Group customers across nursing care (approximately 86,000 users and approximately 470 care facilities) and insurance workplace channels (5.12 million policies). Cross-usage revenue for the fiscal year ending January 2026 was ¥371 million, and the company is targeting high-potential domains for customer-centric cross-use, including AI-driven conversation analysis in the funeral segment. Its long-term vision is to establish “Shu-katsu” (End-of-Life) infrastructure by 2035, targeting sales of over ¥50 billion and operating profit of over ¥10 billion.

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.