i-mobile (6535): FY2025 Results Summary — Record Net Sales and Operating Profit on Furunavi Growth

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

i-mobile Co., Ltd. (Stock Code 6535, TSE Prime Section) announced its FY2025 full-year results on September 11, 2025. i-mobile’s fiscal year ends in July; the materials label the period FY2025.7 (FY07/25), the consolidated fiscal year ended July 31, 2025. The company achieved record-high consolidated net sales and operating profit, with net sales of 21,528 million yen (+14.9% year on year) and operating profit of 4,133 million yen (+16.5%). In the Consumer Service segment, donation amounts in the hometown tax donation business reached a record high, while the Online Advertising segment saw lower sales and profit due to a slump in existing businesses.

Consolidated Results (Full-Year Actual)

Consolidated net sales came to 21,528 million yen (114.9% of the prior year) and operating profit to 4,133 million yen (116.5%), with the operating profit margin improving from 18.9% to 19.2%. Profit attributable to owners of parent was 2,957 million yen (122.2%). Against the original plan, net sales reached 93.6% of the planned 23,000 million yen and operating profit 91.9% of the planned 4,500 million yen, as the increase in new customers fell below expectations; profit came to 100.2% of the planned 2,950 million yen. Despite increased expenses for human capital investment, including head office relocation costs, as well as business restructuring costs and settlement costs, operating profit still increased.

Item (Millions of yen)	FY07/24	FY07/25	YoY (%)	Original Plan	% of Original Plan
Net sales	18,735	21,528	114.9%	23,000	93.6%
Operating profit (OPM)	3,549 (18.9%)	4,133 (19.2%)	116.5%	4,500 (19.6%)	91.9%
Profit *	2,420	2,957	122.2%	2,950	100.2%

* “Profit” refers to “Profit attributable to owners of parent.” Ordinary profit for FY07/25 was 4,069 million yen (ordinary profit margin 18.9%), and EPS was 51.4 yen. ROE was 18.7% and the equity-to-asset ratio 59.3%.

Segment Results

In the Consumer Service segment, against the backdrop of market expansion, strengthened promotional activities and improved user convenience boosted usage among existing customers. As a result, donation amounts reached a record high, leading to increased sales and profit. Net sales were 19,059 million yen (119.5% of the prior year; 94.4% of the original plan) and operating profit 4,021 million yen (116.7%; 95.7% of plan), with an operating profit margin of 21.1%. The number of contracted municipalities rose to 1,498 (+151 municipalities, a coverage rate of 84%), the number of members grew to 116% of the same day last year, and Furunavi Travel’s net sales reached 158% of the same quarter of the previous fiscal year, with contracted facilities expanding to 8,466 from 5,717 in FY2024.

In the Online Advertising segment, the App Operation business maintained strong performance as collaboration with other companies and development of new markets steadily expanded new customer acquisition, but sales and profit in the segment as a whole decreased due to a slump in existing businesses. Net sales were 2,411 million yen (87.5% of the prior year) and operating profit 153 million yen (46.2%), with the operating profit margin falling from 12.1% to 6.4%. The company aims for an early recovery of earnings through business portfolio restructuring.

Segment	Metric (Millions of yen)	FY07/25	FY07/24	YoY (%)
Consumer Service	Net sales	19,059	15,950	119.5%
Consumer Service	Operating profit (OPM)	4,021 (21.1%)	3,446 (21.6%)	116.7%
Online Advertising	Net sales	2,411	2,756	87.5%
Online Advertising	Operating profit (OPM)	153 (6.4%)	333 (12.1%)	46.2%

Outside the reportable segments, the Green Energy business continued to expand: when the planned 63 solar power sites (22 currently in operation) are completed, total power generation will exceed 11 megawatts. Through the subsidiary Furunavi Energy, Inc., the company has made a full entry into the retail electricity business, and Furunavi Electricity Points awarded for hometown tax donations can be used to pay monthly electricity bills.

FY2026 Forecast

For FY2026 (the fiscal year ending July 31, 2026), the company forecasts net sales of 22,000 million yen (102.2% of FY2025), operating profit of 4,500 million yen (108.9%, operating profit margin 20.5%), and profit of 3,120 million yen (105.5%). Note that in FY2025 a special factor arose from changes in contracts with municipalities in the Consumer Service business, whereby sales that were previously shifted to the next fiscal year at the end of the period are recorded in the current fiscal year (the “new method”). Compared with FY2025 full-year results under the conventional method (net sales 21,002 million yen, operating profit 3,613 million yen, profit 2,596 million yen), the forecasts represent 104.7%, 124.5%, and 120.2%, respectively.

Item (Millions of yen)	FY2025 Full-Year Results (New method)	FY2026 Full-Year Forecasts	YoY
Net sales	21,528	22,000	102.2%
Operating profit (OPM)	4,133 (19.2%)	4,500 (20.5%)	108.9%
Profit (Net profit margin)	2,957 (13.7%)	3,120 (14.2%)	105.5%

By segment, Consumer Service is forecast at net sales of 19,750 million yen (103.6%) with operating profit of 4,600 million yen (114.4%, margin 23.3%), and Online Advertising at net sales of 2,300 million yen (95.4%) with operating profit of 60 million yen (39.0%, margin 2.6%). In addition to marketing initiatives and measures to diversify revenue sources in light of the revised hometown tax donation system, the company will pursue portfolio restructuring of its advertising business, including the App Operation business.

Shareholder Returns

To enhance capital efficiency and maximize shareholder value, the company conducted a share buyback equivalent to approximately 3% of the total shares outstanding: 1,800,000 shares for a total purchase cost of 1,124,248,100 yen, purchased from June 12, 2025 to June 23, 2025 through market purchase and off-auction own share repurchase trading (ToSTNeT-3) on the Tokyo Stock Exchange. The company plans future cancellations of treasury shares. The year-end dividend for FY07/25 was set at 26.0 yen as planned, achieving the planned increase, and for FY07/26 the company plans to raise the dividend to 27.0 yen per share, continuing consecutive dividend increases.

Fiscal year	Dividend per share
FY07/21	33.3 yen (ordinary dividend 10.0 yen + commemorative dividend 23.3 yen)
FY07/22	12.7 yen
FY07/23	13.3 yen
FY07/24	22.0 yen
FY07/25	26.0 yen
FY07/26 (Plan)	27.0 yen

Dividend amounts take into account the effect of the stock split on November 1, 2023. Under its shareholder return policy, for the four fiscal years from FY07/24 through FY07/27 the company will implement shareholder returns through a total return consisting of dividends with a target payout ratio of approximately 50%, together with flexible repurchases of treasury shares in line with the share price level and market conditions.

Medium-Term Plan / Topics

Under its three-year medium-term management plan (FY07/25 to FY07/27), i-mobile aims for growth through expansion of peripheral businesses and new businesses based on the Hometown Tax Donation business. The plan calls for net sales of 22.0 billion yen and operating profit of 4.5 billion yen in FY07/26 (ROE 18.4%), and net sales of 26.3 billion yen and operating profit of 5.0 billion yen in FY07/27 (ROE 17.6%), following FY07/25 results of 21.5 billion yen in net sales and 4.13 billion yen in operating profit under the new method (ROE 18.7%). Strategies include improving Furunavi business LTV, investing in growing Furunavi-related services such as Furunavi Travel and the hometown tax donation agency service, and restructuring the Online Advertising business through new market development. As part of cost of capital-conscious management, the company sets an ROE target value of 15% and, recognizing that market growth expectations are conservative relative to its results and plans, will enhance disclosure and broaden investor outreach.

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.