Infomart Corporation (2492): FY2025 Results Summary — Operating Profit Up 138.6% as Cloud Migration Cuts Data Center Costs

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Note: Infomart labels this period “FY12/25” (the fiscal year ended December 31, 2025); it is classified as FY2025 on this site, while the labels and figures in the text and tables below follow the company’s materials. For FY12/25, Infomart Corporation reported net sales of 18,817 million yen, up 20.4% year on year, and operating profit of 2,863 million yen, up 138.6%. Gross profit margin rose 11.3pt to 73.1% as cost of sales fell 15.4% following the completion of the company’s server cloud migration in September 2024. Profit attributable to owners of parent was 1,922 million yen, up 193.3%. For FY12/26 the company plans net sales of 21,348 million yen (+13.5%) and operating profit of 5,000 million yen (+74.6%).

Consolidated Results (Full-Year Actual)

Net sales grew on higher usage of “BtoB Platform Ordering” by restaurant chains and hotels/inns and the fee revisions implemented in August 2024, as well as growth in “BtoB Platform Invoicing” and “BtoB Platform TRADE” in the ES business. Cost of sales declined significantly because the cloud migration of servers in September 2024 brought down data center costs. SG&A expenses rose on higher personnel expenses for sales and sales-support staff, higher promotion expenses, and increased goodwill amortization following the acquisition of shares in Tanomu Inc.

Item (Millions of yen)	FY12/25 Actual	FY12/24 Actual	Year-on-year
Net sales	18,817	15,630	+20.4%
Cost of sales	5,058	5,977	-15.4%
Gross profit	13,758	9,653	+42.5%
(Gross Profit Margin)	73.1%	61.8%	+11.3pt
Selling, general and administrative expenses	10,895	8,452	+28.9%
Operating profit	2,863	1,200	+138.6%
(Operating Profit Margin)	15.2%	7.7%	+7.5pt
Ordinary profit	2,836	1,187	+138.9%
Income taxes	898	310	+189.3%
Profit attributable to owners of parent	1,922	655	+193.3%

Against the full-year forecast announced on October 31, 2025, net sales of 18,817 million yen came in 0.0% below the 18,823 million yen plan, while operating profit of 2,863 million yen exceeded the 2,809 million yen plan by 1.9% and profit attributable to owners of parent of 1,922 million yen exceeded the 1,500 million yen plan by 28.2%. The company attributes the profit beat to lower-than-expected data center costs and the non-accrual of sales-linked fees in BtoB Platform Invoicing, which absorbed a rise in SG&A expenses caused by promotion spending concentrated in Q4. The number of user companies, the company’s client base, reached 1,251,169 companies at the end of Q4.

Segment Results

Both reported businesses grew. In the BtoB-PF FOOD business, net sales were 11,930 million yen (+19.9%) and operating profit was 2,757 million yen (+41.8%), for an operating profit margin of 23.1%. In the BtoB-PF ES business, net sales were 6,886 million yen (+21.2%) and operating profit was 106 million yen, with an operating profit margin of 1.5%.

Segment	Item (Millions of yen)	FY12/25 Full-Year	Year-on-year
BtoB-PF FOOD	Net sales	11,930	+19.9%
BtoB-PF FOOD	Cost of sales	2,556	-25.1%
BtoB-PF FOOD	Gross profit	9,374	+43.5%
BtoB-PF FOOD	SG&A	6,617	+44.2%
BtoB-PF FOOD	Operating profit	2,757	+41.8%
BtoB-PF ES	Net sales	6,886	+21.2%
BtoB-PF ES	Cost of sales	2,502	-2.5%
BtoB-PF ES	Gross profit	4,384	+40.7%
BtoB-PF ES	SG&A	4,277	+10.7%
BtoB-PF ES	Operating profit	106	–

By service, FOOD business full-year net sales comprised BtoB Platform Ordering at 8,829 million yen (+22.4%), Ordering Light & TANOMU at 1,181 million yen (+31.7%) and others at 1,919 million yen (+4.3%). ES business net sales comprised BtoB Platform Invoicing at 5,399 million yen (+22.6%), TRADE at 454 million yen (+62.2%) and others at 1,032 million yen (+3.5%).

Full-Year Forecast for FY12/26

For FY12/26 the company plans net sales growth of 13.5% and operating profit growth of 74.6%. Gross profit is expected to increase significantly as continued restraint in data-center expenses limits the rise in cost of sales, while SG&A growth is expected to be limited because a decline in promotion expenses — following the completion of the large-scale branding investment concentrated in the previous year’s Q4 — offsets higher personnel expenses tied to an improved wage system.

Item (Millions of yen)	FY12/26 Forecast	FY12/25 Actual	Year-on-year
Net sales	21,348	18,817	+13.5%
Gross profit	16,075	13,758	+16.8%
(Gross Profit Margin)	75.3%	73.1%	+2.2pt
Selling, general and administrative expenses	11,075	10,895	+1.7%
Operating profit	5,000	2,863	+74.6%
(Operating margin)	23.4%	15.2%	+8.2pt
Ordinary profit	4,835	2,836	+70.5%
Income taxes	1,731	898	+92.8%
Profit attributable to owners of parent	3,097	1,922	+61.1%

By segment, the company plans BtoB-PF FOOD net sales of 13,157 million yen (+10.3%) and operating profit of 4,154 million yen (+50.7%), and BtoB-PF ES net sales of 8,191 million yen (+19.0%) and operating profit of 845 million yen (+695.9%).

Shareholder Returns

Infomart states that dividends form the core of its return to shareholders, and its basic dividend policy is a payout ratio of 50% based on non-consolidated performance. The company says it will strive to further increase shareholder returns by improving business performance while strengthening its financial position.

Dividend per share (Yen)	FY2024	FY2025	FY2026 (Forecast)
Interim dividend	0.77	2.23	3.29
Year-end dividend	0.97	3.21	3.29
Total	1.74	5.44	6.58

Medium-Term Plan and Topics

FY12/26 is the final year of the medium-term management policy covering FY12/22 to FY12/26. Its performance targets for FY2026 are net sales of 20 billion yen, operating profit of 5 billion yen and an operating profit to sales ratio of 25%, with an average 3-year CAGR for sales growth of 16% (FOOD business 8%, ES business 30%). The policy centers on enhancement of the core BtoB Platform business, a continued trend of higher sales and profits with a return to high profitability, and expansion of synergies with investee companies.

On the alliance front, Infomart formed a business alliance with invox Inc. and additionally acquired its shares, making it an equity-method affiliate, with the aim of combining Infomart’s customer base with invox’s AI and automated document digitalization technology to develop a next-generation comprehensive billing service. Separately, the company concluded a capital and business alliance agreement with the Dai-ichi Life Group, under which Dai-ichi Life Holdings becomes a 15% shareholder through the issuance of new shares and disposal of treasury shares. The company states it will procure approximately 17.4 billion yen, to be allocated to investment in or acquisition of a company (10.9 billion yen), system development costs and costs related to strengthening alliances with the prospective allotment partner (4.5 billion yen), and repayment of loans from financial institutions (2 billion yen).

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.