WELLNET CORPORATION

Wellnet Corporation is a company specializing in payment and authentication services, which began convenience store bill payment agency services in 1997. Its core Multi-Payment Service functions as a non-face-to-face payment infrastructure spanning convenience stores, ATMs, and online banking, and is provided to a wide range of industries including mail order, utility bills, and transportation tickets. In addition, the company operates a business-to-consumer remittance service, an electronic money service utilizing the smartphone app "Shiharai Hisho" (Payment Secretary), and DX platforms for transportation operators, "Altair Triple Star" and "Basumori!". Major customers span multiple industries and include major e-commerce and payment agency operators such as Amazon Japan G.K. (16.3% of net sales) and DEGICA Co., Ltd. (19.2% of net sales). The company is listed on the Standard Market of the Tokyo Stock Exchange and the Main Market of the Sapporo Securities Exchange.

The company provides a cloud-based payment platform to merchants under a free-of-charge usage license that eliminates the need for system development costs, and generates revenue through a three-tier structure consisting of an initial setup fee, a monthly base fee, and a volume-based fee tied to the number of transactions. By leveraging existing infrastructure such as convenience stores, the company holds down merchants' initial investment while pursuing a stock-type model in which fee income accumulates as transaction volume grows. In its payment collection agency (収納代行) business, the company also manages cash flow, temporarily holding collected funds (payment collection agency deposits of ¥12,407 million) before remitting them to merchants on the designated payment date.

From FY2021 to FY2025, the company achieved five consecutive years of revenue growth and improved profit margins, with revenue rising from ¥8,842 million to ¥10,919 million and operating profit increasing from ¥568 million to ¥1,502 million. However, in FY2026 (ending June 2026), a rebound effect from a large prior-year project, a decline in transaction volume from a major client, and weak contract performance for benefits-related services combined to push results into a decrease in both revenue and profit, with cumulative nine-month revenue of ¥7,621 million (down 8.3% year on year) and operating profit of ¥1,117 million (down 11.3% year on year). The revised full-year forecast calls for revenue of ¥10,000 million and net income of ¥1,000 million, down 8.4% and 7.2%, respectively, from the previous year's actual results. On the external environment front, unstable international conditions and tariff issues are heightening uncertainty over the outlook for corporate activity, while continued expansion in DX demand is functioning as a medium- to long-term tailwind.