KAYAC Inc.
3904・Growth Market・Information & Communication
Digital Content Business (Single Segment)
An 'Omoshiro Corporation' (fun-focused company) that transitioned from a single-segment structure to a four-segment structure starting FY2026 (ending March 2026)
| Period | Current | Previous | Change |
|---|---|---|---|
| Consolidated Net Sales (Cumulative 1Q FY2026) | ¥5,202 million | ¥4,668 million (1Q FY2025) | ↑ |
| Consolidated Operating Profit (Cumulative 1Q FY2026) | ¥340 million | ¥249 million (1Q FY2025) | ↑ |
| Consolidated Ordinary Profit (Cumulative 1Q FY2026) | ¥355 million | ¥188 million (1Q FY2025) | ↑ |
| Quarterly Net Profit Attributable to Owners of Parent (Cumulative 1Q FY2026) | ¥185 million | ¥413 million (1Q FY2025) | ↓ |
| Brand & Marketing Net Sales (1Q FY2026) | ¥1,791 million | ¥1,587 million (1Q FY2025) | ↑ |
| Brand & Marketing Operating Profit (1Q FY2026) | ¥217 million | ¥159 million (1Q FY2025) | ↑ |
| Games & Animation Net Sales (1Q FY2026) | ¥2,494 million | ¥2,244 million (1Q FY2025) | ↑ |
| Games & Animation Operating Profit (1Q FY2026) | ¥160 million | ¥172 million (1Q FY2025) | ↓ |
| Regional Capitalism Net Sales (1Q FY2026) | ¥226 million | ¥277 million (1Q FY2025) | ↓ |
| Regional Capitalism Operating Profit (1Q FY2026) | ¥37 million | ¥49 million (1Q FY2025) | ↓ |
| Other Net Sales (1Q FY2026) | ¥691 million | ¥560 million (1Q FY2025) | ↑ |
| Smout User Count (end of 1Q FY2026) | 88,892 users | Approx. 84,000 (reference value as of end of FY2025, ending December 2025) | ↑ |
| Smout Paid Region Count (end of 1Q FY2026) | 997 regions | ― | ↑ |
| Full-Year Net Sales Forecast (FY2026, ending December 2026) | ¥23,000 million | ¥20,095 million (FY2025, ending December 2025, actual) | ↑ |
| Full-Year Operating Profit Forecast (FY2026, ending December 2026) | ¥1,000 million | ¥1,071 million (FY2025, ending December 2025, actual) | ↓ |
| Equity Ratio (end of 1Q FY2026) | 44.4% | 42.5% (end of FY2025, ending December 2025) | ↑ |
Business Details
Kayac Inc. transitioned to a four-segment structure comprising "Brand & Marketing," "Games & Animation," "Regional Capitalism," and "Other" starting from the fiscal year ending December 2026. The company operates advertising and DX contracting, global casual games, a regional human capital platform, and new business incubation across these segments. It has built a system that provides end-to-end support from strategic design through execution and operation by leveraging management assets centered on creators across business lines.
Recent Overview
1Q FY2026 net sales rose 11.4% and operating profit rose 36.5%, showing strong performance, but net profit fell 55.2% due to the absence of the prior year's extraordinary gains
In 1Q FY2026 (January to March 2026), net sales reached ¥5,202 million (up 11.4% year on year), operating profit reached ¥340 million (up 36.5% year on year), and ordinary profit reached ¥355 million (up 88.3% year on year), representing significant improvement at the operating and ordinary profit levels. On the other hand, due to the absence of extraordinary gains of ¥285 million recorded in the same period of the prior year—including a gain of ¥235 million on the sale of shares in an affiliated company—net profit attributable to owners of parent came to only ¥185 million (down 55.2% year on year). The company transitioned to a four-segment structure starting FY2026 (ending March 2026), improving the transparency of information disclosure. The full-year earnings forecast (net sales of ¥23,000 million, operating profit of ¥1,000 million) remains unchanged.
Key Products
Growth Drivers
- Kayac Bond Inc.'s DX-related contracting business within the Brand & Marketing segment has performed well, expanding 1Q net sales by 12.9% year on year to ¥1,791 million and operating profit by 36.8% year on year to ¥217 million
- The Games & Animation segment posted 1Q net sales up 11.2% year on year to ¥2,494 million. The company maintained its position as the top Japanese company in global app download volume for five consecutive years, with steady new releases of hyper-casual and hybrid casual games
- The Other segment posted 1Q net sales up 23.3% year on year to ¥691 million, with operating profit turning from a loss (¥19 million) in the prior-year period to a profit (¥18 million)
- Smout's user count and number of paid regions have expanded steadily, and the company is pursuing business expansion into the private sector (B2B) to strengthen its revenue base
- A new game business through co-development with a major IP is underway, aiming for future dramatic growth after a development period of nearly two years
- The transition to a four-segment structure has improved transparency regarding each business's growth phase, profitability characteristics, and resource allocation, enhancing disclosure to investors
Risks
- In FY2026 (ending December 2026), the company plans to expense upfront investment (approximately ¥300 million) for a co-developed game with a major IP, and expects full-year operating profit of ¥1,000 million, down 6.6% year on year, reflecting an investment phase
- 1Q operating profit in the Games & Animation segment declined 6.8% year on year to ¥160 million, as expenses related to new game development investment weighed on profitability
- The Regional Capitalism segment saw 1Q net sales decline 18.6% year on year to ¥226 million and operating profit decline 24.0% year on year, due to seasonal risk stemming from the effects of municipalities' fiscal years
- Hyper-casual games have a high degree of dependence on ad network operators (such as AppLovin Corp.), posing risk from platform policy changes
- An investment loss under the equity method of ¥31 million was recorded in 1Q (compared to ¥39 million in the prior-year period), continuing to weigh on ordinary profit
- Risks to the business environment from weak consumer sentiment, US trade policy, price trends, and fluctuations in financial and capital markets
- A structurally unfavorable year-on-year comparison at the net profit level due to the absence of extraordinary gains (¥285 million), including gains on the sale of shares in affiliated companies, recorded in the prior-year period
Last updated: March 26, 2026