WILLs Inc.
4482・Growth Market・Information & Communication
Shareholder Management Platform Business
A platform business connecting listed companies with investors; the core business accounting for 95% of total company sales
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment sales (1Q cumulative) | ¥999 million | No year-on-year comparison due to transition to non-consolidated basis | — |
| Segment profit (1Q cumulative) | ¥142 million | No year-on-year comparison due to transition to non-consolidated basis | — |
| Segment profit margin (1Q cumulative) | 14.2% | No year-on-year comparison due to transition to non-consolidated basis | — |
| Premium Yutai Club - number of contracted companies | 108 companies | 110 companies (end of FY2025 (ending December 2025)) | ↓ |
| IR-navi - number of contracted companies | 369 companies | 375 companies (end of FY2025 (ending December 2025)) | ↓ |
| Premium Yutai Club - sales (1Q) | ¥887 million | No year-on-year comparison due to transition to non-consolidated basis | — |
| IR-navi - sales (1Q) | ¥78 million | No year-on-year comparison due to transition to non-consolidated basis | — |
Business Details
Provides a cloud-based platform connecting listed companies with institutional and individual investors. Comprises the "Premium Yutai Club" (108 contracted companies) for individual investors, "IR-navi" (369 contracted companies) for institutional investors, "Sustainability Solutions" which produces integrated reports and other materials, and "Other" services such as virtual shareholders meetings. Revenue is mainly generated from stock-type system usage fees and shareholder benefit point usage fees, giving the business a stable revenue base.
Recent Overview
Number of contracted companies declined slightly, but per-company unit price increases kept stock revenue steady; new services also rolled out sequentially
Effective January 17, 2026, the company absorbed and merged with its consolidated subsidiary Netmile, transitioning to non-consolidated accounting. Premium Yutai Club's number of contracted companies decreased by a net 2 from the previous fiscal year-end to 108, but sales of ¥887 million were secured due to an increase in the number of shareholders at client companies and a rise in average point sales per company. IR-navi's number of contracted companies also decreased by a net 6 to 369, but sales reached ¥78 million due to an increase in average revenue per company. The "Digital Yutai Club" was launched in March 2026. The number of companies adopting shareholder benefit programs increased by 20 from the previous fiscal year-end to 1,679 (as of March 31, 2026), reflecting a continued expansion of the market environment.
Key Products
Growth Drivers
- The number of individual shareholders reached a record high (83.59 million) amid new NISA and corporate governance reforms, alongside an increase in the number of companies adopting shareholder benefit programs (up 20 from the previous fiscal year-end to 1,679)
- Increase in stock revenue at Premium Yutai Club driven by growth in the number of shareholders at client companies and a rise in average point sales per company
- Structural expansion of demand for IR-related services driven by moves to establish dedicated IR departments in anticipation of the Tokyo Stock Exchange's new listing maintenance criteria and new TOPIX
- Enhanced functionality of IR-navi (addition of meeting scheduling and web meeting setup functions) through its renewal, leading to higher per-company unit prices
- Shift of Sustainability Solutions toward stock-type projects and steady order intake, driven by the institutionalization of sustainability information disclosure and enhanced investor dialogue
- Expansion of revenue opportunities through new service rollouts such as "Digital Yutai Club" (launched March 2026) and "Premium Yutai Club Furusato Nozei" (launched August 2025)
- Increase in orders for virtual shareholders meetings and online earnings briefings driven by the promotion of DX in shareholder management
Risks
- Both Premium Yutai Club and IR-navi have seen net decreases in the number of contracted companies compared to the previous fiscal year-end, posing a risk of a shrinking revenue base if new acquisitions fail to exceed cancellations
- Continued delisting due to corporate restructuring such as MBOs and TOBs, along with ongoing moves by companies with high institutional investor ownership ratios or performance concerns to discontinue shareholder benefit programs, creating sustained downward pressure on the number of contracted companies
- Since Premium Yutai Club's revenue depends on point usage rates and trends in the number of shareholders at client companies, there is a risk of declining sales during stock market downturns
- IR-navi's contract unit price is low (sales of ¥78 million ÷ 369 companies ≈ ¥0.21 million per company per quarter), meaning substantial revenue growth would require continued increases in the number of contracted companies or a significant price increase
- Risk of service disruption due to system failures or information security incidents (given the business's characteristic of handling large volumes of personal and confidential information)
- Continued amortization burden of goodwill of ¥163 million (as of end of March 2026) recorded through the absorption-type merger (1Q amortization of ¥5 million), and impairment risk
Last updated: March 26, 2026