ENVALITH
株式会社KeyHolder logo

KeyHolder,Inc.

4712・Standard Market・Services

Official website
株式会社KeyHolder logo
KeyHolder,Inc.4712

Business

KeyHolder, Inc. operates in five segments: Comprehensive Entertainment Business (talent agency and game apps), Video Production Business (variety shows, dramas, and film distribution), Advertising Agency Business (digital advertising and casting), Logistics Business (transportation and warehousing specialized in amusement equipment), and Other Businesses (real estate, food & beverage, lodging, and wholesale). The group consists of 17 consolidated subsidiaries and 4 equity-method affiliates, and has expanded through active M&A. It represents 166 renowned artists across 13 groups, including Nogizaka46, SKE48, and Novelbright, and is listed on the Standard Market of the Tokyo Stock Exchange. Revenue for FY2025 (ending December 2025) was ¥35,630 million.

Business Model

The company brings together diverse businesses—talent agency, game apps, video production, digital advertising, and logistics—under one group, creating synergies by leveraging in-house artists and content across advertising casting and video production. The logistics business functions as a stable earnings base specialized in amusement equipment, and the company has expanded its scale by incorporating new businesses through M&A. Revenue grew approximately 2.1x over five years, from ¥16,786 million in FY2021 (ending March 2021) to ¥35,630 million in FY2025 (ending March 2025).

Company Strengths

Operates official game apps for Sakamichi group units, including Nogizaka46's official "Nogikoi" (10th anniversary in April 2026), Hinatazaka46's official "Hinakoi," and Sakurazaka46's official "Sakukoi." The Live Entertainment (Talent Agency) segment has a total of 166 members across 13 groups, and the company continues to hold large-scale live events. In FY2025 (ended March 2025), segment profit for the Comprehensive Entertainment Business was ¥1,808 million, a 207.1% year-on-year increase, achieving a V-shaped recovery.

Topos Enterprise Co., Ltd. operates a nationwide delivery network centered on three hubs in Chiba, Saitama, and Osaka. It has storage capacity for over 150,000 units, primarily amusement equipment for pachinko halls, and provides high-quality service through proprietary systems including 24/7/365 monitoring, GPS tracking, and dedicated pallet management. In FY2025 (ended March 2025), revenue from the Logistics Business expanded sharply to ¥5,605 million (up 434.5% year on year) due to full-year contribution.

Since 2018, the company has sequentially made subsidiaries of North River Co., Ltd., 10ANTZ Inc., Topos Enterprise Co., Ltd., Red List Co., Ltd., Aoi Corporation, and others. In FY2025 (ended March 2025), the company brought Red List (food and beverage) into the group in May and Aoi Corporation (a talent agency representing Hiroshi Tamaki, Kunito Watanabe, and others) in August, adding ¥1,698 million to revenue versus plan.

ENVALITH's Perspective

In Q1 of FY2026 (ending December 2026), the company achieved revenue of ¥8,327 million (up 4.2% year-on-year), operating profit of ¥515 million (up 5.8%), and profit attributable to owners of parent for the quarter of ¥317 million (up 7.0%), achieving increases in both revenue and profit across all items. Against the full-year plan (revenue of ¥36,000 million, operating profit of ¥1,600 million, profit attributable to owners of parent of ¥1,000 million), Q1 progress rates stood at 23.1% for revenue, 32.2% for operating profit, and 31.7% for net profit, with particularly favorable progress on the profit side. There has been no revision to the earnings forecast, and management has expressed confidence in achieving the plan.

By segment, Video Production Business showed outstanding growth, with revenue up 31.3% and segment profit up 176.9%, reflecting success from the ramp-up of the distribution business. Meanwhile, Advertising Agency Business posted a segment loss of ¥75 million (versus a segment loss of ¥28 million in the same quarter of the previous year), with the loss widening. This reflects a combination of shrinking client advertising spending volume in the digital advertising division and deteriorating profitability in the existing advertising agency division, and there is a possibility that this will remain a drag on earnings until the effects of the unprofitable project cleanup from the organizational restructuring effective April 1 materialize. As an external factor, attention should also be paid to the risk of a downturn in personal consumption stemming from U.S. trade policy, which could affect the advertising market.

FY2025 (ended December 2025) saw revenue of ¥35,630 million, operating profit of ¥1,573 million, and net profit of ¥857 million, marking a sharp decline in profit compared to FY2024 (ended December 2024). The full-year plan for FY2026 (ending December 2026) anticipates a recovery, with operating profit of ¥1,600 million (up 1.7% year-on-year) and net profit of ¥1,000 million (up 16.6%), but these remain far below the FY2024 levels of operating profit of ¥2,805 million and net profit of ¥2,501 million. In terms of financial position, the ratio of equity attributable to owners of parent improved to 43.0% (from 41.2% at the previous fiscal year-end), and with total assets of ¥52,813 million and total equity of ¥22,862 million, the financial base is stable; however, continued attention is warranted given that other financial liabilities under non-current liabilities (mainly lease liabilities) remain at an elevated level of ¥15,940 million.

Growth Strategy

Advancing new IP content creation, expansion of the distribution business, overseas expansion, and restructuring of unprofitable operations

Aiming to exceed the previous period's audience attendance through large-scale events including Nogizaka46's 3-day Tokyo Dome concert (14th YEAR BIRTHDAY LIVE, May 19–21), the Midsummer National Tour 2026 (8 cities, 18 performances), Novelbright HALL & ARENA TOUR 2026 (22 cities, 30 performances) and ASIA TOUR 2026 (4 cities, 5 performances), and SKE48 SUMMER Tour 2026 (5 cities, 12 performances).

The first release, "Koyaban: Yatsugatake ni Ikiru (Theatrical Version)," achieved box office revenue significantly exceeding its initial target. The company plans to build up its distribution slate with the second release, "Kiriko no Tact ~YELL~" (nationwide release planned within 2026), the Korean animated film "En no Tegami" (nationwide release planned in autumn 2026), and other titles, cultivating this as a new pillar of revenue for the Video Production Business.

Effective April 1, 2026, an organizational restructuring involving absorption-type company splits and absorption-type mergers was implemented among four consolidated subsidiaries. The company aims to enhance management efficiency through optimized resource allocation and consolidation of operational functions, while addressing unprofitable projects and improving profitability in the Advertising Agency Business. There is no impact on Q1, with effects expected to materialize from Q2 onward.

UNITED PRODUCTIONS is advancing "content internationalization and overseas expansion" as part of its long-term growth strategy. The company is building up overseas projects leveraging group synergies, such as web commercial and casting orders from Chinese-capital companies (featuring Nogizaka46's Yoda Yuki), to diversify its international revenue sources.

The company is discovering next-generation IP content through initiatives such as the SKE48 14th Generation Audition and the "bijoux Newcomer Discovery Audition 2026," which grants the right to appear in a film produced by director Fujii Michihito. In parallel, the company is advancing both the enrichment of activities by existing artists—including a business alliance with Karasawa Toshiaki and Yamaguchi Tomoko's "TEAM KARASAWA"—and the development of new content.

Last updated: July 17, 2026