AnyMind Group Inc.

Business Details

The company operates across three areas: marketing support for corporate brands (AnyTag / AnyDigital), D2C/EC support (AnyX, AnyLogi, etc.), and partner growth support for publishers and creators (AnyManager / AnyCreator). It conducts business in 15 countries and regions worldwide, mainly in Asia and the Middle East, supporting customers' DX promotion and operational efficiency through a BPaaS model that combines software and operations. Reported as a single segment.

Recent Overview

D2C/EC expanded rapidly following consolidation of three M&A companies; revenue up 40.3%, but operating profit down 35.2% year on year

From January 2026, the company began consolidating Sun Smile Co., Ltd. (distribution of cosmetics and beauty goods brands, acquisition cost ¥4,087 million) and Bcode Co., Ltd. (live creator support), and from February, MISM Co., Ltd. (vertical video creative production). As a result of consolidating these three companies, goodwill increased by ¥5,145 million to ¥8,980 million. The D2C/EC Platform expanded sharply to ¥7,203 million (up 198.7% year on year). The Marketing Platform also recovered, up 14.5% year on year. Meanwhile, Partner Growth continued to be affected by changes in the market environment, down 10.6% year on year. As SG&A expenses increased to ¥6,572 million (from ¥4,562 million in the prior-year period), operating profit decreased to ¥193 million (from ¥298 million in the prior-year period). Adjusted EBITDA increased to ¥806 million (from ¥726 million in the prior-year period). The full-year earnings forecast remains unchanged from the figures announced on February 13, 2026 (revenue of ¥79,110 million, operating profit of ¥3,060 million).

Key Products

Growth Drivers

• Non-continuous growth of the D2C/EC Platform (Q1 revenue up 198.7%) through the integration of three M&A deals—Sun Smile, Bcode, and MISM—and the establishment of an end-to-end social commerce support system
• Recovery in growth of the Marketing Platform to over 20% year on year through the reinforcement of the sales organization, symbolized by the expansion of its track record in the domestic social commerce field, including winning the TikTok Shop GMV Max Award
• Maintenance of organic growth through the acquisition of new large customers and upselling to existing customers, including cross-border live commerce support using the proprietary "AnyLive" platform across multiple countries
• Promotion of operational efficiency and productivity improvement through AI utilization, keeping headcount roughly flat even during business expansion phases excluding M&A, thereby improving gross profit per employee
• Progress in regional diversification away from dependence on Southeast Asia, with the revenue share of the Japan and South Korea markets rising to 49% (from 38% in the prior-year period)

Risks

• Continued deterioration in the market environment for the Partner Growth business (Q1 revenue down 10.6%), pressuring overall company profitability, with the risk that the planned turnaround to profit growth from Q2 onward may not materialize as planned
• Increased financial leverage and a decline in the ratio of equity attributable to owners of parent (from 37.4% to 34.8%) due to a sharp rise in goodwill balance (from ¥3,834 million to ¥8,980 million) and an increase in borrowings (current and non-current combined, from ¥9,617 million to ¥12,365 million) accompanying active M&A activity
• Decline in operating margin (Q1 operating margin of 1.1%, versus 2.4% in the prior-year period) due to the continued high level of SG&A expenses (Q1: ¥6,572 million, up 44.1% year on year)
• Risk that the amounts of goodwill and intangible assets may change once the purchase price allocation for Sun Smile and other acquisitions, currently provisional, is finalized
• Increased costs from foreign exchange fluctuations (yen depreciation), geopolitical risk (heightened tensions in the Middle East), and regulatory compliance across multiple countries due to expansion across Asia