Excite Holdings Co.,Ltd.
5571・Standard Market・Information & Communication
Business
Excite Holdings Co., Ltd. is a pure holding company (transitioned to this structure in 2020) whose core subsidiary is Excite Co., Ltd., founded in 1997. It operates four segments: Medical (online medical consultation and aesthetic medicine), Platform (counseling and media), Broadband (ISP and MVNO), and SaaS/DX (webinar SaaS, shareholder meeting support, and system development). Consolidated net sales for FY2026 (ending March 2026) were ¥10,797 million. Its main customers span both individual consumers (counseling, ISP, medical) and corporate clients (SaaS/DX, M&A Advisory & Brokerage Service). The company listed on the Standard Market of the Tokyo Stock Exchange in April 2023.
Business Model
The Platform Business (operating margin of 16.2%) and the Broadband Business (15.1%) generate stable profits as cash cows, and this earnings base is used to fund aggressive upfront investment in the Medical Business and the SaaS/DX Business. The Medical Business pursues high growth through expansion of medical specialties covered and promotional investment, while the SaaS Business aims for an ARR-accumulation-type revenue model. Strengthening of the business portfolio through M&A is also being pursued in parallel.
Company Strengths
The Platform Business (FY2026 (ending March 2026) operating profit of ¥550 million, profit margin 16.2%) and the Broadband Business (¥544 million, profit margin 15.1%) together generate operating profit of over ¥1,093 million on a stable basis. This earnings base serves as the financial pillar supporting upfront investment in new businesses, and the profit levels of both businesses have been broadly maintained from FY2023 through FY2026 (ending March 2026).
Excite Co., Ltd. has a track record of independently developing and operating a diverse range of services since its founding in 1997, including a portal site, news media, media for women, ISP, counseling, phone-based fortune-telling, and low-cost SIM services. Its long-standing touchpoints with individual users and recognized brand are proprietary assets that contribute to lowering customer acquisition costs when launching new services.
The company has executed multiple M&A deals in a short period, including making iXIT a subsidiary in 2020 (entry into the DX business), making M&A BASE a subsidiary in 2023 (entry into M&A brokerage), making Sharely a subsidiary in 2024 (expansion of SaaS), and making ONE MEDICAL a subsidiary in 2024 (strengthening of the Medical business). In FY2026 (ending March 2026), Medical business revenue increased 200.1% year on year to ¥2,874 million, confirming in numerical terms the acceleration of growth through M&A.
ENVALITH's Perspective
Performance Trend
Revenue has continued to accelerate, rising from ¥7,533 million in FY2023 to ¥7,714 million in FY2024, ¥9,092 million in FY2025, and ¥10,797 million in FY2026. Operating profit, on the other hand, has continued to decline, from ¥622 million in FY2023 to ¥644 million in FY2024, ¥461 million in FY2025, and ¥454 million in FY2026. In FY2026 (ending March 2026), a sharp increase in revenue driven by the expansion of medical specialties in the Medical business (up 200.1% year on year) led overall growth, but aggressive promotional investment in that business (operating loss of ¥156 million) and extraordinary losses such as ¥69 million in head office relocation costs weighed on profit. As an external factor, a decline in advertising unit prices for media services also negatively impacted revenue in the Platform Business. Profit attributable to owners of parent improved to ¥253 million (up 39.2% year on year), but this was aided by a benefit from deferred income tax adjustments (¥67 million). For FY2027 (ending March 2027), operating profit is forecast at ¥610 million (up 34.3% year on year), and improvement in the profitability of the Medical and SaaS/DX businesses will be key to achieving this target.
Growth Strategy
Focused investment in Medical and SaaS plus M&A to target sales of ¥15,500 million and a market capitalization of ¥30.0 billion by FY2028 (ending March 2028)
Continued expansion of medical specialties at ONE MEDICAL, accelerating member acquisition through aggressive promotional investment. In FY2026 (ending March 2026), sales reached ¥2,874 million (up 200.1% year on year), but an operating loss of ¥156 million continued. Profitability improvement is expected in FY2027 (ending March 2027).
Pursuing ARR growth by expanding subscription customer acquisition for FanGrowth and Sharely. In FY2026 (ending March 2026), sales were ¥916 million (down 1.9% year on year) with an operating loss of ¥69 million, remaining in the red. Declining revenue from DX Service is a drag, and improving the revenue structure by raising the SaaS ratio remains a challenge.
Maintaining steady performance in counseling services while seeking to sustain profitability in the Broadband Business through growth in the number of paying subscribers to the 10-gigabit fiber-optic line. In FY2026 (ending March 2026), Platform Business operating profit was ¥550 million (up 1.5% year on year) and Broadband Business operating profit was ¥544 million (down 3.3% year on year), both generally stable.
Completed the acquisition of ONE MEDICAL (November 2024) and finalized the provisional accounting for the business combination in FY2026 (ending March 2026), recording goodwill of ¥3,011 million. Continuing to use M&A as a growth vehicle, with consideration being given to entry into new business areas. There are no material subsequent events to report.
Last updated: July 19, 2026