Livero Inc.
9245・Growth Market・Services
Business
Libero Co., Ltd. operates under the corporate philosophy of "Turning troubles into satisfaction," developing a business that resolves all issues related to relocation and new-life setup through its new-life services platform. Its core services are structured around three pillars: "Shinseikatsu Rakutto NAVI" for real estate companies, "Shataku Rakutto NAVI" for corporate clients, and "HAKOPLA" for moving companies, providing a one-stop offering spanning room searches, moving arrangements, utility setup agency services, company housing management, cloud-based rental contracts, and matching between moving companies. As of the end of FY2025 (ending December 2025), 1,491 real estate companies, 4,016 corporate clients, and 158 moving companies participated in the platform, giving the company a customer base spanning both individuals and corporations. The company listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in September 2021.
Business Model
The Company receives support requests from service requesters (real estate operators, corporations, etc.) and earns referral fees and success fees by linking information to service providers such as moving companies and utility providers. In the sublease service "Heyawari", the Company itself becomes a party to the lease agreement and earns sublease margin income. For moving companies, revenue sources include SaaS-type usage fees for the core operations system "HAKO-Tec" and matching fees for job orders. Service users (individuals and relocating employees) can, in principle, use the services free of charge, and this structure—where the interests of the three parties align—is driving the expansion of the customer base.
Company Strengths
1,491 real estate companies, 4,016 corporate clients, and 158 moving companies participate, with tie-ups as service providers spanning 753 real estate firms, 225 moving companies, and 101 utility providers. All stakeholders involved in new-life setup are consolidated onto a single platform, giving the company a network effect that would be difficult for a single operator to replicate.
The number of sublet units under the rental housing sublease service "Heyawari" reached 54,459 units at the end of FY2025 (December 2025 period), up 9,809 units year on year. As managed properties increase, asset items such as advance payments and security deposits paid have accumulated, while corresponding liability items such as advances received and deposits received have also increased, confirming the expansion of stock-type recurring revenue.
Selling, general and administrative expenses for the fiscal year ended December 2025 were held to ¥2,375,464 million (down 1.0% year on year), while net sales expanded 21.7% year on year to ¥4,364 million. Strengthened call center integration and productivity gains, combined with the drop-off of one-time costs, contributed to an operating margin of 17.4% (an improvement of roughly 5.5 percentage points year on year).
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive periods, from ¥2,377 million in FY2021 to ¥4,364 million in FY2025, and the trend of acceleration continued into Q1 of FY2026 (ending December 2026), with revenue of ¥1,544 million (up 23.8% year on year). Operating profit rose 90.3% year on year to ¥535 million, and the operating margin improved substantially to 34.7%. This was mainly driven by a 12.2% year-on-year reduction in SG&A expenses through efficiency gains such as AI utilization. In terms of the external environment, rising cost burdens in the moving industry have increased demand for operational efficiency, contributing to expanding demand for the company's services. The full-year forecast (revenue of ¥5,350 million, operating profit of ¥1,100 million) remains unchanged, but Q1 progress rates were high, at 28.9% for revenue and 48.7% for operating profit.
Growth Strategy
Pursuing sustainable growth through a three-pronged approach: expanding the customer base, building up sublease stock, and improving efficiency through AI utilization
Following an organizational restructuring, the acquisition of new sublease units has begun to exceed the previous year's results. Both the number of users and unit prices are growing steadily, and the company continues to actively capture demand for corporate housing management.
Against the backdrop of the spread of new technologies such as generative AI, the company is promoting a review of internal business processes. This has resulted in a structural reduction of SG&A expenses (down 12.2% year on year), and efforts are also underway to improve development speed and flexibility.
Amid rising operational efficiency needs driven by increasing cost burdens in the moving industry, HAKOPLA plays a strategic role as a hub that generates synergies and customer referrals with other businesses. The company is further promoting the provision of productivity-enhancing services through the "Association for Creating the Future of the Moving Industry" (Hikkoshi Gyokai no Mirai wo Tsukuru Kai).
As the number of managed units increases, security deposits, guarantee deposits, and long-term deposits received continue to expand. The accumulation of sublease stock generates stable margin income, contributing to the stabilization of the earnings base. Although this entails balance sheet expansion, it is being continuously promoted as a measure that contributes to long-term earnings stability.
Last updated: July 17, 2026