ENVALITH
株式会社ラバブルマーケティンググループ logo

Lovable Marketing Group, inc.

9254・Growth Market・Services

Official website
株式会社ラバブルマーケティンググループ logo
Lovable Marketing Group, inc.9254

Business

Lovable Marketing Group Co., Ltd. is a marketing corporate group promoting "Lovable Marketing." Centered on Comnico Inc., founded in 2008, and encompassing 9 consolidated subsidiaries, the group's core offering is "MOS (Marketing Operating Service)," which integrates three solutions: SNS Account Management Support Service, SaaS-based SNS management support tools, and human resource education. In addition, the group is expanding its support areas to include website production/DX support, influencer marketing, and Inbound Promotion (Talon Japan). Its main customers are mid-tier and large domestic companies, broadly covering industries with high demand for SNS utilization, primarily BtoC companies. Listed on the Tokyo Stock Exchange Growth Market.

Business Model

The company has built a business model in which three solutions—SNS account management support (monthly recurring type), SaaS-type tools (subscription), and human resource education (certification courses)—complement each other in a cycle of growth. Know-how accumulated through management support is fed back into the tools and education offerings, and education program participants in turn become new customers and personnel, forming a virtuous cycle. Combined with external growth through M&A, the company pursues a strategy of expanding its service scope and customer base in a non-linear manner.

Company Strengths

Founded in 2008 during the dawn of social media, the company has accumulated over 16 years of experience in supporting corporate SNS account management. In December 2017, it opened the "Social Media Management Center Kochi" to streamline operations and build a system for recruiting and developing personnel. The long-accumulated operational know-how constitutes a barrier to entry that is difficult for competitors to replicate in a short period.

The company has built a system that provides three solutions completely in-house within its group: SNS account management support (from strategy formulation to effectiveness verification), SaaS-type tools (comnico Marketing Suite, ATELU, autou), and the SNS Expert Certification (basic, advanced, and risk management). Each solution complements the others, contributing to continued customer usage and revenue stabilization.

Since 2023, the company has executed multiple M&A deals involving DTK AD, Union Net, L-Marke, and Rice Curry LS, incorporating LINE marketing, influencer marketing, web production, and a major corporate customer base. In FY2026 (ending March 2026) (5 months), it completed two additional M&A transactions, resulting in an increase in goodwill of ¥624,509 thousand compared to the end of the previous fiscal year.

ENVALITH's Perspective

FY2026 (ending March 2025) is a 5-month accounting period due to a change in fiscal year-end (net sales ¥1,302 million, operating profit ¥57 million), making a simple comparison with the prior period (12 months) not possible. The full-year forecast for FY2027 (ending March 2027) has been disclosed as net sales of ¥3,537 million and adjusted EBITDA of ¥400 million, but figures below operating profit remain undisclosed on the grounds that "M&A-related expenses are difficult to estimate." The amortization burden from goodwill related to Rice Curry LS (goodwill of ¥507 million, provisional value) and L-Marke (goodwill of ¥150 million, provisional value) is structurally weighing down the profit level, making the speed of profit contribution following the M&A the focal point of evaluation.

Interest-bearing debt at the end of FY2026 (ending March 2025) (short-term borrowings of ¥300 million + current portion of long-term borrowings due within one year of ¥416 million + long-term borrowings of ¥812 million) reached a total of ¥1,528 million, a significant increase from the end of the prior period. Meanwhile, cash flow from operating activities was extremely thin at ¥1 million over the 5-month period, while ¥818 million was spent on investing activities. Funds were secured through financing activities (borrowings of ¥600 million + capital increase of ¥494 million), a structure in which improving the operating CF generation capability of existing businesses is key to financial stability. The equity ratio improved to 30.8% from 21.9% at the end of the prior period, but attention should also be paid to the fact that the goodwill balance of ¥786 million is large relative to net assets of ¥939 million.

As an external factor, the internet advertising market maintained high growth of 10.8% year-on-year in 2025, and demand for SNS marketing continues to expand. On the other hand, the operating profit margin on net sales has remained at a low level, moving from 6.1% in FY2025 (ending October 2025) to 4.4% in FY2026 (ending March 2025, 5-month period). M&A-related expenses (advisory fees, etc.) and share issuance costs are being recorded as non-operating expenses, continuing a structure in which growth investment costs weigh on profits. Toward FY2027 (ending March 2027), achieving both revenue contribution from M&A subsidiaries and cost control will be a prerequisite for improving profit margins.

Growth Strategy

Aiming for FY2027 (ending March 2027) revenue of ¥3,537 million through three pillars: organic growth of existing businesses, launch of new business areas, and M&A

Expanding the functionality of Comnico's SNS operation efficiency tools (TikTok and X support) and launching Jisou's Amazon advertising and AI utilization support services to enhance value for existing customers and drive new customer acquisition. A key driver toward achieving FY2027 (ending March 2027) revenue of ¥3,537 million and adjusted EBITDA of ¥400 million.

Made L-Marke (acquisition cost ¥180 million, LINE Marketing Support) a subsidiary in January 2026, and Rice Curry LS (acquisition cost ¥700 million, influencer marketing) a subsidiary in March 2026. Currently promoting cross-selling and synergy creation with existing customers. Early recovery of total goodwill of ¥657 million (provisional figure) is a key challenge.

Centered on the inbound media platform "Talon Japan" targeting foreign visitors to Japan, developing referral support through familiarization trips in partnership with local governments, business tie-ups with ski resort information platforms, and coupon listings at commercial facilities. Differentiating promotional effectiveness through exclusive contracts with Thai influencers. Building out the revenue model by expanding the number of companies listing coupons.

Centered on the "AI/DX Promotion Office" established in December 2024, promoting operational efficiency across the group through the use of AI tools. Aims to simultaneously control personnel expenses and enhance value-added, contributing to improvement in the adjusted EBITDA margin.

Last updated: July 19, 2026