Sumasapo Inc.

Business Details

Under its management philosophy of "support for a smart life," the company provides multiple solutions for real estate management companies. Centered on its flagship service "Sumasapo Thank You Call" (new-life support and intermediary service) and the resident app "totono," it uses data and technology to solve communication challenges in the analog, phone- and paper-centric real estate industry. Its customers are real estate management companies nationwide. In the first half of FY2026 (ending March 2026), net sales were ¥1,368 million (down 3.9% year on year) and operating profit was ¥60 million (down 47.1% year on year).

Recent Overview

Sales decline continued during the totono2.0 transition period, while higher SG&A expenses caused a sharp drop in profit

In the first half of FY2026 (ending March 2026) (October 2025 to March 2026), net sales fell 3.9% year on year to ¥1,368 million, reflecting the transition period from totono1.0 to totono2.0. Selling, general and administrative expenses increased from ¥400 million in the prior-year period to ¥445 million, and operating profit declined sharply by 47.1% year on year to ¥60 million, with net income for the interim period down 60.5% year on year to ¥37 million. On the other hand, the number of totono users grew steadily, up 18.0% quarter on quarter, and ARPU exceeded ¥122 for the first time. In terms of investment activities, the company significantly expanded investment compared to the prior-year period (¥42 million), with ¥70 million spent on acquisition of intangible fixed assets and ¥21 million on acquisition of investment securities. There is no change to the full-year earnings forecast (net sales of ¥3,150 million, operating profit of ¥230 million).

Key Products

Growth Drivers

• Expansion of ARPU and user numbers driven by accelerated migration to totono2.0 (the value-added service with chat support BPO) (ARPU of ¥122 and user growth of 18.0% quarter on quarter in the current first half)
• Increase in customer unit prices through expanded product proposals and upselling in Sumasapo Thank You Call
• Growing demand for digital technology utilization aimed at improving productivity, against the backdrop of chronic labor shortages in the real estate management industry
• Reduction of BPO costs and improved operational efficiency through active R&D investment in the AI field
• Enhanced investment in long-term growth, including human capital investment and shareholder returns
• Expansion of revenue opportunities on the totono platform through partnerships with other industries (such as furniture subscriptions and bicycle insurance)

Risks

• Risk of short-term sales decline during the transition period from totono1.0 to totono2.0 (net sales declined 3.9% year on year in H1 FY2026, ending March 2026)
• Risk of increased SG&A expenses and deteriorating profitability due to expanded investment in AI and human capital (SG&A expenses up 11.1% year on year in the current first half)
• Risk of revenue concentration among major customers (Stoene Co., Ltd. at 26.8% and Alliance Technology Co., Ltd. at 21.9%, with the top two customers accounting for approximately 49% combined)
• Difficulty and rising costs in recruiting talented personnel with technical and real estate industry expertise
• Risk of leakage of residents' personal information (address, name, employer, family composition, annual income, etc.) and other security risks
• Risk of changes in the market environment due to new competitor entry, and impairment risk related to fixed assets (software)
• Impact on the real estate industry from uncertainty in the external environment, including trends in overseas trade policy and fluctuations in financial and capital markets