Infomart Q3 FY2026: Operating profit rises 40.9%, outlook held

Revenue for January to September 2026 was ¥15.253 billion, up 10.5% from a year earlier. Operating profit rose 40.9% to ¥3.393 billion, while net income attributable to owners of the parent increased 31.4% to ¥1.973 billion. Alongside higher sales, costs eased after the cloud infrastructure migration was completed, lifting the operating margin to about 22.2% from about 17.4% a year earlier.

• Revenue growth: More companies used Infomart’s BtoB platform, adding ¥1.449 billion to revenue from a year earlier.
• Cost controls: Infomart completed the cloud migration of its remaining servers, reducing data center costs. In the invoicing business, capitalized development costs also lowered amortization expenses.
• Higher selling, general and administrative costs: Personnel expenses rose as the company improved its pay structure and wage levels to secure talent, while amortization of goodwill related to TANOMU declined.
• One-time expense: Customer referral fees increased as Infomart stepped up incentives for sales partners to win new contracts.

Higher revenue and lower costs drove earnings growth. Operating profit grew faster than revenue year on year, improving the margin. Infomart also recorded equity-method investment losses and impairment losses on investment securities, reflecting investment-related swings in non-operating and extraordinary items.

BtoB Platform FOOD Business generated revenue of ¥9.504 billion, up 8.4% year on year, and operating profit of ¥3.087 billion, up 39.2%. Use of ordering services expanded among restaurant chains, hotels and catering operators, while TANOMU also gained users through stronger sales efforts. Growth in customer numbers and transaction value boosted system usage fees.

BtoB Platform ES Business posted revenue of ¥5.749 billion, up 14.3% year on year, and operating profit of ¥306 million, up 61.6%. Adoption and activation of the invoicing service advanced at large companies and corporate groups, while the April 2025 price revision also supported sales. TRADE added more paying customers through stronger sales efforts, and lower data center costs contributed to higher profit.

Both businesses recorded higher revenue and profit. The ES business had the faster revenue growth, while the FOOD business generated more operating profit. FOOD is broadening its offering beyond ordering to include restaurant management support, while digitization of invoicing and the price revision are supporting growth in ES.

At the end of September, total assets stood at ¥33.673 billion and the equity ratio was 89.2%. Net assets increased after a third-party allotment of shares and the disposal of treasury stock, while cash and cash equivalents also rose substantially.

The increase in financing cash flow was mainly due to a new share issuance and disposal of treasury stock to Dai-ichi Life Holdings, now Daiichi Life Group, as the recipient. Investing cash flow included the acquisition of shares in affiliates and spending on system development. Operating cash flow was below the year-earlier level, in part because of higher corporate tax payments. Infomart did not announce a share buyback. It plans an annual dividend of ¥6.58, comprising an interim dividend of ¥3.29 and a forecast year-end dividend of ¥3.29, an increase from the previous year.

Infomart maintained its forecast for the fiscal year ending December 2026, projecting revenue of ¥21.348 billion, operating profit of ¥5 billion and net income of ¥3.097 billion. The operating profit forecast represents a 74.6% increase from the previous year. Results for the first nine months reached about 68% of the full-year forecast.

There was no change from the previous forecast. The approximate previous-year results are calculated from the year-on-year comparisons in the earnings release. Infomart expects growth in both businesses, the invoicing service price revision and lower data center costs to support results, while personnel costs and fees for mailing services and scanning are expected to rise. The company aims to absorb those higher costs through revenue growth and increase profit.

On Sept. 30, 2026, Infomart acquired an 80.0% stake in K&C Factory, which operates Pikaichi Navi, a management system for restaurants, and made it a consolidated subsidiary. The purchase price was ¥575 million. Results for the nine months ended September do not include K&C Factory’s performance after the acquisition.

• Broader service offering: Infomart will add restaurant sales, food costs and labor cost management to its existing ordering, purchasing and cost management services.
• Connecting customer bases and data: The companies aim to combine their services and customer bases to improve and advance restaurant operations.
• Long-term growth investment: Infomart plans to build a next-generation management support platform using data and AI, with the aim of increasing revenue per customer.

The acquisition is intended to complement Infomart’s existing restaurant services and increase the value of its platform. Goodwill from the acquisition was ¥581 million, provisionally recorded, and is planned to be amortized evenly over nine years.

Growth in Japan’s BtoB e-commerce market is a tailwind, but changes in corporate investment decisions or the cost environment could affect customer adoption and earnings plans. The business and financial issues identified in the earnings release include:

• Economic and cost environment: Persistently high energy and raw material prices, inflation and interest rate hikes associated with changes in monetary policy could affect business activity and slow customer investment in digital tools.
• Rising growth costs: Spending on hiring and customer acquisition is increasing personnel expenses and referral fees. If revenue growth falls short of cost increases, margin improvement could stall.
• Changes in investment valuations: Infomart recorded equity-method investment losses and impairment losses on investment securities in the period. The performance of investees and the valuation of shareholdings could cause earnings outside operating profit to fluctuate.
• Post-acquisition integration and monetization: For investments such as K&C Factory, the challenge is to connect services and customer bases and deliver growth that justifies the acquisition cost and goodwill.