Kakaku.com, Inc.TSE: 2371

Results Briefing for the Third Quarter of the Fiscal Year ending March 31, 2026

· Issued by Kakaku.com, Inc.
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FY26/3 Q3 Results Briefing

Kakaku.com Inc. (TSE Prime 2371)

February 4, 2026



Executive Summary

Full Year Forecast

Revenue

92billion yen（+17.3%）

Operating Profit

28billion yen（- 4.4%）

Strategic Focus for this fiscal year

While profit is expected to decline, we plan to expand investment in Kyujin Box and aim for company-wide revenue growth exceeding recent levels.

Q3 Highlights

  • Consolidated Results: Revenue reached 24 billion yen (68.9 billion cumulative), with operating profit at 7.3 billion yen (21.1 billion yen cumulative).
  • Kakaku.com: Experienced light decrease in both revenue and profit. While the shopping business grew, the personal finance segment saw a decline.
  • Tabelog: Achieved double-digit growth in both revenue and profit, driven by strong online reservation performance during the year-end peak season.
  • Kyujin Box: Revenue increased while profit decreased as anticipated, due to brand investments. An agreement was reached with en Inc. to make its "engage" business a subsidiary.
  • Incubation: Steady growth was seen in LiPLUS, and Time Design maintained solid performance.

    Kakaku.com, Inc. FY26/3 Q3 Results 1



    1. Consolidated Operating Results

    2. Operating Results by Segment

    3. Appendix

Kakaku.com, Inc. FY26/3 Q3 Results 2



Consolidated Operating Results

FY26/3 Q3 Highlights

Revenue 24,030

+3,706

+18.2%

68,891

+12,204

+21.5% 92,000

(74.9%)

Operating Profit 7,290

-742

-9.2%

21,133

-933

-4.2% 28,000

(75.5%)

OP Margin 30.3%

-9.2pt

-

30.7%

-8.2pt

- 30.4%

(-)

Profit Before 7,373

-715

-8.8%

20,927

-1,254

-5.7% 27,700

(75.5%)

Profit Attributable

to Owners of the 5,002

-507

-9.2%

14,369

-729

-4.8% 19,000

(75.6%)

EPS (yen) 25.28

-2.58

-

72.64

-3.74

― -

(million yen)

FY26/3 Q3

YoY Change

9 months

YoY Change

Full-Year Forecast

(progress)

Amount

%

Amount

%

Income Taxes

Parent Company

Kakaku.com, Inc. FY26/3 Q3 Results 3



Consolidated Operating Results

FY26/3 Q3 Revenue and Income by Segment

(million yen)

FY26/3 Q3

YoY Change

9 months

YoY Change

Full-Year Forecast (progress)

Amount

%

Amount

%

Kakaku.com

Tabelog

Kyujin Box

Incubation

Revenue 5,970 -64 -1.1% 17,555 +330 +1.9% 24,000

(73.1 )

%

(72.7 )

Segment Income 3,168 -4 -0.1% 9,311 +1,065 +12.9% 12,800

%

(75.1 )

Revenue 10,743 +1,774 +19.8% 29,677 +5,047 +20.5% 39,500

%

(78.1 )

Segment Income 6,168 +1,282 +26.2% 17,028 +3,350 +24.5% 21,800

%

(77.9 )

Revenue 4,797 +1,357 +39.5% 14,413 +5,306 +58.3% 18,500

%

(58.0 )

Segment Income -501 -1,720 -141.1% -869 -4,552 -123.6% -1,500

%

(71.0 )

Revenue 2,520 +639 +33.9% 7,246 -1,521 +26.6% 10,200

%

(71.8 )

Segment Income 829 +456 +122.1% 1,940 +687 +54.9% 2,700

%

-7,800

Adjustment of Segment Income* -2,374 -756 -46.7% -6,276 -1,484 -31.0%

(80.5%)

＊Adjustment of Segment Income includes corporate, and company wide-expenses not allocated to each segment.

Kakaku.com, Inc. FY26/3 Q3 Results 4



Consolidated Operating Results

FY26/3 Change in Operating Profit (Quarterly and Cumulative)

Q3 Change in Operating Profit

(million yen)

Q3 Cumulative Change in Operating Profit

(million yen)

YoY increase of:

Personnel Expenses ¥270 million Outsourcing Expenses ¥391 million

YoY increase of:

Agency Fees ¥803 million Service Fees, etc. ¥598 million

Increase due to brand investment for Kyujin Box (approx. ¥1.5 billion)

YoY increase of:

Personnel Expenses ¥756 million Outsourcing Expenses ¥1,261 million

YoY increase of:

Agency Fees ¥3,021 million Service Fees, etc. ¥1,589 million

Increase due to brand investment for Kyujin Box (approx. ¥4.5 billion cumulative)



Kakaku.com, Inc. FY26/3 Q3 Results 5

Consolidated Operating Results

Quarterly Trends in Key Operating Expenses and their Ratio to Revenue

Advertising Expenses

(million yen)

Agency Fees (Commissions)

(million yen)

9.9% 10.2%

8.7%

9.7%

Personnel/Outsourcing Expenses

(million yen)

23.0% 22.3% 21.3% 20.5% 21.4% 21.3% 20.8%

4,467

4,007

5,169 5,023

7.5%

20.5%

22.6% 20.9%

18.3%

13.8% 13.5% 14.1%

6.2% 6.4%

1,527

1,883

2,163

2,341 2,330

4,069 4,151 4,332

4,695

4,453

4,880 4,993

2,448 2,514

2,862

1,099

1,188

Q1

Q2 Q3

Q4

Q1

Q2

Q3

FY25/3

FY26/3

Q1

Q2 Q3

Q4

Q1

Q2

Q3

FY25/3

FY26/3

Q1

Q2 Q3

Q4

Q1

Q2

Q3

FY25/3

FY26/3

Growth investments drive increase in advertising expenses and agency fees

Q3 Results

  • Advertising expenses and agency fees increased primarily due to growth investments in Kyujin Box.

  • Personnel and outsourcing expenses are trending upward but remain stable relative to revenue.

    Q4 and Full-year Outlook

  • Advertising expenses to increase further in Q4 as we reinforce our planned investments in Kyujin Box and enhance promotion for Tabelog.

  • Agency fees are projected to rise in conjunction with our strategic growth investments for Kyujin Box.

＊For more details on operating cost, please refer to page 24.

Kakaku.com, Inc. FY26/3 Q3 Results 6





  1. Consolidated Operating Results

  2. Operating Results by Segment

  3. Appendix

Kakaku.com, Inc. FY26/3 Q3 Results 7



Kakaku.com

Quarterly Trends in Revenue and Segment Income

YoY

－1.1%

(million yen)

6,419

50.9%

39.7%

52.6% 54.3% 53.7% 52.4% 53.1%

6,034

5,836

5,749

5,970

2,046

1,951

1,935

1,892

2,047

1,128

1,263

1,132

1,095

956

764

241

751

223

767

656

385

205

770

740

506

275

779

433

224

809

692

428

198

811

648

405

192

790

578

671

938

785

561

632

931

Q1

Q2

Q3

Q4

Q1

Q2

FY26/3

Q3

FY25/3

5,612

5,580

1,830

1,825

1,136

1,054

640

635

435

405

2,859

2,215*

YoY

－0.1%

3,172

3,488

Q1 Q2 Q3 Q4 FY25/3

Q1 Q2 Q3 FY26/3

3,133 3,010 3,168

Shopping Personal Finance Telecon

Automotive Other Services Insurance

＊1 In FY25/3 Q2, impairment losses of 588 million yen were recorded mainly on intangible assets and goodwill related to the business of Pathee Inc.. Excluding this impact, FY25/3 Q2 segment income for Kakaku.com was 2,803 million yen (YoY+9.2%) and income margin was 50.2%. For details, please refer to: 2. Condensed Consolidated Financial Statements (6) Notes on the Condensed Consolidated Financial Statements in the Consolidated Earnings Report for the Second Quarter (Semi-annual Period) of the Fiscal Year Ending March 31, 2025, issued on Nov. 6, 2024.

＊2 Excluding the impact of the impairment loss recorded in FY25/3 Q2, the segment profit margin for FY26/3 Q2 increased by 7.4%.

Slight decrease in both revenue and profit

Q3 Results

  • Shopping: Performance remained strong, driven by increased demand for PCs.

  • Personal Finance: Downward trend due to changes in the external environment, such as rising interest rates.

  • Advertising: Maintained the high performance seen in the previous year.

Q4 and Full-year Outlook

  • The overall segment is expected to progress in line with the full-year plan.

  • PC demand is anticipated to continue due to concerns regarding price hikes caused by component shortages.

  • Anticipate continued challenging business environment for personal finance segment.

Kakaku.com, Inc. FY26/3 Q3 Results 8





Tabelog

Quarterly Trends in Revenue and Segment Income

(million yen)

YoY

＋19.8%

56.2% 56.1%

54.5%

56.5% 58.2% 57.4%

49.8%

YoY

＋26.2%

8,969

8,843

9,257

9,677

7,631

8,031

Q1

12

Q2

17

Q3

22

Q4 25

Q1

28

Q2 43

FY26/3

Q3

40

FY25/3

383

459

480

438

424

517

515

394

415

410

405

410

405

399

3,401

3,532

4,405

4,176

4,340

4,649

5,618

3,441

3,567

3,808

3,685

3,982

4,096

4,211

10,743

6,168

4,288

4,886

4,503

4,402

5,227

5,633

Q1

Q2 Q3

Q4

Q1

Q2

Q3

FY25/3

FY26/3

Restaurant Promotion Restaurant Advertising User Memberships

Advertising Other

Sustained solid growth led by the reservation business

Q3 Results

  • Entering the seasonal peak period, both restaurant promotion and restaurant reservations achieved steady growth.

    Q4 and Full-year Outlook

  • Revenue is expected to maintain high growth through Q4. Meanwhile, the profit margin is projected to decrease temporarily due to front-loaded investments, including enhanced promotions targeting regional cities.

  • Given the strong progress to date, the segment is expected to achieve its full-year plan.

Kakaku.com, Inc. FY26/3 Q3 Results 9





Tabelog

Quarterly Trends in Key KPIs

Restaurant Promotion

No. of contracted Restaurants and ARPU

(end-of-quarter, thousand restaurants, yen)

Restaurant Reservation

No. of contracted Restaurants and ARPU

(end-of-quarter, thousand restaurants, yen)

No. of Online Reservations

(quarterly total, million persons)

23,00023,000

22,800

23,00023,100

22,80022,700

23.56 23.82

29.60 27.94 29.34 30.11

Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY25/3 FY26/3

Q1 Q2 Q3 Q4 FY25/3

Q1 Q2 Q3 FY26/3

60.4 62.9

75.5

82.3

78.5

84.7 87.4

17,300 16,200 16,500 16,700

15,100 14,900

19,100

90.0 93.7

Domestic (Res. made on the Japanese Site/App)

Q1 Q2 Q3 Q4 FY25/3

Q1 Q2 Q3 FY26/3

36.73

50.2 52.0

54.8 56.0 57.7

Inbound (Res. made by Inbound Travelers)

0.86

0.11

0.39

0.23

0.37

0.42

0.58

Q1

Q2 Q3

Q4

Q1

Q2

Q3

FY25/3

FY26/3

＊1 The number of fee-paying restaurants is 97,700. Of these, 60,s00 are using both the Restaurant Promotion and the Restaurant Reservation Service.

＊ARPU= 3-month average of, monthly service revenue divided by monthly no. of contracted restaurants.

Key KPIs reach record highs

Q3 Results

  • The number of contracted restaurants for both restaurant advertising and restaurant reservation increased steadily, reaching new record highs.

  • Inbound reservations continued to show robust growth. The daily average number of inbound reservations reached 10,000 in December.

Q4 and Full-year Outlook

  • While the seasonal surge in demand seen in Q3 is expected to subside, the growth trend for key KPIs is projected to continue.

Kakaku.com, Inc. FY26/3 Q3 Results 10





Kyujin Box

Quarterly Trends in Revenue and Segment Income

(million yen)

YoY

＋39.5%

2,706

2,962

3,440

4,256

4,664

4,952 4,797

42.4% 44.4% 35.4%

13.6%

7.6%

-14.6%-10.4%

1,148

581

356

-501

YoY

－141.1%

1,315 1,219

-724

Q1

Q2

Q3

Q4

Q1

Q2

Q3

FY25/3

FY26/3

Q1

Q2 Q3

Q4

Q1

Q2

Q3

FY25/3

FY26/3

Sustained robust revenue growth

Q3 Results

  • Revenue remained solid despite being affected by seasonal market trends and fluctuations in the external environment.

  • Segment loss narrowed on a QoQ basis due to continuing brand investments being concentrated towards the Q4 peak season.

Q4 and Full-year Outlook

  • Segment loss is expected to widen in Q4 as we concentrate brand investments to coincide with the period of peak market demand.

  • For the full-year, revenue is growing at a pace that exceeds the initial plan, while segment profit is expected to finish in line with the forecast, despite continuing front-loaded investments.

Kakaku.com, Inc. FY26/3 Q3 Results 11





Kyujin Box

Quarterly Trends in Key KPIs

Monthly No. of Users and Visits

(quarterly average, million users, million visits)

Monthly Users Monthly Visits (Sessions)

No. of Active Client Accounts

(quarterly average)

ARPU (Revenue per Active Client Account)

(quarterly average, ten thousand yen)

27.89

27.60

25.75

23.15 22.80

20.68



29.94

8,600 8,800

13,800

12,500

10,900

10,100

13,300

10.5 11.1

11.4

12.8 12.3

11.8 11.8

10.67

10.98

9.33

11.42 11.66 12.47 11.62



Q1

Q2 Q3

Q4

Q1

Q2

Q3

FY25/3

FY26/3

Q1

Q2 Q3

Q4

Q1

Q2

Q3

FY25/3

FY26/3

Q1

Q2 Q3

Q4

Q1

Q2

Q3

FY25/3

FY26/3

＊Monthly Users: The number of individuals who visited the site within a month, measured by unique browsers.

＊Monthly Visits: The total number of times users visited the service within a month.

＊Active Accounts: The number of accounts that posted at least one paid job listing during the month. Since a single company may operate multiple accounts, this figure does not correspond to the number of companies.

＊ARPU: Three-month average of (monthly revenue ÷ monthly active client accounts).

Continued growth in visits and active accounts

Q3 Results

  • Despite the impact of seasonal slowdown in job-seeking needs at year-end and fluctuations in the external environment, the number of monthly users and visits, as well as the number of active accounts expanded year-over-year.

    Q4 and Full-year Outlook

  • In Q4, which represents the peak demand period for the job market, we will strive to expand major KPIs by driving concentrated promotions and strengthening our sales activities.

Kakaku.com, Inc. FY26/3 Q3 Results 12





Incubation

Quarterly Trends in Revenue and Segment Income

(million yen)

YoY

＋33.9%

27.5%

30.2%

27.4% 32.9%

17.4%

19.8%

19.1%

YoY

＋122.1%

2,524 2,520

2,230

2,078

2,201

562

565

1,765

1,882

562

572

818

550

567

1,265

1,328

912

1,235

901

1,023

1,119

418

507

461

296

271

308

293

309

189

Q1

Q2

Q3

Q4

Q1

167

Q3

FY25/3

Q2

FY26/3

829

673

691

572

420

373

307

Q1

Q2 Q3

Q4

Q1

Q2

Q3

FY25/3

FY26/3

Real-Estate Travel/Transportation Home Services Other

＊Starting from FY26/3 Q1, we revised the internal breakdown of the Incubation segment. Revenue from businesses previously disclosed under "Lifestyle & Entertainment" is now aggregated under "Others." Accordingly, past figures have been retrospectively adjusted based on the new classification criteria. Furthermore, effective FY26/3 Q2, we have reclassified the amount of intercompany transaction eliminations, previously included in "Other," by apportioning it to each segment. Accordingly, the figures for FY26/3 Q1 have also been adjusted; however, the impact on the revenue of each segment is immaterial.

Growth driven by the

"Home Services" and "Travel" domains

Q3 Results

  • LiPLUS in the "Home Services" domain and Time Design in the "Travel" domain grew steadily, leading to an increase in both revenue and profit.

    Q4 and Full-year Outlook

  • The growth trends in each domain are expected to continue. Full-year revenue and profit are projected to finish generally in line with the initial plan.

Kakaku.com, Inc. FY26/3 Q3 Results 13





  1. Consolidated Operating Results

  2. Operating Results by Segment

  3. Appendix

Kakaku.com, Inc. FY26/3 Q3 Results 14



Appendix

Number of Employees and Breakdown by Age Group and Job Function

Number of Directly Employed Employees

(on a consolidated basis, including temporary employees)

1, 577 1, 581

1, 619 1, 651

1, 733 1, 694 1, 716 1, 709 1, 728 1, 731 1, 734 1, 715

1, 776

1, 834 1, 852

1, 484 1, 492 1, 508 1, 509

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

FY22/3

FY23/3

FY24/3

FY25/3

FY26/3

Breakdown by age group and job function

(employees of Kakaku.com, Inc. as of March 2025)

40 and over 32%

Breakdown by

Age Group

20-29 19%

30-39 49%

Engineers 28%

Breakdown by

Job Function

Planning and Design of Websites/Services 31%

Sales 23%

Kakaku.com, Inc. FY26/3 Q3 Results 15



Appendix

Full-Year Forecast for FY26/3 (for reference)

Revenue

(million yen)

Operating Profit

(million yen)

Dividend*

(yen)

Forecast

92,000

YoY +17.3%

78,435

66,928

48,900

42,072

35,493

31,435

36,363

43,100

FY24/3

FY25/3

FY26/3

38.6%

Forecast

28,000

YoY-4.4%

37.3%

30.4%

29,293

25,819

15,259

14,600

14,520

11,299

14,034

13,400

FY24/3

FY25/3

FY26/3

Forecast

50.9%

Payout Ratio

78.9%

(49.3%)

52.0%

80

Special

30

50

46

Year-End

23

Year-End

25

Year-End

25

Interim

23

Interim

25

Interim

25

FY24/3

FY25/3

FY26/3

H1 H2 H1 H2 OP Margin

＊ For FY25/3, the dividend per share is expected to be 80 yen, consisting of a regular dividend of 50 yen and a special dividend of 30 yen, with a payout ratio of 78.9%. Excluding the special dividend, the dividend per share is expected to be 50 yen, with a payout ratio of 52.0%. For more details, please refer to the "Notice of Revision to Dividend Forecast for FY March 2025 (Special Dividend)" disclosed on February 6, 2025.

Kakaku.com, Inc. FY26/3 Q3 Results 16



Appendix

Cash Flow

(million yen)

FY25/3 Q3

FY26/3 Q3

YoY Change (%)

Operating Cash Flow

18,595

14,475

-22.2%

Investing Cash Flow

-2,400

-10,774

-348.9%

Financing Cash Flow

-10,942

-17,798

-62.7%

Cash and Cash Equivalents at End of Period

42,969

36,793

-14.4%

Main Components

Operating CF

Profit before income taxes

20,927

Decrease in current liabilities

-7,692

Decrease in current assets

-5,252

Increase in financial liabilities

4,669

Investing CF

Payments into time deposits

-5,000

Purchase of shares of subsidiaries

resulting in change in scope of

-3,715

consolidation

Financing Cash Flow

Dividends paid

-15,815

Kakaku.com, Inc. FY26/3 Q3 Results 17

Appendix

Balance Sheet

As of March 31, 2025

(mllion yen)

As of December 31, 2025

(million yen)

Cash and cash equivalents

50,859

Current liabilities

27,514

Non-current liabilities 3,856

Total equity

62,134

Other current assets

20,681

Goodwillandotherintangibleassets

7,207

Other non-current assets

14,757

Cash and cash equivalents

36,793

Current liabilities

20,013

Non-current liabilities 3,636

Total equity

60,612

Other current assets

21,573

Goodwillandotherintangibleassets

11,638

Other non-current assets

14,257

  • Cash and cash equivalents decreased due to the payment of the year-end dividend in June (55 yen per share, totaling 10.9 billion yen) and the FY26/3 interim dividend in December (25 yen per share, totaling 5.0 billion yen).

  • Goodwill and intangible assets increased primarily due to the acquisition of LiPLUS Holdings, Inc.

Assets Liabilities/Equity Assets Liabilities/Equity

Kakaku.com, Inc. FY26/3 Q3 Results 18





Appendix

Mid-Term Plan (for reference)

Consolidated Mid-Term Plan

(million yen)

Mid-Term Plan by Segment

(million yen)

5-year CAGR ＋13%

143,000

78,435

53,000

29,293

Kakaku.com

Tabelog

5-year CAGR

FY30/3

Forecast

Revenue 27,000 +3%

Segment Income 15,000 +5%

Revenue 54,000 +10%

Segment Income 30,000 +11%

Revenue 50,000 +31%

Kyujin Box

Segment Income 15,000 +29%

Revenue 12,000 +9%

Incubation

Segment Income 4,000 +16%

FY25/3 FY30/3

Revenue Operating Profit

Kakaku.com, Inc. FY26/3 Q3 Results 19



Appendix

Management Indices and Capital Allocation

  • ROE of 40％ or more、Equity Ratio of 50% or more (Cost of Equity recognized to be around 7-8%)

  • Operating profit margin of 40% or more

Management Indices

Capital Allocation

Actively pursue growth investments, while providing a certain level of shareholder returns. (Shareholder Returns)

  • Continuously pay dividends (twice a year, payout ratio of 50% or more)

  • After growth investments, flexibly return surplus funds to shareholders (buybacks, special dividends)

    (Growth Investments)

  • Expand business into new areas by leveraging existing business assets

  • Horizontally expand business into new industries using know-how from existing businesses

  • Investments in R&D related to advanced technologies

Kakaku.com, Inc. FY26/3 Q3 Results 20



Appendix

Past Results of Financial Indices

FY21/3

FY22/3

FY23/3

FY24/3

FY25/3

Capital-to-Asset Ratio *1 66.1% 68.0% 60.9% 61.7% 66.1% ROE *2 26.2% 30.1% 33.7% 36.5% 35.4%

EPS (yen) 57.13 69.65 79.39 90.45 101.33

Dividend per share (yen) 40 40 40 46 80

└Ordinary Dividend 40 40 40 46 50

└Special Divided - - - - 30

Total dividend payout

(billion yen)

82.4 81.9 81.1 91.7 158.2

Payout ratio 70.0% 57.4% 50.4% 50.9% 78.9%

Acquisition cost of treasury stock (billion yen)

0 50 80 60 0 Total return ratio *3 70.0% 92.3% 99.8% 83.8% 78.9%

*1 Capital-to-Asset Ratio = Equity attributable to owners of the parent company ÷ total assets × 100

*2 ROE = Profit attributable to owners of the parent company ÷ (Equity attributable to owners of the parent company) x 100

*3 Total Return Ratio = (Total dividend + Acquisition cost of treasury stock) ÷ Profit attributable to owners of the parent company x 100 Acquisition cost of treasury cost does not include fees or other expenses paid to the Tender Order Agent.

Kakaku.com, Inc. FY26/3 Q3 Results 21



Appendix

Sustainability (Materiality and Main Initiatives

Providing Sustainable Services

We are committed to strengthening security and protecting our users' privacy to ensure that they can use our services with confidence, while actively advancing initiatives that enhance the user experience through technological innovation. Currently, we are proactively incorporating cutting-edge technologies-including generative AI-and are engaged in ongoing research and development to deliver innovative services.

Main Initiatives

Information Security

  • Countermeasures against cyberattacks

  • Implementation and testing of incident response plans

  • Employee training to raise security awareness

Privacy Protection

  • Internal policies established for handling personal information

  • Employee training to raise awareness of privacy practices

  • Regular reviews and audits conducted

Service Quality Assurance

  • Policies and guidelines established for website operations

  • Disclosure and reporting on site management status

  • Initiatives to ensure advertising quality and acquisition of relevant certifications

Promotion of Technological Innovation and R&D for the Advancement of Services

  • Development of engineering talent

  • Utilization of generative AI

  • Sponsorship of industry conferences and membership in security-related organizations

Developing and Leveraging a Diverse Workforce

To continuously expand our business and deliver services that are useful, accessible, and closely aligned with people's daily lives, we must respond to social and lifestyle changes, uncover new needs and business opportunities, and embrace ongoing transformation and innovation. We believe that achieving this requires a diverse workforce and an environment where everyone can fully realize their potential.

Main Initiatives

Occupational Health and Safety

  • Health monitoring and stress checks for employees

  • Enhanced preventive care by in-house occupational physicians

  • Implementation of disaster preparedness drills

Human Resource Development

  • Expanded training opportunities, including self-directed learning support programs

  • On-the-job training (OJT) and regular 1on1 sessions to support goal achievement and personal growth

Diversity, Equity & Inclusion (DE&I)

  • Development and enhancement of systems to support balancing work with childcare or nursing care

  • Promotion of flexible work styles

  • Initiatives to prevent workplace harassment

Kakaku.com, Inc. FY26/3 Q3 Results 22



Appendix

Sustainability (Materiality and Main Initiatives

Contributing to a Healthy and Sustainable Society

Guided by our mission to "User First to Create New Norms," we offer internet services across a wide range of areas-including shopping, dining, job search, real estate, and travel-to make everyday life more convenient while continuously addressing various social issues. Through these efforts, we strive to contribute to the realization of a sustainable society.

Main Initiatives

Promoting a More Sustainable and Efficient Society Through IT

  • Expansion of comprehensive DX (digital transformation) services to address operational challenges in the restaurant industry

  • Promotion of fintech solutions for the food service sector

  • Exploration of real-world applications for generative AI

Supporting Local Communities Through Owned Media

  • Provide regional information via Sumaity

  • Promotion of local tourism through Kinarino and icotto

Contributing to the Global Environment

We believe that sustainable economic growth and a prosperous society are only possible with a healthy global environment. Based on this belief, we have established the Kakaku.com Group Environmental Policy. In addition to addressing the urgent challenge of climate change, we are committed to contributing to environmental sustainability by promoting resource-conscious practices through our services.

Main Initiatives

Addressing Climate Change

  • Response to TCFD recommendations

  • Monitoring and reduction of environmental impact at business sites

Contributing to a Circular Economy

  • Providing information on second-hand products and eco/sustainability topics through owned media

Promoting biodiversity and sustainable food resources

  • Assistance with fish population monitoring using environmental DNA

  • Support for Japanese eel conservation activities

Strengthening Governance

We believe that our Group should strive for mutual prosperity with all stakeholders-including shareholders, customers, business partners, employees, and society at large-and that doing so will lead to the continuous enhancement of corporate value. To achieve this, our approach to corporate governance is centered on two pillars: creating socially valuable services and strengthening relationships with stakeholders while enhancing our governance framework. We regard these efforts as a top management priority. Going forward, we will continue to review and improve our governance practices as necessary to ensure their effectiveness, in response to changes in the social environment and legal or regulatory developments.

Main Initiatives

Ensuring Effective Corporate Governance

  • Establishment of the Basic Policy on Corporate Governance

  • Implementation of a Compliance Program

Business Ethics and Human Rights

  • Development of a compliance framework

  • Internal whistleblower system

  • Establishment of a basic policy on customer harassment

Risk Management

  • Development of a risk management system

  • Fostering a strong risk-aware corporate culture

Kakaku.com, Inc. FY26/3 Q3 Results 23



Appendix

Quarterly Trend of Revenue and Profit

(million yen)

FY22/3

FY23/3

FY24/3

FY25/3

FY26/3

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Consolidated Revenue

11,861

14,053

13,787

14,015

14,225

16,321

16,259

15,362

16,073

17,244

18,249

17,713

18,650

20,324

21,748

21,958

22,903

24,030

Kakaku.com

5,764

5,967

6,244

5,669

5,397

6,655

5,870

5,176

5,108

5,512

5,930

5,612

5,580

6,034

6,419

5,836

5,749

5,970

Tabelog

3,565

5,308

4,253

5,373

5,448

6,291

6,269

6,404

6,632

7,415

7,395

7,631

8,031

8,969

8,843

9,257

9,677

10,743

Kyujin Box

1,073

1,234

1,499

1,397

1,460

1,528

1,933

1,985

2,265

2,381

2,717

2,706

2,962

3,440

4,256

4,664

4,952

4,797

Incubation

1,460

1,544

1,792

1,576

1,920

1,847

2,187

1,797

2,069

1,936

2,207

1,765

2,078

1,882

2,230

2,201

2,524

2,520

Consolidated Operating Cost

7,776

8,398

8,428

8,646

8,693

9,311

10,241

10,197

10,015

10,249

10,730

10,740

11,593

12,297

14,618

14,671

16,462

16,760

Advertising Expenses

1,482

1,694

2,047

1,839

1,785

2,137

2,686

2,253

2,127

2,323

2,726

2,448

2,514

2,862

4,467

4,007

5,169

5,023

Commissions

1,610

1,951

1,735

1,900

1,960

2,128

2,214

2,299

2,456

2,592

2,707

2,790

2,978

3,512

3,971

4,301

4,675

4,913

Agency Fees

653

842

731

786

797

885

894

897

970

1,070

1,092

1,099

1,188

1,527

1,883

2,163

2,341

2,330

Service Fees, etc.

957

1,109

1,004

1,114

1,163

1,242

1,320

1,402

1,486

1,521

1,614

1,691

1,790

1,985

2,088

2,138

2,334

2,584

Personnel Expenses

2,645

2,610

2,573

2,802

2,822

2,830

2,763

3,105

3,013

2,937

2,873

3,056

3,041

3,060

3,053

3,269

3,314

3,330

Outsourcing

863

856

916

842

923

910

1,097

1,124

1,124

1,003

1,091

1,013

1,109

1,272

1,400

1,427

1,565

1,663

Rent

352

351

350

354

356

363

362

355

346

343

341

341

343

352

345

363

369

366

Depreciation

461

463

456

464

474

492

523

547

533

507

519

535

570

571

584

636

651

672

Other

362

473

351

444

374

452

597

513

416

544

473

556

1,037

667

797

668

688

792

Consolidated Operating Profit

4,109

5,662

5,364

5,374

5,533

7,012

6,029

5,171

6,128

7,000

7,520

6,977

7,057

8,032

7,228

7,288

6,555

7,290

Kakaku.com

-

-

-

-

-

-

-

2,565

2,567

2,916

3,202

2,859

2,215

3,172

3,488

3,133

3,010

3,168

Tabelog

-

-

-

-

-

-

-

3,253

3,424

4,094

4,042

4,288

4,503

4,886

4,402

5,227

5,633

6,168

Kyujin Box

-

-

-

-

-

-

-

995

1,211

1,113

1,288

1,148

1,315

1,219

581

356

-724

-501

Incubation

-

-

-

-

-

-

-

206

577

517

660

307

572

373

673

391

720

829

Segment Income Adj.

-

-

-

-

-

-

-

-1,849

-1,651

-1,640

-1,672

-1,625

-1,549

-1,618

-1,915

-1,819

-2,083

-2,374

Profit Before Income Taxes

4,060

6,786

6,084

5,645

5,685

7,036

4,887

5,296

6,219

6,989

7,617

7,086

7,007

8,088

6,534

7,260

6,294

7,373

Profit Attributable to Owners of the Parent

3,024

4,673

3,846

4,171

3,880

4,784

3,317

3,651

4,265

4,761

5,419

4,824

4,766

5,509

4,934

5,006

4,362

5,002

＊Operating profit for FY26/3 Q1 was adjusted to incorporate the effect of the PPA (Purchase Price Allocation) for LiPLUS Holdings Co., Ltd., which became a consolidated subsidiary on April 1, 2025.

Kakaku.com, Inc. FY26/3 Q3 Results 24



Appendix

Kakaku.com (Segment Overview)

Purchasing Support Site

Monthly Users* : 32.69 million (as of December 2025)

＊Monthly unique users are counted as the number of browsers that visited the site (for certain browsers, operating systems, etc., there may be instances in which users who re-visited the site after a certain period are counted multiple times). Double-counting as a side effect of high-speed loading of mobile webpages and mechanical accesses by third parties' web-scraping bots etc. are eliminated to the fullest extent possible.



Business Overview

Shopping

Refer users to online malls and shops, or manufacturers, by providing information such as product specifications, prices, and supporting the decision-making of users considering to purchase a product.

Service

Refer users to service providers, by providing information such as service details and fees, and supporting the decision-making of users considering to apply for a service.

Advertising

Creating and distributing various advertisements, mainly on the Kakaku.com website.

Insurance (operating company: Kakaku.com Insurance, Inc.)

Solicitation and mediation of life and non-life insurance.

Business Model

Shopping

Durables PCs, home appliances, cameras, etc.

Consumables

furniture, fashion, shoes, accessories, cosmetics, etc.

Other water servers, etc.

Commission income based on clicks and sales performance

Clients: online malls and shops, electronics retailers, etc.

Service

Personal Finance

Telecom

credit cards, loans (card loans, mortgages), investments , asset management, FX, etc.

internet providers, overseas Wi-Fi rentals, low-cost SIM cards, etc.

Commission income based on applications for various services

Clients: service providers

Automotive used cars, car insurance, etc.

etc.

Other Energy (electricity, gas), English courses,

service providers, etc.

Advertising banner ads, tie-in ads, search-based ads, etc. Advertising revenue Clients: manufacturers,

Insurance

life insurance: death, medical and cancer insurance, etc. non-life insurance: fire, overseas travel and pet insurance

Commission income from life and non-life insurance solicitation and mediation

Clients: insurance companies

Kakaku.com, Inc. FY26/3 Q3 Results 25



Appendix

Kakaku.com (Quarterly Trend of Revenue and Segment Income)

5,967 6,244 6,655 5,870 5,930 6,034 6,419 5,970

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

FY22/3

FY23/3

FY24/3

FY25/3

FY26/3

5,764 5,669 5,397 5,176 5,108 5,512 5,612 5,580 5,836 5,749

(million yen)

Revenue

5,764

5,967

6,244

5,669

5,397

6,655

5,870

5,176

5,108

5,512

5,930

5,612

5,580

6,034

6,419

5,836

5,749

5,970

Shopping

2,107

2,184

2,217

2,093

1,888

2,029

2,039

1,886

1,775

1,855

1,926

1,830

1,825

1,951

2,046

1,935

1,892

2,047

Durables

1,429

1,478

1,544

1,473

1,383

1,445

1,494

1,358

1,254

1,333

1,413

1,311

1,289

1,405

1,518

1,430

1,383

1,534

Consumables

579

627

601

537

425

482

415

377

375

403

395

384

388

425

428

405

389

407

Other

99

79

72

82

80

103

130

152

145

119

119

135

149

121

101

100

121

106

Service

2,030

1,811

2,266

1,945

1,890

1,885

2,295

2,017

2,008

2,168

2,632

2,452

2,317

2,375

2,808

2,530

2,413

2,201

Personal Finance

833

765

838

802

814

819

1,002

906

880

1,022

1,198

1,136

1,054

1,128

1,263

1,132

1,095

956

Telecom

465

362

482

383

372

399

503

489

554

560

692

640

635

656

764

740

692

648

Automotive

507

468

580

497

507

473

545

419

400

400

472

435

405

385

506

433

428

405

Other

226

216

366

263

198

193

244

203

175

186

270

241

223

205

275

224

198

192

Advertising

973

1,324

1,081

908

894

1,062

804

639

661

805

655

578

671

938

785

561

632

931

Banner/Tie-In Ads

839

1,183

946

794

804

960

706

559

594

726

595

526

620

883

734

520

585

897

Network Ads

134

140

135

113

90

102

98

80

67

80

60

52

51

55

52

42

48

35

Insurance

654

648

680

723

724

1,680

732

633

664

684

717

751

767

770

779

809

811

790

Segment Income

-

-

-

-

-

-

-

2,565

2,567

2,916

3,202

2,859

2,215

3,172

3,488

3,133

3,010

3,168

Kakaku.com, Inc. FY26/3 Q3 Results 26



Appendix

Tabelog (Segment Overview)

Restaurant search and reservation service

Monthly Users * : 101.75 million users (As of December 2025)

＊Monthly unique users are counted as the number of browsers that visited the site (for certain browsers, operating systems, etc., there may be instances in which users who re-visited the site after a certain period are counted multiple times). Double-counting as a side effect of high-speed loading of mobile webpages and mechanical accesses by third parties' web-scraping bots etc. are eliminated to the fullest extent possible.



Business Overview

Restaurant Promotion

Support restaurants to attract customers, through priority display in standard search results in Tabelog, and providing added information, such as photos and descriptions to convey the appeal or specialties of restaurants

Restaurant Reservation

Online restaurant reservation service.

Premium Users

Subscription-based service for users, with benefits such as coupons and being able to access rankings based on user-ratings on mobile devices.

Advertising

Creating and distributing advertisements on Tabelog, targeting users with a high interest in gourmet food.

In addition, we provide operational support for restaurants, such as in-store mobile ordering (Tabelog Order),an online reservation ledger (Tabelog Note), and a procurement service (Tabelog Shi-ire ("Tabelog Procurement")).

Business Model

Restaurant Advertising Income from fixed monthly fees, based on service provided

¥10,000 / ¥25,000 / ¥50,000 / ¥100,000

Income from fees based on number of customer referrals

Clients: restaurants

Restaurant Reservation

dinner: ¥200/person lunch: ¥100/person

Clients: restaurants

User Membership Income from user fees for access to premium content Clients: users

Advertising

Advertising revenues from banner ads, tie-in ads, search-based ads, etc.

Clients: manufacturers, service providers, etc.

Kakaku.com, Inc. FY26/3 Q3 Results 27



Appendix

Tabelog (Quarterly Trend of Revenue, Segment Income and Key KPIs)

3,565

5,308

4,253

5,373 5,448

6,291 6,269 6,404 6,632

7,415 7,395 7,631 8,031

8,969 8,843 9,257 9,677

10,743

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

FY22/3

FY23/3

FY24/3

FY25/3

FY26/3

(million yen)

Revenue

3,565

5,308

4,253

5,373

5,448

6,291

6,269

6,404

6,632

7,415

7,395

7,631

8,031

8,969

8,843

9,257

9,677

10,743

Restaurant Promotion

2,213

2,812

2,495

2,908

2,996

3,137

3,125

3,091

3,160

3,270

3,363

3,441

3,567

3,685

3,808

3,982

4,096

4,211

Restaurant Reservation

538

1,588

936

1,708

1,620

2,334

2,335

2,588

2,666

3,215

3,165

3,401

3,532

4,340

4,176

4,405

4,649

5,618

User Memberships

375

374

370

369

366

372

390

374

380

390

394

394

399

405

410

405

410

415

Advertising

366

500

422

360

444

448

420

349

424

533

463

383

515

517

424

438

480

459

Income from Commissioned Operations

64

27

23

23

18

2

-

-

-

-

-

-

-

-

-

-

-

-

Other

9

7

7

5

5

3

2

2

3

7

9

12

17

22

25

28

43

40

Segment Income

-

-

-

-

-

-

-

3,253

3,424

4,094

4,042

4,288

4,503

4,886

4,402

5,227

5,633

6,168

Rest. Promotion No. of Restaurants (end of quarter)

43,900

44,600

44,300

44,400

45,000

46,100

45,200

45,800

47,300

49,000

49,400

50,200

52,000

54,800

56,000

57,700

60,400

62,900

Rest. Promotion ARPU

(end of quarter, yen)

16,700

21,200

18,800

21,900

22,300

22,800

23,000

22,500

22,400

22,600

22,800

23,000

23,000

22,800

23,000

23,100

22,800

22,700

Rest. Reservation No. of Restaurants (end of quarter)

53,000

58,400

59,300

61,000

62,900

62,800

64,000

65,700

68,000

71,100

73,300

75,500

78,500

82,300

84,700

87,400

90,000

93,700

Rest. Reservation ARPU

(end of quarter, yen)

3,500

9,000

5,300

9,400

8,700

12,300

12,300

13,300

13,200

15,300

14,600

15,100

14,900

17,300

16,200

16,500

16,700

19,100

Online Reservations

4.17

11.35

7.11

12.24

11.39

16.56

16.55

18.23

18.32

23.07

22.26

23.66

24.05

29.99

28.31

29.76

30.69

37.60

(quarterly total, million)

Kakaku.com, Inc. FY26/3 Q3 Results 28



Appendix

Kyujin Box (Segment Overview)

Comprehensive job search service

Monthly Users*：11.33 million users (as of December 2025)

＊Monthly unique users are counted as the number of browsers that visited the site (for certain browsers, operating systems, etc., there may be instances in which users who re-visited the site after a certain period are counted multiple times). Double-counting as a side effect of high-speed loading of mobile webpages and mechanical accesses by third parties' web-scraping bots etc. are eliminated to the fullest extent possible.

キュージンカフェの短期キ ッチンスタッフ

KJB CAFE

渋谷カフェのホール・キッ チンスタッフ



Business Overview

Provide a comprehensive search engine for job information. Referral of job seekers to job sites and hiring companies, by supporting job seekers to find a job that matches their desired conditions, out of more than 10 million job listings. Includes listings posted on online job boards and companies' recruitment sites, as well as information directly posted by employers on Saiyo Board*. Listings are not limited to a certain area, employment type or job category.

How job listings are posted on Kyujin Box

  • Crawling : Job listings are published by integrating data from job sites and hiring companies.

  • Saiyo Board : Employers directly submit and post job-related information

  • Listing Ads (paid) : Preferred display in search results

＊Listing job information on Kyujin Box is free of charge. Fees are incurred only when a paid listing ad is clicked (performance-based model).

＊Saiyo Board ("Hiring Board") : A platform designed for companies that do not have their own recruitment website. By simply entering job details into a standardized form, employers can easily create a job page and publish it on Kyujin Box at no cost. When applications are received, employers are notified via email. They can then view applicant details and contact information to proceed with individual interviews and hiring decisions.

Business Model

Kyujin Box

Income from commissions based on the number of users referred to job sites and employers' websites, (i.e. no. of clicks) through paid listing ads*.

Clients: job sites (incl. employment agencies and temp staff services), employers (incl. employers using Saiyo Board)

* A bidding system allows advertisers to adjust their cost-per-click in increments of one yen, from 25 to 1,000 yen.

Kakaku.com, Inc. FY26/3 Q3 Results 29