TABIKOBO (6548) FY2026 Q2 Earnings Report

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Executive Summary

The company achieved a substantial increase in revenue and returned to operating profitability as travel demand recovered; however, most of net income was a temporary uplift from extraordinary gains, while significant operating cash outflows continued. Revenue was ¥0.281B (+53.7% YoY), operating income was ¥0.002B (versus a ¥0.003B loss in the previous-year period), and ordinary income was also ¥0.002B (versus a ¥0.003B loss in the previous-year period). Net income attributable to owners of the parent was ¥0.035B (versus a ¥0.004B loss in the previous-year period), but the ¥0.034B difference between extraordinary gains of ¥0.039B (including a ¥0.010B insurance settlement gain) and extraordinary losses of ¥0.006B accounted for most of this amount. Meanwhile, OCF recorded an outflow of ¥1.30B, making the significant divergence between accounting earnings and cash-generation capacity an important factor in evaluating the quality of this earnings result.

Factors Affecting Performance

【Revenue】Revenue increased substantially to ¥0.281B (+53.7% YoY). The recovery in travel demand appears to have been the primary factor. The gross margin was 21.6%, down approximately 3.2pt from 24.8% in the previous-year period, indicating deterioration in the cost ratio behind the revenue growth.

【Profit and Loss】SG&A expenses were limited to ¥0.059B (+21.1% YoY), below the revenue growth rate. Consequently, the SG&A ratio declined to 20.9% from 26.6% in the previous-year period, a decrease of approximately 5.6pt. This fixed-cost absorption effect outweighed the decline in the gross margin, improving the operating margin to 0.7% (versus -1.7% in the previous-year period) and enabling a return to operating profitability. Ordinary income likewise turned positive at ¥0.002B. However, net income of ¥0.035B was heavily dependent on the ¥0.034B difference between extraordinary gains of ¥0.039B (including a ¥0.010B insurance settlement gain) and extraordinary losses of ¥0.006B, and therefore must be evaluated separately from operating profit and loss. In conclusion, the company achieved higher revenue and earnings, including a return to operating profitability, but the quality of the earnings improvement depends on extraordinary gains and losses.

Key Financial Indicators

【Profitability】The operating margin improved to 0.7% (versus -1.7% in the previous-year period), but remained at a low-margin level. The net profit margin was high at 12.4%, but this was primarily attributable to net extraordinary gains and losses of ¥0.034B and does not indicate recurring earnings power.【Cash Flow Quality】OCF was negative ¥1.30B, and the OCF/net income ratio relative to net income attributable to owners of the parent of ¥0.035B was a substantial negative 3.7x. The accrual ratio was also high, indicating limited cash support for current-period earnings.【Investment Efficiency】Annualized ROE was 72.0%; however, based on the decomposition into net profit margin, total asset turnover, and financial leverage, the contributions from extraordinary gains and losses and financial leverage (approximately 2.6x) were significant. Caution is therefore warranted in using this as an indicator of recurring returns on equity.【Financial Soundness】The equity ratio improved to 38.6% (from approximately 15.8% in the previous-year period), while the current ratio was 212.8%, indicating sound short-term liquidity. Interest expense was negligible relative to long-term borrowings of ¥0.50B, and interest coverage was at a favorable level. Retained earnings remained negative at ¥1.18B, indicating an accumulated deficit.

Cash Flow Analysis

OCF was negative ¥1.30B, resulting in a significant divergence from pretax income of ¥0.036B. Despite the receipt of ¥0.10B in insurance proceeds, the subtotal of cash flows from operating activities remained negative ¥0.16B, with changes in working capital, including a substantial decrease in customer deposits, appearing to be the primary cause of the cash outflow. Investing CF was negative ¥0.25B, mainly due to deposits into time deposits, while capital expenditures themselves were small. As a result, free cash flow was negative ¥1.55B, and cash and deposits declined substantially year on year to ¥1.29B. Although the current ratio was 212.8% and short-term payment capacity was maintained, the recovery of cash-generation capacity from operating activities will be the focus going forward.

Earnings Quality

Most of current-period net income of ¥0.035B was generated by the ¥0.034B difference between extraordinary gains of ¥0.039B, including a ¥0.010B insurance settlement gain, and extraordinary losses of ¥0.006B. This differs substantially in scale from recurring operating income of ¥0.002B. Non-operating gains and losses were minor, limited to approximately ¥0.000B in foreign exchange gains, and their impact on the recurring earnings structure was limited. Meanwhile, OCF represented a substantial outflow of negative ¥1.30B, indicating a significant divergence, or accrual, between accounting earnings and cash flow. In addition to the accounting earnings uplift from extraordinary gains, this appears to have been affected by working-capital changes such as the decrease in customer deposits. This factor must be considered when evaluating the sustainability and repeatability of current-period earnings.

Earnings Forecast and Guidance

The full-year company forecast calls for revenue of ¥0.529B (-2.3% YoY), operating income of ¥-0.004B, and ordinary income of ¥-0.004B, and the earnings forecast was revised during the current quarter. Revenue of ¥0.281B in the first half represents a progress rate of 53.2%, slightly above the standard 50%. However, while the first half produced operating income of ¥0.002B, the full-year plan calls for an operating loss of ¥0.004B, implying a reversal-type plan that anticipates an operating loss of approximately ¥0.006B in the second half. For net income, the full-year forecast is ¥-0.002B (forecast EPS of ¥-1.11) versus ¥0.035B in the first half, indicating that the uplift from extraordinary gains in the first half is not expected to recur in the second half. The dividend forecast remains ¥0, with no revision.

Shareholder Returns

The dividend for the current period was ¥0 for both the interim and year-end payments, and the full-year dividend forecast is also ¥0. Accordingly, the payout ratio is 0%. The company holds 38 thousand treasury shares, but no treasury share repurchases during the current period have been disclosed and therefore they are not included in the calculation of the total return ratio. Given that OCF is negative ¥1.30B, the company’s capacity for shareholder returns at this point is limited.

Risk Factors

1. Earnings quality risk: The OCF/net income ratio was negative 3.7x, and most of current-period net income of ¥0.035B depended on extraordinary gains and losses. The significant divergence between accounting earnings and cash-generation capacity requires monitoring.

2. Gross margin decline risk: The gross margin was 21.6%, down approximately 3.2pt year on year. The operating margin of 0.7% remains at a low-margin level, and fluctuations in the cost ratio and selling prices could have a significant impact on profit and loss.

3. Funding liquidity risk: Cash and deposits declined substantially year on year to ¥1.29B. Current liabilities, including customer deposits, also declined significantly, and the impact of changes in the travel industry’s distinctive settlement structure on working capital needs to be monitored continuously.

Industry Benchmark (For Reference; Compiled by the Company)

Industry Benchmark (it_telecom)

Profitability and Returns

The operating margin is substantially below the industry median, indicating a low level of profitability within the industry.

Growth and Capital Efficiency

The revenue growth rate is substantially above the industry median, indicating strong growth within the industry.

※Source: Compiled by the Company

Key Points from the Earnings Results

1. Revenue increased substantially by +53.7% year on year, and operating profit and loss turned from a loss in the previous-year period to operating income of ¥0.002B. The decline in the SG&A ratio contributed to earnings growth through fixed-cost absorption.

2. Net income attributable to owners of the parent of ¥0.035B was heavily dependent on the ¥0.034B difference between extraordinary gains of ¥0.039B (including a ¥0.010B insurance settlement gain) and extraordinary losses of ¥0.006B. As a recurring earnings level, operating income of ¥0.002B should be used as the benchmark.

3. OCF was negative ¥1.30B and free cash flow was negative ¥1.55B, while cash and deposits also declined substantially. The full-year company forecast plans for a shift from operating profitability in the first half to an operating loss in the second half. Expenses, gross margin, and OCF trends in the second half will therefore be key areas to monitor.

Theoretical Stock Price (Reference Value)

Sensitivity: ¥32–¥34 at ±1% in the cost of equity, and ¥33–¥33 at ω±0.1.

Notes:

• Because forecast ROE is below the cost of equity, the theoretical value is below book value per share.
• Net assets as of the end of the quarter are used (there is a timing difference from the full-year forecast).
• Because net assets include non-controlling interests, the theoretical value may be calculated somewhat higher.

(Calculation model: Residual Income Model (Ohlson-type; explicit 5-year fade) / Interest rate reference month: 2026-08 / Mechanically calculated solely from publicly disclosed data; this is not a forecast of the market price or a recommendation of any specific investment action, and does not forecast or guarantee the future stock price)

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This report is an earnings analysis document automatically generated by AI based on XBRL earnings release data. It does not recommend investment in any specific security. The industry benchmarks are reference information compiled by the Company based on publicly disclosed earnings data. Investment decisions should be made at your own discretion and responsibility, after consulting with a professional advisor as necessary.

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