Completing Structural Reforms and Maximizing Corporate Value through Adjusted EPS Growth
I would like to express my sincere gratitude to all our shareholders for your continued and invaluable support.
1. Review of the 22nd Fiscal Year and the Launch of the “PHOENIX PROJECT”
The 22nd fiscal year (ended January 2026) was a year of exceptionally severe challenges for our company. Amid prolonged yen depreciation and inflation-driven price increases, BUYMA’s full-year Gross Merchandise Value (GMV) fell short of the previous year’s performance. In particular, fourth-quarter GMV stood at 90.5% year-on-year, indicating that we have not yet achieved a business turnaround. Management takes this current reality very seriously.
To break through this stagnation, we launched a structural reform initiative, the “PHOENIX PROJECT,” starting in the fourth quarter. We consider this a point of no return—a challenge to completely reset our past success stories, surpass the 100-billion-yen market capitalization milestone, and allow Enigmo to rise again with the spirit of a true “venture company.”
2. Our Management Compass: “Adjusted EPS” as the Primary KPI
Under the new management policy announced in the second quarter, we have unified our primary management KPI into a single metric: Adjusted EPS (Earnings Per Share).
We took this step out of a firm conviction that clearly demonstrating our “intrinsic earning power”—by excluding accounting fluctuations such as goodwill amortization and temporary expenses—and directly linking it to shareholder returns is the best way to build a relationship of deep trust with our investors. Moving forward, the sustained growth of Adjusted EPS will serve as the core axis for all management decisions.
3. Three Pillars of Structural Reform and the Path Back to Growth
In the 23rd fiscal year (ending January 2027), we will accelerate the “PHOENIX PROJECT” on a company-wide scale, focusing on three strategic pillars:
• Regrowing BUYMA:
By maximizing the use of AI to transform our team into an “Avengers-level” force, we will push individual productivity and business impact to their absolute limits. We will provide an unparalleled “reason for preference” to our diverse customer base, steering the platform back onto a robust growth trajectory.
• Evolving into Portfolio Management:
We will swiftly expand “BUYMA TRAVEL”—our second core pillar—while establishing a third revenue stream through the healthcare sector and strategic M&A. This will allow us to build a rock-solid earnings structure that is resilient against external environmental shifts.
• A Commitment to Shareholder Returns:
As a testament to our unwavering determination to execute these structural reforms, we commit to a dividend of 30 yen per share during this two-year reform period. Following this phase, we will link returns directly to our expanded Adjusted EPS, maintaining a high standard of shareholder returns with a target dividend payout ratio of 50% or a Dividend on Equity (DOE) ratio of 5%.
Enigmo is currently in a phase of rebirth. Our entire workforce is operating as one team, united in our mission to once again become a platform provider that delivers genuine inspiration. We will, without fail, surpass our historical peak profits and ascend to the next stage of growth.
We deeply appreciate the continued expectations and unwavering support of our shareholders as we take on the challenge of building the new Enigmo.
April 2026
Shokei Suda, CEO
