Raccoon Holdings is not arguing that the year to April 2026 was weak. It is arguing that the next one will look weaker on purpose. The B2B commerce and payments group finished the year with revenue of ¥6.57bn, adjusted EBITDA of ¥1.59bn and operating profit of ¥1.32bn. But it is guiding for operating profit to fall to ¥600m in the coming year as it raises promotion spending after fourth-quarter tests convinced management it could add customers faster, and as it shifts attention to adjusted EBITDA for a more M&A-heavy phase.
| Metric | Year to Apr 2026 | Year to Apr 2027 guide | Year to Apr 2029 plan |
|---|---|---|---|
| Revenue | ¥6,574m | ¥7,500m | ¥10,300m |
| Operating profit | ¥1,320m | ¥600m | ¥2,000m |
| Adjusted EBITDA | ¥1,592m | ¥1,050m | ¥2,450m |
| Operating margin | 20.1% | 8.0% | 19.4% |
| Adjusted EBITDA margin | 24.2% | 14.0% | 23.8% |
The operating mix was firmer than the net-profit line suggests. Excluding the rent-guarantee business that had already left consolidation, sales would have risen 11.4%, according to the presentation materials. Super Delivery gross merchandise value rose 12.0% for the year, with domestic GMV up 14.0%. In the fourth quarter, domestic GMV jumped 23.8% as buyer spending rose and domestic ad-driven member registrations climbed 40.9% from the previous quarter. In finance, Paid's external transaction volume rose 12.6% and URIHO's guarantee balance increased 21.3%. Below operating profit, though, ordinary profit fell 11.3% and net profit slipped 3.9%. Raccoon says ¥51m of experiment costs and ¥89m of shareholder-benefit costs weighed on operating profit. Excluding those items, operating profit would have risen 16.5%.
The new midterm plan makes the trade-off explicit. By the year to April 2029, Raccoon is targeting revenue of ¥10.3bn and adjusted EBITDA of ¥2.45bn, helped by heavier sales and marketing, tighter KPI management, more M&A and alliances, and a push to turn separate service users into shared group customers inside what it calls a B2B network. The first year is the squeeze point: revenue is meant to rise 14.1%, but margins shrink sharply because spending lands before the revenue does. The company also says the coming-year guidance does not include any effect from future M&A.
The service launches announced alongside the plan show how management wants to widen that funnel. URIHOmini, available from June, targets businesses with annual sales below ¥100m, charges ¥4,980 a month and covers up to ¥3m per counterparty, with bankruptcy-only cover in its basic design. BizCheck, due in August, sells standalone screening rather than insurance, using payment and incident data from more than 1 million companies plus AI to judge transaction safety and a recommended amount, at ¥333 to ¥800 per company. SD Direct, planned for July, lets Super Delivery suppliers move off-platform orders online while keeping existing billing terms, with zero transaction and settlement fees if they choose self-billing. Raccoon says the launches should have only a minor effect on earnings in the coming year.