IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Equity Bottom-Up

<ul><li>Equity financing boosts growth foundation: On September 29, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced a new share issuance and secondary offering involving close to 10% equity dilution, and raised a net total of JPY 2,956 mn.</li><li>Following the equity financing, its equity ratio improved to 27.6% and its net D/E ratio improved to 1.53x, which SIR believes strengthened the Company’s financial capacity to secure investment funding for future growth.</li><li>On November 14, the Company announced its Q2 FY2026/3 earnings results. Net sales decreased 5.8% YoY to JPY 15,378 mn, and operating profit decreased 1.0% YoY to JPY 1,131 mn.</li></ul>

Equity financing boosts growth foundation: On September 29, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced a new share issuance and secondary offering involving close to 10% equity dilution, and raised a net total of JPY 2,956 mn.Following the equity financing, its equity ratio improved to 27.6% and its net D/E ratio improved to 1.53x, which SIR believes strengthened the Company’s financial capacity to secure investment funding for future growth.On November 14, the Company announced its Q2 FY2026/3 earnings results. Net sales decreased 5.8% YoY to JPY 15,378 mn, and operating profit decreased 1.0% YoY to JPY 1,131 mn.

Q2 Follow-Up: MIGALO HOLDINGS (5535 JP) - December 9, 2025

<ul><li>On August 7, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its Q1 FY2026 (April–June) earnings results.</li><li>Net sales increased 4.4% YoY to JPY 14,272 mn, and operating profit increased 23.1% YoY to JPY 975 mn.</li><li>As shown below, progress toward the Company’s full-year forecast got off to a roughly on-schedule start, with 23.8% of net sales and 34.8% of operating profit achieved.</li></ul>

On August 7, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its Q1 FY2026 (April–June) earnings results.Net sales increased 4.4% YoY to JPY 14,272 mn, and operating profit increased 23.1% YoY to JPY 975 mn.As shown below, progress toward the Company’s full-year forecast got off to a roughly on-schedule start, with 23.8% of net sales and 34.8% of operating profit achieved.

Q1 Follow-Up - MIGALO HOLDINGS (5535 JP) - August 26, 2025

<ul><li>On May 12, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its FY2025/3 full-year earnings results.</li><li>Net sales increased 21.2% YoY to JPY 51,709 mn, and operating profit increased 8.5% YoY to JPY 2,713 mn. Results were solid overall, with surpassing the initial forecast of JPY 50,000 mn for sales and JPY 2,600 mn for operating profit.</li><li>ROE came in at 12.9%, exceeding its management benchmark of 12.0%. </li></ul>

On May 12, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its FY2025/3 full-year earnings results.Net sales increased 21.2% YoY to JPY 51,709 mn, and operating profit increased 8.5% YoY to JPY 2,713 mn. Results were solid overall, with surpassing the initial forecast of JPY 50,000 mn for sales and JPY 2,600 mn for operating profit.ROE came in at 12.9%, exceeding its management benchmark of 12.0%. 

Migalo Holdings (5535 JP)  - Q4 Follow-Up - May 23, 2025

<div><div><div><div><ul><li>On February 5, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its Q3 (9M) FY2025/3 earnings results.</li><li>In 9M, net sales increased 24.1% YoY to JPY 40,340 mn, and operating profit fell 4.1% YoY to JPY 2,343 mn.</li><li>Q1 saw a decline in sales and profit due to the impact from last year’s concentration of new property deliveries. </li></ul></div></div></div></div>

On February 5, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its Q3 (9M) FY2025/3 earnings results.In 9M, net sales increased 24.1% YoY to JPY 40,340 mn, and operating profit fell 4.1% YoY to JPY 2,343 mn.Q1 saw a decline in sales and profit due to the impact from last year’s concentration of new property deliveries. 

Migalo Holdings (5535 JP) - Excitement Is Building for Further Developments in FreeiD

<ul><li>On November 7, 2024, Migalo Holdings Inc. (hereafter, the Company) announced its Q2 FY2025/3 earnings results.</li><li>In H1, sales increased 23.3% YoY to JPY 30,001 mn, and operating profit fell 15.6% YoY to JPY 1,935 mn.</li><li>Q1 saw a decline in sales and profit due to the impact from last year’s concentration of new property deliveries.</li></ul>

On November 7, 2024, Migalo Holdings Inc. (hereafter, the Company) announced its Q2 FY2025/3 earnings results.In H1, sales increased 23.3% YoY to JPY 30,001 mn, and operating profit fell 15.6% YoY to JPY 1,935 mn.Q1 saw a decline in sales and profit due to the impact from last year’s concentration of new property deliveries.

Migalo Holdings (5535 Jp) - Upward Earnings Revision Was Within Expectations

Japan

MIGALO HOLDINGS Inc. provides information technology services. The Company offers facial recognition platform services, cloud integration services, and contracted system development services. MIGALO HOLDINGS also offers real estate development and sales, rental management, business management, and other services.

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Migalo Holdings (5535 JP)

Q2 Follow-Up: MIGALO HOLDINGS (5535 JP) - December 9, 2025

On September 29, 2025, MIGALO HOLDINGS Inc. (hereafter, the Company) announced a new share issuance and secondary offering involving close to 10%...

Sessa Investment Research

Q1 Follow-Up - MIGALO HOLDINGS (5535 JP) - August 26, 2025

On August 7, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its Q1 FY2026 (April–June) earnings results. Net sales increased 4.4% YoY to...

Sessa Investment Research