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EDINET 3520 Neutral Risk Analyzed 📈 Growth 8/10

LOIVE Co.,Ltd.

Annual Securities Report - 18th Term(2025/04/01 - 2026/03/31) ／ 2026-06-23 12:18

Covers EDINET statutory filings (TDNET timely disclosures / earnings flashes are not included).

EarningsGuidance DownNew ProductVolumeCapacityDemand
AI Summary 2026-06-23 12:20

LOIVE, a women-focused boutique fitness studio operator, posted Revenue +34.5% (¥8,475M → ¥11,421M) and OP -28.1% (¥1,004M → ¥722M) in FY2026. Pilates K expansion (45 new stores) drove member growth (6.2M → 8.3M), but profit margin fell to 6.3% due to investment. FY2027E: Revenue +11.7%, OP +6.0% with continued growth acceleration.

KEY POINTS
  • Strong revenue growth +34.5% (¥11,421M) driven by Pilates K acceleration and market expansion
  • Operating profit declined 28.1% (¥722M) due to aggressive store capex; margin compression to 6.3%
  • Member base reached 8.3M, total 200 stores (125 Pilates K), focused on market share maximization
📊 Revenue
Revenue +34.5% (¥8,475M → ¥11,421M)
💰 Operating profit
OP -28.1% (¥1,004M → ¥722M)
🔮 Outlook
FY2027E: Revenue +11.7%, OP +6.0%, Net Income +7.1%. Continued Pilates K store expansion and machine Pilates market growth expected.
📈 Growth outlook 📈 Growth 8/10
LOIVE prioritizes market share capture in the rapidly growing machine Pilates segment with 125 Pilates K stores. Combined with stable Loive expansion, FY2027E guidance shows Revenue +11.7%, OP +6.0%, moderating growth pace but targeting long-term value creation through new brand cultivation and product sales expansion.
Growth drivers
  • Pilates K store expansion and market share capture in growing machine Pilates segment
  • Member base growth (6.2M → 8.3M) expanding revenue foundation
  • Multi-brand strategy (Loive, Pilates K, etc.) covering diverse customer segments
  • Original &Fit product line expansion driving per-member revenue uplift
Risk and growth scores and tags are AI-generated estimates from analyzing the disclosure. They are not guarantees of fact, nor investment advice or recommendations. Make investment decisions at your own discretion.
⚠️ Extracted Risk Factors
CategoryDescriptionScoreNew
Competition Intensification Risk Machine Pilates market expansion driving accelerated new entrant competition, increased advertising spend, and new player entries. Failure to secure market share could significantly impact long-term business value. 8/10
Store Profitability Risk Store opening delays, unfavorable lease terms, underperformance post-opening, or lease non-renewal could result in individual store underperformance or impairment charges. 7/10
Impairment Risk Large portfolio of store fixed assets at risk of impairment from declining store profitability or significant market value declines. Already recorded ¥81M impairment in FY2026. 7/10
Debt Risk Interest-bearing debt ¥3,569M, equity ratio 25.6% as of FY2026 end. Debt dependency expected to remain elevated with continued expansion. Risk of profitability pressure from rising rates. 6/10
Talent Acquisition & Development Risk Business expansion requires continuous acquisition and retention of talent aligned with company purpose. Failure to recruit qualified staff amid labor shortages could stall growth. 6/10
Information Security Risk Membership-based business holds member personal data. System failures, cyberattacks, or data breaches could trigger loss of trust and litigation. 6/10
Natural Disaster & Epidemic Risk Nationwide store footprint exposed to earthquakes, floods, and epidemic-driven closures or operating restrictions disrupting business. 5/10
Key Person Risk Founder and CEO Ayaka Maekawa plays critical role in strategy and operations. Loss of leadership could disrupt management continuity. 5/10
8/10 Competition Intensification Risk
Machine Pilates market expansion driving accelerated new entrant competition, increased advertising spend, and new player entries. Failure to secure market share could significantly impact long-term business value.
7/10 Store Profitability Risk
Store opening delays, unfavorable lease terms, underperformance post-opening, or lease non-renewal could result in individual store underperformance or impairment charges.
7/10 Impairment Risk
Large portfolio of store fixed assets at risk of impairment from declining store profitability or significant market value declines. Already recorded ¥81M impairment in FY2026.
6/10 Debt Risk
Interest-bearing debt ¥3,569M, equity ratio 25.6% as of FY2026 end. Debt dependency expected to remain elevated with continued expansion. Risk of profitability pressure from rising rates.
6/10 Talent Acquisition & Development Risk
Business expansion requires continuous acquisition and retention of talent aligned with company purpose. Failure to recruit qualified staff amid labor shortages could stall growth.
6/10 Information Security Risk
Membership-based business holds member personal data. System failures, cyberattacks, or data breaches could trigger loss of trust and litigation.
5/10 Natural Disaster & Epidemic Risk
Nationwide store footprint exposed to earthquakes, floods, and epidemic-driven closures or operating restrictions disrupting business.
5/10 Key Person Risk
Founder and CEO Ayaka Maekawa plays critical role in strategy and operations. Loss of leadership could disrupt management continuity.
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