note Inc. (TSE: 5243), which runs the "note" platform where creators publish and monetise writing and offers the note pro service for businesses, reported results for the first half (interim period) of the fiscal year ending November 2026 — the six months to May 31, 2026. Net sales rose 32.2% to ¥2,604m, adjusted EBITDA rose more than tenfold to ¥584m (from ¥51m), operating profit surged to ¥538m (from ¥23m), ordinary profit rose to ¥530m and net profit attributable to owners jumped 831.7% to ¥660m. Interim EPS was ¥35.55, up from ¥4.39.
Operating leverage kicks in
Rapid revenue growth combined with scale drove a dramatic swing in profitability, with adjusted EBITDA (operating profit plus depreciation, share-based compensation and other one-off costs) up 1,028% year on year and operating profit up more than 2,176%.
Balance sheet
Total assets were ¥10,934m and net assets ¥7,723m, for an equity ratio of 70.1%. note does not pay a dividend.
Outlook
note raised its full-year forecast for the year to November 2026, guiding net sales of ¥5,650m (+36.4%), adjusted EBITDA of ¥1,220m (+287.5%), operating profit of ¥1,100m (+329.4%), ordinary profit of ¥1,130m (+330.2%) and net profit of ¥1,200m (+172.3%), for EPS of ¥63.23.
| Metric | H1 FY11/26 | H1 FY11/25 | YoY |
|---|---|---|---|
| Net sales (¥m) | 2,604 | 1,970 | +32.2% |
| Adjusted EBITDA (¥m) | 584 | 51 | +1,028.0% |
| Operating profit (¥m) | 538 | 23 | +2,176.1% |
| Ordinary profit (¥m) | 530 | 35 | +1,383.4% |
| Net profit attrib. (¥m) | 660 | 70 | +831.7% |
| EPS (¥) | 35.55 | 4.39 | +709.8% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.