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Overview

Services

FAN Communications,Inc.

Fan Communications operates Japan's largest affiliate advertising network, A8.net, connecting advertisers with partner sites through a performance-based (cost-per-action) marketing model. The company also provides CPI (cost-per-install) advertising for smartphone apps via seedApp, influencer marketing through LUMOS BUZZ, and digital marketing optimization services under the N-INE brand. Its new business segment includes the comedy radio app GERA, the online community platform YOOR, and inbound marketing support for overseas advertisers entering the Japanese market.

Market Cap

US$146M

¥23.4B

US$42.9M

¥6.85B

StockUS$2.23(¥356)▲+0.28%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

4.8

LTM EV/EBIT

6.0

LTM PER

37.4

LTM PBR

1.5

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-48.5%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

MC → EV Bridge

AI Briefing

Fan Communications runs A8.net, Japan's largest affiliate ad network, alongside CPI, influencer and DX-focused marketing units. FY25/12 revenue US$44.5M (¥7.1B) with OP margin rebounding to 27.7%, after a three-year slide from US$48.2M (¥7.7B)/31.1% in FY22/12. Ownership is tightly held, with founder Yanagisawa and affiliated UH Partners entities together controlling over 60% of shares.

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Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

100%

EquityD/E 0.00xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

2025/12 · US$ (¥B)

Cost Per Action Solution Business

Revenue

US$36.5M(¥5.83B)

Segment profit

US$23.8M(¥3.80B)65.3%

Strategy Business

Revenue

US$9.79M(¥1.56B)

Segment profit

-US$3.88M(¥-0.62B)-39.6%

Adjustments

Revenue

-US$1.83M(¥-0.29B)

Segment profit

-US$7.63M(¥-1.22B)

Shareholders

Top 10 hold 76.0%

as of 2026-06-30 · Source: Annual Securities Report

Yasuyoshi YANAGISAWA

42.29%

UH Partners 2 Investment Limited Liability Partnership

7.57%

UH6 Inc.

7.36%

UH Partners 3 Investment Limited Liability Partnership

6.19%

The Master Trust Bank of Japan, Ltd. (Trust Account)

3.89%

Hiroshi MATSUMOTO

2.55%

HIKARI TSUSHIN,INC.

1.98%

JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)

1.74%

Shinichiro SUGIYAMA

1.53%

Toru UCHIDA

0.90%

Management

8 officers

Koji NINOMIYA

Representative Director, President; Executive Officer; in charge of Internal Audit Office, Second Sales Division, Product Management Department and Media Development Department

Apr 2004 Joined the Company Jan 2011 General Manager, ADN Promotion Department, MC Business Division Mar 2012 General Manager, ADN Business Division Apr 2013 Executive Officer (current) Mar 2015 Director Mar 2024 Representative Director, President (current)

1979-03-11

Takashi YOSHINAGA

Director, Executive Vice President and Executive Officer; in charge of DX Promotion Department, Fan Marketing Promotion Department, Business Support Department; General Manager, Corporate Division; General Manager, Human Resources Department

Apr 2005 Joined the Company Jul 2008 General Manager, New Development Department, A8 Business Division Oct 2011 General Manager, A8 Business Division Apr 2013 Executive Officer (current) Mar 2015 Director Mar 2025 Director, Executive Vice President (current) Significant concurrent positions: Director, Fan Communications Global Inc. Director, WAND Inc.

1981-02-18

Masato KATO

Director and Executive Officer; General Manager, First Sales Division; General Manager, Platform Promotion Department, First Sales Division

Feb 2009 Joined the Company Mar 2012 Sales Promotion Department Manager, ADN Business Division Jan 2015 General Manager, nex8 Business Division Jul 2019 General Manager, AD Platform Business Division Apr 2022 Executive Officer (current) Apr 2023 General Manager, Corporate Design Division Jan 2025 General Manager, A8 Business Division Mar 2025 Director (current)

1983-11-07

Kazusuke OBI

Director

Sep 1977 Joined Alfa Records Inc. Aug 1988 Representative Director, Cytron & Art Co., Ltd. Oct 2002 Director, Digital Garage, Inc. Jul 2009 Executive Officer, Google Japan Inc. Dec 2012 Japan Representative, InMobi Japan K.K. Oct 2015 Representative Director and Partner, Link Asia Capital Inc. (current) Mar 2017 Outside Audit & Supervisory Board Member, Inbound Tech Inc. (current) Nov 2017 Representative Director, Cross Locations Inc. (now Location AI Inc.) (current) Mar 2018 Outside Director of the Company (current) Jun 2018 Outside Director, Future Venture Capital Co., Ltd. Jun 2018 Outside Director, Infonet Inc. (current) Apr 2024 Outside Director, BRANU Inc. (current) Significant concurrent positions: Representative Director and Partner, Link Asia Capital Inc. Outside Audit & Supervisory Board Member, Inbound Tech Inc. Representative Director, Location AI Inc. Outside Director, Infonet Inc. Outside Director, BRANU Inc.

1953-12-04

Satoshi HOTANO

Director

Apr 1984 Joined Fuji Xerox Co., Ltd. Apr 2000 Joined On the Edge Inc. (now LINE Corporation) Mar 2003 Director, eXmarketing Inc. Nov 2004 Director, ValueClick Japan Co., Ltd. Jan 2006 Director, Cecile Co., Ltd. Feb 2006 Representative Director, President, Livedoor Marketing Co., Ltd. Jul 2008 Representative Director, President, Sonet Media Networks Co., Ltd. (now SMN Corporation) Nov 2014 Representative Director, Horn Inc. (current) Mar 2018 Outside Director of the Company (current) Nov 2018 Representative Director and Chairman, Guide Dent Inc. Significant concurrent positions: Representative Director, Horn Inc.

1962-01-11

Yoshikatsu SATO

Full-time Audit and Supervisory Committee Member (Director)

Nov 2000 Joined the Company Oct 2002 General Manager, Sales Department Apr 2004 Executive Officer Jan 2005 General Manager, Sales Division Mar 2005 Director Mar 2018 Retired as Director Mar 2023 Full-time Audit and Supervisory Committee Member (current)

1967-07-21

Tokiko MARUNO

Director, Audit and Supervisory Committee Member

Oct 2002 Registered as attorney-at-law (Daiichi Tokyo Bar Association) Oct 2002 Joined Dezawa Sogo Law Office (current) Nov 2016 Outside Audit & Supervisory Board Member, Chiiki Shinbun Co., Ltd. (current) Jun 2017 Outside Audit & Supervisory Board Member, Nichiryoku Co., Ltd. Jun 2019 Outside Audit & Supervisory Board Member, Raito Kogyo Co., Ltd. (current) Mar 2022 Outside Audit & Supervisory Board Member of the Company Mar 2023 Outside Director, Audit and Supervisory Committee Member of the Company (current) Significant concurrent positions: Attorney-at-law, Dezawa Sogo Law Office Outside Audit & Supervisory Board Member, Chiiki Shinbun Co., Ltd. Outside Audit & Supervisory Board Member, Raito Kogyo Co., Ltd.

1973-07-21

Masaaki KOIZUMI

Director, Audit and Supervisory Committee Member

Oct 1987 Joined Eiwa Audit Corporation (now Azsa LLC) Aug 1991 Registered as Certified Public Accountant Oct 2003 Opened Koizumi CPA Office; Head of Office (current) Aug 2004 Audit & Supervisory Board Member, Internet Initiative Japan Inc. Aug 2006 Representative Partner, Futaba Audit Corporation Mar 2008 Director, Lifenet Insurance Company Feb 2015 Outside Audit & Supervisory Board Member, Kyuso Ryutsu System Co., Ltd. Jun 2018 Outside Director, Monex Group, Inc. (current) Mar 2023 Outside Director, Audit and Supervisory Committee Member of the Company (current) Significant concurrent positions: Head, Koizumi CPA Office Outside Director, Monex Group, Inc.

1964-10-04

Large Shareholding Reports

UH Partners 2 Co., Ltd.

2026-09-28

7.50%→7.50%

UH Partners 2 Co., Ltd.

2026-04-07

7.51%→7.50%

Koutsushin Co., Ltd.

2026-01-20

8.29%→9.11%

Annual report (as of 2026-06-30): 1.98%

Koutsushin Co., Ltd.

2025-09-26

8.29%→8.29%

Annual report (as of 2026-06-30): 1.98%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-11-09

Q3 Earnings Flash

FY ending Dec 2026

FAN Communications,Inc.

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