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    Akitomo Kishimoto • Mizuho Securities Co., Ltd.

    Akitomo Kishimoto's questions to LY Corp (YAHOY) leadership

    Akitomo Kishimoto's questions to LY Corp (YAHOY) leadership • Q1 2025

    Question

    Akitomo Kishimoto from Mizuho Securities inquired about the company's perception of the current advertising market trend, given the strong start in account advertising. He asked about the likelihood of outperforming the full-year plan and sought confirmation on the performance of the search advertising business, particularly on the LINE Yahoo! side.

    Answer

    Executive Yuki Ikehata stated that their perception of the ad market aligns with the general forecast of moderate, upper-single-digit growth. He noted that while account advertising is strong, the company needs to strengthen its display ad business to catch up with the market. He also mentioned that the impact of third-party cookie deprecation is not expected this fiscal year. Executive Ryosuke Sakaue added that UI improvements implemented in June have had a positive short-term impact on search ad revenue.

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    Akitomo Kishimoto's questions to LY Corp (YAHOY) leadership • Q4 2023

    Question

    Akitomo Kishimoto asked for details on the JPY 15 billion investment for product reinforcement, specifically how sales promotion expenses would scale with revenue performance and the potential impact on margins under different revenue scenarios.

    Answer

    CEO Takeshi Idezawa emphasized that all investments will be disciplined, continuing the cost optimization policy from FY'23 and closely monitoring LTV/CAC. He does not expect margin deterioration, with Media and Commerce margins likely to be stable and Strategic business margins improving. Investments in areas like LYP Premium are based on measurable lifetime value, ensuring disciplined spending regardless of revenue fluctuations.

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