Performance volatility due to an entirely success-fee-based model and the timing of deal closings
First written in FY2024. 4 of 10 entries say "Worsened", first in FY2026-H1. Latest entry: 2026-09-30.
Integroup moved to the "Worse" side of this theme in 2025, 1 year before the typical company in this theme (2026).
The whole theme swung hardest in 2026: 5 of 9 companies on the "Worse" side.
3 other companies' latest entry also says "Restated".
- 2026-09-30RestatedEarnings
「Meanwhile, the completion rate has declined as buyers have become more cautious and selective in reviewing transactions, partly because the supply of sale-side opportunities has increased in the SME M&A market.」
売却案件の供給増加及び買い手の選別強化を背景とする成約率低下の状況を継続して記載している。 - FY2026RestatedAnnual report
「However, although the number of completed transactions exceeded the previous fiscal year because several transactions, including large transactions, involved prolonged review periods or failed to close, revenue per transaction was ¥31,797 thousand, compared with ¥44,004 thousand in the previous fiscal year, and declined year on year.」
The risk of performance volatility from prolonged reviews, failed transactions and changes in revenue per transaction continues. Completed transactions, however, exceeded the previous fiscal year. - FY2026-H1WorsenedAnnual report
「Meanwhile, the completion rate has declined as buyers have become more cautious and selective in reviewing transactions, partly because the supply of sale-side opportunities has increased in the SME M&A market.」
In addition to the decline in completed transactions from the previous fiscal year, the company explicitly identifies a market-wide decline in completion rates caused by increased supply of sale-side opportunities and greater buyer selectivity. Interim completed transactions fell to 18 from 20 in the same interim period of the previous year, further affecting performance. - FY2025MaterialisedAnnual report
「However, several transactions involved prolonged review periods or failed to close, and the number of completed transactions fell below the previous fiscal year.」
The company records the occurrence of performance volatility associated with the success-fee-only model and deal progress, resulting from prolonged reviews and failed transactions. - FY2024First statedAnnual report
「If the number of deals closing in each period, transfer values, the completion rate, the outcome of large transactions or delays in deal progress have a significant impact, the company’s quarterly or annual financial results could be materially affected.」
The company describes efforts to continue increasing consultant headcount and completed transactions in order to reduce the impact of individual transactions on overall performance.