Worth reading
74In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
10
Adjusted EBITDA CAGRWording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,025Target2,028hundred million
ROE+2,008.0pt
基準 20Target2,028％
ROIC+2,013.0pt
基準 15Target2,028％
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profit targetNot disclosed → not disclosed (the Company disclosed an adjusted EBITDA target rather than an operating profit target)
Operating profit margin targetNot disclosed → not disclosed (no consolidated operating margin specified; adjusted EBITDA margins by SBU disclosed)
What happened to the previous planRevenue ¥1.55 trillion / Adjusted EBITDA ¥100 billion / ROIC 15% or higher / ROE At least 20% → Revenue ¥1.5558 trillion / Adjusted EBITDA ¥88.1 billion / ROIC 18.2％ / ROE 20.9％（Revenue Approximately +0.4% / Adjusted EBITDA △11.9％ / ROIC Not disclosed / ROE Not disclosed）
Total investment planApproximately ¥180 billion in total over 3 years (the amount remaining after deducting existing IT investment (Capex) from adjusted EBITDA after tax)
Investment amount by sectorField Growth Investment / Amount Approximately 50% (amount not specified), Field AI investment / Amount Not disclosed, Field M&A / Amount Not disclosed, Field Existing IT investment (Capex) / Amount Approximately ¥50 billion
Statements about the use of capital
Payout ratio / DOE policyDividend payout ratio of 50% or higher, based on adjusted EPS. During the period covered by the Medium-Term Management Plan FY2028, the Company will in principle not reduce dividends, assuming sustained profit growth. DOE: not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe Company will consider conducting share repurchases flexibly from the perspective of improving capital efficiency, taking into account the progress of growth investments and available investment opportunities. The repurchase limit, specific timing and conditions are not disclosed.
Cost of capital7～8％The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Key initiatives
01Focus on areas of value creation through operational efficiency using AI
02Maximize matching opportunities through collaboration with AI
03Capture new employment demand expected to grow and less exposed to AI substitution risk
04Transform to an AI-first business model
05Transform the talent portfolio
06Develop employee skills
07Improve well-being at work
08Strengthen data governance
09Respect for human rights
10Climate Change Response
11Implement AI models leveraging the strengths of the human resources placement business
12Accelerate the shift toward contracting upstream processes by leveraging technological capabilities
13Improve profitability and expand market share through people × digital and AI
14Enhance operations and improve profitability through people × AI
Plan assumptionsThe assumed cost of capital is 7–8%. ROIC > cost of capital will be used as a key criterion for business portfolio decisions, and investment discipline will be based on achieving ROIC > cost of capital within several years. Numerical assumptions for foreign exchange rates, raw material prices and other factors are not disclosed.
Segment targetSegment Staffing / FY2025 revenue 608.0 Billion Yen / FY2028 target Revenue CAGR of approximately 4%; adjusted EBITDA margin above 6%, Segment BPO / FY2025 revenue 143.0 Billion Yen / FY2028 target Revenue CAGR of approximately 7%; adjusted EBITDA margin of 8%, Segment Technology / FY2025 revenue 124.8 Billion Yen / FY2028 target Revenue CAGR of approximately 10%; adjusted EBITDA margin of 10%, Segment Career / FY2025 revenue 152.8 Billion Yen / FY2028 target FY28 year-on-year revenue growth of 7–10%; adjusted EBITDA margin of 20% or higher, Segment Asia Pacific / FY2025 revenue 496.3 Billion Yen / FY2028 target Business portfolio under review, Segment Other / FY2025 revenue 74.6 Billion Yen / FY2028 target Focus on the Frontline Worker area and achieve profitability for the segment as a whole by reorganizing non-focus businesses and monetizing them
Non-financial targetsIndicator Number of people provided with or supported in obtaining better work opportunities / FY2028 target 700,000 people / FY2030 target 1 million members, Indicator Number of training participants and people developed through training and other programs / FY2028 target 220,000 / FY2030 target 230,000 people, Indicator Revenue from services related to improving corporate productivity / FY2028 target ¥480 billion / FY2030 target ¥560 billion, Indicator Engagement score / FY2028 target 73.5％ / FY2030 target 75％, Indicator Proportion of Female Officers / FY2028 target Not disclosed / FY2030 target 30％, Indicator Percentage of Female Managers / FY2028 target 32.6％ / FY2030 target 34.2％, Indicator Percentage of men taking parental leave / FY2028 target 78％ / FY2030 target 85％, Indicator Scope 1 + Scope 2 emissions reduction rate / FY2028 target To be set during FY26 / FY2035 target 62%; base year: FY2024, Indicator Scope 3 emissions reduction rate / FY2028 target To be set during FY26 / FY2035 target 38%; base year: FY2024, Indicator Scope 1 + Scope 2 emissions reduction rate / FY2050 target 90％, Indicator Scope 3 emissions reduction rate / FY2050 target 90％
Size of the Target MarketA labor shortage of approximately 1.5 million people is expected by 2035. The labor shortage across all industries is approximately 3.84 million people. Source: Persol Research and Consulting Co., Ltd., “Future Estimates of the Labor Market in 2035.” The market size in monetary terms and market growth rate are not disclosed.
Risks identified by the company
Changes in demand for human resources due to AI substitution
Contraction of the market based on the traditional demand structure
Changes in the competitive environment and business models accompanying the spread of AI
Potential displacement if the implementation of AI and the shift toward higher value-added services do not progress
Increased movement of human resources due to the impact of AI
Optimization of the Asia Pacific SBU business portfolio
Actual results and other outcomes may differ materially due to various factors
Reason for revision or withdrawal
To respond to changes in the business environment driven by the rapid adoption of AI, the Company will pursue profitability improvements and business model transformation originating from AI.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan FY2028 |
| Plan period | FY2026–FY2028 (April 2026–March 2029) |
| Progress against the plan | Formulated |
| Sales Target | Final-year target under the previous Medium-Term Management Plan FY2023–FY2025: ¥1.55 trillion → not disclosed (no consolidated revenue target for FY2028 specified; targets by SBU are presented separately) |
| Operating profit target | Not disclosed → not disclosed (the Company disclosed an adjusted EBITDA target rather than an operating profit target) |
| Operating profit margin target | Not disclosed → not disclosed (no consolidated operating margin specified; adjusted EBITDA margins by SBU disclosed) |
| ROE target | Previous medium-term plan: 20% or higher → FY2028: 20% or higher |
| ROIC target | Previous medium-term plan: 15% or higher → FY2028: 18% or higher（+20% (based on target values)） |
| Payout ratio / DOE policy | Dividend payout ratio of 50% or higher, based on adjusted EPS. During the period covered by the Medium-Term Management Plan FY2028, the Company will in principle not reduce dividends, assuming sustained profit growth. DOE: not disclosed. |
| Treasury share acquisition policy | The Company will consider conducting share repurchases flexibly from the perspective of improving capital efficiency, taking into account the progress of growth investments and available investment opportunities. The repurchase limit, specific timing and conditions are not disclosed. |
| Cost of capital | 7～8％ |
| Total investment plan | Approximately ¥180 billion in total over 3 years (the amount remaining after deducting existing IT investment (Capex) from adjusted EBITDA after tax) |
| Investment amount by sector | Field Growth Investment / Amount Approximately 50% (amount not specified), Field AI investment / Amount Not disclosed, Field M&A / Amount Not disclosed, Field Existing IT investment (Capex) / Amount Approximately ¥50 billion |
| Segment target | Segment Staffing / FY2025 revenue 608.0 Billion Yen / FY2028 target Revenue CAGR of approximately 4%; adjusted EBITDA margin above 6%, Segment BPO / FY2025 revenue 143.0 Billion Yen / FY2028 target Revenue CAGR of approximately 7%; adjusted EBITDA margin of 8%, Segment Technology / FY2025 revenue 124.8 Billion Yen / FY2028 target Revenue CAGR of approximately 10%; adjusted EBITDA margin of 10%, Segment Career / FY2025 revenue 152.8 Billion Yen / FY2028 target FY28 year-on-year revenue growth of 7–10%; adjusted EBITDA margin of 20% or higher, Segment Asia Pacific / FY2025 revenue 496.3 Billion Yen / FY2028 target Business portfolio under review, Segment Other / FY2025 revenue 74.6 Billion Yen / FY2028 target Focus on the Frontline Worker area and achieve profitability for the segment as a whole by reorganizing non-focus businesses and monetizing them |
| Non-financial targets | Indicator Number of people provided with or supported in obtaining better work opportunities / FY2028 target 700,000 people / FY2030 target 1 million members, Indicator Number of training participants and people developed through training and other programs / FY2028 target 220,000 / FY2030 target 230,000 people, Indicator Revenue from services related to improving corporate productivity / FY2028 target ¥480 billion / FY2030 target ¥560 billion, Indicator Engagement score / FY2028 target 73.5％ / FY2030 target 75％, Indicator Proportion of Female Officers / FY2028 target Not disclosed / FY2030 target 30％, Indicator Percentage of Female Managers / FY2028 target 32.6％ / FY2030 target 34.2％, Indicator Percentage of men taking parental leave / FY2028 target 78％ / FY2030 target 85％, Indicator Scope 1 + Scope 2 emissions reduction rate / FY2028 target To be set during FY26 / FY2035 target 62%; base year: FY2024, Indicator Scope 3 emissions reduction rate / FY2028 target To be set during FY26 / FY2035 target 38%; base year: FY2024, Indicator Scope 1 + Scope 2 emissions reduction rate / FY2050 target 90％, Indicator Scope 3 emissions reduction rate / FY2050 target 90％ |
| Plan assumptions | The assumed cost of capital is 7–8%. ROIC > cost of capital will be used as a key criterion for business portfolio decisions, and investment discipline will be based on achieving ROIC > cost of capital within several years. Numerical assumptions for foreign exchange rates, raw material prices and other factors are not disclosed. |
| Key initiatives | Focus on areas of value creation through operational efficiency using AI, Maximize matching opportunities through collaboration with AI, Capture new employment demand expected to grow and less exposed to AI substitution risk, Transform to an AI-first business model, Transform the talent portfolio, Develop employee skills, Improve well-being at work, Strengthen data governance, Respect for human rights, Climate Change Response, Implement AI models leveraging the strengths of the human resources placement business, Accelerate the shift toward contracting upstream processes by leveraging technological capabilities, Improve profitability and expand market share through people × digital and AI, Enhance operations and improve profitability through people × AI |
| Results under the previous plan | Revenue ¥1.55 trillion / Adjusted EBITDA ¥100 billion / ROIC 15% or higher / ROE At least 20% → Revenue ¥1.5558 trillion / Adjusted EBITDA ¥88.1 billion / ROIC 18.2％ / ROE 20.9％（Revenue Approximately +0.4% / Adjusted EBITDA △11.9％ / ROIC Not disclosed / ROE Not disclosed） |
| Reason for revision or withdrawal | To respond to changes in the business environment driven by the rapid adoption of AI, the Company will pursue profitability improvements and business model transformation originating from AI. |
| Size of the Target Market | A labor shortage of approximately 1.5 million people is expected by 2035. The labor shortage across all industries is approximately 3.84 million people. Source: Persol Research and Consulting Co., Ltd., “Future Estimates of the Labor Market in 2035.” The market size in monetary terms and market growth rate are not disclosed. |
| Risks identified | Changes in demand for human resources due to AI substitution, Contraction of the market based on the traditional demand structure, Changes in the competitive environment and business models accompanying the spread of AI, Potential displacement if the implementation of AI and the shift toward higher value-added services do not progress, Increased movement of human resources due to the impact of AI, Optimization of the Asia Pacific SBU business portfolio, Actual results and other outcomes may differ materially due to various factors |
| Publication date | 14 May 2026 |
Items this document does not state (3)
Net income targetSelf-assessment of PBR and share priceDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.To respond to changes in the business environment driven by the rapid adoption of AI and advance profitability improvements and business model transformation originating from AI.
How to read this page
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