Worth reading
59In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
6580
¥ million (year-on-year increase in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationSecond quarter of the fiscal year ending December 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥138,366 million+5.0%
Operating profit¥4,249 million-14.6%
Ordinary income¥4,094 million-15.1%
Net income¥1,903 million-28.2%
Operating profit margin3.1 %
Full-year earnings forecast
Net Sales
¥300,326 million
Operating profit
¥12,500 million
Ordinary income
¥11,799 million
Net income
¥6,966 million
Earnings per share
¥389.29
Dividend per share
¥136.3
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Overall, performance is tracking above plan. Service HR profit is below plan; real estate revenue is below plan but profit is above plan; and information and communications revenue is below plan but profit is above plan.Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Sales and deliveries of real estate properties are concentrated in the second half, particularly the fourth quarter. In the human resources and education business, hiring and human resources development investments are front-loaded into the first half of the fiscal year. Assumptions include geopolitical risks, persistently high and polarized real estate prices, rising interest rates, and adverse weather conditions.New initiatives
- Making nmsホールディングス a consolidated subsidiary and wholly owned subsidiary through a tender offer
- Front-loaded investment in hiring, training systems, and the working environment for Products HR
- Expanding Service HR's company-operated warehouses and strengthening labor management operations
- Expanding the Information and Communications business into a community-based comprehensive consulting business
- Preparing to operate newly contracted agricultural park facilities and designated-management facilities
Key KPIsA metric the company considers important as a management benchmark.
- Products HR headcount (three-month average)25,270 peopleYear on year against the same period last year+14.5%
- Service HR headcount (three-month average)38,651 peopleYear on year against the same period last year+15.6%
- Agricultural park visitors
- Real estate held for sale and real estate under development for sale¥72,903 millionYear on year against the same period last year+14.8%
- Number of operating locations251 Location
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Agricultural park visitors
- Average spend per agricultural park visitor
Segment results
- Human Resources and Education BusinessNet Sales113,656Revenue unit¥ millionYear-on-year change in revenue14.8Segment profit2,543Profit unit¥ millionYear-on-year change in profit6
- Products HR BusinessNet Sales67,233Revenue unit¥ millionYear-on-year change in revenue15.1Segment profit1,856Profit unit¥ millionYear-on-year change in profit8.2
- Service HR BusinessNet Sales46,422Revenue unit¥ millionYear-on-year change in revenue14.3Segment profit687Profit unit¥ millionYear-on-year change in profit0.3
- Real Estate BusinessNet Sales16,674Revenue unit¥ millionYear-on-year change in revenue-32.8Segment profit963Profit unit¥ millionYear-on-year change in profit-53.9
- Information and Communications BusinessNet Sales5,040Revenue unit¥ millionYear-on-year change in revenue-1.5Segment profit198Profit unit¥ millionYear-on-year change in profit0.5
- Agricultural Park BusinessNet Sales2,994Revenue unit¥ millionYear-on-year change in revenue4.3Segment profit131Profit unit¥ millionYear-on-year change in profit112.1
Financial targets
Cost of shareholders’ equityApproximately 9–11%
Equity ratioMaintain at approximately 25–30%
Actual ROE14.1% (2025)
Number of stores and locations
End of period251 Location
Domestic229 Location
Overseas expansion22 Location
Number of stores29 stores (Information and Communications Business)
Number of employees
Number of EmployeesApproximately 60,000
Hiring planAccelerate hiring
Annual Dividend
Annual¥136.3
Payout ratio
35 % approximate
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | ¥138,366 million (YoY +5.0%) |
| Operating profit | ¥4,249 million (YoY -14.6%) |
| Ordinary income | ¥4,094 million (YoY -15.1%) |
| Net income | ¥1,903 million (YoY -28.2%) |
| Operating profit margin | 3.1 % |
| Full-year earnings forecast | Net Sales ¥300,326 million / Operating profit ¥12,500 million / Ordinary income ¥11,799 million / Net income ¥6,966 million / Earnings per share ¥389.29 / Dividend per share ¥136.3 |
| Self-assessment against the plan | Overall, performance is tracking above plan. Service HR profit is below plan; real estate revenue is below plan but profit is above plan; and information and communications revenue is below plan but profit is above plan. |
| Segment results | Segment Human Resources and Education Business / Net Sales 113,656 / Revenue unit ¥ million / Year-on-year change in revenue 14.8 / Segment profit 2,543 / Profit unit ¥ million / Year-on-year change in profit 6, Segment Products HR Business / Net Sales 67,233 / Revenue unit ¥ million / Year-on-year change in revenue 15.1 / Segment profit 1,856 / Profit unit ¥ million / Year-on-year change in profit 8.2, Segment Service HR Business / Net Sales 46,422 / Revenue unit ¥ million / Year-on-year change in revenue 14.3 / Segment profit 687 / Profit unit ¥ million / Year-on-year change in profit 0.3, Segment Real Estate Business / Net Sales 16,674 / Revenue unit ¥ million / Year-on-year change in revenue -32.8 / Segment profit 963 / Profit unit ¥ million / Year-on-year change in profit -53.9, Segment Information and Communications Business / Net Sales 5,040 / Revenue unit ¥ million / Year-on-year change in revenue -1.5 / Segment profit 198 / Profit unit ¥ million / Year-on-year change in profit 0.5, Segment Agricultural Park Business / Net Sales 2,994 / Revenue unit ¥ million / Year-on-year change in revenue 4.3 / Segment profit 131 / Profit unit ¥ million / Year-on-year change in profit 112.1 |
| Key KPIs | Indicator name Products HR headcount (three-month average) / Value 25,270 people / Year on year against the same period last year 14.5 people, Indicator name Service HR headcount (three-month average) / Value 38,651 people / Year on year against the same period last year 15.6 people, Indicator name Agricultural park visitors / Value Not disclosed / Year on year against the same period last year Not disclosed, Indicator name Real estate held for sale and real estate under development for sale / Value ¥72,903 million / Year on year against the same period last year ¥14.8 million, Indicator name Number of operating locations / Value 251 Location / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Indicator name Agricultural park visitors / Value Not disclosed, Indicator name Average spend per agricultural park visitor / Value Not disclosed |
| Number of stores and locations | End of period 251 Location / Domestic 229 Location / Overseas expansion 22 Location / Number of stores 29 stores (Information and Communications Business) / Number of store openings and closures during the period Not disclosed |
| Number of employees | Number of Employees Approximately 60,000 / Change during the period Not disclosed / Hiring plan Accelerate hiring |
| Assumptions Underlying the Business Outlook | Sales and deliveries of real estate properties are concentrated in the second half, particularly the fourth quarter. In the human resources and education business, hiring and human resources development investments are front-loaded into the first half of the fiscal year. Assumptions include geopolitical risks, persistently high and polarized real estate prices, rising interest rates, and adverse weather conditions. |
| Financial targets | Cost of shareholders’ equity Approximately 9–11% / Equity ratio Maintain at approximately 25–30% / Actual ROE 14.1% (2025) |
| Annual Dividend | Annual ¥136.3 / Interim Not disclosed / End of period Not disclosed |
| Payout ratio | 35 % (approximate) |
| New initiatives | Making nmsホールディングス a consolidated subsidiary and wholly owned subsidiary through a tender offer, Front-loaded investment in hiring, training systems, and the working environment for Products HR, Expanding Service HR's company-operated warehouses and strengthening labor management operations, Expanding the Information and Communications business into a community-based comprehensive consulting business, Preparing to operate newly contracted agricultural park facilities and designated-management facilities |
Items this document does not state (12)
Gross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastBreakdown of Factors Affecting the ChangeRisk amount incorporated into the outlookMedium-term management plan targetsAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A
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.The main reasons for the increase in revenue and performance above plan were the Products HR business capturing strong demand for human resources, particularly in semiconductors, and the overall human resources and education business exceeding plan. In real estate, revenue and profit declined year on year because property deliveries are concentrated in the second half and the sale of some properties was postponed, but profit exceeded plan due to sales focused on profitability. In information and communications, insufficient inventory weighed on revenue, while cost optimization boosted profit.
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