Komori
Earnings presentation3021Pacific Net Co.,Ltd.Information and Communications, Services and Others

Financial Results Briefing Materials for the Fiscal Year Ended May 2026

For the fiscal year ended May 2026, revenue and operating profit both reached record highs, driven by growth in recurring revenue from IT subscriptions, higher ITAD selling prices, and a recovery in demand for communication devices. For the fiscal year ending May 2027, the company expects revenue and profit growth and is expanding its ITAD operations to AI infrastructure-related equipment while opening new locations.

Worth reading
68In 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
65.2
Year-on-year increase in operating income (%)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationFiscal year ending May 202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥10,457 million+29.1%
Operating profit¥1,391 million+65.2%
Ordinary income¥1,292 million+66.9%
Net income¥865 million+63.4%
Operating profit margin13.3 %
Results for the three months of the current quarter
Net Sales
¥2,665 million
Operating profit
¥224 million
Ordinary income
¥193 million
Profit attributable to owners of the parent
¥108 million
EBITDA
¥1,219 million
Full-year earnings forecast
Fiscal Period CoveredFiscal year ending May 2027
Net Sales
¥11,100 million
Operating profit
¥1,450 million
Ordinary income
¥1,300 million
Profit attributable to owners of the parent
¥884 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Growth in recurring revenue (IT subscriptions)¥288 million
  • Growth in transactional revenue (ITAD, communication devices)¥685 million
  • Year-on-year cost increase from investment in personnel¥-299 million
  • Year-on-year cost increase from other investments (IT, facilities, etc.)¥-98 million
  • Other cost increases¥-27 million
New initiatives
  • Opened the Sagamihara Technical Center in Sagamihara, Kanagawa Prefecture, in June 2026
  • Expanded the scope of the ITAD business in July 2026 to AI infrastructure-related equipment, including servers, storage and networking equipment
  • Expanded the ITAD business into high-value-added areas such as servers and storage
  • Expanded LCM services and strengthened cross-selling of IT services and operations and maintenance
Key KPIsA metric the company considers important as a management benchmark.
  • Operating margin13.3 %
    Year on year against the same period last year+2.9 percentage points
  • Net profit margin8.3 %
    Year on year against the same period last year+1.7 percentage points
  • ROE23.5 %
    Year on year against the same period last year+7.0 percentage points
  • ROA9.2 %
  • Equity ratio25.5 %
    Year on year against the same period last year-1.8 percentage points year on year
  • Subscription asset utilization rate81.6 %
  • D/E ratio2.4 times
  • Revenue per employee¥35,091 thousand
    Year on year against the same period last year1.9x vs. fiscal year ended May 2023
  • Operating profit per employee¥4,669 thousand
    Year on year against the same period last year2.7x vs. fiscal year ended May 2023
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Number of customersUp 7.2% year on year
  • Number of PCs leasedUp 13.0% year on year
  • Long-term subscription revenueUp 27.6% year on year
  • IT services revenueUp 17.4% year on year
  • ITAD selling price1.9x vs. fiscal year ended May 2020
  • Number of ITAD units received0.6x vs. fiscal year ended May 2020
  • Rental revenueUp 28.3% year on year
  • Units shipped (communication devices)Up 31.1% year on year
Segment results
  • IT Subscription Business
    Net Sales¥7,161 million (YoY +22.4%)
    Segment profit¥731 million (YoY +6.4%)
  • ITAD Business
    Net Sales¥3,297 million (YoY +59.8%)
    Segment profit¥1,362 million (YoY +83.6%)
  • Communication and Devices Business
    Net Sales¥360 million (YoY +12.2%)
    Segment profit¥111 million (YoY +70.5%)
Financial targets
  • ROE
    Target18% or more
    Actual results23.5%
  • Equity ratio
    Target20〜30%
    Actual results25.5%
  • D/E ratio
    Target3x or less
    Actual results2.4x
Market Size / Share
  • Guide receiver share of the domestic travel-related marketAt least 90%
  • Subscription share of PC procurement13 %
  • Projected IT personnel shortage (2030)79 10,000 people
Number of employees
Number of Employees283 people
As ofAs of 1 July 2026
Comparison valueAverage of 243 people in the fiscal year ended May 2020
Annual Dividend
Fiscal year ending May 2026
Annual¥52 per share
Forecast for the fiscal year ending May 2027
Annual¥65 per share
Regular dividend¥57 per share
Commemorative dividend¥8 per share
Payout ratio
31.6 %
TargetAt least 30%
DOE
7.4 %
Target5% or more
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredFiscal year ending May 2026
Net Sales¥10,457 million (YoY +29.1%)
Operating profit¥1,391 million (YoY +65.2%)
Ordinary income¥1,292 million (YoY +66.9%)
Net income¥865 million (YoY +63.4%)
Operating profit margin13.3 %
Results for the three months of the current quarterNet Sales ¥2,665 million / Operating profit ¥224 million / Ordinary income ¥193 million / Profit attributable to owners of the parent ¥108 million / EBITDA ¥1,219 million
Full-year earnings forecastFiscal Period Covered Fiscal year ending May 2027 / Net Sales ¥11,100 million / Operating profit ¥1,450 million / Ordinary income ¥1,300 million / Profit attributable to owners of the parent ¥884 million
Segment resultsSegment IT Subscription Business / Net Sales ¥7,161 million (YoY +22.4%) / Segment profit ¥731 million (YoY +6.4%), Segment ITAD Business / Net Sales ¥3,297 million (YoY +59.8%) / Segment profit ¥1,362 million (YoY +83.6%), Segment Communication and Devices Business / Net Sales ¥360 million (YoY +12.2%) / Segment profit ¥111 million (YoY +70.5%)
Breakdown of Factors Affecting the ChangeFactors Growth in recurring revenue (IT subscriptions) / Amount ¥288 million, Factors Growth in transactional revenue (ITAD, communication devices) / Amount ¥685 million, Factors Year-on-year cost increase from investment in personnel / Amount ¥-299 million, Factors Year-on-year cost increase from other investments (IT, facilities, etc.) / Amount ¥-98 million, Factors Other cost increases / Amount ¥-27 million
Key KPIsIndicator name Operating margin / Value 13.3 % / Year on year against the same period last year +2.9 percentage points, Indicator name Net profit margin / Value 8.3 % / Year on year against the same period last year +1.7 percentage points, Indicator name ROE / Value 23.5 % / Year on year against the same period last year +7.0 percentage points, Indicator name ROA / Value 9.2 % / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 25.5 % / Year on year against the same period last year -1.8 percentage points year on year, Indicator name Subscription asset utilization rate / Value 81.6 % / Year on year against the same period last year Not disclosed, Indicator name D/E ratio / Value 2.4 times / Year on year against the same period last year Not disclosed, Indicator name Revenue per employee / Value ¥35,091 thousand / Year on year against the same period last year 1.9x vs. fiscal year ended May 2023, Indicator name Operating profit per employee / Value ¥4,669 thousand / Year on year against the same period last year 2.7x vs. fiscal year ended May 2023
Unit price and quantity metricsIndicator name Number of customers / Value Up 7.2% year on year, Indicator name Number of PCs leased / Value Up 13.0% year on year, Indicator name Long-term subscription revenue / Value Up 27.6% year on year, Indicator name IT services revenue / Value Up 17.4% year on year, Indicator name ITAD selling price / Value 1.9x vs. fiscal year ended May 2020, Indicator name Number of ITAD units received / Value 0.6x vs. fiscal year ended May 2020, Indicator name Rental revenue / Value Up 28.3% year on year, Indicator name Units shipped (communication devices) / Value Up 31.1% year on year
Number of employeesNumber of Employees 283 people / As of As of 1 July 2026 / Comparison value Average of 243 people in the fiscal year ended May 2020
Financial targetsIndicator name ROE / Target 18% or more / Actual results 23.5%, Indicator name Equity ratio / Target 20〜30% / Actual results 25.5%, Indicator name D/E ratio / Target 3x or less / Actual results 2.4x
Annual DividendFiscal year ending May 2026 Annual ¥52 per share / Forecast for the fiscal year ending May 2027 Annual ¥65 per share / Regular dividend ¥57 per share / Commemorative dividend ¥8 per share
Payout ratio31.6 %
Market Size / ShareItem Guide receiver share of the domestic travel-related market / Value At least 90%, Item Subscription share of PC procurement / Value 13 %, Item Projected IT personnel shortage (2030) / Value 79 10,000 people
New initiativesOpened the Sagamihara Technical Center in Sagamihara, Kanagawa Prefecture, in June 2026, Expanded the scope of the ITAD business in July 2026 to AI infrastructure-related equipment, including servers, storage and networking equipment, Expanded the ITAD business into high-value-added areas such as servers and storage, Expanded LCM services and strengthened cross-selling of IT services and operations and maintenance
Items this document does not state (12)
Gross Profit MarginSelling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey 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 company cites growth in recurring IT subscription revenue, growth in ITAD and communication-device transactional revenue and higher selling prices, increased travel and corporate demand for its communication-device business, and productivity improvements as factors behind the increase in revenue and profit. It also identifies demand for PC replacements following the end of Windows 10 support, the shortage of IT personnel, and increased subscription demand resulting from higher prices for new PCs as growth drivers.

How to read this page

This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Financial Results Briefing Materials for the Fiscal Year Ended May 2026 | Pacific Net Co.,Ltd. (3021) timely disclosure | Komori