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Earnings presentation4448kubell Co.,Ltd.Information and Communications, Services and Others

Financial Results Presentation for the Second Quarter of the Fiscal Year Ending December 2026

The full-year earnings forecast has been changed from disclosure based on growth rates to specific ranges for revenue and profit. For the six months ended Q2, revenue is progressing as expected, while EBITDA is progressing ahead of expectations.

Worth reading
61In 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
1700
¥ million (upper end of full-year EBITDA forecast range: ¥1,500–1,700 million)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationSecond quarter of the fiscal year ending December 20268 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥5,276 million+16.4%
Operating profit¥556 million+278.7%
Ordinary income¥552 million+316.6%
Net income¥490 million
Gross Profit Margin
Rate72
Year-on-year change (points)5.2
Operating profit margin
Rate10.5
Year-on-year change (points)7.3
Results for the three months of the current quarter
Net Sales
¥2,689 million+17.1%
Gross profit
¥1,919 million+24.9%
EBITDA
¥469 million+60.6%
Operating profit
¥276 million+289.9%
Ordinary income
¥273 million+338.9%
Net income
¥293 million+1,931.2%
Full-year earnings forecast
Net Sales
10,768～10,958
Gross profit
7,480～7,670
EBITDA
1,500～1,700
Operating profit
620～918
Ordinary income
615～913
Profit attributable to owners of the parent
456～753
Progress against full-year forecast　通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales49.0% (against the lower end of the forecast)
EBITDA62.5% (against the lower end of the forecast)
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue is at the expected level, while EBITDA is ahead of expectations
New initiatives
  • Implement AI summarization, AI draft creation, AI labor and employment news, AI commentary and analysis, and AI document creation features in Chatwork
  • Launch the Chatwork certified social insurance and labor consultant AI agent business
  • Move the head office to WeWork KDX Toranomon 1-chome
  • Add the business of atena株式会社 to the BPaaS domain
Key KPIsA metric the company considers important as a management benchmark.
  • Company-wide ARR¥102.3 million
    Year on year against the same period last year+17.3%
  • SaaS domain ARR¥79.2 million
    Year on year against the same period last year+6.4%
  • Chatwork registered IDs823.1 10,000 IDs
    Year on year against the same period last year+6.2%
  • BPaaS domain ARR¥23.1 million
    Year on year against the same period last year+80.9%
  • Companies adopting the service100.4 10,000 companies
    Year on year against the same period last year+7.3%
  • Chatwork paying IDs84.9 10,000 IDs
    Year on year against the same period last year+3.3%
  • Chatwork ARPU¥734.5
    Year on year against the same period last year+1.8%
  • BPaaS domain revenue¥645 million
    Year on year against the same period last year+84.0%
  • Chatwork DAUs
    Year on year against the same period last year+1.6%
  • Paid ID churn rate1.17 %
    Year on year against the same period last yearSlightly higher
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Chatwork paying IDs
84.9 10,000 IDs+3.3%
Chatwork ARPU
¥734.5+1.8%
Chatwork registered IDs
823.1 10,000 IDs+6.2%
Segment results
SaaS domain
Quarterly revenue
¥2,044 million
Year on year against the same period last year+5.0%
BPaaS domain
Quarterly revenue
¥645 million
Year on year against the same period last year+84.0%
SaaS domain, six months ended Q2
Net Sales
¥4,083 million
Year on year against the same period last year+5.8%
BPaaS domain, six months ended Q2
Net Sales
¥1,193 million
Year on year against the same period last year+77.5%
Medium-term management plan targets
Target fiscal year2026
Net Sales
¥150 million
EBITDA
15～22.5
EBITDA margin
10～15
Comparison with actual resultsThe Q2 EBITDA margin of 17.5% exceeds the target range
Market Size / Share
BPaaS potential market TAM
¥49.1 trillion
SAM
¥33.2 trillion
SOM
¥2 trillion
Core target market
¥3,453 million
Business chat adoption rate
Small and medium-sized companies23.3 %
Large companies45.7 %
Number of employees
Number of Employees824 People
Change during the periodUp 89 people from the previous quarter
Hiring planContinue hiring BPaaS operators
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredSecond quarter of the fiscal year ending December 2026
Net Sales¥5,276 million (YoY +16.4%)
Operating profit¥556 million (YoY +278.7%)
Ordinary income¥552 million (YoY +316.6%)
Net income¥490 million
Gross Profit MarginRate 72 / Year-on-year change (points) 5.2
Operating profit marginRate 10.5 / Year-on-year change (points) 7.3
Results for the three months of the current quarterNet Sales ¥2,689 million (YoY +17.1%) / Gross profit ¥1,919 million (YoY +24.9%) / EBITDA ¥469 million (YoY +60.6%) / Operating profit ¥276 million (YoY +289.9%) / Ordinary income ¥273 million (YoY +338.9%) / Net income ¥293 million (YoY +1,931.2%)
Full-year earnings forecastNet Sales 10,768～10,958 / Gross profit 7,480～7,670 / EBITDA 1,500～1,700 / Operating profit 620～918 / Ordinary income 615～913 / Profit attributable to owners of the parent 456～753
Progress against full-year forecastNet Sales 49.0% (against the lower end of the forecast) / EBITDA 62.5% (against the lower end of the forecast)
Self-assessment against the planRevenue is at the expected level, while EBITDA is ahead of expectations
Segment resultsSaaS domain Quarterly revenue ¥2,044 million / Year on year against the same period last year 5 / BPaaS domain Quarterly revenue ¥645 million / Year on year against the same period last year 84 / SaaS domain, six months ended Q2 Net Sales ¥4,083 million / Year on year against the same period last year 5.8 / BPaaS domain, six months ended Q2 Net Sales ¥1,193 million / Year on year against the same period last year 77.5
Key KPIsIndicator name Company-wide ARR / Value ¥102.3 million / Year on year against the same period last year ¥17.3 million, Indicator name SaaS domain ARR / Value ¥79.2 million / Year on year against the same period last year ¥6.4 million, Indicator name Chatwork registered IDs / Value 823.1 10,000 IDs / Year on year against the same period last year 6.2 10,000 IDs, Indicator name BPaaS domain ARR / Value ¥23.1 million / Year on year against the same period last year ¥80.9 million, Indicator name Companies adopting the service / Value 100.4 10,000 companies / Year on year against the same period last year 7.3 10,000 companies, Indicator name Chatwork paying IDs / Value 84.9 10,000 IDs / Year on year against the same period last year 3.3 10,000 IDs, Indicator name Chatwork ARPU / Value ¥734.5 / Year on year against the same period last year ¥1.8, Indicator name BPaaS domain revenue / Value ¥645 million / Year on year against the same period last year ¥84 million, Indicator name Chatwork DAUs / Value Not disclosed / Year on year against the same period last year 1.6, Indicator name Paid ID churn rate / Value 1.17 % / Year on year against the same period last year Slightly higher
Unit price and quantity metricsChatwork paying IDs 84.9 10,000 IDs (YoY +3.3%) / Chatwork ARPU ¥734.5 (YoY +1.8%) / Chatwork registered IDs 823.1 10,000 IDs (YoY +6.2%)
Number of employeesNumber of Employees 824 People / Change during the period Up 89 people from the previous quarter / Hiring plan Continue hiring BPaaS operators
Medium-term management plan targetsTarget fiscal year 2026 / Net Sales ¥150 million / EBITDA 15～22.5 / EBITDA margin 10～15 / Comparison with actual results The Q2 EBITDA margin of 17.5% exceeds the target range
Market Size / ShareBPaaS potential market TAM ¥49.1 trillion / SAM ¥33.2 trillion / SOM ¥2 trillion / Core target market ¥3,453 million / Business chat adoption rate Small and medium-sized companies 23.3 % / Large companies 45.7 %
New initiativesImplement AI summarization, AI draft creation, AI labor and employment news, AI commentary and analysis, and AI document creation features in Chatwork, Launch the Chatwork certified social insurance and labor consultant AI agent business, Move the head office to WeWork KDX Toranomon 1-chome, Add the business of atena株式会社 to the BPaaS domain
Items this document does not state (12)
Selling, general and administrative expensesBreakdown of Factors Affecting the ChangeNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioAcquisition 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.

Confidence in the full-year earnings outlook has increased. The revenue outlook is underpinned by strong growth in BPaaS.

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 Presentation for the Second Quarter of the Fiscal Year Ending December 2026 | kubell Co.,Ltd. (4448) timely disclosure | Komori