Worth reading
63In 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
-9.4
Year-on-year change in operating profit (%)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ending March 2026, full year11 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥26,711 million+17.3%
Operating profit¥3,740 million-9.4%
Ordinary income¥3,712 million-9.4%
Net income¥2,895 million+0.4%
Selling, general and administrative expenses¥16,760 million
Full-year earnings forecast
Net Sales
¥26,900 million
Gross profit
¥22,100 million
Operating profit
¥4,500 million
Ordinary income
¥4,350 million
Profit attributable to owners of the parent
¥2,900 million
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 Sales102.7 ％
Gross profit104.5 ％
Operating profit98.4 ％
Ordinary income100.3 ％
Profit attributable to owners of the parent105.2 ％
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Gross profit significantly exceeded the plan, but operating profit fell short of the planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Increase in gross profit from the consulting business¥773 million
Increase in gross profit from the investment business¥307 million
Decrease in intersegment internal profit¥-4 million
Increase in personnel expenses¥-1,220 million
Increase in recruitment expenses¥-64 million
Increase in travel and transportation expenses¥-59 million
Increase in other SG&A expenses¥-126 million
New initiatives
- Discontinued the medium-term management plan and formulated a long-term management vision (10-year strategy)
- Integrated the M&A advisory business into each consulting business
- Changed the overseas consulting business to an independent business segment
- Active M&A and alliances to support overseas expansion
- Full-scale launch of the fund business
- Investment in DX and AI, investment in human resources, and expansion of the investment business
Key KPIsA metric the company considers important as a management benchmark.
- Percentage of M&A transactions conducted without external referrals60 ％
- M&A intermediation ratio30 ％
- Rank Value ranking in the mid-market M&A segment10 rankYear on year against the same period last yearImproved from 14th in 2024
- Number of M&A transactions ranking in the mid-market segment10 rankYear on year against the same period last yearUnchanged at 10th, the same as in 2024
- Cumulative IRR on investments in unlisted shares14.45 ％
- Expected IRR on real estate investments20 % or higher
Unit price and quantity metricsThese figures show sales broken down by price and volume.
The number of projects and customers were at the same levels as in the previous fiscal year, while the average project fee increasedSegment results
Consulting business: Revenue and gross profit reached record highs, while operating profit declined. Investment business: Revenue, gross profit and operating profit all reached record highs. The figures are shown on the graphs but could not be confirmed in the extracted textMedium-term management plan targets
Target fiscal yearFiscal year ending March 2026
Net Sales¥22,700 million
Gross profit¥17,800 million
Operating profit¥4,200 million
Comparison with actual resultsRevenue and gross profit exceeded the plan; operating profit fell short by ¥460 million
Market Size / Share
In Japan's M&A market for transactions of up to US$500 million, ranked 10th by Rank Value and 10th by number of transactions. 2025 Rank Value was US$1,865.8 million, with 46 transactionsNumber of stores and locations
Domestic and overseas locations are listed. The total number at the end of the period and the number of openings and closures during the period are not disclosedNumber of employees
Number of EmployeesConsolidated total headcount of 1,223 (including temporary employees, as of 1 April 2026)
Change during the periodIncreased by 87 from the end of the previous fiscal year during the fiscal year ending March 2026
Average salary¥9.75 million (non-consolidated, permanent employees)
Payout ratio
Consolidated payout ratio of approximately 50%. Reported and forecast figures of 50.4%, 50.6%, 50.9%, 50.8% and 50.9% are presented| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | ¥26,711 million (YoY +17.3%) |
| Operating profit | ¥3,740 million (YoY -9.4%) |
| Ordinary income | ¥3,712 million (YoY -9.4%) |
| Net income | ¥2,895 million (YoY +0.4%) |
| Selling, general and administrative expenses | ¥16,760 million |
| Full-year earnings forecast | Net Sales ¥26,900 million / Gross profit ¥22,100 million / Operating profit ¥4,500 million / Ordinary income ¥4,350 million / Profit attributable to owners of the parent ¥2,900 million |
| Progress against full-year forecast | Net Sales 102.7 ％ / Gross profit 104.5 ％ / Operating profit 98.4 ％ / Ordinary income 100.3 ％ / Profit attributable to owners of the parent 105.2 ％ |
| Self-assessment against the plan | Gross profit significantly exceeded the plan, but operating profit fell short of the plan |
| Segment results | Consulting business: Revenue and gross profit reached record highs, while operating profit declined. Investment business: Revenue, gross profit and operating profit all reached record highs. The figures are shown on the graphs but could not be confirmed in the extracted text |
| Breakdown of Factors Affecting the Change | Increase in gross profit from the consulting business ¥773 million / Increase in gross profit from the investment business ¥307 million / Decrease in intersegment internal profit ¥-4 million / Increase in personnel expenses ¥-1,220 million / Increase in recruitment expenses ¥-64 million / Increase in travel and transportation expenses ¥-59 million / Increase in other SG&A expenses ¥-126 million |
| Key KPIs | Indicator name Percentage of M&A transactions conducted without external referrals / Value 60 ％ / Year on year against the same period last year Not disclosed, Indicator name M&A intermediation ratio / Value 30 ％ / Year on year against the same period last year Not disclosed, Indicator name Rank Value ranking in the mid-market M&A segment / Value 10 rank / Year on year against the same period last year Improved from 14th in 2024, Indicator name Number of M&A transactions ranking in the mid-market segment / Value 10 rank / Year on year against the same period last year Unchanged at 10th, the same as in 2024, Indicator name Cumulative IRR on investments in unlisted shares / Value 14.45 ％ / Year on year against the same period last year Not disclosed, Indicator name Expected IRR on real estate investments / Value 20 % or higher / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | The number of projects and customers were at the same levels as in the previous fiscal year, while the average project fee increased |
| Number of stores and locations | Domestic and overseas locations are listed. The total number at the end of the period and the number of openings and closures during the period are not disclosed |
| Number of employees | Number of Employees Consolidated total headcount of 1,223 (including temporary employees, as of 1 April 2026) / Change during the period Increased by 87 from the end of the previous fiscal year during the fiscal year ending March 2026 / Average salary ¥9.75 million (non-consolidated, permanent employees) |
| Medium-term management plan targets | Target fiscal year Fiscal year ending March 2026 / Net Sales ¥22,700 million / Gross profit ¥17,800 million / Operating profit ¥4,200 million / Comparison with actual results Revenue and gross profit exceeded the plan; operating profit fell short by ¥460 million |
| Payout ratio | Consolidated payout ratio of approximately 50%. Reported and forecast figures of 50.4%, 50.6%, 50.9%, 50.8% and 50.9% are presented |
| Market Size / Share | In Japan's M&A market for transactions of up to US$500 million, ranked 10th by Rank Value and 10th by number of transactions. 2025 Rank Value was US$1,865.8 million, with 46 transactions |
| New initiatives | Discontinued the medium-term management plan and formulated a long-term management vision (10-year strategy), Integrated the M&A advisory business into each consulting business, Changed the overseas consulting business to an independent business segment, Active M&A and alliances to support overseas expansion, Full-scale launch of the fund business, Investment in DX and AI, investment in human resources, and expansion of the investment business |
Items this document does not state (11)
Gross Profit MarginOperating profit marginResults for the three months of the current quarterAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookFinancial targetsAnnual DividendAcquisition 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.Personnel expenses increased due to recruitment and salary increases to secure talent for sustainable growth, in addition to the slowdown in the M&A advisory business. Despite the decline in operating profit, net income attributable to owners of the parent increased, owing to factors including a gain on the occurrence of negative goodwill and a decrease in profit attributable to non-controlling interests.
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