Worth reading
62In 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
13634
¥ million (interim-period revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFY2027/3 interim period10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥13,634 million+1.9%
Operating profit¥2,046 million-2.0%
Net income¥1,208 million -14.6%first-half net income attributable to owners of the parent
Full-year earnings forecast
Net Sales
¥26,470 million
Gross profit
¥21,670 million
Operating profit
¥4,090 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。
Consolidated revenue50.6%
Consolidated gross profit47.3%
Consolidated operating profit45.4%
Consulting business revenue46.9%
Consulting business gross profit47.2%
Consulting business operating income45.3%
Investment-business revenue72.8%
Gross Profit from Investment Business48.6%
Investment-business operating profit45.8%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Performance is progressing steadily against the full-year planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Increase in gross profit in the consulting business+¥988 million
- Decrease in gross profit in the investment business-¥340 million
- Increase in intersegment internal profit+¥2 million
- Increase in personnel expenses-¥498 million
- Decrease in recruiting expenses+¥78 million
- Increase in travel and transportation expenses-¥35 million
- Increase in other SG&A expenses-¥239 million
New initiatives
- Change in business segment classification within the consulting business
- Integrate the M&A advisory business into each consulting business
- Establish overseas consulting as a separate business segment
- Integrate and strengthen the domestic and overseas M&A execution framework
- Use of AI and digital transformation in consulting
Key KPIsA metric the company considers important as a management benchmark.
- Proportion of M&A transaction value without external referrals60.5 %
- M&A intermediation ratio20 Approximately %
- Cumulative IRR on unlisted stock investments14.19 %
- Expected IRR on real estate investments20 % or higher
- Investment balance in the fund business¥65.7 billion
- M&A league table ranking (rank value)15 rank
- M&A league table ranking (number of transactions)7 rank
Segment results
Consulting Business
Gross profit
¥9,669 million+11.3%
Investment Business
Net Sales¥2,714 million
Year on year against the same period last yearDecreased
Gross profit¥671 million
Operating profit¥468 million
Market Size / Share
In the M&A league table for announced transactions of no more than US$500 million, ranked 15th by rank value and 7th by number of transactionsNumber of stores and locations
End of period13 overseas directly operated locations
Number of employees
Number of EmployeesConsolidated employee count increased by 2 from the end of the previous fiscal year. The reference materials state a total group headcount of 1,219 as of 1 October 2026.
Change during the period+2
Hiring planSelective hiring based on the use of AI
Payout ratio
Target consolidated payout ratio of 50%. Actual: 50.4%, 50.6%, 50.9% and 50.8%; forecast: 51.0%. Actual DOE: 7.1%, 8.7%, 8.1% and 7.4%; forecast: 6.9%.Gross profit
¥10,467 million+6.6%
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | FY2027/3 interim period |
| Net Sales | ¥13,634 million (YoY +1.9%) |
| Operating profit | ¥2,046 million (YoY -2.0%) |
| Net income | ¥1,208 million (first-half net income attributable to owners of the parent) (YoY -14.6%) |
| Gross profit | ¥10,467 million (YoY +6.6%) |
| Full-year earnings forecast | Net Sales ¥26,470 million / Gross profit ¥21,670 million / Operating profit ¥4,090 million / Net income Not disclosed |
| Progress against full-year forecast | Consolidated revenue 50.6% / Consolidated gross profit 47.3% / Consolidated operating profit 45.4% / Consulting business revenue 46.9% / Consulting business gross profit 47.2% / Consulting business operating income 45.3% / Investment-business revenue 72.8% / Gross Profit from Investment Business 48.6% / Investment-business operating profit 45.8% |
| Self-assessment against the plan | Performance is progressing steadily against the full-year plan |
| Segment results | Consulting Business Net Sales Not disclosed / Gross profit ¥9,669 million (YoY +11.3%) / Operating profit Not disclosed / Investment Business Net Sales ¥2,714 million / yoy_pct Decreased / Gross profit ¥671 million / Operating profit ¥468 million |
| Breakdown of Factors Affecting the Change | Factors Increase in gross profit in the consulting business / Amount +¥988 million, Factors Decrease in gross profit in the investment business / Amount -¥340 million, Factors Increase in intersegment internal profit / Amount +¥2 million, Factors Increase in personnel expenses / Amount -¥498 million, Factors Decrease in recruiting expenses / Amount +¥78 million, Factors Increase in travel and transportation expenses / Amount -¥35 million, Factors Increase in other SG&A expenses / Amount -¥239 million |
| Key KPIs | Indicator name Proportion of M&A transaction value without external referrals / Value 60.5 % / Year on year against the same period last year Not disclosed, Indicator name M&A intermediation ratio / Value 20 Approximately % / Year on year against the same period last year Not disclosed, Indicator name Cumulative IRR on unlisted stock investments / Value 14.19 % / 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, Indicator name Investment balance in the fund business / Value ¥65.7 billion / Year on year against the same period last year Not disclosed, Indicator name M&A league table ranking (rank value) / Value 15 rank / Year on year against the same period last year Not disclosed, Indicator name M&A league table ranking (number of transactions) / Value 7 rank / Year on year against the same period last year Not disclosed |
| Number of stores and locations | End of period 13 overseas directly operated locations / Openings and closures during the period Not disclosed |
| Number of employees | Number of Employees Consolidated employee count increased by 2 from the end of the previous fiscal year. The reference materials state a total group headcount of 1,219 as of 1 October 2026. / Change during the period +2 / Hiring plan Selective hiring based on the use of AI |
| Payout ratio | Target consolidated payout ratio of 50%. Actual: 50.4%, 50.6%, 50.9% and 50.8%; forecast: 51.0%. Actual DOE: 7.1%, 8.7%, 8.1% and 7.4%; forecast: 6.9%. |
| Market Size / Share | In the M&A league table for announced transactions of no more than US$500 million, ranked 15th by rank value and 7th by number of transactions |
| New initiatives | Change in business segment classification within the consulting business, Integrate the M&A advisory business into each consulting business, Establish overseas consulting as a separate business segment, Integrate and strengthen the domestic and overseas M&A execution framework, Use of AI and digital transformation in consulting |
Items this document does not state (14)
Ordinary incomeOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterUnit price and quantity metricsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsFinancial 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.Operating profit declined despite an increase in gross profit in the consulting business, due to the reversal of the concentration of exits in the investment business in the previous interim period and higher personnel expenses. Personnel expenses increased following salary increases of approximately 6%, while recruiting expenses declined as a result of selective hiring based on the use of AI.
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.