Worth reading
82Important
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
Year on year (%)Wording
Definitive
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportFiscal year ending March 2026, full year13 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥23,831 million-9.0%
Operating profit¥6,064 million+8.0%
Ordinary income¥6,351 million+8.0%
Net income¥3,971 million-10.0%
Selling, general and administrative expenses¥5,718 million
Gross Profit Margin
Rate49.4%
Year-on-year change (points)+4.8 percentage points
Full-year earnings forecast
Net Sales
¥25,300 million
Operating profit
¥6,600 million
Ordinary income
¥6,700 million
Profit attributable to owners of the parent
¥4,460 million
Annual dividend
¥26
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 Sales97%
Operating profit99%
Ordinary income101%
Profit attributable to owners of the parent90%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Operating income and ordinary income were broadly on track, while revenue fell short of planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net SalesSuspension of operations at 3 subsidiaries or their exclusion from the scope of consolidation, a decrease in subcontracting following the launch of services for large-scale projects, and lower utilization of in-house personnel
Cost of salesA significant decrease in subcontracting costs and the reversal of the provision for bonuses recorded in the previous fiscal year
Selling, general and administrative expensesThe reversal of the provision for bonuses recorded in the previous fiscal year and company-wide cost controls
Ordinary incomeDividends received from surplus funds invested by the holding company and gains on the sale of investment securities
Net incomeAn extraordinary loss related to impairment of investments and an increase in income taxes and other taxes
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Subcontracting ratioAssumed to remain at the same level as in the second half of the previous fiscal year
Hiring planAssumed to remain at the same level as in the previous fiscal year
Utilization of in-house personnelAssumed to remain at the same level as in the previous fiscal year
New initiatives
- Beginning consideration of a capital and business alliance with Core Concept Technologies Inc.
- Establishment of a specialized organization to promote internal transformation through the use of AI
- ¥300 million share repurchase from May to July 2026
Key KPIsA metric the company considers important as a management benchmark.
- Ordinary income margin26.7%Year on year against the same period last year+4.3 percentage points
- Number of consultants692 PeopleYear on year against the same period last year+11%
- Project satisfaction (NSI)97 itemsYear on year against the same period last year±0 percentage points
- Number of projects956 EngagementsYear on year against the same period last year+4%
- Number of clients171 companiesYear on year against the same period last year+10%
- Revenue per contract¥24.3 millionYear on year against the same period last year▲9%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Number of projects
956 Engagements+4.0%
Number of clients
171 companies+10.0%
Revenue per contract
¥24.3 million-9.0%
Segment results
The Company operates in a single segment, the consulting business, so segment-level details are not disclosedMedium-term management plan targets
Fiscal year ending March 2030
Net Sales
¥50,000 million
Ordinary income
¥15,000 million
Ordinary income margin
30 %
Number of consultants
1,100 People
Financial targets
ROE
Target35% (fiscal year ending March 2030)
Actual results27.8% (fiscal year ended March 2026)
Equity ratio
Actual results84% (as of the end of the fiscal year ended March 2026)
Number of employees
Number of EmployeesThe Group had 757 employees as of the end of the fiscal year ended March 2026, including 692 consultants
Changes during the period and hiring plan47 experienced hires and 81 new graduates joined the Group. The target is approximately 80 hires for April 2027
Annual Dividend
Annual dividend per share¥26 per share
Payout ratio
Rate54.5%
Total payout ratioAt least 100%
DOE15.1%
Acquisition of treasury shares
Amount under the acquisition limitNew repurchase authorization of ¥300 million
PeriodMay–July 2026
| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | ¥23,831 million (YoY -9.0%) |
| Operating profit | ¥6,064 million (YoY +8.0%) |
| Ordinary income | ¥6,351 million (YoY +8.0%) |
| Net income | ¥3,971 million (YoY -10.0%) |
| Gross Profit Margin | Rate 49.4% / Year-on-year change (points) +4.8 percentage points |
| Selling, general and administrative expenses | ¥5,718 million |
| Full-year earnings forecast | Net Sales ¥25,300 million / Operating profit ¥6,600 million / Ordinary income ¥6,700 million / Profit attributable to owners of the parent ¥4,460 million / Annual dividend ¥26 |
| Progress against full-year forecast | Net Sales 97% / Operating profit 99% / Ordinary income 101% / Profit attributable to owners of the parent 90% |
| Self-assessment against the plan | Operating income and ordinary income were broadly on track, while revenue fell short of plan |
| Segment results | The Company operates in a single segment, the consulting business, so segment-level details are not disclosed |
| Breakdown of Factors Affecting the Change | Net Sales Suspension of operations at 3 subsidiaries or their exclusion from the scope of consolidation, a decrease in subcontracting following the launch of services for large-scale projects, and lower utilization of in-house personnel / Cost of sales A significant decrease in subcontracting costs and the reversal of the provision for bonuses recorded in the previous fiscal year / Selling, general and administrative expenses The reversal of the provision for bonuses recorded in the previous fiscal year and company-wide cost controls / Ordinary income Dividends received from surplus funds invested by the holding company and gains on the sale of investment securities / Net income An extraordinary loss related to impairment of investments and an increase in income taxes and other taxes |
| Key KPIs | Indicator name Ordinary income margin / Value 26.7% / Year on year against the same period last year +4.3 percentage points, Indicator name Number of consultants / Value 692 People / Year on year against the same period last year +11%, Indicator name Project satisfaction (NSI) / Value 97 items / Year on year against the same period last year ±0 percentage points, Indicator name Number of projects / Value 956 Engagements / Year on year against the same period last year +4%, Indicator name Number of clients / Value 171 companies / Year on year against the same period last year +10%, Indicator name Revenue per contract / Value ¥24.3 million / Year on year against the same period last year ▲9% |
| Unit price and quantity metrics | Number of projects 956 Engagements (YoY +4.0%) / Number of clients 171 companies (YoY +10.0%) / Revenue per contract ¥24.3 million (YoY -9.0%) |
| Number of employees | Number of Employees The Group had 757 employees as of the end of the fiscal year ended March 2026, including 692 consultants / Changes during the period and hiring plan 47 experienced hires and 81 new graduates joined the Group. The target is approximately 80 hires for April 2027 |
| Assumptions Underlying the Business Outlook | Subcontracting ratio Assumed to remain at the same level as in the second half of the previous fiscal year / Hiring plan Assumed to remain at the same level as in the previous fiscal year / Utilization of in-house personnel Assumed to remain at the same level as in the previous fiscal year |
| Medium-term management plan targets | Fiscal year ending March 2030 Net Sales ¥50,000 million / Ordinary income ¥15,000 million / Ordinary income margin 30 % / Number of consultants 1,100 People |
| Financial targets | ROE Target 35% (fiscal year ending March 2030) / Actual results 27.8% (fiscal year ended March 2026) / Equity ratio Actual results 84% (as of the end of the fiscal year ended March 2026) |
| Annual Dividend | Annual dividend per share ¥26 per share / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | Rate 54.5% / Total payout ratio At least 100% / DOE 15.1% |
| Acquisition of treasury shares | Amount under the acquisition limit New repurchase authorization of ¥300 million / Number of Shares Not disclosed / Period May–July 2026 |
| New initiatives | Beginning consideration of a capital and business alliance with Core Concept Technologies Inc., Establishment of a specialized organization to promote internal transformation through the use of AI, ¥300 million share repurchase from May to July 2026 |
Items this document does not state (8)
Operating profit marginResults for the three months of the current quarterNumber of stores and locationsRisk amount incorporated into the outlookCapital 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 factors behind the decline in revenue were the suspension of operations at 3 subsidiaries or their exclusion from the scope of consolidation, a decrease in subcontracting in the third and fourth quarters following the launch of services for large-scale projects, and lower utilization of in-house personnel in the third quarter. The factors affecting profit included a significant decrease in subcontracting costs, the reversal of the provision for bonuses recorded in the previous fiscal year, and company-wide cost controls. Net income declined due to the recognition of an extraordinary loss related to impairment of investments and an increase in income taxes and other taxes.
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