Worth reading
76Important
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
6
¥ million (year-on-year improvement in operating loss)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFirst quarter of the fiscal year ending December 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥606 million-2.4%
Operating profit¥-121 million
Ordinary income¥-120 million
Net income¥-91 million
Selling, general and administrative expenses¥454 million
Operating profit marginNot disclosed because the company recorded an operating loss in the quarter
Results for the three months of the current quarterThree-month results for the quarter: revenue of ¥606 million, operating loss of ¥121 million, ordinary loss of ¥120 million, and net loss attributable to owners of the parent of ¥91 million
Full-year earnings forecastFull-year forecast: revenue of ¥3,934 million, operating profit of ¥409 million, ordinary profit of ¥402 million, net income attributable to owners of the parent of ¥247 million, earnings per share of ¥96.97, and annual dividend per share of ¥11.00
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。Revenue: 15.4%. Progress rates for operating profit, ordinary profit, and net income attributable to owners of the parent were not disclosed
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue progress was 15.4% against the initial plan. The corporate education business is progressing in line with the initial budget. The earnings forecast remains unchangedBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating loss: Q1 2025 operating loss of ¥127 million; gross profit, +¥304 million; personnel and recruitment expenses, -¥8 million; system usage fees, +¥9 million; advertising and other expenses, -¥1 million; operating expenses and other costs, -¥0 million; other SG&A expenses, +¥15 million; Q1 2026 operating loss of ¥121 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Due to seasonality, operating profit is expected to turn positive from the second quarter onward. Orders for deliveries in the second quarter, including new employee training, remain solidNew initiatives
Launch of etudes Biz-Platform. Recruitment for the second cohort of the "Cross-Border Women Senior Manager Development Course." Expansion of marketing initiatives targeting SMBs. In the corporate education business, continued efforts to strengthen the front-office organization and win large-scale projects from major companiesKey KPIsA metric the company considers important as a management benchmark.
Corporate education business: 177 customers (171 in the same period of the previous year), revenue per customer of ¥2.2 million (¥2.394 million in the same period of the previous year), and revenue per employee of ¥3.894 million (¥3.975 million in the same period of the previous year). etudes business: ARR of ¥333 million (+15.4% year on year), MRR of ¥27.816 million (+15.4% year on year), 245 customer companies (-20.5% year on year), ARPU of ¥113,538 (+45.0% year on year), churn rate of 1.9% (+0.6 percentage points year on year), and e-learning revenue of ¥14.249 million (-10.2% year on year)Unit price and quantity metricsThese figures show sales broken down by price and volume.
Corporate education business: 177 customers and revenue per customer of ¥2.2 million. etudes business: 245 customer companies and ARPU of ¥113,538Segment results
Corporate education business: revenue of ¥477 million (-3.4% year on year), operating profit of ¥67 million, and operating loss of ¥76 million after allocation of common costs. etudes business: revenue of ¥114 million (+14.4% year on year), operating profit of ¥34 million, and operating profit of ¥8 million after allocation of common costsMedium-term management plan targets
FY2028: consolidated revenue of ¥4,676 million, consolidated operating profit of ¥702 million, and an operating margin of 15.0%. For FY2026, the company forecasts revenue of ¥3,934 million and operating profit of ¥409 million. Compared with the previous medium-term management plan, FY2025 actual results exceeded the plan by ¥220 million in consolidated revenue and ¥262 million in consolidated operating profitNumber of employees
Consolidated: 192; non-consolidated: 146 (as of 31 March 2026; permanent employees only). Changes during the period and the hiring plan: not disclosedAnnual Dividend
Annual dividend per share: ¥11.00. The interim and year-end breakdown was not disclosedGross profit
Gross profit: ¥332 million; gross profit margin: 54.8%; year-on-year change: -0.0 percentage points| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Net Sales | ¥606 million (YoY -2.4%) |
| Operating profit | ¥-121 million |
| Ordinary income | ¥-120 million |
| Net income | ¥-91 million |
| Gross profit | Gross profit: ¥332 million; gross profit margin: 54.8%; year-on-year change: -0.0 percentage points |
| Operating profit margin | Not disclosed because the company recorded an operating loss in the quarter |
| Selling, general and administrative expenses | ¥454 million |
| Results for the three months of the current quarter | Three-month results for the quarter: revenue of ¥606 million, operating loss of ¥121 million, ordinary loss of ¥120 million, and net loss attributable to owners of the parent of ¥91 million |
| Full-year earnings forecast | Full-year forecast: revenue of ¥3,934 million, operating profit of ¥409 million, ordinary profit of ¥402 million, net income attributable to owners of the parent of ¥247 million, earnings per share of ¥96.97, and annual dividend per share of ¥11.00 |
| Progress against full-year forecast | Revenue: 15.4%. Progress rates for operating profit, ordinary profit, and net income attributable to owners of the parent were not disclosed |
| Self-assessment against the plan | Revenue progress was 15.4% against the initial plan. The corporate education business is progressing in line with the initial budget. The earnings forecast remains unchanged |
| Segment results | Corporate education business: revenue of ¥477 million (-3.4% year on year), operating profit of ¥67 million, and operating loss of ¥76 million after allocation of common costs. etudes business: revenue of ¥114 million (+14.4% year on year), operating profit of ¥34 million, and operating profit of ¥8 million after allocation of common costs |
| Breakdown of Factors Affecting the Change | Operating loss: Q1 2025 operating loss of ¥127 million; gross profit, +¥304 million; personnel and recruitment expenses, -¥8 million; system usage fees, +¥9 million; advertising and other expenses, -¥1 million; operating expenses and other costs, -¥0 million; other SG&A expenses, +¥15 million; Q1 2026 operating loss of ¥121 million |
| Key KPIs | Corporate education business: 177 customers (171 in the same period of the previous year), revenue per customer of ¥2.2 million (¥2.394 million in the same period of the previous year), and revenue per employee of ¥3.894 million (¥3.975 million in the same period of the previous year). etudes business: ARR of ¥333 million (+15.4% year on year), MRR of ¥27.816 million (+15.4% year on year), 245 customer companies (-20.5% year on year), ARPU of ¥113,538 (+45.0% year on year), churn rate of 1.9% (+0.6 percentage points year on year), and e-learning revenue of ¥14.249 million (-10.2% year on year) |
| Unit price and quantity metrics | Corporate education business: 177 customers and revenue per customer of ¥2.2 million. etudes business: 245 customer companies and ARPU of ¥113,538 |
| Number of employees | Consolidated: 192; non-consolidated: 146 (as of 31 March 2026; permanent employees only). Changes during the period and the hiring plan: not disclosed |
| Assumptions Underlying the Business Outlook | Due to seasonality, operating profit is expected to turn positive from the second quarter onward. Orders for deliveries in the second quarter, including new employee training, remain solid |
| Medium-term management plan targets | FY2028: consolidated revenue of ¥4,676 million, consolidated operating profit of ¥702 million, and an operating margin of 15.0%. For FY2026, the company forecasts revenue of ¥3,934 million and operating profit of ¥409 million. Compared with the previous medium-term management plan, FY2025 actual results exceeded the plan by ¥220 million in consolidated revenue and ¥262 million in consolidated operating profit |
| Annual Dividend | Annual dividend per share: ¥11.00. The interim and year-end breakdown was not disclosed |
| New initiatives | Launch of etudes Biz-Platform. Recruitment for the second cohort of the "Cross-Border Women Senior Manager Development Course." Expansion of marketing initiatives targeting SMBs. In the corporate education business, continued efforts to strengthen the front-office organization and win large-scale projects from major companies |
Items this document does not state (9)
Number of stores and locationsRisk amount incorporated into the outlookFinancial targetsPayout ratioAcquisition of treasury sharesCapital 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 corporate education business was flat as new business did not increase. In the etudes business, the build-up of ASP recurring revenue and initiatives to raise average unit prices contributed to performance. Operating profit improved through cost optimization measures, including reductions in outsourcing costs, consumables, and communications expenses.
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