Worth reading
59In 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
59
¥ million (year-on-year change in net sales)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Earnings presentationSecond quarter of the fiscal year ending November 202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥416 million+16.6%
Operating profit¥-104 million
Ordinary income¥-104 million
Net income¥-70 million interim net income attributable to owners of the parent
Selling, general and administrative expenses¥266 million; selling, general and administrative expense ratio to revenue: not_disclosed
Gross Profit Margin38.7%; year-on-year change in percentage points: Not disclosed
Operating profit margin-25.0%; year-on-year change in percentage points: Not disclosed
Results for the three months of the current quarter
Net Sales¥311 million
Ordinary income¥12 million
Completed Engagements8 items
New engagements17 new engagements
Full-year earnings forecast
Net Sales¥1,630 million
Operating profit¥194 million
Ordinary income¥197 million
Profit attributable to owners of the parent¥131 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 Sales25.6%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
There has been no significant deviation from the quarterly plans. The Company expects to be fully capable of achieving its full-year plan.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Cost of sales
Personnel Expenses+¥19 million
Project referral fees+¥18 million
Expenses¥0 million
Selling, general and administrative expenses
Personnel Expenses-JPY 5 million
RentUp ¥4 million
Other+¥3 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The pipeline of transactions expected to close in the second half is progressing toward closing within the current fiscal year. Numerical assumptions for foreign exchange rates, interest rates, raw material prices and other factors: Not disclosed.New initiatives
- Strengthening project management by revamping internal communication tools
- Reviewing recruitment KPIs and hiring criteria
- Strengthening referral-based recruitment
- Strengthening alliances with financial institutions, professional service firms and others
- Considering the use of AI matching
- Organic collaboration with the investment and consulting businesses
Key KPIsA metric the company considers important as a management benchmark.
- Completed Engagements10 EngagementsYear on year against the same period last year±0 deals
- New engagements40 EngagementsYear on year against the same period last year-4 transactions
- Average expected fee per transaction¥119 millionYear on year against the same period last yearSurged
- Total expected fees¥2,023 millionYear on year against the same period last yearRecord-high level
- Engagements under contract (project development phase)22 Engagements
- Engagements under contract (matching phase)44 Engagements
- Engagements under contract (execution phase)16 Engagements
- Equity ratio80.5 %Year on year against the same period last year-1.8pt
Unit price and quantity metricsThese figures show sales broken down by price and volume.
New engagements40 transactions (-4 transactions year on year)
Average expected fee per transaction¥119 million
Total expected fees¥2,023 million
Medium-term management plan targets
TargetCAGR of 30% through organic collaboration among the 3 businesses and sustained enhancement of corporate value
Target fiscal yearFY2030/11
Comparison with actual resultsThe forecast for the fiscal year ending November 2026 lists revenue of ¥1,630 million and operating income of ¥194 million
Financial targets
Equity ratio80.5% at the end of the second quarter of the fiscal year ending November 2026 (-1.8 percentage points from the end of the same period of the previous year)
Market Size / Share
Number of companies in Japan3 million companies
Companies with presidents aged 60 or older1.58 million companies with presidents aged 60 or older
Companies without successors490,000 companies without successors
Rate of companies without successors50.1%
Number of completed M&A transactionsSeveral thousand transactions annually
Number of employees
Number of Employees59 people (as of the end of May 2026)
Change during the periodAn increase of 2 people in the cumulative second quarter
Hiring planPlans to increase the number of consultants by 7 people in the fiscal year ending November 2026
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending November 2026 |
| Net Sales | ¥416 million (YoY +16.6%) |
| Operating profit | ¥-104 million |
| Ordinary income | ¥-104 million |
| Net income | ¥-70 million (interim net income attributable to owners of the parent) |
| Gross Profit Margin | 38.7%; year-on-year change in percentage points: Not disclosed |
| Operating profit margin | -25.0%; year-on-year change in percentage points: Not disclosed |
| Selling, general and administrative expenses | ¥266 million; selling, general and administrative expense ratio to revenue: not_disclosed |
| Results for the three months of the current quarter | Net Sales ¥311 million / Ordinary income ¥12 million / Completed Engagements 8 items / New engagements 17 new engagements |
| Full-year earnings forecast | Net Sales ¥1,630 million / Operating profit ¥194 million / Ordinary income ¥197 million / Profit attributable to owners of the parent ¥131 million |
| Progress against full-year forecast | Net Sales 25.6% |
| Self-assessment against the plan | There has been no significant deviation from the quarterly plans. The Company expects to be fully capable of achieving its full-year plan. |
| Breakdown of Factors Affecting the Change | Cost of sales Personnel Expenses +¥19 million / Project referral fees +¥18 million / Expenses ¥0 million / Selling, general and administrative expenses Personnel Expenses -JPY 5 million / Rent Up ¥4 million / Other +¥3 million |
| Key KPIs | Indicator name Completed Engagements / Value 10 Engagements / Year on year against the same period last year ±0 deals, Indicator name New engagements / Value 40 Engagements / Year on year against the same period last year -4 transactions, Indicator name Average expected fee per transaction / Value ¥119 million / Year on year against the same period last year Surged, Indicator name Total expected fees / Value ¥2,023 million / Year on year against the same period last year Record-high level, Indicator name Engagements under contract (project development phase) / Value 22 Engagements / Year on year against the same period last year Not disclosed, Indicator name Engagements under contract (matching phase) / Value 44 Engagements / Year on year against the same period last year Not disclosed, Indicator name Engagements under contract (execution phase) / Value 16 Engagements / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 80.5 % / Year on year against the same period last year -1.8pt |
| Unit price and quantity metrics | New engagements 40 transactions (-4 transactions year on year) / Average expected fee per transaction ¥119 million / Total expected fees ¥2,023 million |
| Number of employees | Number of Employees 59 people (as of the end of May 2026) / Change during the period An increase of 2 people in the cumulative second quarter / Hiring plan Plans to increase the number of consultants by 7 people in the fiscal year ending November 2026 |
| Assumptions Underlying the Business Outlook | The pipeline of transactions expected to close in the second half is progressing toward closing within the current fiscal year. Numerical assumptions for foreign exchange rates, interest rates, raw material prices and other factors: Not disclosed. |
| Medium-term management plan targets | Target CAGR of 30% through organic collaboration among the 3 businesses and sustained enhancement of corporate value / Target fiscal year FY2030/11 / Comparison with actual results The forecast for the fiscal year ending November 2026 lists revenue of ¥1,630 million and operating income of ¥194 million |
| Financial targets | Equity ratio 80.5% at the end of the second quarter of the fiscal year ending November 2026 (-1.8 percentage points from the end of the same period of the previous year) / ROE Not disclosed / ROIC Not disclosed / Debt-to-equity ratio Not disclosed |
| Market Size / Share | Number of companies in Japan 3 million companies / Companies with presidents aged 60 or older 1.58 million companies with presidents aged 60 or older / Companies without successors 490,000 companies without successors / Rate of companies without successors 50.1% / Number of completed M&A transactions Several thousand transactions annually |
| New initiatives | Strengthening project management by revamping internal communication tools, Reviewing recruitment KPIs and hiring criteria, Strengthening referral-based recruitment, Strengthening alliances with financial institutions, professional service firms and others, Considering the use of AI matching, Organic collaboration with the investment and consulting businesses |
Items this document does not state (9)
Segment resultsNumber of stores and locationsRisk amount incorporated into the outlookAnnual 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.The first quarter was sluggish because projects carried over from the previous fiscal year were pending. However, the Company revamped its internal communication tools to monitor project progress in real time, and most projects scheduled to close in the second quarter closed broadly as planned. Revenue increased due to higher average fees and a higher proportion of large projects. At the same time, the weak first quarter affected cumulative performance.
How to read this page
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