Worth reading
69In 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
-68.2
Year-on-year change (operating income, %)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationSecond quarter of the fiscal year ending September 202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥4,477 million+10.0%
Operating profit¥120 million-68.2%
Net income¥17 million-90.2%
Gross Profit Margin24.3 %
Operating profit margin-0.6 %
Selling, general and administrative expenses¥556 million
Results for the three months of the current quarter
Net Sales
¥2,231 million
Operating profit
¥-13 million
Profit Attributable to Owners of the Parent
¥-35 million
EBITDA
¥42 million
Full-year earnings forecast
Net Sales
¥10,005 million
Strategic Areas
¥4,520 million
Management consulting services
¥1,300 million
SES
¥5,484 million
EBITDA
¥1,022 million
Operating profit
¥785 million
Profit Attributable to Owners of the Parent
¥436 million
EPS
¥141.08
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 Sales44.8 %
Operating profit15.3 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Overall, performance is broadly in line with the planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Upfront investment in ACF's BaaS business (full-year planned amount)¥65 million
- Performance-based bonuses at HCFA¥95 million
- Difference between first-half operating profit and the internal plan¥-108 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- SES revenueDetailsFocus recruitment exclusively on professionals with upstream skills to raise unit prices
- Strategic business area revenueDetailsPursue external growth through new customer acquisition and M&A
- Cost of sales and SG&A expensesDetailsSG&A expenses are expected to increase due to higher recruitment-related costs and the strengthening of administrative systems
New initiatives
- Launch of a new BaaS product
- Merger of ACF, HMB and TARA
- Changes in the representative directors of 2 subsidiaries
- Strengthening collaboration among solutions for the SMB market
Key KPIsA metric the company considers important as a management benchmark.
- SES headcount709 Person-monthsYear on year against the same period last year-0.3%
- SES contract unit price¥684 thousand/monthYear on year against the same period last year+4.1%
- Equity ratio36.9 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- SES headcount709 Person-monthsYear on year against the same period last year-0.3%
- SES contract unit price¥684 thousand/monthYear on year against the same period last year+4.1%
Segment results
Strategic Areas
Net Sales
¥1,730 million
Year on year against the same period last year+21.9%
SES
Net Sales
¥2,747 million
Year on year against the same period last year+3.6%
Medium-term management plan targets
Fiscal year ending September 2027
Net Sales
¥12,000 million
Strategic Areas
¥5,000 million
M&A effects
¥3,000 million
Fiscal year ending September 2030
EPS
¥1,000
ROE
30 %
Financial targets
ROE
Target value30 %
Target fiscal yearFiscal year ending September 2030
Equity ratio
Guideline40% or less
Actual results36.9 %
Number of employees
914 people
As ofEnd of September 2025
Annual Dividend
¥45 per share
Interim0
End of period45
Payout ratio
32.1 %
Total payout ratio
32.1 %
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending September 2026 |
| Net Sales | ¥4,477 million (YoY +10.0%) |
| Operating profit | ¥120 million (YoY -68.2%) |
| Net income | ¥17 million (YoY -90.2%) |
| Gross Profit Margin | 24.3 % |
| Operating profit margin | -0.6 % |
| Selling, general and administrative expenses | ¥556 million |
| Results for the three months of the current quarter | Net Sales ¥2,231 million / Operating profit ¥-13 million / Profit Attributable to Owners of the Parent ¥-35 million / EBITDA ¥42 million |
| Full-year earnings forecast | Net Sales ¥10,005 million / Strategic Areas ¥4,520 million / Management consulting services ¥1,300 million / SES ¥5,484 million / EBITDA ¥1,022 million / Operating profit ¥785 million / Profit Attributable to Owners of the Parent ¥436 million / EPS ¥141.08 |
| Progress against full-year forecast | Net Sales 44.8 % / Operating profit 15.3 % |
| Self-assessment against the plan | Overall, performance is broadly in line with the plan |
| Segment results | Strategic Areas Net Sales ¥1,730 million / Year on year against the same period last year 21.9 / SES Net Sales ¥2,747 million / Year on year against the same period last year 3.6 |
| Breakdown of Factors Affecting the Change | Factors Upfront investment in ACF's BaaS business (full-year planned amount) / Amount ¥65 million, Factors Performance-based bonuses at HCFA / Amount ¥95 million, Factors Difference between first-half operating profit and the internal plan / Amount ¥-108 million |
| Key KPIs | Indicator name SES headcount / Value 709 Person-months / Year on year against the same period last year -0.3 Person-months, Indicator name SES contract unit price / Value ¥684 thousand/month / Year on year against the same period last year ¥4.1 thousand/month, Indicator name Equity ratio / Value 36.9 % / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Indicator name SES headcount / Value 709 Person-months / Year on year against the same period last year -0.3 Person-months, Indicator name SES contract unit price / Value ¥684 thousand/month / Year on year against the same period last year ¥4.1 thousand/month |
| Number of employees | 914 people |
| Assumptions Underlying the Business Outlook | Item SES revenue / Details Focus recruitment exclusively on professionals with upstream skills to raise unit prices, Item Strategic business area revenue / Details Pursue external growth through new customer acquisition and M&A, Item Cost of sales and SG&A expenses / Details SG&A expenses are expected to increase due to higher recruitment-related costs and the strengthening of administrative systems |
| Medium-term management plan targets | Fiscal year ending September 2027 Net Sales ¥12,000 million / Strategic Areas ¥5,000 million / M&A effects ¥3,000 million / Fiscal year ending September 2030 EPS ¥1,000 / ROE 30 % |
| Financial targets | ROE Target value 30 % / Target fiscal year Fiscal year ending September 2030 / Equity ratio Guideline 40% or less / Actual results 36.9 % |
| Annual Dividend | ¥45 per share |
| Payout ratio | 32.1 % |
| New initiatives | Launch of a new BaaS product, Merger of ACF, HMB and TARA, Changes in the representative directors of 2 subsidiaries, Strengthening collaboration among solutions for the SMB market |
Items this document does not state (8)
Ordinary incomeNumber of stores and locationsRisk amount incorporated into the outlookAcquisition 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 main factors behind the decline in profit were the optimization of revenue recognition for large projects in the strategic business area from the third quarter onward, the full execution during the first half of upfront investment in ACF's BaaS business, and the recognition of performance-based bonuses at HCFA. Profit is expected to improve in the second half as large projects contribute to revenue and upfront investment levels normalize.
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.