Worth reading
71In 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
16.3
% (year-on-year change in net sales)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+16.3%
基準 9,460Target11,000Millions of yen
Operating profit+5.1%
基準 447Target470Millions of yen
Operating profit margin+1.0pt
基準 2,026Target2,027%
Net income for the current fiscal year+390.5%
基準 -116Target337Millions of yen
ROE+5.0pt
基準 2,025Target2,030%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planRevenue ¥10,005 million, operating profit ¥785 million, profit attributable to owners of the parent ¥436 million (initial plan for FY2026/9) → Revenue ¥9,460 million, operating profit ¥447 million, profit attributable to owners of the parent -¥116 million (actual for FY2026/9)（Revenue 94.6%, operating profit 57.0%, profit attributable to owners of the parent: loss）-5.4%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyPolicy of total shareholder returns exceeding 30%. For FY2027/9, the company plans a total payout ratio of 43.5% and dividends of ¥47.0 per share. The applicable period is FY2027/9 and the ongoing shareholder return policy.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe company will use flexible share buybacks and, as a basic policy, optimize its capital structure in a timely manner so that its equity ratio does not exceed 40% for 4 consecutive quarters. No share buybacks are planned for FY2027/9.
Key initiatives
01Continue growth investment and monetize it
02Promote growth in existing businesses
03Creating Group Synergies
04Improve profitability and capital efficiency
Plan assumptionsFor FY2027/9, SES revenue is expected to decline 9.4% year on year to ¥4,892 million as projects and staffing allocations are reviewed to prioritize improved profitability at BKS., The company will continue to improve contract rates by recruiting personnel with upstream skills and assigning them to group projects., Strategic-area revenue is planned to increase 51.2% year on year to ¥6,107 million, driven by the full-year consolidation of Life Shield and recurring BaaS revenue and new projects at ACF., HCFA has estimated the timing of closings for large projects conservatively and expects revenue from management consulting services of ¥880 million., ACF's upfront development investment in BaaS will be completed in FY2026/9, and no cost burden associated with this investment is expected in FY2027/9., Various M&A-related expenses have not been incorporated into the plan at this stage. If a deal is completed, one-off expenses may weigh on profit.
Segment targetSegment Strategic areas / Sales Target ¥6,107 million (FY2027/9) / Profit Target Not disclosed, Segment SES / Sales Target ¥4,892 million (FY2027/9) / Profit Target Not disclosed, Segment Management consulting services / Sales Target ¥880 million (FY2027/9) / Profit Target Not disclosed
Risks identified by the company
Risk that the closing of large HCFA projects will be postponed
One-off expenses may weigh on profit when M&A deals are completed
It is difficult to reasonably estimate the unrecovered amount related to fraudulent transactions by an employee of a business partner, and results may be affected depending on the amount recovered
Reason for revision or withdrawal
For the FY2027/9 full-year plan, the company reviewed the calculation of income taxes and other taxes and reflected the lower tax burden in profit attributable to owners of the parent. The main reason for the shortfall against the initial plan for FY2026/9 was the postponement of the closing and revenue recognition of certain large M&A advisory projects at HCFA.
| Item | Details |
|---|---|
| Plan name | Medium- to long-term management policy |
| Plan period | FY2022/9–FY2030/9 (Stage 1: from FY2022/9, Stage 2: through FY2027/9, Stage 3: through FY2030/9) |
| Progress against the plan | Annual update |
| Sales Target | 9,460 Millions of yen → 11,000 Millions of yen（16.3%） |
| Operating profit target | 447 Millions of yen → 470 Millions of yen（4.9%） |
| Operating profit margin target | 4.7 (actual for FY2026/9) → 4.3 (plan for FY2027/9) |
| Net income target | -116 Millions of yen → 337 Millions of yen |
| ROE target | 28.1 (actual for FY2025/9) → 30.0 (plan for FY2030/9) |
| Payout ratio / DOE policy | Policy of total shareholder returns exceeding 30%. For FY2027/9, the company plans a total payout ratio of 43.5% and dividends of ¥47.0 per share. The applicable period is FY2027/9 and the ongoing shareholder return policy. |
| Treasury share acquisition policy | The company will use flexible share buybacks and, as a basic policy, optimize its capital structure in a timely manner so that its equity ratio does not exceed 40% for 4 consecutive quarters. No share buybacks are planned for FY2027/9. |
| Segment target | Segment Strategic areas / Sales Target ¥6,107 million (FY2027/9) / Profit Target Not disclosed, Segment SES / Sales Target ¥4,892 million (FY2027/9) / Profit Target Not disclosed, Segment Management consulting services / Sales Target ¥880 million (FY2027/9) / Profit Target Not disclosed |
| Plan assumptions | For FY2027/9, SES revenue is expected to decline 9.4% year on year to ¥4,892 million as projects and staffing allocations are reviewed to prioritize improved profitability at BKS., The company will continue to improve contract rates by recruiting personnel with upstream skills and assigning them to group projects., Strategic-area revenue is planned to increase 51.2% year on year to ¥6,107 million, driven by the full-year consolidation of Life Shield and recurring BaaS revenue and new projects at ACF., HCFA has estimated the timing of closings for large projects conservatively and expects revenue from management consulting services of ¥880 million., ACF's upfront development investment in BaaS will be completed in FY2026/9, and no cost burden associated with this investment is expected in FY2027/9., Various M&A-related expenses have not been incorporated into the plan at this stage. If a deal is completed, one-off expenses may weigh on profit. |
| Key initiatives | Continue growth investment and monetize it, Promote growth in existing businesses, Creating Group Synergies, Improve profitability and capital efficiency |
| Results under the previous plan | Revenue ¥10,005 million, operating profit ¥785 million, profit attributable to owners of the parent ¥436 million (initial plan for FY2026/9) → Revenue ¥9,460 million, operating profit ¥447 million, profit attributable to owners of the parent -¥116 million (actual for FY2026/9)（Revenue 94.6%, operating profit 57.0%, profit attributable to owners of the parent: loss） |
| Reason for revision or withdrawal | For the FY2027/9 full-year plan, the company reviewed the calculation of income taxes and other taxes and reflected the lower tax burden in profit attributable to owners of the parent. The main reason for the shortfall against the initial plan for FY2026/9 was the postponement of the closing and revenue recognition of certain large M&A advisory projects at HCFA. |
| Risks identified | Risk that the closing of large HCFA projects will be postponed, One-off expenses may weigh on profit when M&A deals are completed, It is difficult to reasonably estimate the unrecovered amount related to fraudulent transactions by an employee of a business partner, and results may be affected depending on the amount recovered |
| Publication date | 13 November 2026 |
Items this document does not state (8)
ROIC targetCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorNon-financial targetsSize of the Target MarketDate of board resolution
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 shortfall against the plan for the fiscal year ended September 2026 was primarily due to the postponement of the closing and revenue recognition of certain large M&A advisory projects at HCFA. For the fiscal year ending September 2027, revenue and profit growth is expected to be driven by higher earnings at ACF, the full-year consolidation of Life Shield and improved profitability at BKS, while the timing of HCFA project closings has been estimated conservatively. In addition, profit attributable to owners of the parent in the fiscal year ending September 2027 plan reflects a lower tax burden following a review of the calculation of income taxes and other taxes.
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