Worth reading
61In 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
1.5
Yen per share (increase in forecast year-end dividend)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentation materialsSecond quarter of the fiscal year ending March 202710 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥4,991 million
Selling, general and administrative expenses¥999 million
Results for the three months of the current quarter
Net Sales
¥2,659 million
EBITDA
¥427 million
EBITDA margin16.1%
Selling, general and administrative expenses
¥999 million
SG&A-to-sales ratio37.6%
Full-year earnings forecast
Net Sales
¥10,373 million
EBITDA
¥1,581 million
Operating profit
¥1,100 million
Ordinary income
¥1,050 million
Net income for the current fiscal year
¥600 million
Annual Dividend
¥17 per share
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 Sales48.1%
EBITDA51.3%
vs. average of past 3 fiscal years
Net Sales+2.2pt
EBITDA+1.9pt
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing steadily; major KPIs are on track against full-year targetsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Concentration of deliveries in Q2 of the previous fiscal year, higher personnel expenses resulting from salary table revisions, front-loaded growth investments including AI investments, and the allocation of management resources from translation to interpreting in anticipation of the impact of generative AI
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
In line with the company's normal seasonality, sales and profit in the Executives and Mid-Level Professionals business are expected to gain momentum in Q3 (October–December). Specific assumptions for foreign exchange rates, raw material prices and other factors: Not disclosedNew initiatives
- Renewal, enhancement and next-generation development of the operating platform through DX, including the use of AI
- Establishment of an execution structure with the President and Group CEO as project owner
- Greater allocation of management resources to interpreting over translation
- Investments focused primarily on hiring front-office personnel
- Change in the medium- to long-term shareholder return policy to progressive dividends, with the dividend for the previous fiscal year as the floor
- Expansion of the customer base among startups and small and medium-sized companies through M&A
Key KPIsA metric the company considers important as a management benchmark.
- Number of customer company groups with annual transaction volume of ¥100 million or more (Executives and Mid-Level Professionals)17 companiesPrior-year results13
- Number of customers with annual revenue of ¥10 million or more (First Career)33 companiesPrior-year results32
- EBITDA per employee5.8～6.2Prior-year results6.8
Segment results
- Organisation and Human Capital Development BusinessNet Sales¥3,815 millionYear-on-year revenue growth+0.4%Segment profit¥764 millionYear-on-Year Change in Profit-9.0%
- Organization and Talent Development Business (Executives and Mid-Level Professionals)Net Sales¥2,879 millionYear on year against the same period last year+0.1%
- Organization and Talent Development Business (First Career)Net Sales¥815 millionYear on year against the same period last year-0.7%
- Organization and Talent Development Business (Aptitude Prediction)Net Sales¥120 millionYear on year against the same period last year+18.9%
- Stakeholder Relations Business (Multilingual Support)Net Sales¥1,176 millionYear-on-year revenue growth-4.6%Segment profit¥65 millionYear-on-Year Change in Profit-31.9%
Medium-term management plan targets
Operating profit, fiscal year ending March 2029¥2 billion
Medium- to long-term ROEAt least 30%
Financial targets
ROE30% or more over the medium to long term
Annual Dividend
Annual
¥17 per share
End of period
¥9.5 per share
Acquisition of treasury shares
Maximum acquisition limit
¥200 million
Number of Shares550,000
Actual results
159,629,600 yen
Number of Shares478,500
PeriodResolution on 14 May 2026; acquisition completed on 14 July 2026
| Item | Details |
|---|---|
| Document type | Earnings presentation materials |
| Fiscal Period Covered | Second quarter of the fiscal year ending March 2027 |
| Net Sales | ¥4,991 million |
| Selling, general and administrative expenses | ¥999 million |
| Results for the three months of the current quarter | Net Sales ¥2,659 million / EBITDA ¥427 million / EBITDA margin 16.1% / Selling, general and administrative expenses ¥999 million / SG&A-to-sales ratio 37.6% |
| Full-year earnings forecast | Net Sales ¥10,373 million / EBITDA ¥1,581 million / Operating profit ¥1,100 million / Ordinary income ¥1,050 million / Net income for the current fiscal year ¥600 million / Annual Dividend ¥17 per share |
| Progress against full-year forecast | Net Sales 48.1% / EBITDA 51.3% / vs. average of past 3 fiscal years Net Sales +2.2pt / EBITDA +1.9pt |
| Self-assessment against the plan | Progressing steadily; major KPIs are on track against full-year targets |
| Segment results | Segment Organisation and Human Capital Development Business / Net Sales ¥3,815 million / Year-on-year revenue growth +0.4% / Segment profit ¥764 million / Year-on-Year Change in Profit -9.0%, Segment Organization and Talent Development Business (Executives and Mid-Level Professionals) / Net Sales ¥2,879 million / Year on year against the same period last year +0.1%, Segment Organization and Talent Development Business (First Career) / Net Sales ¥815 million / Year on year against the same period last year -0.7%, Segment Organization and Talent Development Business (Aptitude Prediction) / Net Sales ¥120 million / Year on year against the same period last year +18.9%, Segment Stakeholder Relations Business (Multilingual Support) / Net Sales ¥1,176 million / Year-on-year revenue growth -4.6% / Segment profit ¥65 million / Year-on-Year Change in Profit -31.9% |
| Breakdown of Factors Affecting the Change | Concentration of deliveries in Q2 of the previous fiscal year, higher personnel expenses resulting from salary table revisions, front-loaded growth investments including AI investments, and the allocation of management resources from translation to interpreting in anticipation of the impact of generative AI |
| Key KPIs | Indicator name Number of customer company groups with annual transaction volume of ¥100 million or more (Executives and Mid-Level Professionals) / Value 17 companies / Prior-year results 13 companies, Indicator name Number of customers with annual revenue of ¥10 million or more (First Career) / Value 33 companies / Prior-year results 32 companies, Indicator name EBITDA per employee / Value 5.8～6.2 / Prior-year results ¥6.8 million |
| Assumptions Underlying the Business Outlook | In line with the company's normal seasonality, sales and profit in the Executives and Mid-Level Professionals business are expected to gain momentum in Q3 (October–December). Specific assumptions for foreign exchange rates, raw material prices and other factors: Not disclosed |
| Medium-term management plan targets | Operating profit, fiscal year ending March 2029 ¥2 billion / Medium- to long-term ROE At least 30% |
| Financial targets | ROE 30% or more over the medium to long term |
| Annual Dividend | Annual ¥17 per share / Interim Not disclosed / End of period ¥9.5 per share |
| Acquisition of treasury shares | Maximum acquisition limit Number of Shares ¥550,000 million / Amount ¥200 million / Actual results Number of Shares 478,500 yen / Amount 159,629,600 yen / Period Resolution on 14 May 2026; acquisition completed on 14 July 2026 |
| New initiatives | Renewal, enhancement and next-generation development of the operating platform through DX, including the use of AI, Establishment of an execution structure with the President and Group CEO as project owner, Greater allocation of management resources to interpreting over translation, Investments focused primarily on hiring front-office personnel, Change in the medium- to long-term shareholder return policy to progressive dividends, with the dividend for the previous fiscal year as the floor, Expansion of the customer base among startups and small and medium-sized companies through M&A |
Items this document does not state (14)
Operating profitOrdinary incomeNet incomeGross Profit MarginOperating profit marginUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookPayout ratioCapital 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 first-half progress rates for revenue and EBITDA exceeded the average for the past 3 fiscal years, increasing the likelihood of achieving the full-year earnings outlook; the difference between the share buyback ceiling and the amount actually used will be allocated to fund the dividend increase; and the company took into account the expected profit level following the planned voluntary adoption of IFRS during the fiscal year ending March 2028. Regarding the decline in EBITDA, the company cited the exceptional concentration of deliveries in Q2 in the previous fiscal year, as well as front-loaded growth investments, including revisions to salary tables and AI investments.
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