Worth reading
45Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
-716
¥ million (year-on-year change in net sales)Wording
Conditional
How definitive the wording is.Contents of this document
Financial Results PresentationFirst quarter of the fiscal year ending November 20268 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales7,615 Millions of yen-8.6%
Operating profit400 Millions of yen-49.8%
Ordinary income397 Millions of yen-50.6%
Net income257 Millions of yen-51.3%
Selling, general and administrative expenses¥2,055 million; SG&A ratio to revenue: 27.0%
Gross Profit Margin32.2%, up 0.9 percentage points year on year (cost of sales ratio increased from 66.8% to 67.8%)
Operating profit margin5.3%, down 4.3 percentage points year on year
Results for the three months of the current quarterRevenue: ¥7,615 million; operating income: ¥400 million; ordinary income: ¥397 million; quarterly net income: ¥257 million
Full-year earnings forecastRevenue: ¥36,261 million; operating income: ¥3,326 million; ordinary income: ¥3,467 million; net income: ¥2,222 million; basic earnings per share: ¥96.62
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: 21.0%; operating income: 12.0%; ordinary income: 11.5%; quarterly net income: 11.6%
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Year-on-year change in revenue: -¥716 million; cost of sales: -¥403 million; SG&A expenses: +¥84 million; operating income: -¥397 million; ordinary income: -¥407 million; quarterly net income: -¥271 million
New initiatives
Attracting customers for financial-planning consultations through a partnership with Yamada Denki, expanding the contract acquisition business, introducing tier-specific curricula for sales staff, digitizing shareholder benefits, and establishing a management committee to separate executive functions from oversight.Key KPIsA metric the company considers important as a management benchmark.
Sales staff: 2,265 (-281, -11.0% year on year); new contracts: 47,817 (-9,114, -16.0%); prospective insurance customers: 30,652 (-5,695, -15.7%); contract acquisition agreements: 841 (-4,140, -83.1%); contracts held: 2,036,697 (+239,683, +13.3% year on year); customers served: 760,717 (+66,439, +9.6%)Financial targets
ROE: 17.27% (FY2025 November actual); cost of equity: 11.33%. The company aims to maintain ROE above the cost of equity. Equity ratio: 61.5%.Number of stores and locations
190 locations (155 branches and 35 stores), as of the end of February 2026. Number of openings and closures during the period: Not disclosedNumber of employees
Sales staff: 2,265. Down 68 from the end of the previous fiscal year; 101 hires. The number of departures decreased by 35 from the previous quarter.Annual Dividend
Forecast for the fiscal year ending November 2026: ¥94 per share (interim dividend of ¥47 and year-end dividend of ¥47). The actual dividend for the fiscal year ended November 2025 was also ¥94 per share in total.Payout ratio
Targeting approximately 45%| Item | Details |
|---|---|
| Document type | Financial Results Presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending November 2026 |
| Net Sales | 7,615 Millions of yen (YoY -8.6%) |
| Operating profit | 400 Millions of yen (YoY -49.8%) |
| Ordinary income | 397 Millions of yen (YoY -50.6%) |
| Net income | 257 Millions of yen (YoY -51.3%) |
| Gross Profit Margin | 32.2%, up 0.9 percentage points year on year (cost of sales ratio increased from 66.8% to 67.8%) |
| Operating profit margin | 5.3%, down 4.3 percentage points year on year |
| Selling, general and administrative expenses | ¥2,055 million; SG&A ratio to revenue: 27.0% |
| Results for the three months of the current quarter | Revenue: ¥7,615 million; operating income: ¥400 million; ordinary income: ¥397 million; quarterly net income: ¥257 million |
| Full-year earnings forecast | Revenue: ¥36,261 million; operating income: ¥3,326 million; ordinary income: ¥3,467 million; net income: ¥2,222 million; basic earnings per share: ¥96.62 |
| Progress against full-year forecast | Revenue: 21.0%; operating income: 12.0%; ordinary income: 11.5%; quarterly net income: 11.6% |
| Breakdown of Factors Affecting the Change | Year-on-year change in revenue: -¥716 million; cost of sales: -¥403 million; SG&A expenses: +¥84 million; operating income: -¥397 million; ordinary income: -¥407 million; quarterly net income: -¥271 million |
| Key KPIs | Sales staff: 2,265 (-281, -11.0% year on year); new contracts: 47,817 (-9,114, -16.0%); prospective insurance customers: 30,652 (-5,695, -15.7%); contract acquisition agreements: 841 (-4,140, -83.1%); contracts held: 2,036,697 (+239,683, +13.3% year on year); customers served: 760,717 (+66,439, +9.6%) |
| Number of stores and locations | 190 locations (155 branches and 35 stores), as of the end of February 2026. Number of openings and closures during the period: Not disclosed |
| Number of employees | Sales staff: 2,265. Down 68 from the end of the previous fiscal year; 101 hires. The number of departures decreased by 35 from the previous quarter. |
| Financial targets | ROE: 17.27% (FY2025 November actual); cost of equity: 11.33%. The company aims to maintain ROE above the cost of equity. Equity ratio: 61.5%. |
| Annual Dividend | Forecast for the fiscal year ending November 2026: ¥94 per share (interim dividend of ¥47 and year-end dividend of ¥47). The actual dividend for the fiscal year ended November 2025 was also ¥94 per share in total. |
| Payout ratio | Targeting approximately 45% |
| New initiatives | Attracting customers for financial-planning consultations through a partnership with Yamada Denki, expanding the contract acquisition business, introducing tier-specific curricula for sales staff, digitizing shareholder benefits, and establishing a management committee to separate executive functions from oversight. |
Items this document does not state (11)
Self-assessment against the planSegment resultsUnit price and quantity metricsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsAcquisition 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 impact of administrative action resulted in the suspension of referrals from major business partners, causing a significant decline in the number of prospective insurance customers in Q4 of the previous fiscal year. This decline affected Q1 results through a contract cycle of more than three months from acquiring a prospective customer to recording revenue. Declines in the number of sales staff and prospective insurance customers were also cited as factors behind the decrease in new contracts.
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