CHANGE Holdings (3962) investor relations material

Executive summary

• Revenue for the nine months ended December 31, 2025, rose 18.9% year-over-year to ¥41,527 million, driven by growth in both core business segments.

• Operating profit declined 18.8% year-over-year to ¥10,586 million, reflecting increased investments and the absence of prior year one-time gains.

• Profit attributable to owners of parent fell 16.2% year-over-year to ¥6,882 million.

• The company continues to focus on digital transformation (DX) and regional revitalization, with strong performance in SaaS offerings for local governments.

Financial highlights

• Gross profit increased to ¥24,041 million from ¥20,690 million year-over-year.

• Basic earnings per share decreased to ¥98.92 from ¥116.87 year-over-year.

• Total assets grew to ¥126,350 million as of December 31, 2025, up from ¥104,861 million at the previous fiscal year-end.

• Cash and cash equivalents at period-end were ¥25,524 million, down ¥4,661 million from March 31, 2025.

Outlook and guidance

• Full-year revenue forecast for FY ending March 31, 2026, is ¥55,000 million, up 18.6% year-over-year.

• Operating profit is projected at ¥14,000 million (+3.6% YoY), with profit attributable to owners of parent at ¥7,904 million (+4.9% YoY).

• No changes to previously announced financial forecasts.