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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
CHANGE Holdings
CHANGE Holdings (3962) investor relations material
CHANGE Holdings Q1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2027 earnings summary13 Aug, 2026
Executive summary
Q1 revenue increased by 9.9% year-over-year to ¥10,887 million, driven by growth in both core business segments.
Operating profit declined 19.0% year-over-year to ¥491 million, impacted by shareholder benefit program costs and higher expenses; excluding these, profit rose 26.0%.
Profit attributable to owners dropped 76.7% to ¥98 million, reflecting higher costs and lower finance income.
The company continued to invest in M&A, digital transformation, and regional revitalization, consolidating new subsidiaries to support future growth.
Hometown tax progress is low but on track, with donations expected to concentrate in Q3.
Financial highlights
Q1 revenue: ¥10,887 million, up 9.9% year-over-year.
EBITDA: ¥1,200 million, down 6.8% year-over-year; EBITDA margin fell to 11.0%.
Operating profit: ¥491 million, down 19.0% year-over-year; EPS: ¥1.41, down 76.8%.
Profit attributable to owners: ¥98 million, down 76.7% year-over-year.
Gross profit rose to ¥5,043 million from ¥4,526 million year-over-year.
Outlook and guidance
Full-year revenue forecast: ¥57,823–59,000 million (+9.5% to +11.7% YoY).
Operating profit forecast: ¥11,500–12,500 million (+2.4% to +11.4% YoY).
No revisions to previously announced earnings or dividend forecasts.
Hometown tax market expected to rebound in Q3 and exceed prior year by year-end.
Dividend per share forecast: ¥26.0, up ¥3.0 year-over-year.
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Latest events from CHANGE Holdings
- Profitability focus, higher shareholder returns, and robust IR drive value enhancement.3962
Investor presentation - Mid-term plan revised: profit targets delayed, M&A reduced, focus on organic growth and regional DX.3962Investor presentation
- FY2026 profit missed forecasts, but FY2027 targets growth and higher dividends with organic focus.3962Q4 2026
- Revenue up 18.9% YoY, but profit down; strong SaaS growth and steady outlook.3962Q3 2026
- Revenue up 34.9% YoY, operating profit down 34.4%; outlook remains positive.3962Q2 2026
- Revenue up 21.7% year-over-year, profit down sharply, outlook and shareholder benefits maintained.3962Q1 2026
- Revenue up 12.7%, operating profit beat targets, outlook strong with DX and cybersecurity focus.3962Q2 2025
- Record Q1 profit growth driven by digital transformation and M&A, surpassing targets.3962Q1 2025
- Profit and revenue soared on M&A and DX, with robust FY2026 growth outlook.3962Q4 2025
Next CHANGE Holdings earnings date
Q2 202712 Nov, 2026
CHANGE Holdings
Next CHANGE Holdings earnings date
Q2 202712 Nov, 2026
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Frequently asked questions
CHANGE Holdings Inc is a Japan-based company engaged in digital transformation and human resource development services. The company provides IT solutions, including data analytics, cloud computing, and mobile applications, to support corporate and government clients in their digital initiatives. It also offers training and consulting services focused on improving digital literacy and leadership skills. CHANGE Holdings operates across various sectors, including public administration, finance, and healthcare. The company is headquartered in Tokyo, Japan, and its shares are listed on the TSE.