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CHANGE Holdings (3962) investor relations material
CHANGE Holdings Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue rose 21.7% year-over-year to ¥9,908 million, driven by new consolidations and strong performance in core business segments.
Operating profit fell 71.1% year-over-year to ¥678 million, mainly due to the absence of a prior-year one-off gain and increased SG&A expenses.
Profit attributable to owners of parent dropped 66.2% year-over-year to ¥469 million.
Publitech Business saw steady growth in hometown tax donations and SaaS adoption among local governments.
NEW-IT Transformation Business benefited from M&A activity and increased demand for DX and human capital management services.
Financial highlights
EBITDA decreased 4.4% year-over-year to ¥1,288 million; EBITDA margin declined to 13.0%.
EPS dropped 65.2% year-over-year to ¥6.74.
Gross profit increased to ¥4,526 million from ¥3,251 million year-over-year.
SG&A expenses rose to ¥3,941 million from ¥2,497 million year-over-year.
Cash and cash equivalents at quarter-end were ¥27,873 million, down ¥2,312 million from the previous fiscal year-end.
Outlook and guidance
Full-year revenue forecast is ¥55,000 million (+18.6% year-over-year), with operating profit expected to rise 3.6% to ¥14,000 million.
EPS forecasted at ¥113.60 (+5.7% year-over-year); ROE expected at 17.8%.
Dividend per share to increase by ¥2.19 to ¥23.
No change to previously announced financial forecasts as of May 15, 2025.
Q2 expected to show significant progress due to timing of Hometown tax payments.
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