Kubell (4448) investor relations material

Executive summary

• Q3 revenue reached JPY 2,794mn, up 15.6% YoY; EBITDA rose 39.5% to JPY 492mn and operating profit increased 111.7% to JPY 269mn.

• BPaaS revenue grew 66.4% YoY to JPY 700mn, while SaaS revenue increased 4.9% to JPY 2,093mn.

• 9M FY2026 revenue rose 16.2% YoY to JPY 8,071mn; EBITDA increased 53.6% to JPY 1,430mn and net income reached JPY 600mn.

• FY2026 guidance was revised to single figures: revenue JPY 10,958mn and operating profit JPY 942mn, both above the previous forecast ranges.

Financial highlights

• 9M gross profit was JPY 5,753mn, operating profit JPY 826mn and ordinary profit JPY 828mn.

• 9M operating profit rose 201.2% YoY; net income increased 1,232.4% to JPY 600mn from JPY 45mn, with prior-year net income including a JPY 19mn investment-securities valuation loss.

• 9M EBITDA increased 53.6% YoY to JPY 1,430mn, reaching 95.3% of the lower end of the previous forecast range.

• Q3 net income attributable to owners was JPY 109mn, up 82.9% YoY and down 62.6% QoQ.

• 9M basic EPS was JPY 14.20 versus JPY 1.08 a year earlier; diluted EPS was JPY 14.14 versus JPY 1.05.

Outlook and guidance

• FY2026 forecast: revenue JPY 10,958mn (+15.0% YoY), EBITDA JPY 1,704mn (+24.3%), operating profit JPY 942mn (+94.2%) and ordinary profit JPY 942mn (+105.6%).

• Forecast gross profit is JPY 7,707mn (+16.7% YoY); profit attributable to owners is JPY 654mn (+204.1%).

• Full-year outlook shifted from a range to single amounts as visibility improved; medium-term FY2026 goals include JPY 15.0bn revenue and a 10–15% EBITDA margin.

• Personnel expenses are expected to continue at a similar pace as operator hiring supports BPaaS expansion; productivity gains and process standardization remain priorities.