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Kubell (4448) investor relations material
Kubell Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Revenue for Q3 FY2025 grew 10.4% year-over-year, with EBITDA up 18.3%, while revenue for the nine months ended September 30, 2025, rose 12.4% YoY to ¥6,948 million and EBITDA up 52.3%.
Operating profit for Q3 fell 19.0% YoY, but for the nine months, it increased 48.6% YoY; profit attributable to owners of parent declined 66.6% YoY to ¥45 million.
The company revised its full-year forecast, expecting revenue of JPY 9.48bn (+12% YoY), EBITDA of JPY 1.31bn (+52.9% YoY), and operating profit of JPY 0.43bn (+345.1% YoY).
The business shifted to a single Platform segment after discontinuing the Security segment at the end of 2024.
BPaaS domain continues to drive growth, with revenue up 60.7% YoY, while SaaS domain revenue rose 5.5% YoY.
Financial highlights
Q3 revenue: JPY 2,416mn (+10.4% YoY, +5.1% QoQ); EBITDA: JPY 352mn (+18.3% YoY, +20.6% QoQ); operating profit: JPY 127mn (-19.0% YoY, +79.6% QoQ).
Cumulative Q3 revenue: JPY 6,948mn (+12.4% YoY); cumulative EBITDA: JPY 931mn (+52.3% YoY); gross profit for nine months: ¥4,758 million.
Gross margin improved to 71.7% in Q3 (+4.8pt QoQ).
ARR reached JPY 9.12bn (+11.5% YoY); number of client companies: 954,000 (+11.2% YoY).
Operating profit for nine months increased to ¥274 million from ¥184 million YoY; ordinary profit rose to ¥252 million.
Outlook and guidance
Full-year 2025 revenue forecast is ¥9,485 million (+12.0% YoY), EBITDA ¥1,310 million (+52.9%), and operating profit ¥431 million (+345.1%).
Growth rate excluding discontinued security business: +14.0% YoY.
Medium-term plan targets 30%+ CAGR in revenue through 2026, aiming for ¥15 billion revenue and 10–15% EBITDA margin.
BPaaS order delays impacted revenue, but proactive hiring and system restructuring are expected to support future growth.
Growth in Personnel Management BPaaS slower than expected.
Explain high income tax impact on net profit
Address Chatwork ARPU decline
Explain goodwill amortization change
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Q4 202513 Feb, 2026
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