Kubell (4448) investor relations material

Executive summary

• Earnings forecast revised upward, with revenue expected to grow 13–15% year-over-year and EBITDA projected at JPY 1.5–1.7 billion, reflecting strong profit generation and exceeding initial full-year forecasts.

• Consolidated revenue increased 17.1% YoY in Q2 and 16.4% YoY to ¥5,276.9 million for H1, with BPaaS domain revenue surging 84.0% YoY, driven by robust business expansion.

• EBITDA rose 62.2% YoY to ¥938.1 million, and operating profit surged 278.7% to ¥556.3 million, with profit attributable to owners of parent reaching ¥490.5 million, reversing a prior year loss.

• Over one million companies now use the platform, with ARR exceeding JPY 10 billion, establishing a strong SME platform.

• Enhanced platform with generative AI features and launched new AI-driven services for social insurance and labor attorneys, supporting further service differentiation.

Financial highlights

• Q2 revenue reached JPY 2,689 million (+17.1% YoY), and cumulative H1 revenue was JPY 5,276.9 million (+16.4% YoY), with SaaS domain revenue up 5.0% YoY and BPaaS domain revenue up 84.0% YoY.

• Gross profit rose 24.9% YoY to JPY 1,919 million, with a gross margin of 71.4%.

• EBITDA for Q2 was JPY 469 million (+60.6% YoY), and for H1 was ¥938.1 million (+62.2% YoY), with an EBITDA margin of 17.5%.

• Operating profit increased to JPY 276 million (+289.9% YoY) in Q2 and ¥556.3 million (+278.7% YoY) for H1; profit attributable to owners of parent reached JPY 293 million (+1931.2% YoY) in Q2 and ¥490.5 million for H1.

• Basic EPS for H1 was ¥11.63 (vs. ¥-0.36 prior year).

Outlook and guidance

• FY2026 revenue is forecast at JPY 10,768–10,958 million (+13.0–15.0% YoY), with EBITDA of JPY 1,500–1,700 million (+9.4–24.0% YoY).

• Operating profit forecast: ¥620–918 million (+28.0% to +89.3% YoY).

• Profit attributable to owners of parent is projected at JPY 456–753 million (+112.2–250.5% YoY).

• The company aims to become the No.1 BPaaS provider for SMEs and is progressing toward medium-term targets of JPY 15 billion revenue and 10–15% EBITDA margin by FY2026.

• Medium-term targets include 30%+ CAGR in revenue (2023–2026).