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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Sansan
Sansan (4443) investor relations material
Sansan Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary15 Jan, 2026
Executive summary
Net sales for H1 FY2025 increased 26.5% year-over-year, with gross profit up 28.9% and annual recurring revenue up 23.4% to ¥45,912 million.
Adjusted operating profit surged 265.2% year-over-year, reaching a record high for the first half; ordinary profit rose 1,974.6%, and profit attributable to owners increased 512.4%.
Market share leadership maintained in B2B business card management and online invoice receiving solutions, with continued expansion in AI-driven business process transformation markets.
Bill One segment achieved net sales growth of 41.3% year-over-year, with new order value at an all-time high.
Financial highlights
H1 FY2025 net sales: ¥25,381 million (+26.5% YoY); gross profit: ¥22,348 million (+28.9% YoY); gross margin: 88.2% (+2.0 pts YoY).
Q2 FY2025 net sales: ¥13,098 million, up 25.1% year-over-year; gross profit margin improved by 2.0 pts to 88.2%.
Adjusted operating profit: ¥3,024 million (+265.2% YoY); ordinary profit: ¥2,885 million (+1,974.6% YoY); profit attributable to owners: ¥1,959 million (+512.4% YoY).
EPS for Q2: ¥13.14, up 144.2% year-over-year; Basic EPS for H1: ¥15.50 (vs. ¥2.54 YoY).
Total assets at Nov 30, 2025: ¥44,394 million; net assets: ¥16,798 million; equity-to-asset ratio: 35.5%; cash and cash equivalents at period end: ¥28,076 million (+¥4,572 million YoY).
Outlook and guidance
Full-year forecasts for FY2025 remain unchanged, with net sales expected at ¥52,707–54,003 million (+22.0% to +25.0% YoY).
Adjusted operating profit forecast: ¥6,851–8,640 million (+92.7% to +143.0% YoY), with margin expected at 13.0%–16.0%.
Medium-term policy targets 22–27% CAGR in net sales through FY2026 and adjusted operating profit margin of 18–23%.
No change to full-year earnings forecasts; continued investment planned for future growth.
AX redefinition: how to capture market?
H2 profit impact from deferred expenses?
Bill One MRR per sub decline implications?
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Next Sansan earnings date
Q3 202610 Apr, 2026
Sansan
Next Sansan earnings date
Q3 202610 Apr, 2026
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