Ateam Holdings (3662) Q2 2026 earnings summary

Executive summary

• Q2 FY2026 revenue was ¥5,789 million, down 1.2% YoY and up 4.7% QoQ; adjusted EBITDA was ¥228 million, down 43.0% YoY.

• Operating income was ¥319 million versus a ¥158 million loss a year earlier, while crypto-asset valuation losses drove an ordinary loss of ¥19 million and net loss of ¥65 million.

• H1 FY2026 revenue was ¥11,319 million, down 1.9% YoY; adjusted EBITDA fell 27.5% to ¥516 million, while operating income rose to ¥590 million.

• H1 net income attributable to parent shareholders fell 58.4% to ¥229 million, mainly reflecting crypto-asset valuation losses; a ¥153 million gain on the Ateam Finergy share transfer partly offset pressures.

Financial highlights

• Q2 revenue was ¥5,789 million; reported EBITDA was ¥414 million and adjusted EBITDA was ¥228 million.

• Q2 ordinary income was a loss of ¥19 million versus profit of ¥520 million a year earlier; net income was a loss of ¥65 million versus profit of ¥422 million.

• Higher shareholder-benefit costs contributed to the YoY decline in adjusted EBITDA, which was broadly in line with expectations.

• H1 EBITDA was ¥279 million versus ¥241 million, up 15.7%; adjusted EBITDA was ¥516 million, down 27.5% YoY.

• H1 EPS was ¥12.35 basic and ¥10.99 diluted, versus ¥29.71 and ¥28.90 in the prior-year period.

Outlook and guidance

• FY2026 guidance remains revenue ¥24,500 million, adjusted EBITDA ¥1,500 million, EBITDA ¥1,300 million, operating income ¥900 million, ordinary income ¥900 million and net income ¥600 million.

• Q2 progress against FY2026 targets was 46.2% for revenue, 34.4% for adjusted EBITDA, 24.0% for ordinary income and 38.2% for net income.

• Ordinary- and operating-income forecasts assume crypto-asset prices remain at July 31, 2025 levels; reference Bitcoin price was ¥17,721,131.

• FY2026 annual dividend forecast is ¥28 per share, with interim and year-end payments of ¥14 each, increased from ¥22 per share.

• H1 segment earnings were in line with revised forecasts issued September 5, 2025; full-year forecasts were unchanged, with strategy focused on expanding one-stop business solutions through M&A.