CHANGE Holdings (3962) Q2 2026 earnings summary

Executive summary

• Revenue increased 34.9% year-over-year to ¥22,266 million, driven by core business segments, new consolidations, and early contributions from the hometown tax business.

• Operating profit declined 34.4% year-over-year to ¥2,500 million due to higher investments and the absence of prior year one-time gains.

• Profit attributable to owners of parent fell 24.8% year-over-year to ¥1,561 million.

• Hometown tax business expects a typical Q3 peak, with post-October performance progressing smoothly as marketing competition subsides.

• M&A intermediary business is accelerating, with alliance-driven deal introductions ramping up in the second half.

Financial highlights

• EBITDA rose 13.4% year-over-year to ¥3,859 million, with an EBITDA margin of 17.3%.

• EPS decreased 23.7% year-over-year to ¥22.45.

• Parent company profit attributable to owners fell 24.8% year-over-year to ¥1,561 million.

• Gross profit increased to ¥11,026 million from ¥7,168 million year-over-year.

• Total assets grew to ¥120,651 million as of September 30, 2025, up from ¥104,861 million at March 31, 2025.

Outlook and guidance

• Full-year revenue forecast is ¥55,000 million (+18.6% YoY), with operating profit expected at ¥14,000 million (+4.3% YoY).

• EPS is projected at ¥113.60 (+6.6% YoY), and ROE at 17.8%.

• Dividend per share is planned at ¥23.0.

• Growth is expected from organic expansion and new consolidations (fundbook, TCS), with a conservative outlook for the hometown tax segment due to regulatory changes.

• No changes to previously announced financial forecasts.