CHANGE Holdings (3962) Q3 2025 earnings summary

Executive summary

• Achieved record revenue and operating profit for April–December, exceeding revised full-year targets and offsetting Q2 declines caused by special factors.

• Growth was driven by expansion in NEW-IT Transformation and Publitech businesses, M&A activity, and increased demand for DX and cybersecurity services.

• Major acquisitions included E-Guardian Inc. (cybersecurity) and fundbook, Inc. (M&A brokerage), with Toko Computer Service Co., Ltd. set to become a consolidated subsidiary.

• Laid groundwork for DJ3 with major alliances in Cybersecurity and M&A brokering, positioning for future growth.

Financial highlights

• Q1–Q3 revenue: 34,937–35,749 million yen (+21.3% YoY); operating profit: 13,121 million yen (+28.6% YoY); net profit attributable to owners: 8,069–8,260 million yen (+18.8% YoY).

• EBITDA for Q1–Q3 reached 14,961 million yen, up 33.2% year-over-year.

• Exceeded full-year operating profit target with 100.9% progress as of Q3.

• Basic EPS: 117.61 yen (up from 96.07 yen YoY); Diluted EPS: 116.66 yen.

• Gross profit increased to 20,690 million yen; total assets rose to 144,882 million yen; cash and cash equivalents at period end: 30,832 million yen.

Outlook and guidance

• Full-year revenue forecast: 45,000 million yen (+21.6% YoY); operating profit: 13,000 million yen (+71.9% YoY); net profit attributable to owners: 8,069 million yen (+86.5% YoY); Basic EPS: 111.52 yen.

• Fully prepared for transition to DJ3, with strategic focus on digital transformation and regional revitalization.

• Continued emphasis on expanding experience-based thank-you gifts and regional partnerships to drive growth.

• No change to previously announced guidance; actual results may differ due to various factors.