CHANGE Holdings (3962) Q4 2025 earnings summary

Executive summary

• Revenue rose 25.3% year-over-year to 46.4 billion yen, with operating profit up 83.1% to 13.5 billion yen, surpassing targets.

• EPS increased 82.5% year-over-year to 107.49 yen, though slightly below forecast due to higher financial expenses and tax burden.

• ROE rose to 18.7% from 11.2% the previous year; dividend per share increased to 20.9 yen, exceeding initial forecast.

• Growth driven by consolidation of fundbook, EG, IDR, TCS, and strong performance in NEW-IT Transformation and Publitech segments.

• Major acquisitions included E-Guardian, IdealRoute Consulting, fundbook, and Toko Computer Service.

Financial highlights

• Revenue: 46,387 million yen (+25.3% YoY); Operating profit: 13,515 million yen (+83.1% YoY); EBITDA: 15,131 million yen (+32.3% YoY).

• EPS: 107.49 yen (+82.5% YoY); ROE: 18.7%; Dividend payout ratio: 19.4%.

• Profit attributable to owners: 7,532 million yen (+76.7% YoY); Operating profit margin: 29.1% (+9.2 pts YoY).

• Dividend per share: 20.9 yen (DOE 3.6%), up from initial forecast of 14.5 yen.

• Total assets rose to 104,790 million yen; cash and cash equivalents at year-end were 30,185 million yen.

Outlook and guidance

• FY2026 revenue forecast: 55 billion yen (+18.6% YoY); operating profit: 14 billion yen (+3.6% YoY); EPS: 113.6 yen (+5.7% YoY).

• Dividend per share planned to increase to 23 yen; ROE expected at 17.8%.

• Focus on expanding DX, cybersecurity, M&A brokerage, and regional revitalization, with new mid-term plan "Digitize & Digitalize Japan (Phase 3)".