F&M Co. (4771) Q1 2026 earnings summary

Executive summary

• Revenue increased 16.1% year-over-year to ¥4,224 million, with steady growth in all business segments and membership numbers.

• Operating income rose 7.0% year-over-year to ¥437 million, despite higher personnel and depreciation costs.

• Net income attributable to shareholders increased 13.8% year-over-year to ¥278 million.

• Growth driven by increased membership and service expansion in core businesses, with efficiency improvements across operations.

• New product launches included Office Station Talent Management in April 2025, expanding HR tech offerings.

Financial highlights

• Gross profit increased 15.7% year-over-year to ¥2,783 million; gross margin remained stable at 65.9%.

• EBITDA grew to ¥915 million, up ¥132 million year-over-year, with EBITDA margin at 21.7%.

• EPS for Q1 FY2026 was ¥16.76, down from ¥18.82 in Q1 FY2025.

• Total assets at quarter-end were ¥16,663 million, with an equity ratio of 79.2%.

• Dividend forecast for FY2026 is ¥42.00 per share, up from ¥40.00 in FY2025.

Outlook and guidance

• Three-year plan targets FY2028 revenue of ¥30 billion, operating income of ¥6 billion, and 20% operating margin.

• Membership goals for FY2028: 120,000 accounting service members, 20,000 consulting club members, 70,000 Office Station users.

• Full-year FY2026 revenue forecast is ¥20,867 million, up 22.3% year-over-year; net income forecast is ¥2,088 million, up 15.1%.

• No changes to previously announced earnings guidance.

• Management notes forecasts are based on current information and subject to change due to various factors.