JMDC (4483) Q2 2027 earnings summary

Executive summary

• FY2027 H1 revenue rose 19.5% YoY to ¥27,571m and EBITDA increased 14.6% to ¥6,333m; both exceeded the H1 forecast disclosed after Q1.

• Q2 revenue growth was 21% YoY excluding revenue brought forward into Q1, versus 18% in Q1; management described momentum as accelerating.

• Growth was led by Healthcare–Big Data, with revenue up 21.4%; Tele-medicine revenue rose 7.3%.

Financial highlights

• Revenue was ¥27,571m, gross profit ¥14,656m, operating profit ¥4,604m and profit before tax ¥4,340m.

• Profit attributable to owners of the parent rose 24.2% YoY to ¥2,951m; basic EPS was ¥45.10.

• Comprehensive income was ¥2,767m versus ¥2,419m YoY; OCI included a ¥197m loss on financial assets measured at fair value through OCI.

• Total assets were ¥158,611m and total equity was ¥84,957m as of September 30, 2026.

• H1 exceeded the Q1-disclosed forecasts for revenue, operating profit and EBITDA.

Outlook and guidance

• FY2027 guidance is unchanged: revenue ¥60,500m, operating profit ¥11,500m, profit before tax ¥11,000m and EBITDA ¥15,000m.

• Forecast profit attributable to owners is ¥7,100m, basic EPS ¥108.19 and annual dividend ¥18 per share; the announced dividend forecast is unchanged.

• H1 represented 46% of revenue guidance and 42% of EBITDA guidance; the plan is weighted toward H2.

• H2 EBITDA growth of ~13% is required to meet the annual plan, below H1's 14.6%; inquiries are building, primarily in Industry.

• H2 profit growth is expected to moderate as investment continues in AI talent and data infrastructure and the sales structure is strengthened.