Kubell (4448) Q4 2025 earnings summary

Executive summary

• Achieved revised forecasts for sales and all profit categories, with FY2025 revenue up 12.5% YoY to JPY 9,529 million and profit attributable to owners at JPY 215 million, returning to profitability.

• EBITDA rose 60.0% YoY to JPY 1,371 million, and operating profit surged 400.8% to JPY 485 million.

• Major M&A activities included the acquisition of Paytner Invoice and making kubell storage a wholly-owned subsidiary.

• Number of client companies reached 974,000 (+9.9% YoY), and registered Chatwork IDs grew to 8.06 million (+9.3% YoY).

• Strategic initiatives included user expansion for Chatwork, BPaaS business integration and rebranding, and M&A activity.

Financial highlights

• FY2025 revenue rose 12.5% YoY to JPY 9,529 million, with EBITDA up 60.0% YoY to JPY 1,371 million and operating profit at JPY 485 million (+400.8% YoY).

• Profit attributable to owners reached JPY 215 million (vs. -1,172 million last year); comprehensive income was JPY 229 million.

• Q4 revenue grew 12.9% YoY, and Q4 EBITDA margin reached 17.1%.

• ARR totaled JPY 9.55 billion (+14.6% YoY), with BPaaS ARR up 93.3% YoY.

• Cash and cash equivalents at year-end: JPY 3,105 million, up JPY 192 million from prior year.

Outlook and guidance

• FY2026 guidance targets revenue growth of 13%+ YoY and EBITDA of JPY 1.5 billion or more.

• Medium-term plan aims for FY2026 revenue of JPY 15.0 billion and EBITDA margin of 10-15%, targeting 30%+ CAGR in revenue (2024–2026).

• Focus on re-accelerating revenue growth, expanding BPaaS, and improving profitability.