M3 (2413) Q2 2025 earnings summary

Executive summary

• FY2024 H1 revenue rose 8% year-over-year to ¥124.8B, driven by Career, Site Solution, and Overseas segments, while operating profit fell 16% and net profit dropped 22–26% due to normalization post-COVID and higher investments.

• Growth in regular businesses excluding COVID-related revenues was 12% year-over-year.

• The first half closed in line with expectations of higher revenue and lower profit.

• Total comprehensive income dropped 65.4% year-over-year to ¥13,049 million.

Financial highlights

• Revenue: ¥124.8B (+8% YoY); Operating profit: ¥29.0B (-16% YoY); Net profit: ¥19.6B (-22% YoY); Net profit attributable to owners: ¥17.3B (-26% YoY).

• COVID-related revenue impact decreased to approx. ¥2B in H1, with a projected full-year negative impact of ¥4–6B.

• Q2 saw a slowdown compared to Q1, especially in Medical Platform and Overseas segments.

• Basic earnings per share for H1 was ¥25.47, down from ¥34.47 a year earlier.

• Total assets as of September 30, 2024 were ¥491,469 million; equity ratio was 71.1%.

Outlook and guidance

• Full-year revenue forecast: ¥268–273B; operating profit: ¥67–70B; net profit attributable to owners: ¥46B; basic EPS: ¥67.75.

• Full-year negative COVID-related revenue impact projected at approx. ¥6B.

• Focus remains on medium- to long-term business foundation expansion and growth.