Medley (4480) Q2 2026 earnings summary

Executive summary

• Sales increased 21% year-over-year in Q2 FY2026, with both HR PF and Medical PF segments contributing to growth.

• Net sales for H1 FY2026 rose 22.8% year-over-year to ¥22,683 million, with strong growth in both HR PF and Medical PF businesses.

• EBITDA margin improved to 26% (+4% pt YoY), and profit attributable to owners of parent rose 116% YoY to JPY 1,560 million.

• EBITDA increased 43.4% year-over-year to ¥3,866 million, and net profit attributable to owners of parent surged 131.2% to ¥1,497 million.

• Progress toward mid-term targets is on track, with strong customer acquisition and ARPU growth.

Financial highlights

• Q2 FY2026 sales: JPY 12,493 million (+21% YoY); gross profit: JPY 8,214 million (+23% YoY).

• EBITDA: JPY 3,235 million (+43% YoY); operating profit: JPY 2,513 million (+59% YoY).

• Ordinary profit: JPY 2,741 million (+74% YoY); profit attributable to owners: JPY 1,560 million (+116% YoY).

• Operating profit for H1 FY2026 was ¥2,446 million, up 67.4% year-over-year.

• Basic earnings per share increased to ¥49.45 from ¥20.05 in the prior year period.

Outlook and guidance

• FY2026 full-year forecast: sales JPY 46,400 million (+26% YoY), EBITDA JPY 5,800 million (margin 13%).

• Full-year FY2026 forecast maintained: net sales ¥46,400 million (+26.1% YoY), EBITDA ¥5,800 million (+20.3% YoY), operating profit ¥2,950 million (+37.2% YoY), net profit ¥1,800 million (+84.5% YoY), and EPS ¥58.25.

• H1 progress rates: sales 49%, EBITDA 67%, profit attributable to owners 83% of full-year forecast.

• Dividends to be initiated at JPY 18 per share, targeting a 30% payout ratio.

• Dividend forecast for FY2026 is ¥18.00 per share.