Persol (2181) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 FY2024 reached ¥360.8 billion, up 9.8% year-on-year, with adjusted EBITDA up 20.7% to ¥22.94 billion and operating profit up 15.6% to ¥16.97 billion.

• Profit attributable to owners of parent rose 38.2% to ¥12.95 billion, aided by a ¥1.3 billion tax refund in Australia.

• All business segments reported revenue growth, with Career SBU up 15.9–16% and Asia Pacific SBU up 17.6%.

• Adjusted EBITDA progress reached 30.2–31.4% of the full-year forecast.

• Cash flows from operating activities improved to ¥15.76 billion from a negative ¥4.56 billion a year earlier.

Financial highlights

• Gross profit increased 12% year-on-year to ¥84.1 billion.

• Adjusted EPS rose 43.6% to ¥6.63, and basic EPS was ¥5.72, up from ¥4.14 year-on-year, reflecting the 10-for-1 stock split.

• EBITDA margin improved to 6.9% from 6.6% year-on-year.

• Cash and cash equivalents decreased by ¥25.6 billion from the previous quarter, while total assets increased by ¥8.7 billion.

• Total assets rose to ¥527.4 billion, with equity attributable to owners of parent at ¥199.4 billion (37.8% ratio).

Outlook and guidance

• Full-year revenue forecast is ¥1,417–1,429 billion, with adjusted EBITDA forecasted at ¥73–76 billion.

• Operating profit is projected at ¥52–55 billion, with profit attributable to owners of parent at ¥32.5–34.5 billion.

• Full-year guidance is maintained despite market uncertainties from stock price and FX fluctuations.

• Unutilized marketing and recruitment investments from Q1 will be executed as market conditions allow.

• Annual dividend forecast is ¥9.00 per share post-split.