Persol (2181) Q1 2026 earnings summary

Executive summary

• Q1 revenue rose 3.6% year-on-year to JPY 373.6 billion, with adjusted EBITDA at JPY 21.7 billion and operating profit at JPY 15.4 billion, both progressing in line with full-year forecasts despite year-on-year declines due to one-off factors and higher SG&A.

• Adjusted EBITDA progress rate was 25.2% and revenue progress rate was 24.3% of full-year targets, tracking as planned.

• Net profit attributable to owners was JPY 10.7 billion, down 17.7% year-on-year, partly due to the absence of a prior-year tax refund.

• Notable ESG achievements include selection for FTSE indices, joining The Valuable 500, and advances in AI strategy.

Financial highlights

• Gross profit increased to JPY 86.5 billion, up 2.8% year-on-year, partly due to exchange rate effects.

• Operating profit declined 9.2% year-on-year to JPY 15.4 billion; adjusted EBITDA decreased 5.1% to JPY 21.7 billion.

• Net profit attributable to owners was JPY 10.7 billion, down 17.7%; EPS was JPY 4.86, down 15% year-on-year.

• Total assets grew to JPY 545.3 billion; cash and cash equivalents increased by JPY 2.6 billion to JPY 85.4 billion.

Outlook and guidance

• Full-year revenue forecast is JPY 1,540 billion (+6.1% year-on-year), with adjusted EBITDA at JPY 86.5 billion (+10.4%) and operating profit at JPY 66 billion (+14.9%).

• Q1 progress rates for revenue and adjusted EBITDA are in line with historical trends and management expectations.

• No revision to previously announced financial or dividend forecasts.