Persol (2181) Q2 2026 earnings summary

Executive summary

• Record revenue and profits achieved in the first half of FY2025, with revenue up 4.9% year-over-year to ¥752.7 billion and operating profit up 14% to ¥36.6 billion.

• Adjusted EBITDA increased 3.7% to ¥44.3 billion, with a 51.3% progress rate toward the full-year target of ¥86.5 billion.

• Interim dividend set at ¥5.5 per share, with a record-high annual dividend forecast of ¥11.0 per share.

• Acquisition of Gojob SAS, an AI-driven staffing platform, for ¥21.3 billion, to accelerate digital transformation and global expansion.

• Comprehensive income attributable to owners of parent was ¥28,126 million, up from ¥20,550 million a year earlier.

Financial highlights

• Gross profit increased 5.4% year-over-year to ¥174.7 billion.

• Net profit attributable to owners rose 12.1% to ¥23.98 billion; adjusted profit was up 0.4% to ¥24.93 billion.

• Recognized ¥2.7 billion gain from the sale of a business in Q2, included in operating profit and EPS but excluded from adjusted EBITDA and adjusted profit.

• SG&A expenses rose by ¥7.3 billion, mainly from personnel and system costs; SG&A expense ratio at 18.7% for 1H.

• Basic earnings per share increased to ¥10.93 from ¥9.56 year-over-year.

Outlook and guidance

• Full-year revenue forecast is ¥1,540 billion (+6.1% YoY), with adjusted EBITDA at ¥86.5 billion (+10.4% YoY) and adjusted EPS at ¥20.39.

• Operating profit is projected at ¥66 billion (up 14.9%), and profit attributable to owners at ¥41 billion (up 14.3%).

• Temporary PMI and M&A-related expenses expected in 2H, but 1H overachievement will absorb these costs.

• Aiming for sustained 10% adjusted EBITDA growth in the next fiscal year and beyond, with focus on capital efficiency and shareholder returns.

• Profitability targets for 2027-2028: 6% for staffing SBU, 8% for BPO SBU, 10% for technology SBU.