Persol (2181) Q2 2027 earnings summary

Executive summary

• H1 FY2027 revenue rose 11.9% YoY to ¥842.4bn; operating profit increased 3.1% to ¥37.7bn and parent-attributable profit rose 1.8% to ¥24.4bn.

• Adjusted EBITDA grew 16.9% to ¥51.8bn, supported by gross profit growth, Gojob’s contribution and favorable FX.

• Planned sale of Programmed and PBS reshapes reported forecasts; Career recovery is delayed to Q4, while AI investment targets productivity and added-value gains.

Financial highlights

• Revenue was ¥842.4bn, gross profit ¥189.6bn and operating profit ¥37.7bn, compared with ¥752.7bn, ¥178.7bn and ¥36.6bn in H1 FY2026.

• Profit before tax rose 4.3% to ¥37.5bn; net profit increased 2.4% to ¥25.4bn and parent-attributable profit rose 1.8% to ¥24.4bn.

• Adjusted EBITDA was ¥51.8bn, up 16.9%; adjusted profit was ¥28.9bn, up 16.1%, and adjusted EPS was ¥12.96, up 15.4%.

• Free cash flow was ¥29.0bn versus ¥26.0bn; operating cash flow was ¥40.0bn versus ¥33.6bn in H1 FY2026.

Outlook and guidance

• FY2027 forecasts: revenue ¥1,269.0bn, operating profit ¥61.7bn, profit before tax ¥61.3bn, adjusted EBITDA ¥85.0bn, adjusted profit ¥50.9bn and adjusted EPS ¥22.43.

• Forecasts reflect Programmed and PBS as discontinued operations from Q3; expected ¥50.0bn sale gain is included in discontinued-operation profit, subject to price adjustments and FX.

• Excluding Programmed and sale-related items, revised revenue, operating profit and adjusted EBITDA reflect reductions of ¥361.6bn, ¥8.1bn and ¥10.6bn; the full-year plan otherwise remains unchanged.

• Career SBU recovery to prior-year levels is expected in Q4; restructuring targets year-end recovery and renewed growth next fiscal year. AI investment of ¥19.0bn over FY2026–FY2028 targets cumulative returns of ¥33.0bn–¥43.0bn.