Persol (2181) Q3 2025 earnings summary

Executive summary

• Revenue for Q1–Q3 FY2024 reached ¥1,086,213 million, up 9.6% year-on-year, with all business units posting revenue growth and strong performance across all quarters.

• Adjusted EBITDA rose 21.3% year-on-year to ¥64,819 million, and operating profit increased 18.3% to ¥48,420 million.

• Profit attributable to owners of parent rose 23.6% to ¥31,161 million; adjusted profit increased 28.1% to ¥36,300 million; EPS was ¥14.00, up 25.9%.

• Acquired 100% of Fujitsu Communication Services Limited (now PERSOL COMMUNICATION SERVICES LIMITED) for ¥20 billion to strengthen BPO and IT operations.

• Issued Human Capital Report and received Tokyo Governor Prize for Corporate Governance of the Year 2024.

Financial highlights

• Gross profit for Q1–Q3 was ¥249,000 million, up 11.0% year-on-year; expected to reach ¥332,600 million for FY2024, up 12% from FY2023.

• Adjusted EBITDA margin improved to 6.0% (+0.6pt), and operating profit margin to 4.5% (+0.3pt).

• Basic EPS was ¥14.00, reflecting a 10-for-1 stock split.

• Cash flows from operating activities were ¥56,059 million, with cash and cash equivalents at ¥97,694 million at period end.

• Total assets increased to ¥523,458 million; equity attributable to owners of parent decreased to ¥186,671 million.

Outlook and guidance

• Full-year revenue forecast is ¥1,455,000 million, with adjusted EBITDA forecast at ¥76,000 million; operating profit projected at ¥56,000 million.

• Basic EPS forecast is ¥16.30; dividend forecast for FY2025 is ¥9.00 per share.

• Q4 gross profit expected to grow 9.4% year-on-year; increased marketing and IT investments planned to drive future growth.

• Targeting adjusted EBITDA growth of around 10% in the next fiscal year, with continued focus on digitalization and productivity improvements.

• Workforce businesses (staffing, BPO, technology) expected to maintain or accelerate growth; staffing to grow 5%, BPO and technology double-digit.