Persol (2181) Q4 2025 earnings summary

Executive summary

• FY2024 revenue reached JPY 1,451.2 billion, up 9.4% YoY; Adjusted EBITDA rose 8.4% to JPY 78.3 billion and operating profit rose 10.3% to JPY 57.4 billion.

• FY2025 guidance: revenue of JPY 1,540.0 billion (+6.1%), Adjusted EBITDA of JPY 86.5 billion (+10.4%) and operating profit of JPY 66.0 billion (+14.9%).

• FY2024 annual dividend was JPY 9.5 per share; FY2025 dividend is forecast at a record JPY 11.

Financial highlights

• Profit attributable to owners of parent rose 19.7% YoY to JPY 35.9 billion.

• Gross profit increased 10.3% YoY to JPY 332.1 billion; Adjusted EPS rose 8.6% to JPY 18.50.

• Free cash flow was JPY 39.1 billion, down from JPY 58.8 billion in FY2023; year-end cash and equivalents declined JPY 25.6 billion to JPY 82.8 billion.

• Q4 marketing and systems development costs totaled JPY 11.6 billion, ~JPY 6 billion above usual; Adjusted EBITDA exceeded forecast after ~JPY 1.8 billion of cost savings.

Outlook and guidance

• FY2025 Adjusted EPS is forecast to rise 10.2% to JPY 20.39; Career SBU targets ~7% growth in FY2025 and double-digit growth again in FY2026.

• FY2025 ROE and ROIC are forecast at ~20% and ~18%, respectively; Adjusted EBITDA margin is forecast at 5.6%.

• All major SBUs are expected to contribute to double-digit Adjusted EBITDA growth; the operating profit forecast includes a ~JPY 2.5 billion gain on business sales.

• FY2025 guidance excludes recent U.S. tariff impacts and associated significant FX swings; updates may follow if changes are material.