Persol (2181) Q4 2025 earnings summary

Executive summary

• FY2024 revenue reached 1,451.2 billion yen, up 9.4% year on year, with adjusted EBITDA at 78.3 billion yen (+8.4%) and operating profit at 57.4 billion yen (+10.3%). Profit attributable to owners of parent was 35.9 billion yen (+19.7%), all marking record highs.

• All SBUs posted higher revenue, with growth driven by Staffing and Career SBUs.

• FY2025/2026 forecasts project revenue of 1,540.0 billion yen (+6.1%), adjusted EBITDA of 86.5 billion yen (+10.4%), and operating profit of 66.0 billion yen (+14.9%), with record-high profit anticipated.

• Annual dividend for FY2024 is 9.5 yen, with FY2025/2026 forecasted at 11.0 yen, a record high.

• Acquisition of PERSOL COMMUNICATION SERVICES (formerly Fujitsu Communication Services) expanded BPO and IT capabilities.

Financial highlights

• Gross profit for FY2024 was 332.1 billion yen (+10.3% year on year).

• Adjusted EPS rose to 18.50 yen (+8.6%), and adjusted profit was 41.4 billion yen (+6.7%).

• Free cash flow was 39.1 billion yen, down from 58.8 billion yen in FY2023.

• Cash and cash equivalents at period end were 82.8 billion yen, a decrease of 25.6 billion yen year on year.

• Dividend payout ratio to adjusted EPS was 51.4% in FY2024; forecast at 54.0% for FY2025/2026.

Outlook and guidance

• FY2025/2026 expects record-high profits, with ROE forecast at approximately 20% and ROIC at 18%.

• Double-digit adjusted EBITDA growth targeted, with all major SBUs expected to contribute.

• Gain on sale of businesses (~2.5 billion yen) included in FY2025 operating profit forecast.

• Adjusted EPS forecast at 20.39 yen for FY2025/2026.

• Dividend payout ratio based on adjusted EPS is expected to be about 50–54%.