Quants Research Institute Holdings Inc (9552) Q4 2025 earnings summary

Executive summary

• FY2025/9 net sales rose 0.3% year-over-year to ¥16,602 million, driven by consulting business growth despite sluggish M&A brokerage performance.

• Operating profit declined 41.0% year-over-year to ¥4,964 million due to limited sales growth and upfront investments in consulting and incubation.

• Net income fell 50.0% year-over-year to ¥2,894 million.

• The company is transitioning from an M&A brokerage-centric model to a multi-business structure, focusing on medium- to long-term growth.

• The consulting business became a new reportable segment due to its operational significance.

Financial highlights

• Net sales: ¥16,602 million (+0.3% YoY); operating profit: ¥4,964 million (-41.0% YoY); profit: ¥2,894 million (-50.0% YoY).

• Gross profit margin fell to 61.0% from 72.6% the previous year.

• Operating margin dropped to 29.9% from 50.8% year-over-year.

• Net assets decreased to ¥5,320 million from ¥9,019 million, mainly due to treasury share purchases and cancellations.

• Cash and cash equivalents at year-end were ¥4,219 million, down from ¥10,175 million the previous year.

Outlook and guidance

• FY2026/9 forecast: net sales ¥22,184 million (+33.6% YoY), operating profit ¥5,993 million (+20.7% YoY), profit ¥3,533 million (+22.1% YoY).

• Consulting business net sales expected to grow 161.8% to ¥3,800 million; number of consultants to reach 300.

• M&A brokerage net sales forecasted at ¥18,000 million (+18.8% YoY), with 400–450 advisors and ~300 closed deals.

• Incubation segment net sales projected at ¥384 million, with a shift in business focus after withdrawal from asset management consulting.

• The company will adopt IFRS for consolidated financial statements starting FY2025 annual report.