Raksul (4384) Q2 2025 earnings summary

Executive summary

• Revenue for 2Q FY2025 grew 17.9% YoY to JPY 15,043MM; 1H FY2025 net sales rose 24.0% YoY to JPY 29,753MM, with gross profit up 30.3% and EBITDA (non-GAAP) at JPY 2,918MM.

• Net income (non-GAAP) surged 89.3% YoY to JPY 1,687MM; net profit attributable to owners of parent grew 0.3% to JPY 1,785MM.

• Growth was driven by organic expansion, M&A, and strong procurement platform performance.

• Strategic investments of JPY 200MM in office relocation, new businesses, and M&A transaction costs were made for medium- to long-term growth.

• Extraordinary profit of JPY 1,044MM was recorded from the partial sale of Hacobell shares.

Financial highlights

• 2Q FY2025 revenue: JPY 15,043MM (+17.9% YoY); gross profit: JPY 5,247MM (+23.4% YoY); EBITDA: JPY 1,387MM (+12.0% YoY); 1H FY2025 revenue: JPY 29,753MM (+24.0% YoY); gross profit: JPY 10,309MM (+30.3% YoY); EBITDA: JPY 2,918MM (+34.0% YoY).

• Gross margin improved to 34.9% in 2Q (+1.6pt YoY); 1H gross margin at 34.7%.

• Diluted EPS was JPY 29.66, up from JPY 28.95 in the prior year.

• Return on equity was 12.0%, and operating margin increased to 6.4%.

• Cash and deposits at period end were JPY 13,458MM.

Outlook and guidance

• FY2025 revenue forecast raised to JPY 61,000–63,000MM (+19.3–23.2% YoY); gross profit JPY 21,000–22,000MM (+22.1–28.0% YoY); EBITDA JPY 5,500–6,000MM (+20.9–31.9% YoY).

• Net profit (J-GAAP) forecast revised upward to JPY 2,480–3,200MM due to extraordinary gains; dividend forecast raised to 3 yen per share.

• 3Q outlook: procurement platform revenue expected to grow 20% YoY; marketing platform gross profit to increase QoQ; EBITDA to remain elevated due to relocation costs.