Sansan (4443) Q1 2026 earnings summary

Executive summary

• Net sales increased 28.2% year-over-year (YoY) in Q1 FY2025 to ¥12,283 million, with accelerated growth from both Sansan/Bill One and Eight business segments.

• Adjusted operating profit surged 178.8% YoY to ¥578 million, with margin improving by 2.5 points, driven by higher sales, improved gross margin, and lower personnel expense ratio.

• Ordinary profit and profit attributable to owners of parent returned to positive territory due to decreased share-based payment expenses.

• Both subscription and monthly recurring sales per subscription remained strong, and profit generation advanced even with growth investments.

Financial highlights

• Net sales: ¥12,283 million, up 28.2% YoY; gross profit: ¥10,792 million, up 29.8% YoY; gross margin improved to 87.9%.

• Adjusted operating profit: ¥578 million, up 178.8% YoY; margin at 4.7%.

• Ordinary profit: ¥528 million (vs. -¥329 million YoY); profit attributable to owners of parent: ¥298 million (vs. -¥372 million YoY); EPS: ¥2.36 (vs. -¥2.96 YoY); basic EPS: ¥2.33.

Outlook and guidance

• Full-year forecasts for FY2025 remain unchanged, targeting net sales of ¥52,707–54,003 million (+22.0% to +25.0% YoY) and adjusted operating profit of ¥6,851–8,640 million (+92.7% to +143.0% YoY).

• Adjusted operating profit expected to be weighted toward the second half (25% in H1, 75% in H2) due to front-loaded advertising spend.

• Medium-term policy aims for a 22–27% CAGR in net sales through FY2026 and an adjusted operating profit margin of 18–23% by FY2026.