WDB Holdings (2475) Q2 2027 earnings summary

Executive summary

• H1 FY2027 sales edged down while profitability increased; Human Resources growth and margin gains offset weaker CRO sales, and performance was described as on plan.

Financial highlights

• H1 net sales were ¥25,312 million, gross profit ¥5,895 million, operating income ¥2,371 million, ordinary income ¥2,451 million and net income attributable to owners ¥1,502 million.

• Cost of sales declined 1.0% YoY to ¥19,417 million; SG&A increased 2.4% to ¥3,524 million.

• Net income per share was ¥78.32 versus ¥75.40 in the prior-year period.

• Operating cash flow was ¥3,103 million, up ¥1,596 million YoY; cash and cash equivalents ended the period at ¥19,565 million.

Outlook and guidance

• FY2027 forecasts remained unchanged: net sales ¥51,439 million, operating income ¥4,639 million, ordinary income ¥4,663 million and net income attributable to owners ¥2,772 million.

• Forecast EPS was ¥144.50 and annual dividend ¥94 per share; forecast payout ratio was 65.1%.

• H1 progress against the full-year forecast was 49.2% for sales, 52.6% for ordinary income and 54.2% for net income; results were characterized as on plan.