WDB Holdings (2475) Q4 2025 earnings summary

Executive summary

• Revenue increased by 3.7% year-over-year to ¥51.13 billion, driven by growth in both staffing and CRO segments.

• Operating profit declined by 7.3% year-over-year to ¥5.06 billion due to higher personnel costs and increased SG&A expenses.

• Net profit fell 14.0% year-over-year to ¥3.05 billion, impacted by lower operating profit and higher corporate taxes.

• The company is focusing on digital transformation and platform-based service delivery to enhance efficiency and competitiveness.

Financial highlights

• Revenue: ¥51.13 billion (+3.7% YoY).

• Operating profit: ¥5.06 billion (-7.3% YoY).

• Ordinary profit: ¥5.09 billion (-7.5% YoY).

• Net profit: ¥3.05 billion (-14.0% YoY).

• Gross profit margin: 23.0% (down 1.2pt YoY).

• Cash and equivalents at year-end were ¥20,574 million, down ¥367 million from the previous year.

• Total assets increased to ¥41,753 million, with net assets at ¥33,241 million and an equity ratio of 76.4%.

• Dividend per share for the year was ¥72.50, with a payout ratio of 40.1%.

Outlook and guidance

• FY2026 revenue expected to remain flat at ¥51.14 billion.

• Operating profit and net income forecasted to decline due to increased investment, staff compensation, and SG&A.

• CRO segment sales are expected to decrease due to client insourcing and business divestitures.