Will Group (6089) Q1 2026 earnings summary

Executive summary

• Q1 FY2026 consolidated revenue rose 0.4% year-on-year to ¥35.20 billion, with operating profit up 122.7% to ¥0.39 billion and profit attributable to owners of parent at ¥0.28 billion, driven by strong Domestic Working Business performance, especially in construction management engineers, and cost controls, despite negative forex impacts and the absence of prior-year government subsidies in Overseas Working Business.

• EBITDA increased 29.5% year-on-year to ¥0.88 billion.

• The company remains on track with its Medium-term Management Plan, with most KPIs progressing well except for a slight shortfall in retention rate for construction management engineers.

Financial highlights

• Revenue: ¥35.20 billion (+0.4% YoY); Operating profit: ¥0.39 billion (+122.7% YoY); EBITDA: ¥0.88 billion (+29.5% YoY); Profit attributable to owners of parent: ¥0.28 billion (+303.9% YoY).

• Gross profit margin improved to 21.0% (+0.3pt YoY); gross profit increased to ¥7,394 million.

• Basic earnings per share rose to ¥12.27 from ¥3.05 year-on-year.

• Total assets decreased to ¥48,630 million from ¥49,923 million at the previous fiscal year-end.

• Total equity declined to ¥16,785 million from ¥17,359 million at the previous fiscal year-end.

Outlook and guidance

• FY2026 full-year revenue forecast: ¥134.60 billion; operating profit: ¥2.50 billion (up 6.9% YoY); profit attributable to owners of parent: ¥1.56 billion (up 35.0% YoY); basic EPS forecast: ¥68.11.

• Q1 progress rates: revenue 26%, operating profit 16%, profit attributable to owners of parent 18%.

• No changes to previously announced earnings forecasts.

• Focus remains on expanding the construction management engineer domain and implementing cost controls overseas.