World Holdings (2429) Q2 2025 earnings summary

Executive summary

• Sales and profits increased year-over-year and exceeded plan, driven by strong performance in Human Resources, Education, and Real Estate segments, with notable gains in the semiconductor sector.

• Manufacturing HR Business saw significant profit growth due to strong semiconductor demand and improved recruiting efficiency.

• Services HR Business outperformed, led by logistics and e-commerce, with new warehouse operations contributing.

• Real Estate Business delivered higher profits despite some delayed sales, benefiting from higher prices and cost reductions.

• Despite economic uncertainty from inflation, yen weakness, and geopolitical risks, diversified business activities supported resilience.

Financial highlights

• Net sales for 2Q FY2025: ¥131,785 million, up 18.9% year-over-year and 0.9% above plan.

• Operating profit: ¥4,975 million, up 111.0% year-over-year and 40.4% above plan.

• Ordinary profit: ¥4,824 million, up 102.6% year-over-year and 51.6% above plan.

• Profit attributable to owners: ¥2,650 million, up 259.2% year-over-year and 70.3% above plan.

• EBITDA: ¥6,009 million, up 76.7% year-over-year.

Outlook and guidance

• FY2025 full-year net sales forecast: ¥281,439 million (+16.2% YoY); operating profit: ¥10,179 million (+18.5% YoY); profit attributable to owners: ¥5,389 million (+8.2% YoY).

• Dividend per share forecast raised to ¥106.2, with payout ratio increased to 35%.

• Unchanged full-year forecast despite strong first half, due to uncertainty in the second half, especially regarding U.S. tariffs and macroeconomic risks.