YAMADA Consulting Group Co (4792) Q2 2026 earnings summary

Executive summary

• Net sales for 1H FY03/26 reached ¥13,367 million, up 7.6% year on year, marking a record high, while operating profit dropped 27.8% and profit attributable to owners fell 25.8% due to a high comparison base from prior M&A deal closings and increased personnel costs.

• Despite profit declines, progress rates for net sales, gross profit, and operating profit are above 50% of full-year forecasts, indicating steady advancement toward annual targets.

• Interim operating profit achieved 55.0% of the full-year forecast, reflecting solid progress.

• Personnel expenses increased significantly due to salary hikes and robust recruitment, with 140 new hires in 1H FY03/26.

Financial highlights

• Net sales: ¥13,367 million (+7.6% YoY); Gross profit: ¥9,817 million (−3.9% YoY); Operating profit: ¥2,090 million (−27.8% YoY); Ordinary profit: ¥2,037 million (−27.9% YoY); Profit attributable to owners: ¥1,415 million (−25.8% YoY).

• Cash and cash equivalents at end of period: ¥10,257 million, up from ¥8,810 million a year earlier.

• Dividend payout ratio forecast at 53.4% with a progressive dividend policy targeting at least 50%.

• Basic earnings per share for the interim period was ¥74.07, down from ¥100.09 a year earlier.

• Total assets increased to ¥25,426 million as of September 30, 2025, up from ¥23,471 million at the previous fiscal year-end.

Outlook and guidance

• Full-year forecasts: Net sales ¥26,000 million, gross profit ¥19,600 million, operating profit ¥3,800 million, ordinary profit ¥3,700 million, profit attributable to owners ¥2,750 million.

• Medium-term targets for FY03/26: Net sales ¥22.7 billion, gross profit ¥17.8 billion, operating profit ¥4.2 billion.

• Consulting business sales are expected to grow 2.1% and investment business sales to more than double, but investment business gross profit is expected to be flat.

• SG&A expenses are forecast to rise 3.3% due to increased headcount and salary hikes.

• Consulting business expected to meet full-year targets despite 1H profit decline; Investment business outlook cautious due to uncertain exit timing.