GAKUJO (2301): FY2025 Results Summary — Record Re-Shukatsu Sales as Growth Investment Trims Profit

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: GAKUJO Co., Ltd. closes its fiscal year on October 31, and the company labels the year ended October 31, 2025 as “FY10/25”. That year is classified as FY2025 on this site; all figures, tables and period labels below follow the company’s own presentation.

GAKUJO Co., Ltd. (TSE Prime, securities code 2301) reported net sales of 11,019 million yen for the fiscal year ended October 31, 2025, up 2.7% year on year and slightly ahead of its revised forecast of 11,000 million yen. Operating profit, ordinary profit, profit and EBITDA were all lower than in the previous fiscal year, but each came in far above the revised forecasts. The company states that the recoveries of all products and services gained momentum in the fourth quarter. For FY10/26, the final year of the current medium-term management plan, Gakujo forecasts net sales of 13.3 billion yen and operating profit of 3.25 billion yen.

Consolidated Results (Full-Year Actual)

Net sales rose to 11,019 million yen from 10,730 million yen, while cost of sales rose to 3,835 million yen (106.3% of the previous year) and SG&A expenses to 4,850 million yen (108.6%). Operating profit fell to 2,332 million yen (87.8% of the previous year), ordinary profit to 2,654 million yen (86.9%) and profit to 1,892 million yen (84.9%). EBITDA was 2,623 million yen (91.6%). Against the revised forecasts, however, operating profit came in at 111.1%, ordinary profit at 110.6%, profit at 110.0% and EBITDA at 110.0%. The company attributes the decline in earnings to promotional activities targeting job seekers for the start of new services, together with increases in human capital investment, IT system expenditures and sales promotion expenses, all actively implemented to promote future growth.

Item (Millions of yen)	FY10/24	FY10/25	YoY (%)	FY10/25 Revised fct.	Vs. revised fct. (%)
Net sales	10,730	11,019	102.7	11,000	100.2
Cost of sales	3,606	3,835	106.3	3,960	96.9
Gross profit	7,124	7,183	100.8	7,040	102.0
SG&A expenses	4,467	4,850	108.6	4,940	98.2
of which, sales promotion expenses	811	856	105.6	1,000	85.7
Operating profit	2,656	2,332	87.8	2,100	111.1
Ordinary profit	3,053	2,654	86.9	2,400	110.6
Profit before income taxes	3,053	2,654	86.9	2,400	110.6
Profit	2,229	1,892	84.9	1,720	110.0
EBITDA	2,863	2,623	91.6	2,384	110.0

On a quarterly basis, fourth-quarter net sales were 3,955 million yen and fourth-quarter operating profit was 1,484 million yen, both the highest of the four quarters. First-quarter operating profit was a loss of 402 million yen, followed by 867 million yen in the second quarter and 382 million yen in the third quarter.

Segment Results (Business Category Sales)

Re-Shukatsu, the career change website for people in their 20s, was the main driver: sales were 3,243 million yen, up 28.4% year on year, reaching a record high, and the number of registered members surpassed 2.8 million — a goal originally set for FY10/26 and achieved one year ahead of schedule. Re-Shukatsu Agent sales were 816 million yen, up 5.3%. Events (Tenshoku-haku, Shushoku-haku and other activities) were roughly flat at 3,177 million yen, down 0.1%, as a decline in events for college seniors was offset by events for interns and for changing jobs. Re-Shukatsu Campus sales were 2,002 million yen, down 3.4%, reaching the revised forecast of 2,000 million yen despite negative seasonal factors in the first half and concerns about the Japanese economy in the second half. Social solutions sales were 915 million yen, down 19.4%, below plan because of a smaller than expected number of public sector projects.

Business category (Millions of yen)	FY10/24	FY10/25	YoY (%)	FY10/26 (fct.)	YoY (%)
Total net sales	10,730	11,019	102.7	13,300	120.7
Re-Shukatsu	2,526	3,243	128.4	4,150	128.0
Re-Shukatsu Direct Recruiting (Re-Shukatsu Tech, Re-Shukatsu 30)	111	62	55.4	110	177.2
Agent business (Recruitment)	775	816	105.3	1,050	128.6
Events (Tenshoku-haku, Shushoku-haku and other activities)	3,179	3,177	99.9	3,650	114.9
Re-Shukatsu Campus	2,072	2,002	96.6	2,270	113.4
Individual products for new graduate recruitment	652	592	90.8	800	135.0
Social solutions business	1,134	915	80.6	1,020	111.5
Others	276	210	76.3	250	118.7

Within the direct recruiting services, registered members of Re-Shukatsu 30 reached 20,737 against a plan of 9,000 (up 130.4% versus plan), while job openings were 938 against a plan of 1,000 (down 6.2% versus plan). In the events business, the number of expos rose to 135 from 121 (111.6%) while the number of booths was 9,242 versus 9,336 (99.0%); the number of Shukatsu Support meetings was 147 versus 203 (72.4%) and the number of Shukatsu Support meeting booths was 904 versus 1,288 (70.2%).

FY10/26 Forecast

For the fiscal year ending October 31, 2026, Gakujo forecasts net sales of 13,300 million yen (120.7% year on year), operating profit of 3,250 million yen (139.3%), ordinary profit of 3,450 million yen (130.0%), profit of 2,480 million yen (131.1%) and EBITDA of 3,653 million yen (139.2%), described as an indicator of earnings from core businesses. The sales forecast includes the goal of sales growth of 27% to 28% for career-change services aimed at people with prior work experience (Re-Shukatsu, Re-Shukatsu Agent and other services), and assumes Re-Shukatsu Campus sales growth starting in the second quarter despite the outlook for seasonal deviation.

Item (Millions of yen)	FY10/26 (fct.)	% to sales	YoY (%)	FY10/25 (Actual)
Net sales	13,300	100.0%	120.7%	11,019
Cost of sales	4,392	33.0%	114.5%	3,835
Gross profit	8,907	67.0%	124.0%	7,183
SG&A expenses	5,657	42.5%	116.6%	4,850
of which, sales promotion expenses	1,010	7.6%	117.9%	856
Operating profit	3,250	24.4%	139.3%	2,332
Ordinary profit	3,450	25.9%	130.0%	2,654
Profit before income taxes	3,450	25.9%	130.0%	2,654
Profit	2,480	18.6%	131.1%	1,892
EBITDA	3,653	―	139.2%	2,623

Shareholder Returns

Gakujo plans to pay a FY10/25 dividend of 67 yen per share, 2 yen higher than for FY10/24, for a payout ratio of 47.9%. Including repurchases of stock, the total shareholder distribution ratio was 75.7%. For FY10/26 the company forecasts a dividend of 75 yen per share, which would be the sixth consecutive dividend increase, and it intends to maintain a payout ratio of 40% to 50%. During the year Gakujo repurchased 300,000 shares for a total value of 534,675,100 yen over a repurchase period from March 1, 2025 to April 9, 2025. Under the shareholder special benefit plan, shareholders with at least 500 shares as of October 31 of each year receive 3,000 yen of QUO cards.

Item	FY10/21	FY10/22	FY10/23	FY10/24	FY10/25	FY10/26 (Plan)
Net income per share (Yen)	97.64	99.35	125.74	160.77	139.97	183.46
Dividends per share (Yen)	37	43	51	65	67	75
Dividend payout ratio (%)	37.9	43.3	40.6	40.4	47.9	40.9
Total shareholder distribution ratio (%)	55.2	60.7	40.6	63.7	75.7	―

Financial Position and Capital Efficiency

Total assets were 17,106,248 thousand yen at the end of FY10/25 versus 16,739,761 thousand yen a year earlier, and total net assets were 14,879,411 thousand yen versus 14,477,952 thousand yen. The equity ratio was 86.9% (FY10/24: 86.4%), ROE was 12.9% (16.1%), ordinary profit to total assets was 15.7% (18.9%), PER was 11.5 times (10.4 times) and PBR was 1.5 times (1.6 times). Net assets per share were 1,107.33 yen (1,056.55 yen). The share price at the end of the period was 1,614 yen on October 31, 2025, against 1,671 yen on October 31, 2024. Cash flows from operating activities were 1,898,587 thousand yen and cash flows from investing activities were 368,451 thousand yen, while cash flows from financing activities were (1,511,172) thousand yen; the balance at the end of the period was 4,685,197 thousand yen.

Medium-Term Plan and Topics

FY10/26 is the final year of the medium-term management plan covering FY10/24 to FY10/26. Against FY10/23 net sales of 8,784 million yen and ordinary profit of 2,563 million yen, the plan forecasts sales up 51% and ordinary profit up 34% from FY10/23 to FY10/26; the company notes a sales CAGR of 12.00% and an ordinary profit CAGR of 1.57% between FY10/23 and FY10/25.

Gakujo is bringing its Re-Shukatsu Series to a full-scale start, having launched Re-Shukatsu 30 at the end of October 2024, rebranded its new graduate job information website to Re-Shukatsu Campus in March 2025, updated Re-Shukatsu Tech in May 2025 and started Re-Shukatsu Youth for high school graduates and secondary graduates in May 2025. Re-Shukatsu 30 is a direct recruiting service specializing in the high-end category of jobs with annual income of at least 6 million yen, and ages 28 to 35 account for 90.4% of its members. A new nationwide TV commercial featuring actor Rihito Itagaki debuted on November 24. The company also continues to distribute content on the business video media PIVOT, where the title streamed on August 5, 2025 had 53,000 page views and the title streamed on October 21, 2025 had 51,000 page views. As of October 31, 2025 Gakujo had 407 employees, 15,560,000 issued shares and 10,186 shareholders.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.