MS-Japan (6539): FY2025 Results Summary — Record Revenue and EBITDA, Dividend Floor Kept at ¥56

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

Note: MS-Japan does not publish an English results presentation; this article is an English translation of the Japanese-language article on our sister site Investalk, which is based on the company’s Japanese-language IR materials, with figures transcribed as reported. The company labels the fiscal year ended March 31, 2026 as “FY26” (and the prior year as “FY25”) in its materials; this site classifies the year ended March 31, 2026 as FY2025. Labels in the body and tables below follow the source materials.

MS-Japan’s consolidated results for the fiscal year ended March 31, 2026 (FY26) showed revenue of ¥7.64 billion (+2.3% YoY), EBITDA of ¥2.13 billion (+3.1%), and recruitment service revenue of ¥4.29 billion (+1.3%), all record highs. Operating profit was ¥1.67 billion (+4.3%), ordinary profit ¥1.68 billion (+0.2%), and net income attributable to owners of parent ¥1.03 billion (+0.2%). For the fiscal year ending March 2027, the company disclosed a forecast targeting record highs again, with revenue of ¥8.17 billion, EBITDA of ¥2.32 billion, and operating profit of ¥1.79 billion. On dividends, the company has set ¥56 per share as the floor for its annual dividend unless there are significant changes in the business environment or policy, and there is no revision to the dividend forecast for the fiscal year ended March 2026.

Consolidated Results (Full-Year Actual)

Revenue came in at ¥7.64 billion (+2.3% YoY; 93.0% of plan). EBITDA was ¥2.13 billion (+3.1% YoY), operating profit ¥1.67 billion (+4.3%), ordinary profit ¥1.68 billion (+0.2%), net income ¥1.08 billion (+0.9%), and net income attributable to owners of parent ¥1.03 billion (+0.2%). Selling, general and administrative expenses were compressed to ¥4.25 billion, down 1.5% from the previous year; the decrease was driven by improved marketing cost efficiency, branch consolidation and reduction of post-M&A PMI costs, and optimized staffing through AI-driven operational efficiency. Ordinary profit and the profit lines below it finished above the prior year despite the recognition of a ¥106 million valuation loss on listed securities.

Item	FY26 (Current)	FY25 (Prior)	YoY (vs. Plan)
Revenue	¥7,647 million	¥7,474 million	102.3% (93.0%)
Cost of sales	¥1,721 million	¥1,551 million	111.9% (91.3%)
EBITDA	¥2,139 million	¥2,075 million	103.1% (93.5%)
Operating profit	¥1,673 million	¥1,604 million	104.3% (93.5%)
Ordinary profit	¥1,684 million	¥1,681 million	100.2% (95.3%)
Net income	¥1,079 million	¥1,069 million	100.9% (97.2%)
Net income attributable to owners of parent	¥1,034 million	¥1,032 million	100.2% (97.5%)

Segment Results

The domestic recruitment agency business (MS Agent) posted revenue of ¥4.29 billion (+1.3% YoY) and controllable profit before allocation of administrative costs of ¥2.50 billion (+1.5%), both record highs. New registrants totaled 18,128 (+4.9% YoY), of which registrants in priority segments increased to 6,558 (+15.0%). The media business (Manegy) recorded revenue of ¥248 million (+0.7% YoY), with controllable profit expanding to ¥100 million (+86.9%). The direct recruiting business (MS Jobs) posted revenue of ¥101 million (-3.7% YoY) and controllable profit of ¥13 million (+19.2%). The overseas recruitment business (FourQuarters Recruitment) recorded yen-based revenue of ¥3,002 million (+4.2% YoY) and operating profit of ¥271 million (+15.8%); on an Australian dollar basis, revenue grew +8.0% and operating profit +20.0%, a solid performance.

Segment	FY26 Revenue	FY25 Revenue	YoY
Recruitment (MS Agent)	¥4,294 million	¥4,240 million	101.3%
Media (Manegy)	¥248 million	¥246 million	100.7%
DRM (MS Jobs)	¥101 million	¥105 million	96.3%
Overseas (FQR)	¥3,002 million	¥2,881 million	104.2%

Full-Year Forecast

For the fiscal year ending March 2027 (FY27), the company forecasts consolidated revenue of ¥8.17 billion (+6.9% YoY), EBITDA of ¥2.32 billion (+8.7%), and operating profit of ¥1.79 billion (+7.4%), targeting record highs across the board. It projects ordinary profit of ¥1.83 billion (+8.9%), net income of ¥1.15 billion (+6.2%), and net income attributable to owners of parent of ¥1.08 billion (+4.6%). The domestic business plan calls for revenue of ¥4.87 billion (+4.9%) and operating profit of ¥1,756 million (+2.9%). The overseas business (FQR) is expected to generate yen-based revenue of ¥3,300 million (+9.9%) and operating profit of ¥368 million (+35.7%), assuming an exchange rate of ¥104 to the Australian dollar.

Item	FY27 Forecast	FY26 (Actual)	vs. FY26
Revenue	¥8,174 million	¥7,647 million	106.9%
EBITDA	¥2,324 million	¥2,139 million	108.7%
Operating profit	¥1,796 million	¥1,673 million	107.4%
Ordinary profit	¥1,834 million	¥1,684 million	108.9%
Net income	¥1,145 million	¥1,079 million	106.2%
Net income attributable to owners of parent	¥1,082 million	¥1,034 million	104.6%

Shareholder Returns

Unless there are significant changes in the business environment or policy, the company will keep ¥56 per share as the floor for its annual dividend and continue stable shareholder returns; there is no revision to the dividend forecast for the fiscal year ended March 2026. While the accounting payout ratio exceeds 100%, the company explains that adjusted EPS — which adjusts for non-cash goodwill amortization — is growing steadily, and that ample capacity for returns is secured on a cash basis. For cash allocation in the fiscal year ended March 2026, against operating cash flow of approximately ¥1.6 billion, approximately ¥1.4 billion is allocated to shareholder returns (based on ¥56 per share) and approximately ¥100 million to ¥300 million to investment in existing businesses, with the remaining cash directed to M&A and new business investment.

Item	Amount (FY ended March 2026)
Operating cash flow	Approx. ¥1.6 billion
Cash and deposits on hand, etc.	Approx. ¥7.0 billion
Shareholder returns (based on ¥56 per share)	Approx. ¥1.4 billion
Investment in existing businesses	Approx. ¥100 million to ¥300 million

Medium-Term Plan / Topics

The company has completed the pilot run of an AI module it describes as unrivaled in Japan, trained for more than 30 years on top-class domestic job-opening and job-seeker data in its specialized fields, and from the fiscal year ending March 2027 will begin using it as “Copilot,” a semi-automated function that supports consultants’ search and screening. In the media business, the new app “Manegy Clip” was launched on March 22 and surpassed 10,000 downloads within one month. The overseas recruitment business is currently operating in Australia, and going forward the company will consider launching English-language media and phased expansion into other countries, centered on English-speaking markets, under a policy of extending its integrated “talent × media × AI” model globally.

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.