Management Solutions (7033): FY2025 Results Summary — Record Net Sales and Operating Income; Dividend Set to Rise to ¥50

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Management Solutions Co., Ltd. (MSOL), a Tokyo Stock Exchange Prime-listed provider of project management execution support (PMO), reported record full-year net sales and operating income for FY2025 (the fiscal year ended December 31, 2025). Net sales rose 14.0% year on year to ¥23,066 million and operating income increased 7.1% to ¥2,742 million, driven by continued strong demand for PMO services. Note: due to a change in the fiscal year-end from October to December, FY2024 was an irregular 14-month settlement period, and the company’s year-on-year comparisons use actual results for January–December 2024 as reference figures.

Consolidated Results (Full-Year Actual)

Revenue increased due to the shift to larger projects at existing customers, consisting mainly of JPX-Nikkei 400 companies, and the winning of new customers. Profit rose despite strengthened recruitment and proactive shareholder returns. In the fourth quarter, both net sales (¥6,084 million, +10.5% YoY) and operating income (¥930 million, +44.6% YoY) reached record highs on a quarterly basis.

Item (Million yen)	FY2025 Full year	FY2024 Jan–Dec cumulative (reference)	Change	Change %
Net sales	23,066	20,240	2,826	14.0%
Gross profit	9,581	8,375	1,205	14.4%
(Gross profit margin)	41.5%	41.4%	–	0.2P
SG&A	6,839	5,814	1,024	17.6%
(SG&A ratio)	29.6%	28.7%	–	0.9P
Operating income	2,742	2,561	181	7.1%
(Operating margin)	11.9%	12.7%	–	-0.8P
Profit	1,817	1,854	-36	-2.0%

Profit attributable to owners of parent was ¥1,798 million and EPS was 111.9, with the company noting that EPS grew despite the recording of an extraordinary loss of ¥88 million, thanks to share repurchases. ROE was 31.5% in FY2025, exceeding the cost-of-capital target range of 8–12% with room to spare. On the balance sheet, total assets stood at ¥8,742 million and net assets at ¥6,047 million as of December 31, 2025. Despite proactive shareholder returns (dividends of ¥488 million and share repurchases of ¥947 million), the equity ratio was 67.7%, maintaining a sound financial position.

Results by Business Area

Sales and gross profit grew in all business areas. The PMO area recorded revenue of ¥19,586 million (+12.6% versus January–December 2024) with gross profit of ¥8,651 million (+11.3%). The Digital area in particular achieved net sales growth of 25.3%, with revenue of ¥3,584 million and gross profit up 36.7% to ¥880 million. MSOL Digital recorded year-on-year growth in net sales of 26.4%, and the company aims to continue growing orders in FY2026 on the strength of platform development for data analysis using AI.

Business area	Metric (Million yen)	FY2025 Full year	FY2024 Jan–Dec (reference)	Change %
PMO area	Revenue	19,586	17,399	12.6%
PMO area	Gross profit	8,651	7,774	11.3%
Digital area	Revenue	3,584	2,861	25.3%
Digital area	Gross profit	880	644	36.7%
Other area	Revenue	157	154	2.2%
Other area	Gross profit	85	-19	–
Consolidation elimination	Revenue	-261	-174	–
Consolidation elimination	Gross profit	-35	-23	–
Total	Revenue	23,066	20,240	14.1%
Total	Gross profit	9,581	8,375	14.4%

Main KPIs (PM Business)

Both the operating rate and unit prices were stable, and the number of consultants rose according to plan. The full-year operating rate (contracted man-hours per PMO consultant) was 86.3%, versus 85.3% for January–December 2024, and the full-year average monthly unit price charged per PMO consultant was 1,760 thousand yen, versus 1,732 thousand yen. The number of PMO consultants employed in the PMO business of the MSOL parent reached 849 at fiscal year-end, up from 767 at the end of December 2024. The company hired 353 PMO consultants for the full year (240 mid-career hires, 113 new graduate hires), and the unit price for key consultants (PMA/PMC) exceeds ¥2 million, with steady progress toward an average unit price of ¥2 million targeted for FY2030. On a consolidated basis, the number of employees topped 1,600 (1,621 at the end of FY2025), while the number of customers exceeds 200 companies, and the ratio of customers with net sales of ¥100 billion or more increased to 63% from 60% at the end of FY2024.

FY2026 Forecast

For FY2026 (the fiscal year ending December 31, 2026), the company expects continued strong demand for PMO, forecasting net sales of ¥26.0 billion (+12.7% YoY) and operating income of ¥3.0 billion (+9.4% YoY). It plans a ¥400 million investment in the PROEVER business (+28.4% from FY2025), with AI investments accelerating following the release of the new version. Forecasts for each half are given in ranges using the full-year forecasts as the median.

Item	FY2026 Forecast	YoY
Net sales	¥26.0 billion	+12.7%
Net sales 1H / 2H	¥12.4-12.6 billion / ¥13.3-13.7 billion	–
Operating income	¥3.0 billion	+9.4%
Operating income 1H / 2H	¥1.0-1.2 billion / ¥1.8-2.0 billion	–
No. of mid-career PMO consultant hires	220-240 (1H 120-130 / 2H 100-110)	–

Shareholder Returns

The dividend per share for FY2026 is scheduled to rise from ¥32 to ¥50, and the company is aiming for a dividend payout ratio of 50% over the medium term. The consolidated dividend payout ratio was 28.6% in FY2025 (the company notes that, if compared after excluding FY2025’s extraordinary losses, the FY2025 dividend payout ratio was 27.7%) and is forecast at 38.5% for FY2026. On share repurchases, the policy is to execute with flexibility after taking into account liquidity, share price and other factors; FY2025 results for reference were ¥947 million and 600,000 shares. Shareholder benefits resumed in FY2025 and are planned to continue in FY2026 (record date of June 30), with a shareholder benefit yield of up to 2.5% via points awarded in proportion to the number of shares held.

Item	FY2022	FY2023	FY2024	FY2025	FY2026 (Forecast)
Dividend per share (annual, yen)	2	18	30	32	50
Dividend payout ratio (consolidated)	6.4%	18.4%	23.9%	28.6%	38.5%

Medium-Term Plan / Topics

The company positions FY2025 as bringing three turning points for sustainable growth: accelerating AI and global growth (a spin-off study on realizing “AI EPMO” for faster decision-making, becoming the first Japanese exhibitor at PMI Global Summit 2025, and joining the Microsoft AI Cloud Partner Program), enhancing its recruitment brand (ranking 95th in Toyo Keizai Online’s Employment Popularity Rankings for the Class of 2027, early stage), and entry into the defense industry (starting PMO support for complex and large-scale defense domains and serving as a management partner for critical national infrastructure).

Underpinning the medium-term management plan “Beyond1000,” the company presents the domestic PMO market as being on track to reach a vast ¥1.68 trillion by 2030 — ¥1,679 billion in FY2030 versus ¥1,313 billion in FY2024, based on a survey conducted by a major market research organization that includes both potential and actual markets — and aims to penetrate deep into the leading companies of each industry to win dominant market share.

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.