PRONEXUS INC. (7893): FY2025 Results Summary — Record Revenue as JBA Holdings M&A Lifts Profit

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

Note: PRONEXUS designates this reporting period “FYE March 2026” in its own materials; this article follows japan-equity.com’s convention of labeling the most recently completed full fiscal year as FY2025. PRONEXUS INC. (7893) reported consolidated revenue for FYE March 2026 of ¥32,821 million, up 5.9% year on year and a new record high, driven by the consolidation of accounting-consulting firm JBA Holdings Co., Ltd. from August 2025 and continued growth in outsourcing services related to financial closing support and disclosure document preparation. Operating profit rose 1,291.3% year on year to ¥2,906 million, mainly reflecting the absence of the goodwill impairment losses on consolidated subsidiaries recorded in the previous fiscal year. Profit attributable to owners of parent rose 367.5% to ¥2,108 million. All product areas other than financial instruments disclosure-related grew revenue and profit compared with the same period of the previous year, and the Company achieved its performance targets.

Consolidated Results (Full-Year Actual)

The cost of sales ratio decreased due to increased revenue, while selling, general and administrative expenses increased due to the effects of M&A and higher personnel costs. Operating profit margin and profit margin increased significantly, partly due to the reversal of impairment losses related to goodwill of consolidated subsidiaries recorded in the same period of the previous year. Actual results exceeded the Company’s initial forecast across all major line items.

Item	FYE Mar 2025 (Actual)	FYE Mar 2026 (Actual)	YoY Change (Amount)	YoY Change (%)	FYE Mar 2026 (Initial Forecast)	Actual vs. Forecast (%)
Revenue	30,996	32,821	1,825	5.9	31,800	103.2
Operating profit	209	2,906	2,697	1291.3	2,800	103.8
Core operating profit (*)	2,731	2,962	231	8.5	2,800	105.8
Profit before tax	1,682	3,012	1,331	79.1	2,800	107.6
Profit attributable to owners of parent	451	2,108	1,657	367.5	1,800	117.1
ROE (%)	1.8	8.7	6.9pt	–	7.2	120.8
EPS (Yen)	17.68	83.19	65.51	–	70.56	117.9

(*) Core operating profit is disclosed to clarify the profit of the Company’s main business, excluding non-recurring profits and losses such as impairment losses due to M&A. Amounts are in millions of yen unless otherwise noted.

Revenue by Product Area

Listed companies disclosure-related revenue grew 13.1% to ¥14,072 million, boosted by the consolidation of JBA Holdings and increased demand for outsourcing services related to financial closing support and disclosure document preparation. Listed companies IR and events-related, etc. revenue rose 2.4% to ¥10,916 million on higher orders for English translation services and event support at consolidated subsidiary Cine Focus Corp. Financial instruments disclosure-related revenue declined 1.7% to ¥6,735 million on fewer printed prospectuses and management reports amid fund reimbursements. Database-related revenue increased 5.5% to ¥1,099 million on new orders from universities and financial institutions.

Product Area	FYE Mar 2025 (Amount)	FYE Mar 2025 (Share %)	FYE Mar 2026 (Amount)	FYE Mar 2026 (Share %)	YoY Change (Amount)	YoY Change (%)
Listed companies disclosure-related	12,446	40.1	14,072	42.9	1,625	13.1
Listed companies IR and events-related, etc.	10,657	34.4	10,916	33.3	259	2.4
Financial instruments disclosure-related	6,851	22.1	6,735	20.5	(117)	(1.7)
Database-related	1,042	3.4	1,099	3.3	57	5.5

FYE March 2027 Forecast (Medium-Term Plan Revision)

Under its New Medium-Term Management Plan 2027, PRONEXUS revised its FYE March 2027 targets upward, citing the M&A effects of JBA Holdings Co., Ltd., which will contribute to earnings for the full FYE March 2027 and beyond, and expansion of existing and new business domains, more than offsetting a larger-than-expected decline in the number of listed companies, the Company’s main customer base.

Item	FYE Mar 2026 (Actual)	FYE Mar 2027 (Initial Target)	FYE Mar 2027 (Revised Target)	Change
Consolidated revenue	32,821	32,600	34,000	+1,400
Core operating profit	2,962	2,900	3,000	+100
Operating profit	2,906	2,900	3,000	+100
Profit attributable to owners of parent	2,108	1,900	2,000	+100
ROE	8.7%	7.4%	8.3%	+0.9pt

Shareholder Returns

PRONEXUS added DOE (Dividend on Equity Attributable to Owners of Consolidated Parent) as a new dividend indicator, setting a minimum DOE ratio of 4.0% and a consolidated dividend payout ratio of 50% or higher. In accordance with this change in dividend policy, the Company revised its previous forecast year-end dividend for FYE March 2026 from 18 yen to 22 yen, an increase of 4 yen, bringing the annual dividend per share for the fiscal year under review to 42 yen. The dividend payout ratio for FYE March 2026 was 50.5%. During the fiscal year, the Company acquired approximately 850,000 shares of its own stock for a total acquisition price of approximately 1,000 million yen; treasury shares represented approximately 11.0% of the total number of shares issued as of March 31, 2026. For FYE March 2027, PRONEXUS forecasts an annual dividend per share of 44 yen (end-of-quarter dividend: ordinary dividend 22 yen, year-end dividend: ordinary dividend 22 yen).

Item	FYE Mar 2024	FYE Mar 2025	FYE Mar 2026	FYE Mar 2027 (Forecast)
Ordinary dividend per share	36 yen	36 yen	40 yen	44 yen*
Special dividend per share	–	16 yen	2 yen	–
Annual dividend per share	36 yen	52 yen	42 yen	44 yen*
Dividend payout ratio	51.6%	294.1%	50.5%	54.2%
DOE	3.7%	5.3%	4.3%	minimum DOE ratio of 4.0%

Medium-Term Plan / Topics

In August 2025, PRONEXUS made JBA Holdings Co., Ltd., an accounting consulting firm composed primarily of certified public accountants, a consolidated subsidiary, aiming to become an accounting consulting firm that provides comprehensive support from financial closing to disclosure. Sales of consulting and BPO services rose to ¥2,470 million in FYE March 2026 from ¥1,040 million in the prior fiscal year, up ¥1,430 million (137.5%), with a portion of JBA Holdings’ September sales contributing to performance. The Company also formed new alliances: it acquired additional shares in ACCESS GROUP HOLDINGS CO., LTD (approximately 16%) in February 2026, following a January 2025 capital and business alliance, to enhance human resources recruitment support; made Knowledge Base, Inc. a consolidated subsidiary in February 2026 to strengthen PRONEXUS’s system development and functions; and formed a capital and business alliance with Booost, Inc. (acquiring approximately 7% of shares) in March 2026 to enhance sustainability support services.

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.