COMTURE (3844): FY2025 Results Summary — 16th Straight Year of Sales Growth with Record Sales and Earnings

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

Note: COMTURE’s fiscal year ends in March. Following this site’s convention, the fiscal year ended March 31, 2026 is classified as FY2025; the body text and tables below keep the company’s own labels (FY3/26 = fiscal year ended March 2026; FY3/27 = fiscal year ending March 2027).

COMTURE CORPORATION (3844) reported FY3/26 net sales of 38,109 million yen (+4.9% YoY), operating profit of 4,660 million yen (+0.6%), ordinary profit of 4,711 million yen (+1.1%) and profit attributable to owners of parent of 3,284 million yen (+3.9%). The company achieved 16 consecutive years of sales growth and 15 consecutive years of earnings growth, with both sales and earnings climbing to record highs. For FY3/27, it forecasts net sales of 42,000 million yen (+10.2%) and operating profit of 4,700 million yen (+0.8%), and plans a 22nd consecutive dividend increase to 52.00 yen per share.

Consolidated Results (FY3/26 Actual)

Net sales rose 4.9% year on year. The company cited the growth of the cloud platform business (Microsoft, Salesforce, Databricks, AWS, etc.), an increasing number of projects for financial institutions and ERP, and projects in western Japan, while activities in customary business domains were reduced as resources were shifted to domains where COMTURE can provide substantial added value, and there was a shortage of resources, particularly project managers. Operating profit rose 0.6%: earnings increased due to the acquisition of Human Interactive Technology inc. (HIT) and outsourcing expenses declined due to more efficient back office business processes, while personnel expenses increased due to a larger number of employees and higher salaries at business units, and office rents and facility-related expenses also increased. EBITDA was 5,313 million yen (+3.4%).

Item (Millions of yen)	FY3/25	FY3/26	YoY change
Net sales	36,341	38,109	+4.9%
Operating profit	4,630	4,660	+0.6%
Operating profit (% to net sales)	12.7%	12.2%	–
Ordinary profit	4,660	4,711	+1.1%
Profit attributable to owners of parent	3,160	3,284	+3.9%
Net income per share (yen)	99.12	103.00	+3.9%
EBITDA	5,137	5,313	+3.4%
Depreciation	168	193	+15.2%
Amortization of goodwill	338	459	+35.5%

In the breakdown of the change in operating profit (from 4,630 million yen to 4,660 million yen, +29 million yen), higher earnings due to growth of businesses (higher sales due to M&A activities and the larger number of employees) contributed +899 million yen and higher operational efficiency (a decline in expenses due to more efficient back office business processes and the absence of temporary expenses incurred in the previous fiscal year) contributed +270 million yen. These were offset by investments in human resources of -922 million yen (higher labor expenses per employee due to higher salary, higher total labor expenses due to the larger number of employees, and higher training and other expenses involving employees) and an increase in expenses caused by business expansion of -217 million yen (office rents and facility-related expenses).

Segment Results

Beginning in FY3/26, some of the business segments were revised, and FY3/25 figures for the Cloud Solutions and Business Solutions businesses use the revised classification method. All five segments increased net sales, led by Digital Solutions (+11.9%) and Business Solutions (+6.0%), while total gross profit declined 1.2% to 8,135 million yen.

Segment	Metric (Millions of yen)	FY3/25	FY3/26	YoY change
Cloud Solutions	Net sales	9,466	9,695	+2.4%
Cloud Solutions	Gross profit	2,128	2,178	+2.4%
Digital Solutions	Net sales	5,176	5,793	+11.9%
Digital Solutions	Gross profit	1,178	1,157	-1.8%
Business Solutions	Net sales	13,729	14,555	+6.0%
Business Solutions	Gross profit	3,317	3,310	-0.2%
Platform, Operation Services	Net sales	6,322	6,336	+0.2%
Platform, Operation Services	Gross profit	1,173	1,062	-9.5%
Digital Learning	Net sales	1,645	1,728	+5.1%
Digital Learning	Gross profit	437	426	-2.5%
Total	Net sales	36,341	38,109	+4.9%
Total	Gross profit	8,235	8,135	-1.2%

Cloud Solutions (sales composition 25.4%): HIT, which became a consolidated subsidiary in 2Q, contributed, and main business sectors involving Microsoft and Salesforce recovered, while activities in customary business domains were reduced as resources were shifted to main business sectors, and there was a shortage of resources, particularly project managers.

Digital Solutions (sales composition 15.2%): The data management and generative AI domains using AWS and Databricks grew, with increases in one-time project orders and maintenance phase orders that generate recurring revenue. Gross profit was affected by a temporary increase in proposal activity workloads of engineers resulting from more sales opportunities and by delays in revenue contribution due to the extended new-hire training period.

Business Solutions (sales composition 38.2%): Industry-specific services such as API gateway development for the Zengin-Net and digital transformation support for the financial services industry grew, along with an increasing number of projects for starting ERP and projects in western Japan, mainly in the Kansai and Kyushu regions. The company prioritized the renewal of internal systems (including the implementation of SAP HANA), and faced a shortage of resources, particularly project managers and leading engineers.

Platform, Operation Services (sales composition 16.6%): The segment received orders from government agencies and companies for value-added projects in the infrastructure and system operations sector, and demand for onsite help desk services grew, while the use of engineers declined due to rebuilding the business model for remote surveillance services and centralized help desk services.

Digital Learning (sales composition 4.5%): Demand for AI training programs was higher and the number of students and courses for outsourced training programs for new employees increased, while there were fewer open training sessions for Salesforce and other certifications and the price per training session declined due to a change in the Microsoft training fund program.

FY3/27 Earnings Forecast

Under the heading “Steady growth for achieving the sales goal of 100 billion yen,” COMTURE forecasts FY3/27 net sales of 42,000 million yen (+10.2%), operating profit of 4,700 million yen (+0.8%), ordinary profit of 4,730 million yen (+0.4%) and profit attributable to owners of parent of 3,230 million yen (-1.7%). EBITDA is forecast at 5,689 million yen (+7.1%), with depreciation of 490 million yen (+153.1%).

Item (Millions of yen)	FY3/26 Results	FY3/27 Forecast	YoY change
Net sales	38,109	42,000	+10.2%
Operating profit	4,660	4,700	+0.8%
Operating profit (% to net sales)	12.2%	11.2%	–
Ordinary profit	4,711	4,730	+0.4%
Profit attributable to owners of parent	3,284	3,230	-1.7%
Net income per share (yen)	103.00	101.27	-1.7%
EBITDA	5,313	5,689	+7.1%
Depreciation	193	490	+153.1%
Amortization of goodwill	459	499	+8.7%

As major actions for current issues, the company is establishing a new sales organization for an offensive framework with strong sales and profitability, including the use of alliances with ITOCHU Group companies to increase business opportunities and add new customers; advancing project manager (PM) capabilities, with 538 people currently trained against a training plan totaling 600 people; and launching a new AI CoC unit that brings together AI personnel, technologies and knowledge for AI use throughout COMTURE. For recruiting, the company reduced its hiring plan from 200 to 150 new graduates due to business process innovation using AI and to the retention of new graduates hired in recent years, and 158 people joined COMTURE.

Shareholder Returns

The dividend per share was 50.00 yen for FY3/26 (48.00 yen for FY3/25). For FY3/27, COMTURE plans a dividend of 52.00 yen, a 2.00 yen increase year on year, which would be its 22nd consecutive dividend increase; its goal is a payout ratio of at least 45%. COMTURE pays dividends every quarter, and plans 13.00 yen per quarter in FY3/27. ROE was 17.0% in FY3/26, and the company states that capital efficiency is consistently far above its cost of equity of about 7%. In addition, shareholders of record at the end of September and March who own at least 300 shares receive a Digital Gift worth 1,000 yen (2,000 yen every fiscal year).

Item	FY3/25	FY3/26	FY3/27 (Forecast)
Dividend per share	48.00 yen	50.00 yen	52.00 yen
Payout ratio	48.4%	48.5%	51.3%
ROE	17.9%	17.0%	–

Medium-Term Management Plan

COMTURE planned to announce its new Medium-Term Management Plan together with its FY3/27 1Q financial results in early August 2026. The FY3/26 results materials themselves do not contain the targets of the new plan; they cannot be confirmed from the materials.

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.