Kubell (4448) investor relations material

Executive summary

• EBITDA rose 63.8% year-over-year to ¥468 million, driven by productivity improvements and cost controls, with a 31.2% progress rate against the lower end of the annual forecast.

• Consolidated revenue increased 15.8% year-over-year to ¥2,587 million, led by strong BPaaS domain growth (+70.3% YoY) and Chatwork performance.

• Profit attributable to owners was ¥197 million, reversing a loss of ¥29 million in Q1 2025.

• Strategic M&A included the acquisition of atena Inc. and Paytner Invoice to expand BPaaS capabilities and operational synergies.

• Security initiatives accelerated in response to a surge in sophisticated phishing scams.

Financial highlights

• Q1 revenue: ¥2,587 million (+15.8% YoY); SaaS domain: ¥2,038 million (+6.6% YoY); BPaaS domain: ¥548 million (+70.3% YoY).

• Gross profit: ¥1,881 million (+26.3% YoY); gross margin: 72.7% (+6.0pt YoY).

• EBITDA: ¥468 million (+63.8% YoY); EBITDA margin: 18.1% (+5.3pt YoY).

• Operating profit: ¥280 million (+268.3% YoY); operating margin: 10.8% (+7.4pt YoY).

• Profit attributable to owners: ¥197 million (vs. -¥29 million YoY); comprehensive income: ¥205 million (vs. -¥46 million YoY); basic EPS: ¥4.69 (vs. -¥0.70 YoY).

Outlook and guidance

• Revenue and EBITDA are progressing ahead of plan, with 24.0% and 31.2% progress rates, respectively, against the lower end of the annual forecast.

• Full-year 2026 revenue forecast is ¥10,768 million or higher, with EBITDA of at least ¥1,500 million.

• Medium-term plan targets ¥15.0 billion revenue and 10–15% EBITDA margin by FY2026, with a CAGR of 30%+ from 2024–2026.

• Continued focus on BPaaS expansion, M&A, and leveraging AI for operational efficiency.

• Guidance assumes organic growth, with M&A expected to further accelerate performance.