CHANGE Holdings (3962) Q4 2026 earnings summary

Executive summary

• FY2026 operating profit was ¥11.2 billion, below the ¥14 billion forecast, mainly due to underperformance in the NEW-IT Transformation segment (EG and fundbook), while Publitech performed strongly and Furusato Choice recovered after the points ban.

• Revenue rose 13.9% year-over-year to ¥52,827 million, driven by both NEW-IT Transformation and Publitech businesses.

• Segment profit in Publitech grew 8.5%, while NEW-IT Transformation profit dropped 45.6%.

• Three executive directors will have compensation suspended for two months due to the shortfall and mid-term plan revision.

• Dividend policy revised to DOE 3.6% and a minimum payout ratio of 15%.

Financial highlights

• FY2026 revenue: ¥52.8 billion (+13.9% YoY), 96.0% of forecast.

• EBITDA: ¥13.9 billion (-7.9% YoY), 84.1% of forecast.

• Operating profit: ¥11.2 billion (-16.4% YoY), 80.2% of forecast.

• EPS: ¥99.71 (-6.5% YoY), 87.8% of forecast.

• Cash and cash equivalents at year-end were ¥26,181 million, down ¥4,004 million year-over-year.

Outlook and guidance

• FY2027 operating profit forecast: ¥11.5–12.5 billion (+2.4% to +11.4% YoY).

• Revenue forecast: ¥57.8–59.0 billion (+9.5% to +11.7% YoY).

• FY28/3 operating profit target of ¥18 billion delayed to FY30/3.

• Dividend per share forecast for FY2027: ¥26.0.