Sansan (4443) investor relations material

Executive summary

• Net sales for H1 FY2025 increased 26.5% year-over-year, with gross profit up 28.9% and annual recurring revenue up 23.4% to ¥45,912 million.

• Adjusted operating profit surged 265.2% year-over-year, reaching a record high for the first half; ordinary profit rose 1,974.6%, and profit attributable to owners increased 512.4%.

• Market share leadership maintained in B2B business card management and online invoice receiving solutions, with continued expansion in AI-driven business process transformation markets.

• Bill One segment achieved net sales growth of 41.3% year-over-year, with new order value at an all-time high.

Financial highlights

• H1 FY2025 net sales: ¥25,381 million (+26.5% YoY); gross profit: ¥22,348 million (+28.9% YoY); gross margin: 88.2% (+2.0 pts YoY).

• Q2 FY2025 net sales: ¥13,098 million, up 25.1% year-over-year; gross profit margin improved by 2.0 pts to 88.2%.

• Adjusted operating profit: ¥3,024 million (+265.2% YoY); ordinary profit: ¥2,885 million (+1,974.6% YoY); profit attributable to owners: ¥1,959 million (+512.4% YoY).

• EPS for Q2: ¥13.14, up 144.2% year-over-year; Basic EPS for H1: ¥15.50 (vs. ¥2.54 YoY).

• Total assets at Nov 30, 2025: ¥44,394 million; net assets: ¥16,798 million; equity-to-asset ratio: 35.5%; cash and cash equivalents at period end: ¥28,076 million (+¥4,572 million YoY).

Outlook and guidance

• Full-year forecasts for FY2025 remain unchanged, with net sales expected at ¥52,707–54,003 million (+22.0% to +25.0% YoY).

• Adjusted operating profit forecast: ¥6,851–8,640 million (+92.7% to +143.0% YoY), with margin expected at 13.0%–16.0%.

• Medium-term policy targets 22–27% CAGR in net sales through FY2026 and adjusted operating profit margin of 18–23%.

• No change to full-year earnings forecasts; continued investment planned for future growth.