ASIRO (7378) Q4 2025 earnings summary

Executive summary

• FY2025 results exceeded revised forecasts, with revenue up 41.6% YoY to ¥6,647 million and operating income up 262.0% YoY to ¥1,419 million, driven by recovery in high-value legal media products, improved ad operations, and strong HR business performance.

• Net income attributable to owners rose 620.1% YoY to ¥1,024 million, reflecting improved profitability and business focus.

• Strategic divestiture of the HR staffing subsidiary (Hitotas) to focus on higher-margin segments and streamline operations.

• FY2026 is positioned as a preparatory year for renewed growth from FY2027, with a conservative budget excluding new business contributions.

Financial highlights

• FY2025 revenue: ¥6,647 million (up 41.6% YoY); operating income: ¥1,419 million (up 262.0% YoY); net income attributable to owners: ¥1,024 million (up 620.1% YoY).

• 4Q FY2025 revenue: ¥1,601 million (up 14.7% YoY, down 6.0% QoQ); operating income: ¥240 million (up 15.9% YoY, down 27.0% QoQ).

• Adjusted EBITDA: ¥1,485 million (+138.1% YoY); EBITDA: ¥1,551 million (+116.3% YoY).

• FY2025 operating margin: 21.4% (up 13.0pt YoY); 4Q margin: 15.0%.

• FY2026 forecast: revenue ¥7,000 million (+5.3% YoY), operating income ¥1,500 million (+5.7% YoY), net income ¥980 million (−4.3% YoY).

Outlook and guidance

• FY2026 growth rate expected to temporarily slow as the company invests in future growth, with high growth targeted again from FY2027.

• New business initiatives planned for FY2026 are not included in the forecast due to low certainty.

• Focus on diversifying media business, expanding HR placement, and scaling corporate legal insurance.

• Long-term targets: ¥20 billion revenue and ¥4 billion operating income by FY2030 or FY2031.