BayCurrent Consulting (6532) Q3 2025 earnings summary

Executive summary

• 3Q FY2025 revenue rose 23.3% year-over-year to ¥83,525 million, with EBITDA up 17.8% to ¥29,418 million and profit attributable to owners of parent up 20.5% to ¥21,200 million.

• Consultant headcount and per-consultant revenue exceeded plan by 2%, with core client numbers and project volume increasing.

• Transitioned to a holding company structure in Q3 FY2025, with no substantial changes to business structure.

• Consulting remains the sole business segment, with strong demand driven by digital transformation, AI, and technology innovation.

• Uncertainties persist due to FX and inflation, but no extraordinary or unplanned expenses reported through 3Q.

Financial highlights

• 3Q FY2025 revenue: ¥83,525 million, up 23.3% year-over-year; EBITDA: ¥29,418 million, up 17.8% YoY; EBITDA margin 35.2%.

• FY2025 full-year revenue forecast: ¥115,000 million (+22.5% YoY); EBITDA forecast: ¥42,000 million (+18.9% YoY, margin 36.5%).

• FY2025 operating income forecast: ¥41,100 million (+20.1% YoY); net income forecast: ¥30,300 million (+19.4% YoY); EPS: 199.49 (+20.1% YoY).

• Gross profit margin decreased to 52.3% from 54.1% YoY; EBITDA margin was 35.2%, within planned range.

• Cash and cash equivalents at period end were ¥57,593 million, up ¥11,815 million YoY.

Outlook and guidance

• Full-year results expected to land in line with plan, with seasonal uptick in 4Q.

• No major changes anticipated in external environment or business structure for next fiscal year.

• Mid-term plan targets 20% CAGR, aiming for ¥250 billion revenue in five years while maintaining 30–40% EBITDA margin.

• Basic earnings per share forecast for FY2025 is 199.49 yen; annual dividend forecast is 50.00 yen per share.