GENDA (9166) Q3 2026 earnings summary

Executive summary

• Revenue for the nine months ended October 31, 2025, increased 54% year-over-year to ¥119.6bn, driven by aggressive M&A and expansion into new business domains and geographies.

• EBITDA before one-off M&A expenses increased 46.7% to ¥14.8bn; after such expenses, EBITDA was ¥13.9bn, up 47.1%.

• Net income before amortization of goodwill was ¥5.7bn, up 31% year-over-year before M&A expenses; ¥4.7bn after, up 32.8%.

• Strategic revision announced: M&A will focus on core domains, with a pause on public equity offerings for M&A standby funds for at least three years.

• Share repurchase program of up to ¥3.0bn authorized, reflecting confidence in future EBITDA and EPS growth.

Financial highlights

• Revenue rose 54% year-over-year to ¥119.6bn for the nine months ended October 31, 2025.

• EBITDA increased 47% to ¥14.7bn; EBITA up 23% to ¥8.5bn; net income before amortization of goodwill up 31% to ¥5.6bn.

• Operating income was ¥4.9bn, down 9% year-over-year; ordinary income was ¥3.7bn, down 26%.

• Net income attributable to shareholders was ¥2.0bn, down 23.7% year-over-year.

• Total assets at period-end were ¥197.0bn, with net assets at ¥63.9bn and an equity ratio of 32.3%.

Outlook and guidance

• FY2027/1 forecast: revenue ¥210.0bn, EBITDA ¥28.0bn, net income before amortization of goodwill ¥10.6bn, assuming no further M&A.

• Full-year revenue forecast is ¥157.0bn (up 40.4%), with operating income of ¥10.5bn (up 32.6%) and net income of ¥5.0bn (up 53.7%).

• EBITDA for the full year is projected at ¥22.0bn (up 54.9%), and net income before amortization of goodwill at ¥8.0bn (up 73.7%).

• North American business targets EBITDA of ¥6.5bn next fiscal year and ¥11.0bn by 2030.

• No change to previously disclosed full-year guidance; forecasts have been revised upward twice during the year.