Sansan (4443) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 FY2024 rose 27.5% year-over-year to ¥20,058 million, with adjusted operating profit up 63.6% and strong growth in both Sansan and Bill One businesses; Bill One net sales up 72.1% year-over-year.

• Gross profit margin improved to 86.5%, with gross profit up 29.2% year-over-year.

• Profit attributable to owners of parent surged 394.1% year-over-year, supported by a ¥416 million gain on sale of investment securities.

• Ordinary profit increased 198.3% year-over-year, though a temporary spike in share-based payment expenses impacted results.

• Both Sansan DX and Eight businesses posted strong revenue growth, with Eight returning to profitability.

Financial highlights

• Q2 FY2024 net sales: ¥10,473 million (+27.4% YoY); YTD: ¥20,058 million (+27.5% YoY); gross profit: ¥17,341 million (+29.2% YoY); gross margin: 86.5%.

• Adjusted operating profit: ¥828 million (+58.4% YoY); Q2: ¥620 million (+63.6% YoY).

• Ordinary profit: ¥139 million (−48.1% YoY); profit attributable to owners of parent: ¥320 million (+85.9% YoY).

• EPS for Q2: ¥5.38 (+381.7% YoY); basic EPS: ¥2.54; diluted EPS: ¥2.50.

• ARR reached ¥37,208 million (+26.4% YoY).

Outlook and guidance

• FY2025 net sales forecast: ¥43,026–44,042 million (+27.0–30.0% YoY); adjusted operating profit forecast: ¥3,012–4,404 million (+76.2–157.6% YoY).

• Adjusted operating profit margin expected to improve by 2–5 points YoY, reaching 7.0–10.0%.

• Medium-term target: 22–27% CAGR in net sales through FY2026/2027, with adjusted operating profit margin of 18–23%.

• No dividends planned for FY2025.