Sansan (4443) Q4 2025 earnings summary

Executive summary

• Net sales increased 27.5% year-over-year to ¥43,202 million, with annual recurring revenue exceeding ¥41.5 billion as of May 2025 and strong growth across all business segments.

• Adjusted operating profit rose 108.0% year-over-year to ¥3,555 million, driven by improved gross profit margin and lower SG&A ratio.

• Ordinary profit increased 124.1% year-over-year to ¥2,743 million.

• Profit attributable to owners of parent declined 55.5% year-over-year to ¥424 million due to a ¥2.3 billion extraordinary loss from Unipos Inc share transactions.

• Both Sansan/Bill One and Eight Business segments achieved significant sales and profit growth, with Eight Business returning to profitability.

Financial highlights

• Gross profit margin improved by 1.5 percentage points year-over-year to 86.6%.

• Adjusted operating profit margin increased by 3.2 percentage points year-over-year to 8.2%.

• Free cash flow margin reached 16.1% in FY2024.

• One-off expenses of ¥550 million to ¥1,223 million related to office relocation were recorded.

• Cash and cash equivalents at period end were ¥31,172 million, up 26.1% year-over-year.

Outlook and guidance

• Net sales for FY2026 are projected at ¥52,707–54,003 million, up 22.0%–25.0% year-over-year.

• Adjusted operating profit is expected to increase 92.7%–143.0% year-over-year, with margin forecast at 13.0%–16.0% in FY2025 and 18%–23% in FY2026.

• Bill One is expected to achieve profitability by FY2027.

• Free cash flow is expected to expand further, supporting medium-term financial policy.

• Personnel and advertising expenses are projected to rise by 19% and 28% respectively in FY2025.