(March 2025 - November 2025)
BELLSYSTEM24 HOLDINGS, INC.
Securities code: 6183
January 14, 2026
Both revenue and operating income increased compared with Q3 of the previous fiscal year. Most notably, income increased s ignificantly, mainly due to the effects of initiatives to improve profitability.
Revenue | Gross profit | Operating income | Net income attributable to owners of the parent |
109.5 billion yen | 20.3 billion yen | 9.4 billion yen | 6.1 billion yen |
YoY +1.52 billion yen (+1.4%) | YoY +1.03 billion yen (+5.4%) | YoY +2.07 billion yen (+28.1%) | YoY +1.44 billion yen (+30.7%) |
107.94
109.46
Q3 of FY2024 Q3 of FY2025
20.26
19.23
Q3 of FY2024 Q3 of FY2025
9.44
7.37
Q3 of FY2024 Q3 of FY2025
6.12
4.68
Q3 of FY2024 Q3 of FY2025
Although progress towards the full-year revenue plan was s lightly behind schedule, progress towards the operating income and net income forecasts was better than planned, partly thanks to a gain on sale of businesses resulting from the partial sale of the content business.
(Unit: billions of yen)
Q3 of FY2024 | Q3 of FY2025 | Same period YoY Change | Same period YoY YoY Percent Change | Consolidated Earnings Forecast (Planned) | Progress rate | |
Revenue | 107.94 | 109.46 | +1.52 | +1.4% | 150.00 | 73.0% |
CRM Business | 107.62 | 109.22 | +1.60 | +1.5% | 149.50 | 73.1% |
Smart contact center (SC) business | 92.65 | 93.68 | +1.03 | +1.1% | 127.00 | 73.8% |
Smart business support (SB) business | 14.97 | 15.54 | +0.57 | +3.8% | 22.50 | 69.1% |
Other Businesses | 0.32 | 0.24 | -0.08 | -23.6% | 0.50 | 48.6% |
Gross profit | 19.23 | 20.26 | +1.03 | +5.4% | 28.20 | 71.8% |
Gross profit margin | 17.8% | 18.5% | 18.8% | |||
Selling, general and administrative expenses | -12.00 | -11.60 | +0.40 | -3.3% | -16.30 | |
Other income (expenses) | 0.14 | 0.78 | +0.64 | 0.10 | ||
Operating income | 7.37 | 9.44 | +2.07 | +28.1% | 12.00 | 78.6% |
Operating income ratio | 6.8% | 8.6% | 8.0% | |||
Share of profit (loss) of investments accounted for using equity method | 0.13 | 0.30 | +0.17 | 0.59 | ||
Financial income/costs | -0.36 | -0.54 | -0.18 | -0.83 | ||
Net income attributable to owners of the parent | 4.68 | 6.12 | +1.44 | +30.7% | 8.10 | 75.5% |
Revenue increased only 1.52 billion yen, or 1.4% compared with Q3 of the previous fiscal year, reflecting the absence of the previous fiscal year's large spot projects and continued decline in HR-related operations.
The smart contact center (SC) business recorded an increase in revenue of 1.03 billion yen, or 1.1% compared with Q3 of the previous year.
Revenue increased compared with Q3 of the previous fiscal year due to higher revenue mainly from public sector projects and communication carriers.
In the smart business support (SB) business, revenue increased by 0.57 billion yen, or 3.8%, compared with Q3 of the previous year.
Backyard operations for communication carriers and HR and accounting system operations at our subsidiary Horizon One Corporation grew steadily.
107.94
Smart contact center (SC) business
Smart business support
center (SB) business Others
+0.57
-0.08
109.46
(Unit: billions of yen)
+1.03
+1.52
(+1.4%)
Q3 of FY2024
Revenue
Q3 of FY2025
Revenue
Compared with Q3 of the previous year, revenue from Transportation/Communications (firm revenue from communication
carriers ), Finance/Ins urance (higher revenue from credit card-related operations) and other client industries (strong revenue from new energy and real estate-related operations) increased.
(Unit: billions of yen)
Services
(Human resources placement, Internet services, broadcasting, electric money, code payment, point rewards service, etc.)
Revenue from human resources placement declined year on
year, but revenue from public sector services and internet
services continued to increase.
31.6
33.8
33.1
26.0
FY2022
FY2023
FY2024
FY2025
9.0
7.5
8.4
9.3
7.4
8.2
8.7
8.3
8.1
8.3
8.3
8.1
8.6
8.3
8.1
Transportation/Communications
(Communication carriers, ISP, travel, transportation, etc.)
Revenue from ISPs decreased. Increases remained
centered around telecom carriers.
32.3
30.6
29.6
22.8
FY2022
FY2023
FY2024
FY2025
8.3
8.4
7.7
7.8
7.5
7.1
7.6
8.0
7.6
7.3
7.3
8.0
7.4
7.5
8.0
Finance/Ins urance
(Banking, securities, life and non-life insurance, credit cards, etc.)
Revenue from the life and non-life insurance sectors in
particular remained firm.
In Q3 of the current fiscal year, credit card-related operations increased.
22.2
24.0
25.3
FY2022
FY2023
FY2024
18.9
6.5
6.2
6.2
FY2025
6.9
5.9
5.4
6.0
5.6
6.2
5.9
5.7
6.2
5.5
6.0
6.2
Others
(Local government, electricity, gas, water, housing, real estate, etc.)
Revenue from new energy service businesses and the real estate sector continued to increase.
6.8
1.8
1.7
1.5
1.8
FY2022
7.0
1.7
1.7
1.8
1.9
FY2023
7.9
2.0
1.9
1.9
2.0
FY2024
6.5
2.1
2.2
2.2
FY2025
Manufacturing
(Manufacturers, food manufacturing, printing, medical care and pharmaceuticals, etc.)
Revenue increased in Q3 of FY2024 and Q2 of the current fiscal year due to election operations.
Q3 of the current fiscal year declined due to the absence of
election operations.
9.0
8.3
7.8
5.9
FY2022
FY2023
FY2024
FY2025
2.0
1.9
2.3
2.0
2.2
1.9
2.2
2.3
1.8
2.3
1.9
2.3
1.7
1.9
2.4
Wholesale/Retail
(Mail-order sales, e-commerce, product sales services, etc.)
Revenue has remained flat on a quarterly basis since the previous fiscal year
18.7
4.4
4.7
4.8
4.8
FY2022
17.5
4.2
4.4
4.5
4.4
FY2023
16.4
4.0
4.1
4.1
4.2
FY2024
12.2
4.0
4.1
4.1
FY2025
* BELLSYSTEM24's non-consolidated revenue from its top 300 clients (covering core business operations up to FY2024) 5
Operating income reached 9.44 billion yen, up 2.07 billion yen or 28.1% year on year.
Gross profit rose 1.03 billion yen year on year.
Gross profit continued to increase due to higher billing rates for client companies and the effects of profit improvement measures, such as site consolidation, in addition to the effects of higher revenue.
Profit decreased at some subsidiaries, and some upfront development expenses for generative AI (Hybrid Operation Loop) were recorded.
Selling, general and administrative expenses decreased 0.40 billion yen year on year (positive factor).
The decrease reflects the absence of site consolidation expenses recorded the previous fiscal year and decreased depreciation and amortization.
Other income (expenses) rose 0.64 billion yen compared with Q3 of the previous year (a positive factor).
(Unit:
billions of yen)
Gross profit
SG&A expenses
Gain on sale of businesses
Other
+0.00
9.44
Other income (expenses) +0.64
7.37
+2.07
(+28.1%)
Q3 of FY2024
Operating income
Q3 of FY2025
Operating income
+1.03
+0.40
+0.64
A 0.64 billion yen gain on the sale of businesses was posted, in connection with the partial sale of the content business.
Net income stood at 6.12 billion yen, ris ing 1.44 billion yen, or 30.7%, compared with Q3 of the previous year, reflecting higher operating income.
The share of profit of investments accounted for using the equity method rose 0.17 billion yen year on year, reflecting strong
performances at all three equity-method affiliates .
Financial income/costs declined 0.18 billion yen compared with Q3 of the previous year, in part due to higher interest rates on borrowings due to a rise in market interest rates (negative factor)
CTC First Contact Corporation (JV with CTC: Interest of 48.0%)
TB Next Communications Co., Ltd. (JV with Toppan: Interest of 49.0%)
True Touch Co., Ltd. (Thailand: Interest of 49.9%)
(Unit: b
to owners of the parent.
illions of yen)
Operating income
Share of profit (loss) of investments accounted for using equity method
-0.66
Financial income/costs
Income taxes Non-controlling
+2.07
interests
+0.17 -0.18
+0.04
6.12
4.68
+1.44
(+30.7%)
Q3 of FY2024
Net income
* Net income refers to net income attributable
Q3 of FY2025
Net income
Revenue based on ITOCHU Synergy increased to 12.89 billion yen (up 1.40 billion yen or 12.2% year on year).
Revenue increased significantly, mainly revenue related to telecom carriers. It is projected to increase steadily in Q4, including other projects.
128.9
14.45
15.16
Revenue based on ITOCHU Synergy
16.99
4.12
4.35
4.40
16.03
4.40
3.96
3.84
3.84
3.91
15.39
(Unit: billions of yen)
12.89
3.65
3.63
3.56
3.61
4.20
4.43
4.25
3.75
3.66
11.49
+1.40
3.87
(+12.2%)
3.74
3.68
4.12
3.93
4.01
2Q
1Q
FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
(Unit: billions of yen)
End of Feb. 2025 | End of Nov. 2025 | Change | Remarks | |
Current assets | 28.04 | 30.86 | +2.81 | |
Cash and cash equivalents | 6.99 | 9.03 | +2.04 | |
Trade receivables | 19.01 | 19.87 | +0.86 | |
Non-current assets | 146.37 | 140.84 | -5.53 | |
Property, plant and equipment (excluding right-of-use assets) | 7.82 | 6.95 | -0.87 | |
Right-of-use assets | 23.74 | 19.31 | -4.43 | Decrease mainly due to site consolidation |
Goodwill | 94.65 | 94.66 | +0.01 | |
Total assets | 174.41 | 171.69 | -2.72 | |
Current liabilities | 57.41 | 47.77 | -9.65 | |
Borrowings | 30.80 | 18.20 | -12.60 | Decrease due to refinancing of long-term borrowings, etc. |
Non-current liabilities | 46.16 | 50.61 | +4.45 | |
Long-term borrowings | 23.25 | 32.19 | +8.94 | Increase in long-term borrowings, etc. |
Other long-term financial liabilities | 18.43 | 14.05 | -4.38 | |
Equity | 70.84 | 73.32 | +2.48 | |
Of which, equity attributable to owners of parent | 70.16 | 72.50 | +2.34 | |
Of which, non-controlling interests | 0.68 | 0.81 | +0.14 | |
Total liabilities and equity | 174.41 | 171.69 | -2.72 | |
Ratio of shareholders' equity to total assets Net interest-bearing debt Net DER | 40.2% 47.06 0.67 times | 42.2% 41.36 0.57 times | 2.0% -5.70 -0.10 times |