Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
February 2, 2026
Listing: Tokyo Stock Exchange, Code 4768
Representative: Yuji Otsuka, President & Chief Executive Officer
Contact: Hironobu Saito, Managing Director & Executive Operating Officer; General Manager of Business Administration Headquarters (Tel: +81-3-3264-7111)
Scheduled date of Ordinary General Meeting of Shareholders: March 27, 2026 Scheduled date to commence dividend payments: March 30, 2026
Scheduled date to file Securities Report: March 26, 2026 Preparation of supplementary material on financial results: Yes
Holding of financial results presentation meeting: Yes (for analysts)
(Yen amounts are rounded down to millions, unless otherwise noted.)
Consolidated Financial Results for the Fiscal Year Ended December 31, 2025 (From January 1, 2025 to December 31, 2025)
Consolidated results of operations
(Percentages indicate year-on-year changes.)
Net sales
Operating
profit
Ordinary
profit
Profit attributable to owners of parent
Fiscal year ended
December 31, 2025
Millions of yen
1,322,791
%
19.4
Millions of yen
89,943
%
21.0
Millions of yen
91,525
%
20.5
Millions of yen
64,303
%
20.2
December 31, 2024
1,107,668
13.3
74,360
18.1
75,931
17.7
53,481
12.7
Note) Comprehensive Income For the fiscal year ended December 31, 2025: 71,964 million yen [ 33.1%]
For the fiscal year ended December 31, 2024: 54,087 million yen [ 12.5%]
Basic earnings per
share
Diluted earnings per
share
Return on equity
Ordinary profit to total
assets
Operating profit to net
sales
Fiscal year ended
December 31, 2025
yen
169.58
yen
169.10
%
16.8
%
13.0
%
6.8
December 31, 2024
141.04
—
15.0
12.3
6.7
Reference) Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended December 31, 2025: 727 million yen For the fiscal year ended December 31, 2024: 862 million yen
*The Company implemented a two-for-one stock split of its common stock with an effective date of April 1, 2024. Accordingly, basic earnings per share stated above are calculated on the assumption that the stock split was implemented at the beginning of the previous fiscal year (Fiscal Year 2024).
Consolidated financial position
Total assets
Net assets
Equity ratio
Net assets per share
As of
Millions of yen
Millions of yen
%
yen
December 31, 2025
729,200
399,588
54.1
1,039.88
December 31, 2024
673,903
375,247
55.0
977.84
Reference) Equity As of December 31, 2025: 394,324 million yen
As of December 31, 2024: 370,799 million yen
*The Company implemented a two-for-one stock split of its common stock with an effective date of April 1, 2024. Accordingly, net assets per share stated above are calculated on the assumption that the stock split was implemented at the beginning of the previous fiscal year (Fiscal Year 2024).
Consolidated cash flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash
equivalents at end of period
Fiscal year ended
December 31, 2025
Millions of yen
92,218
Millions of yen
(20,475)
(11,949)
Millions of yen
(47,613)
(25,891)
Millions of yen
253,620
December 31, 2024
37,711
229,488
Dividends
Annual dividends
Total dividend payments (total)
Dividend payout ratio
(consolidated)
Ratio of dividends to net assets
(consolidated)
First quarter-end
Second quarter-end
Third quarter-end
Year-end
Total
Fiscal year ended December 31, 2024 Fiscal year ended
December 31, 2025
yen
yen
yen
yen
yen
Millions of yen
%
%
—
—
0.00
45.00
—
—
80.00
45.00
80.00
90.00
30,336
34,128
56.7
53.1
8.5
8.9
Fiscal year ending December 31, 2026
(forecast)
—
50.00
—
45.00
95.00
58.9
Note) 1. Breakdown of Dividends for the fiscal year ended December 31, 2024
Ordinary dividend 75.00 yen
Commemorative dividend 5.00 yen (the consolidated net sales breakthrough 1 trillion yen)
2. The Company commenced a payment of interim dividends from the fiscal year ended December 31, 2025.
Consolidated Financial Forecasts for the Fiscal Year Ending December 31, 2026 (From January 1, 2026
to December 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales | Operating | profit | Ordinary | profit | Profit attributable to owners of parent | Basic earnings per share | |||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | yen | |
Six months ending June 30, 2026 | 689,300 | (0.8) | 48,700 | (1.0) | 48,800 | (2.6) | 33,250 | (2.6) | 87.68 |
Full-Year | 1,311,000 | (0.9) | 90,000 | 0.1 | 90,100 | (1.6) | 61,130 | (4.9) | 161.21 |
Note) The above forecasts are based on the information available as of the date of publication of this document. Actual results are subject to change due to various future events and may differ from these figures.
* Notes
Significant changes in the scope of consolidation during the period: No
Changes in accounting policies, changes in accounting estimates, and restatements
Changes in accounting policies due to revisions to accounting standards, etc.: Yes
Changes in accounting policies other than 1): No
Changes in accounting estimates: No
Restatements: No
Number of shares issued (common shares)
Number of shares issued at the end of the period (including treasury shares)
As of December 31, 2025: 380,004,240 shares
As of December 31, 2024: 380,004,240 shares
Number of treasury shares at the end of the period
As of December 31, 2025: 803,041 shares
As of December 31, 2024: 803,041 shares
Average number of shares during the period
Fiscal Year 2025: 379,201,199 shares
Fiscal Year 2024: 379,201,392 shares
The number of shares stated above is calculated on the assumption that the stock split described in “1. Consolidated Financial Results†was implemented at the beginning of the previous fiscal year (Fiscal Year 2024).
Financial reports are not subject to audit procedures to be conducted by certified public accountants or an audit firm.
(Millions of yen) As of December 31, 2024 As of December 31, 2025
Assets
Current assets
Cash and deposits 228,136 252,058
Notes and accounts receivable - trade, and contract assets | 200,952 | 219,579 |
Merchandise | 71,935 | 53,670 |
Work in process | 1,668 | 1,462 |
Raw materials and supplies | 815 | 864 |
Returned assets | 26,484 | 37,769 |
Other | 38,997 | 40,272 |
Allowance for doubtful accounts | (147) | (163) |
Total current assets | 568,843 | 605,514 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 50,418 | 51,225 |
Accumulated depreciation and impairment | (36,468) | (37,125) |
Buildings and structures, net | 13,950 | 14,100 |
Land | 14,448 | 14,448 |
Other | 18,434 | 20,672 |
Accumulated depreciation and impairment | (11,920) | (13,421) |
Other, net | 6,514 | 7,251 |
Total property, plant and equipment | 34,913 | 35,800 |
Intangible assets | ||
Software | 20,224 | 30,551 |
Other | 59 | 59 |
Total intangible assets | 20,283 | 30,610 |
Investments and other assets | ||
Investment securities | 22,815 | 25,124 |
Guarantee deposits | 3,215 | 3,861 |
Retirement benefit asset | — | 6,282 |
Deferred tax assets | 9,797 | 7,530 |
Deferred tax assets for land revaluation | 2,448 | 2,520 |
Other | 11,967 | 12,437 |
Allowance for doubtful accounts | (380) | (482) |
Total investments and other assets | 49,863 | 57,274 |
Total non-current assets | 105,060 | 123,685 |
Total assets | 673,903 | 729,200 |
(Millions of yen) As of December 31, 2024 As of December 31, 2025
Liabilities
Current liabilities | ||
Notes and accounts payable - trade | 162,266 | 159,850 |
Electronically recorded obligations - operating | 17,528 | 26,739 |
Short-term borrowings | 4,300 | 4,300 |
Current portion of long-term borrowings | — | 1,700 |
Income taxes payable | 13,790 | 16,807 |
Contract liabilities | 17,762 | 17,127 |
Refund liabilities | 26,964 | 39,247 |
Provision for bonuses | 5,261 | 5,697 |
Other | 41,819 | 51,341 |
Total current liabilities | 289,692 | 322,810 |
Non-current liabilities | ||
Long-term borrowings | 1,700 | — |
Lease liabilities | 861 | 1,182 |
Provision for retirement benefits for directors (and other officers) | 613 | 662 |
Retirement benefit liability | 4,695 | 3,811 |
Other | 1,094 | 1,144 |
Total non-current liabilities | 8,964 | 6,801 |
Total liabilities | 298,656 | 329,611 |
Net assets | ||
Shareholders’ equity | ||
Share capital | 10,374 | 10,374 |
Capital surplus | 16,254 | 16,254 |
Retained earnings | 339,422 | 356,326 |
Treasury shares | (143) | (143) |
Total shareholders’ equity | 365,909 | 382,812 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 5,891 | 7,673 |
Deferred gains or losses on hedges | 133 | 551 |
Revaluation reserve for land | (5,269) | (5,201) |
Foreign currency translation adjustment | 363 | 445 |
Remeasurements of defined benefit plans | 3,771 | 8,042 |
Total accumulated other comprehensive income | 4,889 | 11,511 |
Non-controlling interests | 4,447 | 5,264 |
Total net assets | 375,247 | 399,588 |
Total liabilities and net assets | 673,903 | 729,200 |
Consolidated Statements of Income
Fiscal Year 2024 (Year ended December 31, 2024)
(Millions of yen)
Fiscal Year 2025 (Year ended December 31, 2025)
Net sales 1,107,668 1,322,791
Cost of sales 883,196 1,070,616
Gross profit 224,471 252,174
Selling, general and administrative expenses 150,110 162,231
Operating profit 74,360 89,943
Non-operating income
Interest income 86 330
Dividend income 397 440
Income from recycling 238 293
Share of profit of entities accounted for using equity method
862 727
Foreign exchange gains | 696 | 572 |
Other | 456 | 434 |
Total non-operating income | 2,739 | 2,799 |
Non-operating expenses | ||
Interest expenses | 55 | 67 |
Donations | 955 | 1,145 |
Provision of allowance for doubtful accounts | 150 | — |
Other | 7 | 5 |
Total non-operating expenses | 1,168 | 1,217 |
Ordinary profit | 75,931 | 91,525 |
Extraordinary income Gain on sale of investment securities | 11 | 5 |
Total extraordinary income | 11 | 5 |
Extraordinary losses | ||
Loss on retirement of non-current assets | 94 | 61 |
Impairment losses | 85 | 114 |
Loss on valuation of investment securities | 1,923 | 757 |
Loss on change in equity | — | 140 |
Other | — | 2 |
Total extraordinary losses | 2,103 | 1,077 |
Profit before income taxes | 73,840 | 90,453 |
Income taxes-current | 21,277 | 26,217 |
Income taxes-deferred | (1,663) | (962) |
Total Income taxes | 19,613 | 25,254 |
Profit | 54,226 | 65,198 |
Profit attributable to non-controlling interests | 744 | 895 |
Profit attributable to owners of parent | 53,481 | 64,303 |
Consolidated Statements of Comprehensive Income
Fiscal Year 2024 (Year ended
(Millions of yen)
Fiscal Year 2025 (Year ended
December 31, 2024) December 31, 2025) | ||
Profit | 54,226 | 65,198 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | (1,539) | 1,795 |
Deferred gains or losses on hedges | 206 | 512 |
Revaluation reserve for land | — | 68 |
Remeasurements of defined benefit plans, net of tax Share of other comprehensive income of entities accounted for using equity method | 1,088 105 | 4,320 68 |
Total other comprehensive income | (138) | 6,765 |
Comprehensive income | 54,087 | 71,964 |
(Breakdown) Comprehensive income attributable to owners of parent | 53,284 | 70,925 |
Comprehensive income attributable to non-controlling
interests
802 1,039
Consolidated Statements of Changes in Net AssetsFiscal Year Ended December 31, 2024
(Millions of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of period | 10,374 | 16,254 | 311,537 | (141) | 338,025 |
Changes during period | |||||
Dividends of surplus | (25,596) | (25,596) | |||
Profit attributable to owners of parent | 53,481 | 53,481 | |||
Purchase of treasury shares | (2) | (2) | |||
Net changes in items other than shareholdersʼ equity | |||||
Total changes during period | — | — | 27,885 | (2) | 27,883 |
Balance at end of period | 10,374 | 16,254 | 339,422 | (143) | 365,909 |
Accumulated other comprehensive income | Non-controlling interests | Total net assets | ||||||
Valuation difference on available-for-sale securities | Deferred gains or losses on hedges | Revaluation reserve for land | Foreign currency translation adjustment | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | |||
Balance at beginning of period | 7,424 | (35) | (5,269) | 289 | 2,678 | 5,087 | 3,838 | 346,950 |
Changes during period | ||||||||
Dividends of surplus | (25,596) | |||||||
Profit attributable to owners of parent | 53,481 | |||||||
Purchase of treasury shares | (2) | |||||||
Net changes in items other than shareholdersʼ equity | (1,532) | 168 | — | 74 | 1,093 | (197) | 609 | 412 |
Total changes during period | (1,532) | 168 | — | 74 | 1,093 | (197) | 609 | 28,296 |
Balance at end of period | 5,891 | 133 | (5,269) | 363 | 3,771 | 4,889 | 4,447 | 375,247 |
Fiscal Year Ended December 31, 2025
(Millions of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholdersʼ equity | |
Balance at beginning of period | 10,374 | 16,254 | 339,422 | (143) | 365,909 |
Changes during period | |||||
Dividends of surplus | (47,400) | (47,400) | |||
Profit attributable to owners of parent | 64,303 | 64,303 | |||
Purchase of treasury shares | — | ||||
Net changes in items other than shareholdersʼ equity | |||||
Total changes during period | — | — | 16,903 | — | 16,903 |
Balance at end of period | 10,374 | 16,254 | 356,326 | (143) | 382,812 |
Accumulated other comprehensive income | Non-controlling interests | Total net assets | ||||||
Valuation difference on available-for-sale securities | Deferred gains or losses on hedges | Revaluation reserve for land | Foreign currency translation adjustment | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | |||
Balance at beginning of period | 5,891 | 133 | (5,269) | 363 | 3,771 | 4,889 | 4,447 | 375,247 |
Changes during period | ||||||||
Dividends of surplus | (47,400) | |||||||
Profit attributable to owners of parent | 64,303 | |||||||
Purchase of treasury shares | — | |||||||
Net changes in items other than shareholdersʼ equity | 1,782 | 418 | 68 | 81 | 4,270 | 6,621 | 816 | 7,438 |
Total changes during period | 1,782 | 418 | 68 | 81 | 4,270 | 6,621 | 816 | 24,341 |
Balance at end of period | 7,673 | 551 | (5,201) | 445 | 8,042 | 11,511 | 5,264 | 399,588 |
Cash flows from operating activities
Fiscal Year 2024 (Year ended December 31, 2024)
(Millions of yen)
Fiscal Year 2025 (Year ended December 31, 2025)
Profit before income taxes | 73,840 | 90,453 |
Depreciation | 8,434 | 9,340 |
Impairment losses Increase (decrease) in allowance for doubtful accounts Interest and dividend income | 85 307 (484) | 114 117 (771) |
Interest expenses Share of loss (profit) of entities accounted for using equity method Loss on retirement of non-current assets | 55 (862) 94 | 67 (727) 61 |
Loss (gain) on sale of investment securities | (11) | (5) |
Loss (gain) on valuation of investment securities | 1,923 | 757 |
Loss (gain) on change in equity | — | 140 |
Decrease (increase) in trade receivables | (45,839) | (18,675) |
Decrease (increase) in inventories | (36,182) | 18,422 |
Increase (decrease) in trade payables | 54,477 | 6,794 |
Other, net | (1,712) | 8,416 |
Subtotal | 54,124 | 114,506 |
Interest and dividends received | 818 | 1,136 |
Interest paid | (55) | (66) |
Income taxes paid | (17,176) | (23,357) |
Net cash provided by (used in) operating activities | 37,711 | 92,218 |
Cash flows from investing activities | ||
Purchase of property, plant and equipment | (3,217) | (4,372) |
Purchase of software | (8,869) | (15,654) |
Purchase of investment securities | (28) | (69) |
Proceeds from sale of investment securities | 20 | 8 |
Payments into time deposits | — | (100) |
Other, net | 146 | (286) |
Net cash provided by (used in) investing activities | (11,949) | (20,475) |
Cash flows from financing activities | ||
Net increase (decrease) in short-term borrowings | (100) | — |
Dividends paid | (25,595) | (47,390) |
Other, net | (195) | (222) |
Net cash provided by (used in) financing activities | (25,891) | (47,613) |
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
1 3
(127) 24,132
Cash and cash equivalents at beginning of period | 229,615 | 229,488 |
Cash and cash equivalents at end of period | 229,488 | 253,620 |
- Overview of reportable segments
The reportable segments of the Companies are periodically examined by the Board of Directors for the purpose of deciding the allocation of business resources and evaluating the operating results. The Companies' main businesses are "System Integration," whose business fields encompass the construction of information systems and their cutover, and "Service and Support," which has support following the cutover of systems as its business field.
Therefore, the Companies are composed of two reportable segments, "System Integration business" and "Service and Support business."
The details of the two segments are as follows. The "System Integration business" provides optimized system services ranging from consulting to system design and development, transport and installation work and network construction. The "Service and Support business" provides customers with services such as distributing supplies, hardware and software maintenance, telephone support and outsourcing to support the installed systems and their business operations, totally.
(Matters related to changes in the reportable segments, etc.)
From the fiscal year ended December 31, 2025, the company has changed the classification method between “System Integration business†and “Service and Support business†pursuant to partially revision of performance management categories for consolidated subsidiaries.
Segment information for the fiscal year ended December 31, 2024 has been prepared based on the new classification method of reportable segments.
- Information concerning net sales, segment profit/loss, segment assets and other items by reportable segments
Fiscal Year Ended December 31, 2024 (Millions of yen)
Reportable segments | Total | Adjustment | Amount recorded in consolidated financial statements | ||
System Integration business | Service and Support business | ||||
Net sales Outside customers sales Inter-segment sales/transfers | 727,814 | 379,853 | 1,107,668 | — | 1,107,668 |
1,103 | 1,392 | 2,496 | (2,496) | — | |
Total | 728,918 | 381,245 | 1,110,164 | (2,496) | 1,107,668 |
Segment profit | 63,914 | 22,355 | 86,269 | (11,909) | 74,360 |
Segment assets | 281,058 | 136,765 | 417,823 | 256,080 | 673,903 |
Other items | |||||
Depreciation | 4,924 | 3,279 | 8,204 | 230 | 8,434 |
Investments in affiliates accounted for using equity method Increase in property, plant and equipment and intangible assets | 1,829 7,095 | 7,068 5,035 | 8,897 12,131 | — (43) | 8,897 12,087 |
Fiscal Year Ended December 31, 2025 (Millions of yen)
Reportable segments | Total | Adjustment | Amount recorded in consolidated financial statements | ||
System Integration business | Service and Support business | ||||
Net sales Outside customers sales Inter-segment sales/transfers | 902,915 | 419,875 | 1,322,791 | — | 1,322,791 |
943 | 1,743 | 2,686 | (2,686) | — | |
Total | 903,858 | 421,618 | 1,325,477 | (2,686) | 1,322,791 |
Segment profit | 73,572 | 29,497 | 103,069 | (13,126) | 89,943 |
Segment assets | 293,347 | 156,269 | 449,617 | 279,582 | 729,200 |
Other items | |||||
Depreciation | 5,302 | 3,665 | 8,967 | 373 | 9,340 |
Investments in affiliates accounted for using equity method Increase in property, plant and equipment and intangible assets | 2,056 10,888 | 7,126 9,252 | 9,183 20,140 | — (113) | 9,183 20,027 |