(Appendix)
Results for the First Half of the Fiscal Year
Ending May 31, 2026
H1 FY2025
(June 1, 2025 - November 30, 2025)
Pasona Group Inc.
Prime Market TSE (2168)
January 14, 2026
https://www.pasonagroup.co.jp/English
Pasona Heartful Inc. Haruka Nakamura [Hanaguruma]
Financial Summary
➀ Net sales increased year-on-year, while Operating profit decreased.
Expert Solutions, Life Solutions, and Regional Revitalization & Tourism Solutions increased net sales due to business expansion.
BPO solutions net sales decreased, impacted by the peak-out effect of large-scale contracted projects.
Gross profit increased due to an improvement in gross profit margin. Operating profit decreased due to an increase in SG&A expenses, including retirement benefit costs.
② Ordinary profit increased due to growth in non-operating profit. Net profit attributable to owners of the parent for the semi-annual period was a loss of ¥620 million, partly due to the impact of Expo-related extraordinary losses.
Sponsorship money income and merchandise sales at Expo 2025 Osaka, Kansai, Japan contributed positively to non-operating profit.
1
Expo exhibit-related expenses of ¥969 million were recorded as extraordinary losses.
H1 FY2025 Results
2
※ Units in billions of yen have been rounded to the nearest first decimal place. Units in millions of yen have been rounded down.
Consolidated financial results
Net sales increased in all segments except BPO Solutions, resulting in increased consolidated net sales.
Gross profit increased in all segments except Career Solutions. Gross profit margin rose by 0.8pt year-on-year.
Ordinary profit increased by ¥625 million compared to the previous period, driven by sponsorship income and merchandise sales related to Expo 2025 Osaka, Kansai, Japan.
Temporary expenses of ¥969 million related to pavilion operations were recorded as extraordinary losses as
（Millions of yen）
FY24 H1
FY25 H1
Increase
/Decrease
(%)
(%)
Net sales
153,934
154,527
+592
100.0
100.0
+0.4%
Cost of sales
120,040
119,299
(740)
78.0
77.2
(0.6)%
Gross profit
33,894
35,227
+1,332
22.0
22.8
+3.9%
SG＆A
33,850
35,431
+1,581
expenses
22.0
22.9
+4.7%
Operating profit
44
(204)
(248)
0.0
(0.1)
ー
Ordinary profit
189
815
+625
0.1
0.5
+330.4%
Loss attributable to owners
(3,762)
(620)
+3,141
of parent
(2.4)
(0.4)
ー
Gross profit margin
22.0%
22.8%
+0.8pt
Operating profit margin
0.0%
(0.1)%
(0.1)pt
Expo exhibit-related expenses.
Net Sales
Operating Profit
(Billions of yen)
3
153.9 154.5FY24 H1
FY25 H1
0.04
FY24 H1
FY25 H1
(0.20)
Operating ProfitGross profit margin improved (+0.8pt).
Personnel expenses increased due to higher retirement benefit expenses.
IT infrastructure usage fees have been revised, resulting in an increase in IT-related expenses.
Operating Profit
Gross profit [35.23]
+1.33
SG＆A Expenses [35.43]
+1.58
(Billions of yen)
Increase in
net sales
+0.13
Increase in gross profit margin
+1.20
Personnel expenses
+0.67
IT related expenses
+0.54
Advertisement expenses (0.07)
Others
+0.44
0.04
FY24
H1
(0.20)
FY25
4
H1
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
Gross Profit margin
20.2%
21.5%
22.8%
23.6%
24.8%
24.5%
24.6%
23.8%
22.0%
SG&A margin
18.6%
19.4%
20.0%
20.3%
18.8%
18.5%
20.7%
21.9%
22.4%
Operating Profit margin
1.6%
2.1%
2.9%
3.3%
6.0%
6.0%
3.9%
1.9%
(0.4)%
H1 FY24
H1 FY25
22.0%
22.8%
22.0%
22.9%
0.0%
(0.1)%
Non-operating/Extraordinary profit (loss)Non-operating profit: Recorded sponsorship money income and merchandise sales from Expo 2025 Osaka, Kansai, Japan.
5
Extraordinary losses: Recorded ¥969 million in temporary expenses related to pavilion operations, etc., as an extraordinary losses as Expo exhibit-related expenses.
（Millions of yen） | FY24 H1 | FY25 H1 | Increase/ Decrease | YoY |
Operating profit （loss） | 44 | (204) | (248) ー | |
Non-operating income | 465 | 1,717 | +1,252 | +269.3% |
Interest income | 35 | 177 | +142 | +403.1% |
Share of profit of entities accounted for using equity method | 42 | 98 | +55 | +128.2% |
Sponsorship money income | 86 | 542 | +456 | +529.7% |
Subsidy income | 54 | 27 | (27) | (50.2)% |
Expo product sales income | ー | 531 | +531 | ー |
Other | 246 | 341 | +95 | +38.7% |
Non-operating expenses | 319 | 698 | +378 | +118.4% |
Interest expenses | 175 | 183 | +8 | +4.9% |
Commitment fees | 15 | 165 | +149 | +955.8% |
Expo cost of product sales | ー | 269 | +269 | ー |
Other | 129 | 80 | (48) | (37.6)% |
Ordinary profit | 189 | 815 | +625 | +330.4% |
（Millions of yen） | FY24 H1 | FY25 H1 | Increase/ Decrease | YoY | |
Extraordinary income | 61 | 11 | (49) | (81.8)% | |
Gain on change in equity | 4 | 5 | +0 | +13.0% | |
Gain on sale of non-current assets | 56 | 1 | (55) | (98.2)% | |
Gain on sale of investment securities | ー | 4 | +4 | ー | |
Extraordinary losses | 2,605 | 1,180 | (1,425) | (54.7)% | |
Loss on sale and retirement of non-current assets | 34 | 48 | +14 | +42.6% | |
Impairment losses | ー | 161 | +161 | ー | |
Expo exhibit-related expenses | 2,571 | 969 | (1,601) | (62.3)% | |
Profit before income taxes | (2,355) | (353) | +2,001 | ー | |
Income taxes-current | 1,006 | 912 | (93) | (9.3)% | |
Income taxes-deferred | 124 | (803) | (927) | ー | |
Income taxes | 1,130 | 109 | (1,021) | (90.3)% | |
Profit attributable to non-controlling interests | 276 | 157 | (119) | (43.0)% | |
Loss attributable to owners of parent | (3,762) | (620) | +3,141 | ー | |
Consolidated Results by Segment
6
(Millions of yen)
Net sales | Operating profit (loss) | Operating profit margin | |||||||||||||
Segment | FY24 H1 | FY25 H1 | Increase/ Decrease | YoY | FY24 H1 | FY25 H1 | Increase/ Decrease | YoY | FY24 H1 | FY25 H1 | Increase/ Decrease | ||||
① | BPO Solutions (Contracting, Outsourcing) | 67,709 | 66,180 | (1,528) | (2.3)% | 5,468 | 5,352 | (116) | (2.1)% | 4.0% | 4.0% | (0.0)pt | |||
② | Expert Solutions (Temporary Staffing) | 68,176 | 68,914 | +737 | +1.1% | ||||||||||
③ | Career Solutions (Placement/ Recruiting, Outplacement) | 7,008 | 7,071 | +62 | +0.9% | 2,403 | 2,131 | (271) | (11.3)% | 34.3% | 30.1% | (4.2)pt | |||
HR Solutions | 142,894 | 142,166 | (728) | (0.5)% | 7,871 | 7,484 | (387) | (4.9)% | 5.5% | 5.3% | (0.2)pt | ||||
➃ | Global Solutions (Overseas Human Resource Services) | 5,463 | 5,724 | +261 | +4.8% | 131 | 116 | (14) | (10.8)% | 2.4% | 2.0% | (0.4)pt | |||
⑤ | Life Solutions (Childcare support, Life support, etc.) | 4,160 | 4,624 | +463 | +11.2% | 74 | 192 | +118 | +160.7% | 1.8% | 4.2% | +2.4pt | |||
⑥ | Regional Revitalization and Tourism Solutions | 3,494 | 4,360 | +866 | +24.8% | (915) | (531) | +383 | ー | (26.2)% | (12.2)% | +14.0pt | |||
⑦ | Eliminations and Corporate | (2,077) | (2,349) | (271) | ー | (7,117) | (7,466) | (349) | ー | ー | ー | ー | |||
Total | 153,934 | 154,527 | +592 | +0.4% | 44 | (204) | (248) | ー | 0.0% | (0.1)% | (0.1)pt | ||||
Balance Sheets
7
【Equity ratio】
57.2% ((1.5pt)) after deducting "deposits received" related to contracted
projects.
Major Item of Increase/Decrease May 31,2025 | Nov 31,2025 | Increase/ Decrease | |
Assets | 265.0 | 237.1 150.1 | (27.9) |
Current assets 188.9 | (38.8) | ||
Cash and deposits | 124.8 | 88.4 | (36.4) |
Notes and accounts receivable-trade, and contract assets 41.3 | 45.1 9.0 86.9 | +3.8 | |
Securities | 14.5 | (5.5) | |
Non-current assets 76.0 | +10.9 | ||
Property, plant and equipment | 47.1 | 55.6 | +8.5 |
Intangible assets 7.6 | 8.8 22.5 | +1.2 | |
Investments and other assets | 21.2 | +1.2 | |
Liabilities | 123.9 | 102.3 59.0 1.4 5.8 18.0 | (21.6) |
Current liabilities 87.7 | (28.7) | ||
Accounts payable-trade | 2.8 | (1.4) | |
Short-term borrowings 6.0 | (0.3) | ||
Accrued expenses | 18.6 | (0.5) | |
Deposits received | 38.7 | 14.3 | (24.4) |
Non-current liabilities | 36.2 | 43.3 32.1 | +7.1 |
Long-term borrowings 23.7 | +8.4 | ||
Net assets | 141.1 | 134.9 128.3 16.0 | (6.3) |
Shareholders' equity 134.2 | (5.8) | ||
Capital surplus | 16.0 | (0.0) | |
Retained earnings | 115.8 | 112.2 | (3.6) |
Treasury shares | (2.6) | (4.8) | (2.3) |
Total accumulated other comprehensive income 0.8 | 0.7 0.0 5.8 | (0.0) | |
Share acquisition rights | 0.0 | ±0.0 | |
Non-controlling interests 6.2 | (0.4) | ||
(Billions of yen)
Major Item of Increase/Decrease
【Cash and deposits】
・Decreased due to acquisition of fixed assets, payment of dividends, and payment of corporate taxes.
・Decreased in temporary deposits received related to contracted projects.
¥ (24.0) billion YoY As of Nov 30, 2025（FY25） ¥ 11.4 billion
As of May 31, 2025（FY24） ¥ 35.3 billion
【Property, plant and equipment】
Acquisition of assets related to Regional Revitalization projects.
【Deposits received】
Decreased in temporary deposits received to contracted projects.
¥ (24.0) billion YoY
【Retained earnings】
・Loss attributable to owners of parent
・Payment of dividends
¥ (0.6) billion
¥ (3.0) billion
【Treasury shares】
Increase in treasury shares due to acquisition of share (implementation period: January 15, 2025 to November 13, 2025)
Equity ratio | 50.9% | 54.4% | +3.5pt |
Equity ratio （Excluding deposits received for contracted projects） | 58.7% | 57.2% | (1.5)pt |
H1 FY24
Cash Flows
Major Item of Increase/Decrease
(Billions of yen)
Major Item of Increase/Decrease
Profit (loss) before income taxes | (2.4) | (0.4) | +2.0 |
Depreciation | 1.3 1.4 | +0.1 | |
Impairment loss | 0.0 | 0.2 | +0.2 |
Amortization of goodwill | 0.2 | 0.1 | (0.1) |
Decrease (increase) in accounts receivable - trade, and contract assets | (4.0) | (3.8) | +0.2 |
Increase (decrease) in trade payables | (1.0) | (2.1) | (1.1) |
Income taxes refund (paid) | 0.3 | (1.4) | (1.7) |
Cash flows from investment activities | (31.6) | (10.1) | +21.4 |
Decrease (increase) in time deposits | (7.5) | (2.5) | +5.0 |
Purchase of securities | (8.5) | (8.0) | +0.5 |
Proceeds from redemption of securities | - | 13.5 | +13.5 |
Purchase of property, plant and equipment | (10.5) | (10.1) | +0.4 |
Purchase of intangible assets | (1.6) | (2.1) | (0.5) |
Cash flows from financing activities | (8.6) | 1.8 | +10.4 |
Increase (decrease) in short-term borrowings | (0.2) | 0.0 | +0.2 |
Proceeds from long-term borrowings | - | 11.0 | +11.0 |
Repayments of long-term borrowings | (4.5) | (2.9) | +1.7 |
Purchase of treasury shares | (0.0) | (2.5) | (2.5) |
Dividends paid | (3.0) | (3.0) | +0.1 |
Dividends paid to non-controlling interests | (0.4) | (0.6) | (0.2) |
Net increase (decrease) in cash and cash equivalents | (42.1) | (14.9) | +27.2 |
8
【Proceeds from long-term borrowings】
Funding through Positive Impact Finance
【Purchase of property, plant and equipment】
Acquisition of assets associated with Regional revitalization projects, etc.
【Proceeds from redemption of securities】
Redemption of securities acquired for short-term fund management
(1.8) (4.8)
【Profit before depreciation and amortization】
¥ 1.3 billion (¥ +2.2billion YoY)
【Purchase of treasury shares】
Acquisition of share
(Implementation Period: January 15, 2025 to November 13, 2025)
Cash flows from operating activities
(6.6)
H1 FY25
Increase/ Decrease
Cash and cash equivalents at beginning of period | 137.0 | 78.7 | (58.4) |
Cash and cash equivalents at the end of period | 94.9 | 63.7 | (31.2) |
Free cash flows | (33.4) | (16.8) | +16.6 |
※Cash flow does not include the cash balance and increase/decrease in cash corresponding
to "deposits" from customers for projects entrusted to the Company.
Segment information
9
※ Units in billions of yen have been rounded to the nearest first decimal place. Units in millions of yen have been rounded down.