Consolidated earnings forecasts for the fiscal year ending May 31, 2025 are as follows.

（million yen）
Results for FY2023 Forecasts for FY2024 YoY change
Net sales 33,878 43,026
to
44,042		 +27.0%
to
+30.0%
Sansan/Bill One Business 29,948 37,734
to
38,483		 +26.0%
to
+28.5%
Sansan 22,889 26,552
to
26,781		 +16.0%
to
+17.0%
Bill One 6,168 9,870
to
10,486		 +60.0%
to
+70.0%
Eight Business 3,548 4,683
to
4,896		 +32.0%
to
+38.0%
Adjusted operating profit 1,709 3,012
to
4,404		 +76.2%
to
+157.6%
Adjusted operating profit margin 5.0％ 7.0%
to
10.0%		 +2.0 pts.
to
+5.0 pts

Net sales are expected to increase 27.0% to 30.0% year on year due to the anticipated solid growth of Sansan products and continued high growth of Bill One. We expect net sales in Sansan/Bill One Business to increase by 26.0% to 28.5% year on year mainly due to progress made in onboarding sales representatives newly hired in the previous fiscal year for both Sansan and Bill One. Within this increase, we forecast for Sansan to see a 16.0% to 17.0% increase year on year, and for Bill One to see a 60.0% to 70.0% increase year on year. Net sales in the Eight Business are expected to increase 32.0% to 38.0% year on year with event services and Eight Team serving as growth drivers.
Among selling, general and administrative expenses, we expect increases in personnel expenses and advertising expenses of around 29% and 16% year on year, respectively. In addition, adjusted operating profit is expected to increase 76.2% to 157.6% year on year as a result of an increase in rent expenses and incurrence of relocation-related costs associated with the relocation of the head office.
For line-item profits or losses under operating profit or loss, the Company refrains from disclosing a concrete forecast because it is difficult to make a reasonable estimate of share-based payment expenses, which may vary significantly depending on the level of the Company’s stock price, and some non-operating income or expenses.