Consolidated earnings forecasts for the fiscal year ending May 31, 2026 are as follows.

（million yen）
Results for FY2024 Forecasts for FY2025 YoY change
Net sales 43,202 52,707
to
54,003		 +22.0%
to
+25.0%
Sansan/Bill One Business 37,785 45,720
to
47,232		 +21.0%
to
+25.0%
Sansan 26,766 30,781
to
31,316		 +15.0%
to
+17.0%
Bill One 9,790 13,217
to
13,706		 +35.0%
to
～+40.0%
Eight Business 5,051 6,415
to
6,718		 +27.0%
to
+33.0%
Adjusted operating profit 3,555 6,851
to
8,640		 +92.7%
to
+143.0%
Adjusted operating profit margin 8.2% 13.0%
to
16.0%		 +4.8 pts.
to
+7.8 pts.

Net sales are expected to increase 22.0% to 25.0% year on year, reflecting the anticipated solid growth of Sansan and continued high growth of Bill One. Net sales of Sansan are projected to grow by 15.0% to 17.0% year on year, supported by efforts such as strengthening the sales structure and enhance service functions. Net sales of Bill One are expected to increase by 35.0% to 40.0% year on year mainly due to the increasing contribution of sales representatives. As a result, net sales in the Sansan/Bill One Business are forecast to increase by 21.0% to 25.0% year on year. Net sales in the Eight Business are expected to increase 27.0% to 33.0% year on year with event services and Eight Team serving as growth drivers. 


Among selling, general and administrative expenses, personnel expenses are expected to increase by approximately 19% year on year, while advertising expenses are expected to increase by approximately 28% year on year. As a result. adjusted operating profit is forecast to increase by 92.7% to 143.0% year on year. Since our net sales are primarily composed of recurring sales, which accumulate gradually and increase in scale over the course of each quarter, the recording of adjusted operating profit is expected to be weighted toward the second half of the fiscal year. Approximately 25% of the full-year forecast is expected to be recorded in the first half, and approximately 75% in the second half.
For line-item profits or losses below operating profit or loss, the Company refrains from disclosing specific forecast figures, as it is difficult to reasonably estimate certain items, such as 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.