Our medium- to long-term vision
hange the profit-generating structure for sustainable growth and achieve dramatic future growth.

In order to achieve sustainable growth of the Group, changing the Group’s profit-generating structure is essential. For the period of the Medium-term Management Plan, the first priority is to regain the lost growth potential of the Domestic Working Business and make it grow again, and so we will make upfront investments for the renewed growth. We aim to regain our growth potential, increase our operating margin for the fiscal year ending March 31, 2027 and beyond, and create a highly profitable structure.

Fiscal year ended March 31, 2025 Overview
Revenue growth was driven by the continued expansion of strategic investment domains, led by the construction management engineer domain of Domestic Working Business. Focusing on strategic investment areas led to progress in the restructuring of the business portfolio and to a steady improvement in the normalized operating margin.

During the fiscal year under review, while the global economy continued to grow at a moderate pace against the backdrop of easing inflation rates in various countries, the outlook remains uncertain due to such factors as growing tension in the situation in Russia and Ukraine as well as in the Middle East, and the impacts from U.S. trade policies. Accordingly, it is necessary to continue closely monitoring the impacts of these factors.

While the Japanese economy showed positive trends, such as continued wage increases and propensity toward capital investment by corporations, the recovery was muted due to weakening consumer spending from the impact of rising prices. In addition, the risk of downward pressure on Japan’s economy has intensified with the increased uncertainty for the future of the global economy due to concerns surrounding the tariff policies put forward by the U.S. government.

Under these circumstances, the Group worked to expand the construction management engineer domain, permanent employee staffing, foreign talent management service, and other initiatives for the renewed growth of the Domestic Working Business, which is the basic policy in the Medium-Term Management Plan “WILL-being 2026,” (hereinafter the Medium-Term Plan) for which the final fiscal year is the fiscal year ending March 31, 2026.

In Japan, business remained steady except for the call center outsourcing domain. In particular, the construction management engineer domain, which is a strategic investment domain, expanded steadily and achieved profitability. In addition, in order to strengthen hiring capabilities in Japan, the Company ran TV commercials as promotion of “WILLOF” brand in 18 prefectures that include the Kanto area, which is the Company’s largest market area, and also developed a promotion strategy utilizing the web commercials and social media, etc.

In the overseas segment, the Company has been implementing cost control measures aimed to continuously strengthen its earnings structure due to prolonged reduction in hiring by major clients since the post-COVID-19 surge in permanent placement demand has run its course, with the impact of inflationary pressures compounding the situation, and continues to take measures to secure sustainable revenue even under market conditions where demand for manpower is weak.
As a result of the above, revenue during the fiscal year under review was ¥139,705 million (up 1.1% year on year), operating profit was ¥2,338 million (down 48.3%), profit before tax was ¥2,177 million (down 50.7%), profit was ¥1,141 million (down 60.3%), profit attributable to owners of parent was ¥1,155 million (down 58.4%), and EBITDA (operating profit + depreciation and amortization + impairment losses) was ¥4,896 million (down 28.1%).

For the fiscal year ended March 31, the Company will pay a year-end dividend per share of ¥44 (ordinary dividend of ¥44) in accordance with the dividend forecast announced on May 13, 2024. As a result, the total payout ratio will be 87.9%.

Initiatives for the fiscal year ending March 31, 2026
To achieve renewed growth in the Domestic Working Business, the Group will work to expand the construction management engineer domain, temporary staffing of permanent employees, and foreign talent management service.

Looking ahead, while moderate growth is expected in both domestic and overseas economies, the outlook remains uncertain due to global inflation, geopolitical risks concerning the situations in Ukraine and the Middle East, as well as trade policies of various countries among others. In Japan, the hiring environment is becoming increasingly difficult despite the robust demand for human resources backed by strong corporate performance. Furthermore, in Singapore and Australia, the main areas where the Group develops businesses, there are concerns about this trend of reduced hiring by major clients becoming prolonged due to a deterioration in business confidence mainly as a result of inflation and rising interest rates following large-scale economic stimulus measures that were implemented during the COVID-19 pandemic, as well as due to overstaffing caused by companies that rapidly increased hiring following the COVID-19 pandemic.

To our shareholders and investors
Continued management based on a medium- to long-term perspective

Going forward, we will strive to enhance corporate value through sustainable growth and meet the expectations of our shareholders. We ask for your continued support in the future.

Medium-Term
Management Plan