Visional put up another period of double-digit growth, but the more revealing message was what management did not do. For the nine months ended April 30, revenue rose 24.3% to ¥73.2 billion, operating profit grew 12.2% to ¥19.6 billion, and net profit attributable to owners of the parent increased 13.2% to ¥14.2 billion. Even so, the company kept its full-year outlook unchanged, saying investment will expand toward period end, despite operating profit already reaching 84.9% of the annual target.
| Metric | Nine months actual | Full-year outlook | Progress |
|---|---|---|---|
| Revenue | ¥73.157bn | ¥99.2bn | 73.7% |
| Operating profit | ¥19.612bn | ¥23.1bn | 84.9% |
| Net profit attributable to owners | ¥14.214bn | ¥16.081bn | 88.4% |
| BizReach revenue | ¥59.714bn | ¥80.3bn | 74.4% |
| HRMOS revenue | ¥6.653bn | ¥9.0bn | 73.9% |
That trade-off is already visible in the latest quarter. Third-quarter revenue rose 21.1% year on year to ¥26.5 billion, but EBITDA slipped 2.3% and operating profit fell 5.7% as spending picked up.
BizReach keeps the engine running
The core BizReach recruiting platform remained the earnings engine. Nine-month BizReach revenue rose 17.0% to ¥59.7 billion, while operating profit before corporate cost allocation increased 14.1% to ¥25.5 billion, with a 42.7% margin. Visional said the slower 13.2% growth in the latest quarter was planned rather than a fresh deterioration, and pointed to continued firm demand from employers hiring professional talent. The client base kept expanding too: cumulative client companies exceeded 43,900 at end-April, up from 38,100 at the previous year-end.
HRMOS is growing faster, with thinner margins
HRMOS, the group's HR software business, grew much faster but with a far lighter profit contribution. Nine-month revenue jumped 77.7% to ¥6.65 billion, and annual recurring revenue reached ¥9.486 billion. The company said the acquired Thinkings business, now branded sonar ATS by HRMOS, contributed seven months of consolidation in the nine-month period, although it described that effect on progress versus the full-year sales plan as small. HRMOS almost broke even on an operating basis before corporate cost allocation, posting a ¥40 million loss versus a ¥197 million loss a year earlier, after turning profitable in the second quarter and then stepping up growth investment again.
The unchanged forecast therefore looks less like reluctance and more like budgeting discipline. Management left targets for the year ending July 2026 at ¥99.2 billion of revenue, ¥23.1 billion of operating profit and ¥16.081 billion of net profit. In plain English, Visional has built a margin cushion, but it still plans to spend a fair bit of it in the last quarter rather than turn nine-month strength into an early upgrade.