Bell24 Holdings, Inc. (TSE: 6183), the holding company for BELLSYSTEM24 and one of Japan's leading providers of contact-center, CRM and business-process outsourcing (BPO) services, reported results for the first quarter of the fiscal year ending February 2027 — the three months from March 1 to May 31, 2026, prepared under IFRS on a consolidated basis. Revenue rose 0.3% to ¥36,701m, operating profit rose 11.2% to ¥3,213m, profit before tax rose 10.9% to ¥3,090m and profit attributable to owners of the parent rose 22.2% to ¥2,268m. Basic earnings per share climbed to ¥30.51 from ¥25.12.
Profit growth outpaces flat revenue
Although the top line was essentially flat, the sustained roll-out of margin-improvement measures lifted profit sharply faster than revenue. Total quarterly profit rose 24.6% to ¥2,318m and total comprehensive income for the period rose 32.5% to ¥2,379m. The company continued to push its mid-term plan's three priorities — expanding data utilisation, maximising the value of people, and deepening partner capital — while highlighting AI-driven contact-center automation.
CRM segment carries the group
The CRM business, which covers contact-center operation and related work, accounts for almost the entire group. CRM revenue rose 0.4% to ¥36,675m and its profit before tax rose 11.1% to ¥3,081m. The much smaller "Other" segment saw revenue fall 68.8% to ¥26m after a partial transfer of its content business, with profit before tax of ¥9m. During the quarter Bell24 launched a joint venture, BA Intelligence, with AI firm AVILEN and won an MSCI ESG rating upgrade to "AA" from "A".
Balance sheet and cash flow
Total assets stood at ¥168,697m at the end of May, down from ¥169,821m at the prior fiscal year-end, while total equity edged up to ¥74,927m. The equity-to-owners ratio improved to 43.9% from 43.5%. Operating cash flow was ¥6,193m, up from ¥6,067m a year earlier, and cash and equivalents ended the quarter at ¥8,216m. In March, Bell24 implemented an average pay rise of more than 8% for roughly 2,000 permanent employees.
Full-year guidance and dividend unchanged
Bell24 left its full-year forecast for the year to February 2027 unchanged: revenue of ¥152,000m (+4.2%), operating profit of ¥13,000m (+2.7%), profit before tax of ¥12,600m (+2.5%) and net profit attributable to owners of ¥8,500m (+3.9%), for EPS of ¥114.33. The first-quarter result puts the company at about 25% of its full-year operating-profit target and roughly 27% of its net-profit target. The planned annual dividend is held at ¥60.00 (¥30.00 interim plus ¥30.00 year-end), unchanged from the prior year.
| Metric | Q1 FY2/27 | Q1 FY2/26 | YoY |
|---|---|---|---|
| Revenue (¥m) | 36,701 | 36,605 | +0.3% |
| Operating profit (¥m) | 3,213 | 2,889 | +11.2% |
| Profit before tax (¥m) | 3,090 | 2,787 | +10.9% |
| Profit attrib. to owners (¥m) | 2,268 | 1,856 | +22.2% |
| Basic EPS (¥) | 30.51 | 25.12 | +21.5% |
| Equity ratio | 43.9% | 43.5% | +0.4pp |
| Dividend (¥, FY forecast) | 60.00 | 60.00 | — |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.