SE Holdings and Incubations Co., Ltd. (TSE: 9478), the holding company of technology-book publisher Shoeisha whose portfolio spans publishing, IT services, education and venture investment, reported consolidated results for the first quarter of the fiscal year ending March 2027 (April–June 2026) under Japanese GAAP. Revenue slipped 3.9% year on year to ¥1,566 million, but operating profit climbed 34.7% to ¥254 million, ordinary profit jumped 64.5% to ¥233 million, and net profit attributable to owners of the parent surged 74.4% to ¥168 million. Basic earnings per share rose to ¥11.04 from ¥5.92 a year earlier.
Investment gains carry the quarter
The quarter's profit engine was the investment-management segment, where revenue more than doubled — up 120.8% to ¥356 million — and segment profit leapt 157.6% to ¥320 million. The company cited higher dividend income from a steadily expanded investment portfolio and the partial sale of holdings it judged to have become richly valued. Comprehensive income, lifted further by valuation gains on securities still held, more than doubled to ¥826 million.
Publishing swings to a loss
The core businesses had a harder time. Publishing revenue fell 18.4% to ¥689 million as sales of both print and e-books tracked soft from the start of the period, tipping the segment to a ¥22 million loss from a ¥74 million profit a year earlier. The software-and-network segment saw revenue drop 22.7% to ¥167 million and profit all but vanish at ¥1 million (-92.2%) on a sluggish solutions business and higher promotional costs. Education and human resources revenue eased 11.6% to ¥277 million with profit halved to ¥35 million, as steady medical-staffing placements were offset by weak IT-training demand. Corporate services revenue fell 19.8% to ¥75 million, though cost cuts narrowed the segment's loss to ¥15 million.
Balance sheet strengthens
Total assets rose ¥818 million from end-March to ¥19,509 million, driven by a ¥1,030 million increase in operating investment securities and ¥341 million more cash. Net assets grew ¥679 million to ¥11,912 million — helped by a ¥658 million rise in the valuation reserve on available-for-sale securities — lifting the equity ratio to 61.1% from 60.1%. Under a May 8 board resolution, the company bought back ¥86 million of its own shares (164,600 shares) during the quarter.
Guidance unchanged
Management left its full-year forecasts, published on May 8, untouched: revenue of ¥6,500 million (-7.5%), operating profit of ¥850 million (-11.0%), ordinary profit of ¥730 million (-9.2%) and net profit of ¥500 million (-21.1%), for EPS of ¥33.76. The annual dividend forecast is likewise unchanged at ¥4.00 per share, paid at year-end.
| Metric | Q1 FY3/2027 | Q1 FY3/2026 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 1,566 | 1,630 | -3.9% |
| Operating profit (¥ million) | 254 | 188 | +34.7% |
| Ordinary profit (¥ million) | 233 | 142 | +64.5% |
| Net profit attrib. to owners (¥ million) | 168 | 96 | +74.4% |
| Basic EPS (¥) | 11.04 | 5.92 | +86.5% |
| FY3/2027 revenue guidance (¥ million) | 6,500 | — | -7.5% |
| FY3/2027 operating profit guidance (¥ million) | 850 | — | -11.0% |
| Annual dividend forecast (¥) | 4.00 | 4.00 | 0.0% |
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.