Summer courses carry the quarter
Waseda Gakushu Kenkyukai Co., Ltd. (TSE: 5869) reported non-consolidated results for the first quarter of FY5/2027, June 1 to August 31, 2026, on October 15, 2026 under Japanese GAAP. Net sales were ¥1,826 million, operating profit ¥368 million, ordinary profit ¥378 million and net profit ¥256 million, or ¥25.38 per share. FY5/2026 ran for 14 months, April 1, 2025 to May 31, 2026, after the company moved its year-end from March to May, so its first quarter covered April to June 2025, a seasonally weak stretch in which it posted an operating loss of ¥146 million on sales of ¥1,248 million; the two quarters are not comparable and the company publishes no percentage changes. Its business is seasonal: sales trough around the spring changeover of students and rise through summer, winter and pre-exam courses. With all teachers employed full-time, it ran 66 schools serving more than 20,000 students at the end of August.
Three divisions
The Zemi division, aimed mainly at elementary and junior high school pupils, had average enrolment of 15,725 and sales of ¥1,313 million. The High division for senior high school students had 2,786 students and sales of ¥339 million, and the First Kobetsu individual-tutoring division had 925 students and sales of ¥174 million. The company said tuition-free private high schools should lift demand for cram schools, while AI-driven digital education and acquisitions by larger rivals are making competition tougher.
Balance sheet and outlook
Total assets rose 3.2% to ¥9,643 million from May 31, while net assets fell 1.3% to ¥7,187 million after the year-end dividend, so the equity ratio eased to 74.5% from 77.9%. The company left its FY5/2027 forecast unchanged: net sales of ¥7,468 million, operating profit of ¥1,500 million, ordinary profit of ¥1,524 million and net profit of ¥1,044 million, or ¥103.45 per share. It plans dividends of ¥30 at the interim and ¥35 at the year-end, a total of ¥65, against ¥62 for the 14-month FY5/2026.
| Metric | Q1 FY5/2027 | Q1 FY5/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 1,826 | 1,248 | n.m. |
| Operating profit (¥ million) | 368 | −146 | n.m. |
| Ordinary profit (¥ million) | 378 | −142 | n.m. |
| Net profit (¥ million) | 256 | −100 | n.m. |
| EPS (¥) | 25.38 | −10.00 | n.m. |
| Total assets (¥ million) | 9,643 | 9,340 | +3.2% |
| Net assets (¥ million) | 7,187 | 7,280 | −1.3% |
| Equity ratio | 74.5% | 77.9% | −3.4 pt |
| FY5/2027 guidance — revenue (¥ million) | 7,468 | — | — |
| FY5/2027 guidance — operating profit (¥ million) | 1,500 | — | — |
| FY5/2027 guidance — ordinary profit (¥ million) | 1,524 | — | — |
| FY5/2027 guidance — net profit (¥ million) | 1,044 | — | — |
| Annual dividend per share (¥) | 65.00 | 62.00 | n.m. |
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.