PBsystems,Inc.
4447・Growth Market・Information & Communication
Secure Cloud System Business
PB Systems' core business. An IT infrastructure construction business built on three pillars: hybrid cloud, security, and smart factory.
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment sales (H1 FY2026, ending September 2026) | ¥1,044 million | ¥1,132 million (H1 FY2025, ending September 2025) | ↓ |
| Segment operating profit (H1 FY2026, ending September 2026) | ¥193 million | ¥195 million (H1 FY2025, ending September 2025) | ↓ |
| Segment operating profit margin (H1 FY2026, ending September 2026) | 18.5% | 17.2% (H1 FY2025, ending September 2025) | ↑ |
| Segment sales (full year FY2025, ended September 2025) | ¥2,553 million | — | — |
| Segment operating profit (full year FY2025, ended September 2025) | ¥411 million | — | — |
| Platform implementation sales composition ratio (H1 FY2026, ending September 2026) | 38.4% | 28.8% (H1 FY2025, ending September 2025) | ↑ |
Business Details
Targeting mid-sized companies with sales of ¥10 billion to ¥50 billion, SaaS providers, and public organizations as primary customers, the business develops
Recent Overview
Sales declined 7.7% year-on-year due to schedule delays in product sales, but operating profit margin improved due to a rise in implementation sales composition ratio.
Secure Cloud System Business sales for the first half of FY2026 (ending September 2026) (October 2025 - March 2026) were ¥1,044 million (down 7.7% year-on-year). The main cause was schedule delays in product sales projects as delivery times for servers and storage equipment lengthened to 4-6 months due to tight supply of semiconductor components such as NAND flash memory. On the other hand, platform implementation sales grew significantly by 35.9% year-on-year, with sales composition ratio rising to 38.4% (28.8% in the same period of the prior year). As a result, operating profit margin is on an improving trend. Delayed projects are secured as backlog and are expected to be recognized as sales from the third quarter onward. Segment profit was only ¥192 million (down 1.1% year-on-year).
Key Products
Growth Drivers
- Continued expansion of the domestic cloud market (up 29.2% year-on-year in 2024, projected average annual growth rate of 14.6% through 2029)
- Full-scale emergence of demand for hybrid cloud transformation of core systems that are difficult to migrate to the cloud
- Sharp increase in demand for cybersecurity countermeasures (EDR and backup environment construction) against the backdrop of expanding ransomware damage
- Expansion of demand for smart factory transformation and local LLM/SLM implementation in the manufacturing industry
- Strengthened customer development in the greater Tokyo area and increased production capacity through new graduate and mid-career hiring
- Higher value-added revenue structure through increased composition ratio of platform implementation sales
Risks
- Risk of schedule delays and sales decline in server/storage product sales projects due to tight supply and price increases of semiconductor components (NAND flash memory, etc.)
- Risk of delayed deal progress due to increased caution in customer investment decision-making
- Risk of failing to meet plans due to insufficient accumulation of medium-sized projects (materialized in FY2025, ended September 2025)
- Risk of declining profit margin due to increased costs from personnel reinforcement and facility expansion
- Dependence on sales to a key customer (N Data Software Corporation) (19.6% in FY2025, ended September 2025) and a significant decline in sales to this customer (down approximately 50% year-on-year)
- Risk of declining competitiveness if unable to keep pace with accelerating technological innovation (generative AI, cloud)
Last updated: December 24, 2025