ENVALITH
株式会社ウィルグループ logo

WILL GROUP, INC.

6089・Prime Market・Services

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株式会社ウィルグループ logo
WILL GROUP, INC.6089

Business

WILL GROUP is a comprehensive staffing services group comprising the Company and 44 consolidated subsidiaries (12 domestic, 32 overseas). Domestically, it specializes in five categories—sales (Sales Outsourcing), call centers, manufacturing (factory), nursing care, and construction engineers—providing staffing dispatch, business process outsourcing, recruitment services, and support for foreign worker employment. Overseas, it operates staffing dispatch and recruitment services primarily in Australia and Singapore, maintaining a stable revenue base with government and municipal bodies as key clients. For FY2026 (ending March 2026), revenue was ¥146,856 million, of which the Domestic Working Business accounted for ¥88,262 million and the Overseas Working Business accounted for ¥58,501 million.

Business Model

There are four main revenue sources. (1) General staffing / permanent placement staffing: a spread model in which staffing fees are received from client companies and salaries are paid to staff. (2) Contracted operations: revenue is received as outsourcing fees for operations undertaken on a full-package basis. (3) Recruitment placement: job seekers are matched with companies, and placement fees are received (success-fee based). (4) Foreign worker employment support: outsourcing fees are received for accepting and providing living support to foreign workers. Permanent placement staffing, recruitment placement, and foreign worker employment support have higher gross margins than general staffing, making portfolio transformation a key factor in improving profitability.

Company Strengths

The company specializes in five domains—sales, call centers, manufacturing, nursing care, and construction—accumulating know-how in recruitment, placement, and retention in each category. In October 2019, it unified the brand of its major domestic subsidiaries under "WILLOF," and in FY2026 (ending March 2026) ran TV commercials in 18 prefectures. Awareness rate, branded search volume, and intent-to-use have all increased substantially compared to FY2023 (ending March 2023), the period before the promotion campaign began, confirming an improvement in recruiting capability as a demonstrated result.

Under the previous medium-term management plan (WILL-being 2026), the company confirmed the investment effectiveness of permanent staffing dispatch/contracting and foreign employment support. In FY2026 (ending March 2026), the number of permanent staffing dispatch workers and the number of people supported through foreign employment support both trended favorably, expanding gross profit. Gross profit margin rose 1.1 points year on year to 22.1%, reflecting in numerical terms the portfolio shift from general staffing to higher-margin businesses.

In the Overseas Working Business, the company has built a stable client base in Australia and Singapore centered on government agencies and local municipalities as primary staffing destinations. In FY2026 (ending March 2026), Overseas Working Business revenue was ¥58,501 million, with segment profit of ¥2,427 million (up 69.4% year on year). The recovery in profitability, driven by restrained SG&A expenses and gross profit expansion from increased recruitment services revenue, demonstrates the company's cost control capability as a proven result.

ENVALITH's Perspective

After operating profit declined to ¥2,338 million in FY2025 (ending March 2025), it recovered by 40.2% to ¥3,279 million in FY2026 (ending March 2026). This recovery is mainly attributable to the shift in revenue structure from general staffing toward permanent placement staffing, foreign worker employment support, and recruitment services, and the pace of this transition will determine future profit levels. Achieving the mid-term target of ¥4.7 billion in operating profit for FY2029 (ending March 2029) requires a CAGR of 16.1%, and continued verification of its feasibility will be a focal point for investment decisions.

The operating profit margin for FY2026 (ending March 2026) remained at just 2.2%, reflecting the continued thin-margin structure typical of the staffing services industry. As permanent placement staffing and foreign worker employment support expand, recruitment expenses and personnel costs have increased, pushing SG&A expenses up 8.2% year on year to ¥29,510 million, outpacing the 5.1% growth in revenue. Balancing gross margin improvement against rising SG&A expenses is a constraining factor for profitability improvement, and attention should be paid to the risk of a prolonged investment phase.

Of the Overseas Working Business segment profit of ¥2,427 million in FY2026 (ending March 2026), approximately ¥30 million reflects a positive foreign exchange impact. In addition, the absence of the prior-year impairment loss (¥473 million) is a factor behind the significant profit increase, suggesting that the underlying improvement in profitability on a like-for-like basis may be limited. Since inflation and interest rate trends in Australia and Singapore, as well as foreign exchange fluctuations, directly affect business performance, the high sensitivity to external conditions warrants continued attention.

Growth Strategy

Aiming for consolidated operating profit of ¥4.7 billion in FY2029 (ending March 2029) through expansion of the permanent staffing and foreign national HR business and strengthening of overseas productivity

Expanding permanent staff dispatch/contracting mainly in essential domains such as construction, manufacturing, and nursing care, leveraging the recruitment, placement, and retention know-how cultivated through general staffing and the nationwide network of offices. Investment effectiveness was confirmed under the previous medium-term plan, and in FY2026 (ending March 2026) the number of permanent staff placements has been progressing steadily, contributing to gross profit expansion.

Expanding foreign national employment support in domains such as manufacturing, nursing care, hospitality, and food service, where it is difficult to fill positions with domestic personnel alone. Leveraging industry-leading support track record and an integrated support system covering everything from hiring to retention, the Company is promoting business development with an emphasis on compliance. In FY2026 (ending March 2026), the number of people supported through foreign national employment support has been progressing steadily, contributing to gross profit expansion.

In October 2025, the Company acquired HR CAREER Co., Ltd., gaining recruitment operations including in the medical and welfare industries. By combining the existing customer base with the operations acquired through M&A, mainly in essential domains such as nursing care, nursing, and construction, the Company aims to cultivate recruitment services as a new revenue pillar. In FY2026 (ending March 2026), the effect of the newly consolidated entity is contributing to an increase in revenue.

In Australia, the Company is pursuing deeper penetration of existing customers and capturing demand in high-value-added domains, while in Singapore it is pursuing stable demand capture by leveraging its existing customer base, including government agencies. The Company will continue cost control, sales productivity improvement, and governance strengthening to build a revenue base that is less susceptible to external risks such as exchange rate fluctuations.

In October 2019, the brand of the Company's major domestic subsidiaries was unified under "WILLOF". In FY2026 (ending March 2026), TV commercials were run in 18 prefectures, and the promotion strategy combining web commercials and SNS continues to be rolled out. Compared to FY2023 (ended March 2023), brand awareness, branded search volume, and intent to use have all increased significantly, confirming results in improved recruitment capability.

Last updated: July 19, 2026