BELLSYSTEM24 Holdings, Inc.
6183・Prime Market・Services
CRM Business
The sole reportable segment, centered on contact center operations
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (CRM Business) Q1 FY2027 (ending February 2027) cumulative | ¥36,675 million | ¥36,521 million | ↑ |
| Profit before tax (CRM Business) Q1 FY2027 (ending February 2027) cumulative | ¥3,081 million | ¥2,773 million | ↑ |
| Depreciation and amortization (CRM Business) Q1 FY2027 (ending February 2027) cumulative | ¥2,129 million | ¥2,187 million | ↓ |
| Revenue (CRM Business) full year FY2026 (ending February 2026) | ¥145,556 million | — | — |
| Profit before tax (CRM Business) full year FY2026 (ending February 2026) | ¥11,687 million | — | — |
| Goodwill carrying value (CRM Business) | ¥94,679 million | ¥94,669 million | — |
Business Details
Provides inbound and outbound calls, omni-channel support including chat and SNS, and BPO (accounting, HR, pharma support, etc.) to over 1,300 client companies. Centered on Bell System24 Inc., founded in 1982, the group operates nationwide and overseas (Vietnam, Taiwan, Thailand, etc.) through domestic and international consolidated subsidiaries and equity-method affiliates. This is the core segment, accounting for over 99% of group revenue.
Recent Overview
Due to the effect of revenue improvement measures, Q1 revenue rose 0.4% and profit before tax rose 11.1%, an increase trend
In Q1 FY2027 (ending February 2027) (March to May 2026), the CRM Business achieved revenue of ¥36,675 million (up 0.4% year on year) and profit before tax of ¥3,081 million (up 11.1% year on year), reflecting the effects of ongoing revenue improvement measures. While implementing wage increases averaging over 8% for approximately 2,000 full-time employees, improved cost management led to higher profit margins. In terms of AI utilization, "Hybrid Operation Loop" received the HDI-Japan Award, and BA Intelligence, a joint venture with AVILEN Inc., commenced operations in April 2026. The MSCI ESG Rating was upgraded from "A" to "AA".
Key Products
Growth Drivers
- Expansion of the contact center outsourcing market (projected average annual growth rate of approximately 4%)
- Growing corporate outsourcing needs due to a declining working-age population
- Transition to next-generation (hybrid-type) contact centers utilizing generative AI, and improved profit margins
- Accelerated commercial deployment of AI product lines such as Hybrid Operation Loop, Sherpy™, and Knowledge Generator
- Development of new AI agent-based BPO services by BA Intelligence, a joint venture with AVILEN Inc.
- Acquisition of new clients leveraging the corporate networks of ITOCHU Corporation and TOPPAN Inc.
- Expansion into BPO areas (development of new fields such as condominium management, pharma, and AI implementation support)
- Transformation into a profit center through marketing utilization of VOC data
Risks
- Increased operating costs due to operator staff shortages and rising wages (an average wage increase of over 8% was implemented in March 2026)
- Intensifying price competition due to strengthening cost-reduction tendencies among client companies
- Impairment risk related to the goodwill carrying value of ¥94,679 million (in the event of rising discount rates)
- Risk of substitution or contraction of existing contact center operations due to the spread of new technologies such as generative AI
- High dependence on interest-bearing debt and interest rate rise risk (short-term borrowings of ¥18,100 million, long-term borrowings of ¥30,089 million)
- Business portfolio volatility risk, as seen in the contraction of the "Other" segment (down 68.8% year on year) due to the partial transfer of the content business, etc.
- Macro environment risks such as Middle East conditions and volatility in financial and capital markets
Last updated: May 25, 2026