M3, Inc., First Half Net Income Decreases by 26%, July-September Net Income Decreases by 45%

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Wed Oct 30, 2024 3:00 pm JST Earnings

2413 M3, Inc. 【IFRS】

Earnings Report

M3, Inc. <2413> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 30th (15:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 26.1% from the same period last year to 17.2 billion yen. The progress rate against the 45 billion yen full-year plan was 38.4%, also falling below the five-year average of 49.8%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to grow by 26.7% from the same period last year, reaching 27.7 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income dropped to 6.04 billion yen, a 45.0% decrease compared to the same period last year. The operating profit margin decreased from 28.3% in the same period last year to 19.9%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	112,616	36,293	38,067	24,060	35.4	51.2	Nov 2, 2022	IFRS
Apr - Sep, 2023	115,795	34,559	37,322	23,406	34.5	54.2	Oct 27, 2023	IFRS
Apr - Sep, 2024	124,819	28,982	29,074	17,294	25.5	41.8	Oct 30, 2024	IFRS
YoY	+7.8%	-16.1%	-22.1%	-26.1%	-26.1%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	127,000	28,000	28,500	17,500	25.8	0	Apr 26, 2024	IFRS
Apr - Sep, 2024 Results	124,819	28,982	29,074	17,294	25.5	0	Oct 30, 2024	IFRS
Revision Rate	-1.7%	+3.5%	+2.0%	-1.2%	-1.2%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	123,088	29,822	31,518	21,865	32.2	21	Apr 26, 2024	IFRS
Oct - Mar, 2024 Guidance	145,681	39,518	40,426	27,706	40.8	－	Oct 30, 2024	IFRS
YoY	+18.4%	+32.5%	+28.3%	+26.7%	+26.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	230,818	71,983	74,318	49,028	72.2	19	Apr 28, 2023	IFRS
Mar, 2024	238,883	64,381	68,840	45,271	66.7	21	Apr 26, 2024	IFRS
Mar, 2025 Guidance	270,500	68,500	69,500	45,000	66.3	－	Apr 26, 2024	IFRS
YoY	+13.2%	+6.4%	+1.0%	-0.6%	-0.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	58,399	16,555	17,491	10,992	16.2	28.3	Oct 27, 2023	IFRS
Oct - Dec, 2023	63,394	20,404	20,003	13,208	19.5	32.2	Jan 31, 2024	IFRS
Jan - Mar, 2024	59,694	9,418	11,515	8,657	12.8	15.8	Apr 26, 2024	IFRS
Apr - Jun, 2024	64,209	16,899	18,784	11,248	16.6	26.3	Jul 26, 2024	IFRS
Jul - Sep, 2024	60,610	12,083	10,290	6,046	8.9	19.9	Oct 30, 2024	IFRS
YoY	+3.8%	-27.0%	-41.2%	-45.0%	-45.0%