KADOKAWA CORPORATION, The Current Fiscal Year Ordinary Profit Revised Downward by 9%

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Thu Nov 7, 2024 3:30 pm JST Earnings

9468 KADOKAWA CORPORATION 【J-GAAP】

Earnings Report

KADOKAWA CORPORATION <9468> [TSE-P] announced its financial results after the market closed on November 7th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 4.1% from the same period last year, reaching 9.77 billion yen.

However, the full-year consolidated ordinary profit has downwardly by 9.5%, from the previous forecast of 17.9 billion yen to 16.2 billion yen (compared to 20.2 billion yen in the previous period), leading to an increase in the profit decline rate from 11.5% to 19.9%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to drop by 40.7% from the same period last year to 6.42 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 2.07 billion yen, a 37.0% decrease compared to the same period last year. The operating profit margin worsened from 8.2% in the same period last year to 6.5%.

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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	122,639	13,237	16,897	10,537	75.6	63.4	Nov 2, 2022	J-GAAP
Apr - Sep, 2023	124,207	8,604	9,389	4,125	29.8	46.4	Nov 2, 2023	J-GAAP
Apr - Sep, 2024	136,320	10,626	9,771	3,096	23.0	60.3	Nov 7, 2024	J-GAAP
YoY	+9.8%	+23.5%	+4.1%	-24.9%	-22.7%

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	ー	ー	ー	ー	－	0	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	136,320	10,626	9,771	3,096	23.0	0	Nov 7, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	271,300	15,600	17,900	9,700	72.1	30	Aug 14, 2024	J-GAAP
Mar, 2025 New	271,700	16,300	16,200	9,000	66.9	30	Nov 7, 2024	J-GAAP
Revision Rate	+0.1%	+4.5%	-9.5%	-7.2%	-7.2%

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	133,902	9,850	10,847	7,259	53.2	30	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	135,380	5,674	6,429	5,904	43.9	30	Nov 7, 2024	J-GAAP
YoY	+1.1%	-42.4%	-40.7%	-18.7%	-17.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	255,429	25,931	26,669	12,679	90.9	30	May 11, 2023	J-GAAP
Mar, 2024	258,109	18,454	20,236	11,384	83.4	30	May 9, 2024	J-GAAP
Mar, 2025 Guidance	271,700	16,300	16,200	9,000	66.9	30	Nov 7, 2024	J-GAAP
YoY	+5.3%	-11.7%	-19.9%	-20.9%	-19.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	65,372	5,337	3,288	282	2.0	8.2	Nov 2, 2023	J-GAAP
Oct - Dec, 2023	62,817	4,730	4,019	2,188	16.0	7.5	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	71,085	5,120	6,828	5,071	37.2	7.2	May 9, 2024	J-GAAP
Apr - Jun, 2024	65,860	6,029	7,699	3,454	25.7	9.2	Aug 14, 2024	J-GAAP
Jul - Sep, 2024	70,460	4,597	2,072	-358	-2.7	6.5	Nov 7, 2024	J-GAAP
YoY	+7.8%	-13.9%	-37.0%	－	－