AGS, The Current Fiscal Year Ordinary Profit Revised Upward by 34%, Exceeded Record Profit Forecast

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Wed Jan 29, 2025 4:00 pm JST Earnings

3648 AGS Corporation 【J-GAAP】

Earnings Report

AGS Corporation <3648> [TSE Std] announced its financial results after the market closed on January 29th (16:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) was 1.13 billion yen, a 1.0% increase compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward 34.3%, from the previous forecast of 1.37 billion yen to 1.84 billion yen (compared to 1.28 billion yen in the previous period), increasing the growth rate from 6.5% to 43.1%. The company has further increased its previous forecast of record profits for the first time in fourteen years.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) is expected to increase 62.8%, from the previous forecast of 0.74 billion yen to 1.21 billion yen (compared to 0.58 billion yen in the same period of the previous year), increasing the growth rate from 28.5% to 2.1 times.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit grew 22.0% from the same period last year, reaching 0.51 billion yen. The operating profit margin improved from 7.4% in the same period last year to 8.2%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2022	15,072	532	565	366	20.6	62.1	Jan 30, 2023	J-GAAP
Apr - Dec, 2023	16,248	1,106	1,127	847	48.6	87.6	Jan 30, 2024	J-GAAP
Apr - Dec, 2024	17,076	1,087	1,138	757	44.9	61.8	Jan 29, 2025	J-GAAP
YoY	+5.1%	-1.7%	+1.0%	-10.6%	-7.7%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	12,569	765	748	522	31.2	8	Oct 30, 2024	J-GAAP
Oct - Mar, 2024 New	13,569	1,215	1,218	812	48.6	8	Jan 29, 2025	J-GAAP
Revision Rate	+8.0%	+58.8%	+62.8%	+55.6%	+55.6%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	23,500	1,350	1,370	930	55.6	16	May 13, 2024	J-GAAP
Mar, 2025 New	24,500	1,800	1,840	1,220	72.9	16	Jan 29, 2025	J-GAAP
Revision Rate	+4.3%	+33.3%	+34.3%	+31.2%	+31.2%

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	11,525	589	582	468	27.0	8	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	13,569	1,215	1,218	812	48.6	8	Jan 29, 2025	J-GAAP
YoY	+17.7%	+106.3%	+109.3%	+73.5%	+79.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	21,066	873	910	682	38.4	11	May 11, 2023	J-GAAP
Mar, 2024	22,092	1,272	1,286	936	54.0	14.50	May 13, 2024	J-GAAP
Mar, 2025 Guidance	24,500	1,800	1,840	1,220	72.9	16	Jan 29, 2025	J-GAAP
YoY	+10.9%	+41.5%	+43.1%	+30.3%	+35.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	5,681	423	423	379	21.8	7.4	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	5,844	166	159	89	5.1	2.8	May 13, 2024	J-GAAP
Apr - Jun, 2024	5,088	138	185	122	7.2	2.7	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	5,843	447	437	286	16.9	7.7	Oct 30, 2024	J-GAAP
Oct - Dec, 2024	6,145	502	516	349	20.7	8.2	Jan 29, 2025	J-GAAP
YoY	+8.2%	+18.7%	+22.0%	-7.9%	-4.9%