CUBE SYSTEM, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 18% Decrease

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Wed Feb 5, 2025 3:30 pm JST Earnings

2335 CUBE SYSTEM INC. 【J-GAAP】

Earnings Report

CUBE SYSTEM INC. <2335> [TSE Prime] announced its financial results after the market closed on February 5th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) decreased 23.5% from the same period last year to 0.89 billion yen.

In addition, the full-year consolidated ordinary profit has decreased 20.6%, from the previous forecast of 1.65 billion yen to 1.31 billion yen (compared to 1.59 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 17.6% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) has decreased 30.3%, from the previous forecast of 1.12 billion yen to 0.78 billion yen (compared to 0.8 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 2.5% decrease in profit.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit decreased to 0.36 billion yen, a 3.9% decrease compared to the same period last year. The operating profit margin worsened from 8.1% in the same period last year to 7.7%.

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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	11,972	951	953	628	45.8	64.4	Feb 8, 2023	J-GAAP
Apr - Dec, 2023	13,565	1,161	1,169	758	50.0	73.5	Feb 7, 2024	J-GAAP
Apr - Dec, 2024	13,652	890	894	904	60.1	68.2	Feb 5, 2025	J-GAAP
YoY	+0.6%	-23.3%	-23.5%	+19.3%	+20.2%

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	9,778	1,067	1,122	598	39.7	20	Nov 6, 2024	J-GAAP
Oct - Mar, 2024 New	9,278	767	782	548	36.4	20	Feb 5, 2025	J-GAAP
Revision Rate	-5.1%	-28.1%	-30.3%	-8.4%	-8.4%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	18,800	1,600	1,650	1,260	83.7	40	Oct 9, 2024	J-GAAP
Mar, 2025 New	18,300	1,300	1,310	1,210	80.4	40	Feb 5, 2025	J-GAAP
Revision Rate	-2.7%	-18.8%	-20.6%	-4.0%	-4.0%

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	9,006	742	802	566	37.3	20	May 8, 2024	J-GAAP
Oct - Mar, 2024 Guidance	9,278	767	782	548	36.4	20	Feb 5, 2025	J-GAAP
YoY	+3.0%	+3.4%	-2.5%	-3.2%	-2.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	16,325	1,452	1,480	989	70.4	50	May 10, 2023	J-GAAP
Mar, 2024	18,021	1,536	1,590	1,067	70.4	35	May 8, 2024	J-GAAP
Mar, 2025 Guidance	18,300	1,300	1,310	1,210	80.4	40	Feb 5, 2025	J-GAAP
YoY	+1.5%	-15.4%	-17.6%	+13.4%	+14.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	4,550	367	381	257	17.0	8.1	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	4,456	375	421	309	20.4	8.4	May 8, 2024	J-GAAP
Apr - Jun, 2024	4,411	220	226	157	10.5	5.0	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	4,611	313	302	505	33.6	6.8	Nov 6, 2024	J-GAAP
Oct - Dec, 2024	4,630	357	366	242	16.1	7.7	Feb 5, 2025	J-GAAP
YoY	+1.8%	-2.7%	-3.9%	-5.8%	-5.1%