TBS HOLDINGS, The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 9% Increase, Dividend Revised Upward by 8 yen

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Thu Feb 6, 2025 4:30 pm JST Earnings

9401 TBS HOLDINGS, INC. 【J-GAAP】

Earnings Report

TBS HOLDINGS, INC. <9401> [TSE Prime] announced its financial results after the market closed on February 6th (16:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) increased 18.8% from the same period last year, reaching 34.1 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward 15.7%, from the previous forecast of 26.1 billion yen to 30.2 billion yen (compared to 27.6 billion yen in the previous period), turning to a 9.2% increase in the consolidated ordinary profit outlook.

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 55.0%, from the previous forecast of 7.44 billion yen to 11.5 billion yen (compared to 11.3 billion yen in the same period of the previous year), turning to a 1.3% increase in the consolidated ordinary profit outlook.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 54 yen to 62 yen (compared to 44 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit grew 24.1% from the same period last year, reaching 15.5 billion yen. The operating profit margin improved from 7.9% in the same period last year to 8.9%.

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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	276,146	20,194	34,101	21,166	125.3	97.2	Feb 9, 2023	J-GAAP
Apr - Dec, 2023	295,465	17,041	28,742	38,319	232.6	103.9	Feb 8, 2024	J-GAAP
Apr - Dec, 2024	302,934	22,135	34,152	43,740	271.3	113.1	Feb 6, 2025	J-GAAP
YoY	+2.5%	+29.9%	+18.8%	+14.1%	+16.6%

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	202,208	3,699	7,448	3,822	23.9	27	Nov 8, 2024	J-GAAP
Oct - Mar, 2024 New	206,208	5,299	11,548	7,022	43.9	35	Feb 6, 2025	J-GAAP
Revision Rate	+2.0%	+43.3%	+55.0%	+83.7%	+83.7%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	400,000	16,500	26,100	37,400	233.7	54	Sep 3, 2024	J-GAAP
Mar, 2025 New	404,000	18,100	30,200	40,600	253.7	62	Feb 6, 2025	J-GAAP
Revision Rate	+1.0%	+9.7%	+15.7%	+8.6%	+8.6%

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	203,496	6,432	11,396	28,294	172.4	22	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	206,208	5,299	11,548	7,022	43.9	35	Feb 6, 2025	J-GAAP
YoY	+1.3%	-17.6%	+1.3%	-75.2%	-74.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	368,130	20,782	35,086	35,182	208.8	42	May 12, 2023	J-GAAP
Mar, 2024	394,309	15,175	27,653	38,126	232.3	44	May 14, 2024	J-GAAP
Mar, 2025 Guidance	404,000	18,100	30,200	40,600	253.7	62	Feb 6, 2025	J-GAAP
YoY	+2.5%	+19.3%	+9.2%	+6.5%	+9.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	104,652	8,298	12,485	28,487	172.9	7.9	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	98,844	-1,866	-1,089	-193	-1.2	-1.9	May 14, 2024	J-GAAP
Apr - Jun, 2024	98,604	6,178	12,250	14,377	89.0	6.3	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	99,188	6,623	6,402	19,201	118.8	6.7	Nov 8, 2024	J-GAAP
Oct - Dec, 2024	105,142	9,334	15,500	10,162	63.0	8.9	Feb 6, 2025	J-GAAP
YoY	+0.5%	+12.5%	+24.1%	-64.3%	-63.5%