TRUST Holdings, First Half Ordinary Profit Decreases by 30%

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Mon Feb 10, 2025 3:30 pm JST Earnings

3286 TRUST Holdings Inc. 【J-GAAP】

Earnings Report

TRUST Holdings Inc. <3286> [TSE Growth] announced its financial results after the market closed on February 10th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending June 2025 (July to December) dropped 30.3% from the same period last year to 237 million yen. The progress rate toward the full-year plan of 550 million yen was 43.1%, also falling below the five-year average of 68.7%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the January to June period (2H) is expected to grow 17.2% from the same period last year, reaching 313 million yen.

In the most recent three-month period, from October to December (2Q), the consolidated ordinary profit surged 2.8 times that of the same period last year, reaching 228 million yen. The operating profit margin improved from 3.4% in the same period last year to 5.9%.

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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
Jul - Dec, 2022	5,681	151	112	100	27.3	22.0	Jan 31, 2023	J-GAAP
Jul - Dec, 2023	7,064	372	340	187	50.0	56.0	Feb 9, 2024	J-GAAP
Jul - Dec, 2024	6,623	277	237	115	30.3	43.1	Feb 10, 2025	J-GAAP
YoY	-6.2%	-25.5%	-30.3%	-38.5%	-39.4%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Guidance	6,538	241	195	128	33.4	8	Aug 9, 2024	J-GAAP
Jul - Dec, 2024 Results	6,623	277	237	115	30.3	8	Feb 10, 2025	J-GAAP
Revision Rate	+1.3%	+14.9%	+21.5%	-10.2%	-9.4%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan - Jun, 2024	6,630	303	267	151	40.0	8	Aug 9, 2024	J-GAAP
Jan - Jun, 2025 Guidance	7,377	363	313	235	61.3	8	Feb 10, 2025	J-GAAP
YoY	+11.3%	+19.8%	+17.2%	+55.6%	+53.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jun, 2023	13,418	569	510	239	64.5	15	Aug 10, 2023	J-GAAP
Jun, 2024	13,694	675	607	338	89.6	16	Aug 9, 2024	J-GAAP
Jun, 2025 Guidance	14,000	640	550	350	91.3	16	Aug 9, 2024	J-GAAP
YoY	+2.2%	-5.2%	-9.4%	+3.6%	+2.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	2,846	98	81	42	11.2	3.4	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	2,348	50	28	21	5.6	2.1	May 10, 2024	J-GAAP
Apr - Jun, 2024	4,282	253	239	130	34.4	5.9	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	2,480	31	9	1	0.4	1.3	Nov 8, 2024	J-GAAP
Oct - Dec, 2024	4,143	246	228	114	30.1	5.9	Feb 10, 2025	J-GAAP
YoY	+45.6%	+151.0%	+181.5%	+171.4%	+167.6%