Nulab, The Current Fiscal Year Ordinary Profit Revised Upward by 48%, Raises Record High Profit Forecast

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Fri Feb 14, 2025 3:30 pm JST Earnings

5033 Nulab Inc. 【J-GAAP】

Earnings Report

Nulab Inc. <5033> [TSE Growth] announced its financial results after the market closed on February 14th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) increased 29.2% from the same period last year, reaching 562 million yen.

In addition, the full-year consolidated ordinary profit has been revised upward 47.8%, from the previous forecast of 406 million yen to 600 million yen (compared to 330 million yen in the previous period), increasing the growth rate from 23.0% to 81.8%, further surpassing the previous forecast of record-high profits for two consecutive terms.

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 7.3 times, from the previous forecast of 31 million yen to 225 million yen (compared to 93 million yen in the same period of the previous year), turning to a 2.4 times increase in the consolidated ordinary profit outlook.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit decreased to 187 million yen, a 5.6% decrease compared to the same period last year. The operating profit margin decreased from 21.0% in the same period last year to 18.1%.

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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	1,962	75	67	54	8.7	72.8	Feb 14, 2023	J-GAAP
Apr - Dec, 2023	2,679	437	435	366	56.8	131.8	Feb 14, 2024	J-GAAP
Apr - Dec, 2024	3,059	562	562	399	61.6	93.7	Feb 14, 2025	J-GAAP
YoY	+14.2%	+28.6%	+29.2%	+9.0%	+8.4%

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	1,918	32	31	22	3.4	0	Nov 14, 2024	J-GAAP
Oct - Mar, 2024 New	2,089	226	225	225	34.7	0	Feb 14, 2025	J-GAAP
Revision Rate	+8.9%	+606.3%	+625.8%	+922.7%	+923.6%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	3,937	406	406	287	44.3	0	May 14, 2024	J-GAAP
Mar, 2025 New	4,108	600	600	490	75.6	0	Feb 14, 2025	J-GAAP
Revision Rate	+4.3%	+47.8%	+47.8%	+70.7%	+70.7%

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	1,927	93	93	110	17.1	0	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	2,089	226	225	225	34.7	0	Feb 14, 2025	J-GAAP
YoY	+8.4%	+143.0%	+141.9%	+104.5%	+103.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	2,706	101	92	88	14.0	0	May 12, 2023	J-GAAP
Mar, 2024	3,662	332	330	308	47.7	0	May 14, 2024	J-GAAP
Mar, 2025 Guidance	4,108	600	600	490	75.6	0	Feb 14, 2025	J-GAAP
YoY	+12.2%	+80.7%	+81.8%	+59.1%	+58.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	944	198	198	168	26.1	21.0	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	983	-105	-105	-58	-9.0	-10.7	May 14, 2024	J-GAAP
Apr - Jun, 2024	998	179	179	131	20.3	17.9	Aug 14, 2024	J-GAAP
Jul - Sep, 2024	1,021	195	196	134	20.7	19.1	Nov 14, 2024	J-GAAP
Oct - Dec, 2024	1,040	188	187	134	20.7	18.1	Feb 14, 2025	J-GAAP
YoY	+10.2%	-5.1%	-5.6%	-20.2%	-20.7%