SHIFT, First Half Ordinary Profit Increases by 63%, Dec-Feb Ordinary Profit Increases by 54%

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Thu Apr 10, 2025 3:30 pm JST Earnings

3697 SHIFT Inc. 【J-GAAP】

Earnings Report

SHIFT Inc. <3697> [TSE Prime] announced its financial results after the market closed on April 10th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending August 2025 (September 2024 to February 2025) expanded 7.86 billion yen, an increase 62.9% compared to the same period last year. The progress rate toward the full-year plan of 13.5 billion yen was 58.3%, also surpassing the five-year average of 47.4%.

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 March to August period (2H) is expected to decrease 4.9% from the same period last year to 5.63 billion yen.

In the most recent three-month period, from December to February (2Q), the consolidated ordinary profit increased 54.5% from the same period last year, reaching 4.55 billion yen. The operating profit margin jumped from 10.5% in the same period last year to 14.4%.

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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
Sep - Feb, 2022	40,343	5,082	5,408	2,185	8.3	45.1	Apr 10, 2023	J-GAAP
Sep - Feb, 2023	52,305	4,683	4,831	2,982	11.3	44.9	Apr 11, 2024	J-GAAP
Sep - Feb, 2024	61,688	8,058	7,868	4,493	17.1	58.3	Apr 10, 2025	J-GAAP
YoY	+17.9%	+72.1%	+62.9%	+50.7%	+50.8%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Sep - Feb, 2024 Guidance	ー	ー	ー	ー	－	0	Oct 10, 2024	J-GAAP
Sep - Feb, 2024 Results	61,688	8,058	7,868	4,493	17.1	0	Apr 10, 2025	J-GAAP
Revision Rate	－	－	－	－	－

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar - Aug, 2024	58,322	5,854	5,922	2,145	8.1	0	Oct 10, 2024	J-GAAP
Mar - Aug, 2025 Guidance	68,312	5,442	5,632	3,407	13.0	0	Apr 10, 2025	J-GAAP
YoY	+17.1%	-7.0%	-4.9%	+58.8%	+59.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug, 2023	88,030	11,565	12,000	6,245	23.6	0	Oct 12, 2023	J-GAAP
Aug, 2024	110,627	10,537	10,753	5,127	19.4	0	Oct 10, 2024	J-GAAP
Aug, 2025 Guidance	130,000	13,500	13,500	7,900	30.0	0	Oct 10, 2024	J-GAAP
YoY	+17.5%	+28.1%	+25.5%	+54.1%	+54.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Dec - Feb, 2023	27,232	2,870	2,949	1,889	7.2	10.5	Apr 11, 2024	J-GAAP
Mar - May, 2024	28,838	2,380	2,432	313	1.2	8.3	Jul 10, 2024	J-GAAP
Jun - Aug, 2024	29,484	3,474	3,490	1,832	6.9	11.8	Oct 10, 2024	J-GAAP
Sep - Nov, 2024	30,174	3,517	3,313	1,976	7.5	11.7	Jan 14, 2025	J-GAAP
Dec - Feb, 2024	31,514	4,541	4,555	2,517	9.6	14.4	Apr 10, 2025	J-GAAP
YoY	+15.7%	+58.2%	+54.5%	+33.2%	+33.5%