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HORAI, First Half Ordinary Profit Decreases by 34%, Jan-Mar Ordinary Profit Decreases by 41%

Fri Apr 25, 2025 4:00 pm JST Earnings

9679 HORAI Co.,Ltd. 【J-GAAP】

Earnings Report

HORAI Co.,Ltd. <9679> [TSE Std] announced its financial results after the market closed on April 25th (16:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending September 2025 (October 2024 to March 2025) dropped 34.0% from the same period last year to 215 million yen. The progress rate toward the full-year plan of 650 million yen was 33.1%, also falling below the five-year average of 42.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the April to September period (2H) is expected to grow 9.3% from the same period last year, reaching 435 million yen.

In the most recent three-month period, from January to March (2Q), the ordinary profit dropped to 81 million yen, a 41.3% decrease compared to the same period last year. The operating profit margin drastically worsened from 8.3% in the same period last year to 4.4%.

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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
Oct - Mar, 2022 2,377 191 313 233 55.8 42.1 Apr 28, 2023 J-GAAP
Oct - Mar, 2023 2,489 242 326 227 54.2 45.0 Apr 26, 2024 J-GAAP
Oct - Mar, 2024 2,630 160 215 120 28.8 33.1 Apr 25, 2025 J-GAAP
YoY +5.7% -33.9% -34.0% -47.1% -47.0%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 Guidance ー ー ー ー － 0 Oct 31, 2024 J-GAAP
Oct - Mar, 2024 Results 2,630 160 215 120 28.8 0 Apr 25, 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
Apr - Sep, 2024 2,991 329 398 81 19.3 22 Oct 31, 2024 J-GAAP
Apr - Sep, 2025 Guidance 3,170 390 435 330 78.8 22 Apr 25, 2025 J-GAAP
YoY +6.0% +18.5% +9.3% +307.4% +307.4%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep, 2023 5,185 527 744 513 122.5 20 Oct 31, 2023 J-GAAP
Sep, 2024 5,480 571 724 308 73.6 22 Oct 31, 2024 J-GAAP
Sep, 2025 Guidance 5,800 550 650 450 107.5 22 Oct 31, 2024 J-GAAP
YoY +5.8% -3.7% -10.2% +46.1% +46.1%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jan - Mar, 2024 1,174 97 138 97 23.2 8.3 Apr 26, 2024 J-GAAP
Apr - Jun, 2024 1,426 200 258 286 68.4 14.0 Jul 30, 2024 J-GAAP
Jul - Sep, 2024 1,565 129 140 -205 -49.0 8.2 Oct 31, 2024 J-GAAP
Oct - Dec, 2024 1,386 105 134 64 15.4 7.6 Jan 30, 2025 J-GAAP
Jan - Mar, 2025 1,244 55 81 56 13.4 4.4 Apr 25, 2025 J-GAAP
YoY +6.0% -43.3% -41.3% -42.3% -42.1%

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