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Nareru Group, First Half Net Income Unexpectedly Revised Upward by 18%

Fri Jun 13, 2025 3:30 pm JST Earnings

9163 Nareru Group Inc. 【IFRS】

Earnings Report

Nareru Group Inc. <9163> [TSE Growth] announced its financial results (based on IFRS) after the market closed on June 13th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending October 2025 (November 2024 to April 2025) increased 17.8% from the same period last year, reaching 1.08 billion yen, resulting in an increase in profits compared to the previous forecast of a 5.7% decrease.

Progress toward the full-year plan of 2.33 billion yen was 46.7%, almost the same as the three-year average of 45.8%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the May to October period (second half) is expected to decrease 1.7% from the same period last year to 1.24 billion yen.

In the most recent three-month period, from February to April (2Q), the consolidated net income grew 7.6% from the same period last year, reaching 0.43 billion yen. However, the operating profit margin decreased from 11.3% in the same period last year to 10.8%.

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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
Nov - Apr, 2023 10,202 1,333 1,310 923 108.7 42.8 Jun 12, 2024 IFRS
Nov - Apr, 2024 11,790 1,535 1,501 1,087 124.5 46.6 Jun 13, 2025 IFRS
YoY +15.6% +15.2% +14.6% +17.8% +14.5%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Nov - Apr, 2024 Guidance 11,980 1,230 1,200 870 99.5 55 Dec 13, 2024 IFRS
Nov - Apr, 2024 Results 11,790 1,535 1,501 1,087 124.5 55 Jun 13, 2025 IFRS
Revision Rate -1.6% +24.8% +25.1% +24.9% +25.2%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
May - Oct, 2024 11,406 1,777 1,749 1,264 147.5 60 Dec 13, 2024 IFRS
May - Oct, 2025 Guidance 13,860 1,775 1,719 1,243 142.1 60 Jun 13, 2025 IFRS
YoY +21.5% -0.1% -1.7% -1.7% -3.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct, 2023 17,994 2,469 2,475 1,741 209.9 95 Dec 13, 2023 IFRS
Oct, 2024 21,608 3,110 3,059 2,187 255.2 110 Dec 13, 2024 IFRS
Oct, 2025 Guidance 25,650 3,310 3,220 2,330 266.3 115 Dec 13, 2024 IFRS
YoY +18.7% +6.4% +5.3% +6.5% +4.4%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Feb - Apr, 2024 5,215 589 578 407 47.9 11.3 Jun 12, 2024 IFRS
May - Jul, 2024 5,599 816 802 565 66.2 14.6 Sep 11, 2024 IFRS
Aug - Oct, 2024 5,807 961 947 699 81.6 16.5 Dec 13, 2024 IFRS
Nov - Jan, 2024 5,892 900 883 649 74.5 15.3 Mar 13, 2025 IFRS
Feb - Apr, 2025 5,898 635 618 438 50.2 10.8 Jun 13, 2025 IFRS
YoY +13.1% +7.8% +6.9% +7.6% +4.7%

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