WADAKOHSAN, First Half Ordinary Profit Increases by 26%

Fri Oct 3, 2025 3:30 pm JST Earnings

8931 WADAKOHSAN CORPORATION 【J-GAAP】

WADAKOHSAN CORPORATION <8931> [TSE Std] announced its financial results after the market closed on October 3rd (15:30). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending February 2026 (March to August) increased 26.4% from the same period last year, reaching 2.30 billion yen, exceeded the previous forecast of 2.00 billion yen.

Progress toward the full-year plan of 3.50 billion yen was 65.9%, also surpassing the five-year average of 46.1%.

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 September to February period (second half) is expected to significant drop 55.4% from the same period last year to 1.19 billion yen.

In the most recent three-month period, from June to August (2Q), the ordinary profit decreased to 0.79 billion yen, a 3.2% decrease compared to the same period last year. However, the operating profit margin rose from 10.1% in the same period last year to 10.4%.

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Actual Performance and Financial Trends

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Mar - Aug, 2023	20,789M	2,502M	2,141M	1,481M	133.5	56.0%	Oct 6, 2023	J-GAAP
Mar - Aug, 2024	20,149M	2,176M	1,824M	1,242M	113.0	40.5%	Oct 4, 2024	J-GAAP
Mar - Aug, 2025	22,182M	2,758M	2,305M	1,647M	150.4	65.9%	Oct 3, 2025	J-GAAP
YoY	+10.1%	+26.7%	+26.4%	+32.6%	+33.1%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar - Aug, 2025 Guidance	23,000M	2,500M	2,000M	1,400M	127.8	35	Apr 11, 2025	J-GAAP
Mar - Aug, 2025 Results	22,182M	2,758M	2,305M	1,647M	150.4	35	Oct 3, 2025	J-GAAP
Revision Rate	-3.6%	+10.3%	+15.3%	+17.6%	+17.7%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Sep - Feb, 2024	19,981M	3,109M	2,678M	1,880M	171.3	44	Apr 11, 2025	J-GAAP
Guidance Sep - Feb, 2025	18,818M	1,742M	1,195M	853M	77.8	35	Oct 3, 2025	J-GAAP
YoY	-5.8%	-44.0%	-55.4%	-54.6%	-54.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2024	38,825M	4,528M	3,820M	2,638M	237.7	60	Apr 12, 2024	J-GAAP
Feb, 2025	40,130M	5,285M	4,502M	3,122M	284.5	70	Apr 11, 2025	J-GAAP
Guidance Feb, 2026	41,000M	4,500M	3,500M	2,500M	228.2	70	Apr 11, 2025	J-GAAP
YoY	+2.2%	-14.9%	-22.3%	-19.9%	-19.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2024	9,168M	924M	818M	556M	50.6	10.1%	Oct 4, 2024	J-GAAP
Sep - Nov, 2024	13,597M	2,484M	2,268M	1,571M	143.1	18.3%	Jan 7, 2025	J-GAAP
Dec - Feb, 2024	6,384M	625M	410M	309M	28.2	9.8%	Apr 11, 2025	J-GAAP
Mar - May, 2025	12,313M	1,734M	1,513M	1,109M	101.2	14.1%	Jul 11, 2025	J-GAAP
Jun - Aug, 2025	9,869M	1,024M	792M	538M	49.1	10.4%	Oct 3, 2025	J-GAAP
YoY	+7.6%	+10.8%	-3.2%	-3.2%	-2.9%

WADAKOHSAN, First Half Ordinary Profit Increases by 26%

Actual Performance and Financial Trends

Current Period Guidance

Quarterly Results

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