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CEL, First Half Ordinary Profit Revised Downward to an Unexpected 7%Decrease

Tue Oct 14, 2025 2:00 pm JST Earnings

5078 CEL Corporation 【J-GAAP】

Earnings Report

CEL Corporation <5078> [TSE Std] announced its financial results in the afternoon session on October 14th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2026 (March to August) decreased 6.9% from the same period last year to 1.05 billion yen, resulting in a decrease in profits compared to the previous forecast of a 21.2% increase.

Progress toward the full-year plan of 2.26 billion yen was 46.5%, also falling below the five-year average of 55.3%.

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 September to February period (second half) is expected to expand 32.8% from the same period last year, reaching 1.21 billion yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit dropped to 0.45 billion yen, a 42.2% decrease compared to the same period last year. The operating profit margin decreased from 11.2% in the same period last year to 8.6%.

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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
Mar - Aug, 2023 12,162 956 974 655 189.2 58.7 Oct 12, 2023 J-GAAP
Mar - Aug, 2024 11,585 1,108 1,128 786 231.7 55.3 Oct 11, 2024 J-GAAP
Mar - Aug, 2025 10,799 1,047 1,050 685 202.3 46.5 Oct 14, 2025 J-GAAP
YoY -6.8% -5.5% -6.9% -12.8% -12.7%

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 13,563 1,366 1,367 911 268.9 0 Apr 14, 2025 J-GAAP
Mar - Aug, 2025 Results 10,799 1,047 1,050 685 202.3 0 Oct 14, 2025 J-GAAP
Revision Rate -20.4% -23.4% -23.2% -24.8% -24.8%

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 12,337 910 911 630 185.8 135 Apr 14, 2025 J-GAAP
Sep - Feb, 2025 Guidance 15,089 1,211 1,210 842 248.5 135 Oct 14, 2025 J-GAAP
YoY +22.3% +33.1% +32.8% +33.7% +33.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2024 23,103 1,637 1,658 1,109 322.5 105 Apr 12, 2024 J-GAAP
Feb, 2025 23,922 2,018 2,039 1,416 417.6 135 Apr 14, 2025 J-GAAP
Feb, 2026 Guidance 25,888 2,258 2,260 1,527 450.7 135 Apr 14, 2025 J-GAAP
YoY +8.2% +11.9% +10.8% +7.8% +7.9%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jun - Aug, 2024 6,810 766 784 565 166.5 11.2 Oct 11, 2024 J-GAAP
Sep - Nov, 2024 5,532 472 475 330 97.3 8.5 Jan 14, 2025 J-GAAP
Dec - Feb, 2024 6,805 438 436 300 88.5 6.4 Apr 14, 2025 J-GAAP
Mar - May, 2025 5,544 596 597 375 111.0 10.8 Jul 15, 2025 J-GAAP
Jun - Aug, 2025 5,255 451 453 310 91.6 8.6 Oct 14, 2025 J-GAAP
YoY -22.8% -41.1% -42.2% -45.1% -45.0%

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