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ADJUVANT, First Half Ordinary Profit Turns to Loss, Jul-Sep Ordinary Profit Turns to Loss

Fri Oct 17, 2025 3:30 pm JST Earnings

4929 ADJUVANT HOLDINGS CO.,LTD. 【J-GAAP】

Earnings Report

ADJUVANT HOLDINGS CO.,LTD. <4929> [TSE Std] announced its financial results after the market closed on October 17th (15:30). The consolidated ordinary profit/loss for the cumulative second quarter of the fiscal year ending March 2026 (April to September) turned into a loss of 15 million yen (compared to a profit of 55 million yen in the same period last year).

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 October to March period (second half) is expected to expand 77.5% from the same period last year, reaching 142 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a loss of 3 million yen (compared to a profit of 31 million yen in the same period last year). The operating profit/loss margin drastically worsened from 5.3% in the same period last year to -1.2%.

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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
Apr - Sep, 2023 2,213 -92 -87 -140 -17.6 ー Oct 20, 2023 J-GAAP
Apr - Sep, 2024 2,079 55 55 18 2.3 40.7 Oct 18, 2024 J-GAAP
Apr - Sep, 2025 1,855 -21 -15 15 2.0 ー Oct 17, 2025 J-GAAP
YoY -10.8% － － -16.7% -12.7%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance ー ー ー ー － 0 Apr 18, 2025 J-GAAP
Apr - Sep, 2025 Results 1,855 -21 -15 15 2.0 0 Oct 17, 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
Oct - Mar, 2024 2,019 71 80 22 2.8 12 Apr 18, 2025 J-GAAP
Oct - Mar, 2025 Guidance 2,510 147 142 58 7.3 12 Oct 17, 2025 J-GAAP
YoY +24.3% +107.0% +77.5% +163.6% +159.9%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 4,438 -1 17 -99 -12.5 12 Apr 19, 2024 J-GAAP
Mar, 2025 4,098 126 135 40 5.1 12 Apr 18, 2025 J-GAAP
Mar, 2026 Guidance 4,365 126 127 73 9.1 12 Apr 18, 2025 J-GAAP
YoY +6.5% 0.0% -5.9% +82.5% +79.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 1,017 54 31 5 0.6 5.3 Oct 18, 2024 J-GAAP
Oct - Dec, 2024 1,171 143 151 88 11.0 12.2 Jan 17, 2025 J-GAAP
Jan - Mar, 2025 848 -72 -71 -66 -8.4 -8.5 Apr 18, 2025 J-GAAP
Apr - Jun, 2025 958 -10 -12 11 1.4 -1.0 Jul 18, 2025 J-GAAP
Jul - Sep, 2025 897 -11 -3 4 0.5 -1.2 Oct 17, 2025 J-GAAP
YoY -11.8% － － -20.0% -15.9%

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