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BULL-DOG SAUCE, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 8%

Fri Oct 24, 2025 3:00 pm JST Earnings

2804 BULL-DOG SAUCE CO.,LTD. 【J-GAAP】

Earnings Report

BULL-DOG SAUCE CO.,LTD. <2804> [TSE Prime] announced its financial results in the afternoon session on October 24th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) surged 3.3 times that of the same period last year, reaching 0.81 billion yen.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 8.3%, from the previous forecast of 1.20 billion yen to 1.30 billion yen (compared to 0.86 billion yen in the previous period), increasing the growth rate from 38.9% to 50.5%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease 20.6% from the same period last year to 0.49 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased 66.8% from the same period last year, reaching 0.39 billion yen. The operating profit margin significantly improved from 1.2% in the same period last year to 4.8%.

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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
Apr - Sep, 2023 7,257 361 485 52 4.0 72.0 Oct 27, 2023 J-GAAP
Apr - Sep, 2024 7,312 -60 247 183 13.7 28.6 Oct 25, 2024 J-GAAP
Apr - Sep, 2025 7,375 302 810 2,069 159.6 62.3 Oct 24, 2025 J-GAAP
YoY +0.9% － +227.9% +1,030.6% +1,063.0%

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 － 20 May 15, 2025 J-GAAP
Apr - Sep, 2025 Results 7,375 302 810 2,069 159.6 20 Oct 24, 2025 J-GAAP
Revision Rate － － － － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 15,300 500 1,200 2,200 171.6 45 Jul 25, 2025 J-GAAP
Mar, 2026 New 15,300 600 1,300 2,300 179.4 45 Oct 24, 2025 J-GAAP
Revision Rate 0.0% +20.0% +8.3% +4.5% +4.5%

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 7,305 283 617 440 33.1 18 May 15, 2025 J-GAAP
Oct - Mar, 2025 Guidance 7,925 298 490 231 18.0 25 Oct 24, 2025 J-GAAP
YoY +8.5% +5.3% -20.6% -47.5% -45.6%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 14,482 163 674 145 10.9 35 May 15, 2024 J-GAAP
Mar, 2025 14,617 223 864 623 46.9 35 May 15, 2025 J-GAAP
Mar, 2026 Guidance 15,300 600 1,300 2,300 179.4 45 Oct 24, 2025 J-GAAP
YoY +4.7% +169.1% +50.5% +269.2% +282.4%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 3,680 43 235 170 12.8 1.2 Oct 25, 2024 J-GAAP
Oct - Dec, 2024 3,869 169 435 314 23.6 4.4 Jan 24, 2025 J-GAAP
Jan - Mar, 2025 3,436 114 182 126 9.5 3.3 May 15, 2025 J-GAAP
Apr - Jun, 2025 3,695 125 418 1,765 135.3 3.4 Jul 25, 2025 J-GAAP
Jul - Sep, 2025 3,680 177 392 304 23.5 4.8 Oct 24, 2025 J-GAAP
YoY 0.0% +311.6% +66.8% +78.8% +83.9%

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