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Watahan &, First Half Ordinary Profit Revised Downward to an Unexpected 8%Decrease

Mon Oct 27, 2025 3:30 pm JST Earnings

3199 Watahan & Co.,Ltd. 【J-GAAP】

Earnings Report

Watahan & Co.,Ltd. <3199> [TSE Prime] announced its financial results after the market closed on October 27th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) decreased 7.9% from the same period last year to 1.64 billion yen, resulting in a decrease in profits compared to the previous forecast of a 1.1% increase.

Progress toward the full-year plan of 4.00 billion yen was 41.1%, also falling below the five-year average of 46.8%.

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 grow 16.2% from the same period last year, reaching 2.35 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 0.82 billion yen, a 10.2% decrease compared to the same period last year. The operating profit margin worsened from 2.8% in the same period last year to 2.3%.

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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 61,978 1,032 1,261 766 38.5 39.0 Oct 31, 2023 J-GAAP
Apr - Sep, 2024 65,270 1,755 1,783 1,240 62.2 46.8 Oct 28, 2024 J-GAAP
Apr - Sep, 2025 65,463 1,449 1,642 1,135 58.6 41.1 Oct 27, 2025 J-GAAP
YoY +0.3% -17.4% -7.9% -8.5% -5.8%

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 67,720 1,762 1,803 1,150 59.3 0 May 12, 2025 J-GAAP
Apr - Sep, 2025 Results 65,463 1,449 1,642 1,135 58.6 0 Oct 27, 2025 J-GAAP
Revision Rate -3.3% -17.8% -8.9% -1.3% -1.2%

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 68,324 1,746 2,029 837 42.2 29 May 12, 2025 J-GAAP
Oct - Mar, 2025 Guidance 73,537 2,391 2,358 1,165 60.1 30 Oct 27, 2025 J-GAAP
YoY +7.6% +36.9% +16.2% +39.2% +42.5%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 128,072 2,822 3,237 1,854 93.1 23 May 10, 2024 J-GAAP
Mar, 2025 133,594 3,501 3,812 2,077 104.6 29 May 12, 2025 J-GAAP
Mar, 2026 Guidance 139,000 3,840 4,000 2,300 118.6 30 May 12, 2025 J-GAAP
YoY +4.0% +9.7% +4.9% +10.7% +13.4%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 33,444 929 923 624 31.3 2.8 Oct 28, 2024 J-GAAP
Oct - Dec, 2024 35,697 1,240 1,434 906 45.4 3.5 Jan 30, 2025 J-GAAP
Jan - Mar, 2025 32,627 506 595 -69 -3.5 1.6 May 12, 2025 J-GAAP
Apr - Jun, 2025 32,416 683 813 645 33.3 2.1 Jul 24, 2025 J-GAAP
Jul - Sep, 2025 33,047 766 829 490 25.3 2.3 Oct 27, 2025 J-GAAP
YoY -1.2% -17.5% -10.2% -21.5% -19.2%

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