RINNAI, First Half Ordinary Profit Increases by 13%, Jul-Sep Ordinary Profit Increases by 28%

Thu Nov 6, 2025 10:40 am JST Earnings

5947 RINNAI CORPORATION 【J-GAAP】

RINNAI CORPORATION <5947> [TSE Prime] announced its financial results in the morning on November 6th (10:40). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) increased 13.2% from the same period last year, reaching 25.2 billion yen. Progress toward the full-year plan of 53.5 billion yen was 47.2%, exceeding the five-year average of 43.0%.

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 nearly flat at 28.2 billion yen, up 0.8% from the same period last year.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew 27.6% from the same period last year, reaching 14.5 billion yen. The operating profit margin rose from 10.8% in the same period last year to 11.5%.

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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
Apr - Sep, 2023	192,694M	10,120M	14,910M	7,902M	54.4	32.4	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	212,124M	20,996M	22,327M	12,247M	86.0	44.4	Nov 7, 2024	J-GAAP
Apr - Sep, 2025	216,415M	22,725M	25,272M	15,918M	113.8	47.2	Nov 6, 2025	J-GAAP
YoY	+2.0%	+8.2%	+13.2%	+30.0%	+32.3%

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	216,400M	21,300M	22,800M	14,000M	100.7	50	May 9, 2025	J-GAAP
Apr - Sep, 2025 Results	216,415M	22,725M	25,272M	15,918M	113.8	50	Nov 6, 2025	J-GAAP
Revision Rate	+0.0%	+6.7%	+10.8%	+13.7%	+13.0%

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	248,195M	25,009M	27,996M	17,444M	123.2	40	May 9, 2025	J-GAAP
Guidance Oct - Mar, 2025	253,585M	27,275M	28,228M	17,082M	123.7	50	Nov 6, 2025	J-GAAP
YoY	+2.2%	+9.1%	+0.8%	-2.1%	+0.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	430,186M	39,362M	46,071M	26,667M	184.8	60	May 9, 2024	J-GAAP
Mar, 2025	460,319M	46,005M	50,323M	29,691M	209.7	80	May 9, 2025	J-GAAP
Guidance Mar, 2026	470,000M	50,000M	53,500M	33,000M	239.0	100	May 9, 2025	J-GAAP
YoY	+2.1%	+8.7%	+6.3%	+11.1%	+14.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	113,939M	12,279M	11,438M	5,430M	38.1	10.8	Nov 7, 2024	J-GAAP
Oct - Dec, 2024	120,195M	14,059M	16,522M	10,631M	74.9	11.7	Feb 12, 2025	J-GAAP
Jan - Mar, 2025	128,000M	10,950M	11,474M	6,813M	48.1	8.6	May 9, 2025	J-GAAP
Apr - Jun, 2025	102,749M	9,697M	10,679M	6,622M	47.2	9.4	Aug 6, 2025	J-GAAP
Jul - Sep, 2025	113,666M	13,028M	14,593M	9,296M	66.4	11.5	Nov 6, 2025	J-GAAP
YoY	-0.2%	+6.1%	+27.6%	+71.2%	+74.2%

RINNAI, First Half Ordinary Profit Increases by 13%, Jul-Sep Ordinary Profit Increases by 28%

Actual Performance and Financial Trends

Current Period Guidance

Quarterly Results

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