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NOF, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 1%, Raises Record High Profit Forecast, Dividend Revised Upward by 4 Yen

Thu Nov 6, 2025 2:00 pm JST Earnings

4403 NOF CORPORATION 【J-GAAP】

Earnings Report

NOF CORPORATION <4403> [TSE Prime] announced its financial results in the afternoon session on November 6th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) decreased 8.3% from the same period last year to 21.6 billion yen.

However, the full-year forecast for consolidated ordinary profit has been revised upward 0.8%, from the previous forecast of 47.9 billion yen to 48.3 billion yen (compared to 46.5 billion yen in the previous period), increasing the growth rate from 2.9% to 3.7%, further surpassing the previous forecast of record-high profits for five consecutive terms.

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 grow 16.0% from the same period last year, reaching 26.6 billion yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 48 yen to 52 yen (compared to 45 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew 11.0% from the same period last year, reaching 9.35 billion yen. However, the operating profit margin decreased from 17.7% in the same period last year to 16.6%.

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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
Apr - Sep, 2023 101,804 20,051 22,274 16,330 67.6 48.9 Nov 1, 2023 J-GAAP
Apr - Sep, 2024 110,478 23,321 23,592 17,016 71.4 50.7 Nov 7, 2024 J-GAAP
Apr - Sep, 2025 109,139 20,648 21,632 15,419 66.6 44.8 Nov 6, 2025 J-GAAP
YoY -1.2% -11.5% -8.3% -9.4% -6.7%

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 － 24 May 9, 2025 J-GAAP
Apr - Sep, 2025 Results 109,139 20,648 21,632 15,419 66.6 26 Nov 6, 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 252,000 46,000 47,900 36,800 161.0 48 May 9, 2025 J-GAAP
Mar, 2026 New 258,400 46,000 48,300 38,200 167.1 52 Nov 6, 2025 J-GAAP
Revision Rate +2.5% 0.0% +0.8% +3.8% +3.8%

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 127,832 21,987 22,980 19,481 82.1 24 May 9, 2025 J-GAAP
Oct - Mar, 2025 Guidance 149,261 25,352 26,668 22,781 99.7 26 Nov 6, 2025 J-GAAP
YoY +16.8% +15.3% +16.0% +16.9% +21.4%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 222,252 42,142 45,577 33,990 141.2 38 May 9, 2024 J-GAAP
Mar, 2025 238,310 45,308 46,572 36,497 153.9 45 May 9, 2025 J-GAAP
Mar, 2026 Guidance 258,400 46,000 48,300 38,200 167.1 52 Nov 6, 2025 J-GAAP
YoY +8.4% +1.5% +3.7% +4.7% +8.6%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 55,368 9,788 8,432 5,969 25.0 17.7 Nov 7, 2024 J-GAAP
Oct - Dec, 2024 60,692 12,438 14,014 10,611 44.6 20.5 Feb 12, 2025 J-GAAP
Jan - Mar, 2025 67,140 9,549 8,966 8,870 37.4 14.2 May 9, 2025 J-GAAP
Apr - Jun, 2025 56,063 11,847 12,274 8,610 37.0 21.1 Aug 6, 2025 J-GAAP
Jul - Sep, 2025 53,076 8,801 9,358 6,809 29.4 16.6 Nov 6, 2025 J-GAAP
YoY -4.1% -10.1% +11.0% +14.1% +17.5%

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