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USHIO, First Half Net Income Decreases by 90%

Thu Nov 6, 2025 4:30 pm JST Earnings

6925 USHIO INC. 【J-GAAP】

Earnings Report

USHIO INC. <6925> [TSE Prime] announced its financial results after the market closed on November 6th (16:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2026 (April to September) significantly dropped 89.6% from the same period last year to 0.24 billion yen. Progress toward the full-year plan of 7.00 billion yen was 3.4%, also falling below the five-year average of 48.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to expand 50.5% from the same period last year, reaching 6.76 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income increased 52.8% from the same period last year, reaching 3.06 billion yen. However, the operating profit margin worsened from 8.2% in the same period last year to 7.1%.

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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 85,003 4,969 6,288 4,259 36.9 39.1 Nov 6, 2023 J-GAAP
Apr - Sep, 2024 85,643 4,270 5,445 2,304 23.0 43.7 Nov 6, 2024 J-GAAP
Apr - Sep, 2025 81,425 4,014 5,032 240 2.8 47.9 Nov 6, 2025 J-GAAP
YoY -4.9% -6.0% -7.6% -89.6% -87.9%

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 － － May 13, 2025 J-GAAP
Apr - Sep, 2025 Results 81,425 4,014 5,032 240 2.8 － Nov 6, 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 91,973 4,555 7,006 4,493 46.5 70 May 13, 2025 J-GAAP
Oct - Mar, 2025 Guidance 88,575 5,986 5,468 6,760 82.5 70 Nov 6, 2025 J-GAAP
YoY -3.7% +31.4% -22.0% +50.5% +77.6%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 179,420 12,976 16,088 10,785 97.2 50 May 14, 2024 J-GAAP
Mar, 2025 177,616 8,825 12,451 6,797 70.3 70 May 13, 2025 J-GAAP
Mar, 2026 Guidance 170,000 10,000 10,500 7,000 85.4 70 May 13, 2025 J-GAAP
YoY -4.3% +13.3% -15.7% +3.0% +21.6%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 48,104 3,928 3,986 2,007 20.0 8.2 Nov 6, 2024 J-GAAP
Oct - Dec, 2024 42,456 3,125 5,016 3,443 34.9 7.4 Feb 7, 2025 J-GAAP
Jan - Mar, 2025 49,517 1,430 1,990 1,050 10.9 2.9 May 13, 2025 J-GAAP
Apr - Jun, 2025 38,356 968 1,606 -2,827 -32.1 2.5 Aug 5, 2025 J-GAAP
Jul - Sep, 2025 43,069 3,046 3,426 3,067 35.4 7.1 Nov 6, 2025 J-GAAP
YoY -10.5% -22.5% -14.0% +52.8% +77.1%

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