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KAWADEN, First Half Ordinary Profit Increases by 2.8 times, Revises Dividend Forecast in Conjunction with Stock Split

Mon Nov 10, 2025 3:30 pm JST Earnings

6648 KAWADEN CORPORATION 【J-GAAP】

Earnings Report

KAWADEN CORPORATION <6648> [TSE Std] announced its financial results after the market closed on November 10th (15:30). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2026 (April to September) surged 2.8 times that of the same period last year, reaching 2.02 billion yen. Progress toward the full-year plan of 4.00 billion yen was 50.6%, also surpassing the five-year average of 43.3%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to grow 1.9% from the same period last year, reaching 1.97 billion yen.

At the same time, due to a planned 5-for-1 forward stock split is scheduled for December 31, the annual dividend for the current fiscal year has been revised from the original plan of 290 yen to 174 yen (equivalent to 290 yen before the forward stock split), but the actual dividend remains unchanged.

In the most recent three-month period, from July to September (2Q), the ordinary profit surged 2.6 times that of the same period last year, reaching 0.97 billion yen. The operating profit margin drastically improved from 7.0% in the same period last year to 16.1%.

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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 10,666 553 559 375 117.2 48.5 Nov 9, 2023 J-GAAP
Apr - Sep, 2024 10,492 714 724 467 146.1 27.2 Nov 11, 2024 J-GAAP
Apr - Sep, 2025 13,409 2,009 2,023 1,346 420.4 50.6 Nov 10, 2025 J-GAAP
YoY +27.8% +181.4% +179.4% +188.2% +187.8%

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 13,400 2,000 2,000 1,300 405.9 145 Oct 29, 2025 J-GAAP
Apr - Sep, 2025 Results 13,409 2,009 2,023 1,346 420.4 145 Nov 10, 2025 J-GAAP
Revision Rate +0.1% +0.4% +1.2% +3.5% +3.6%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 26,800 4,000 4,000 2,600 811.7 290 Oct 29, 2025 J-GAAP
Mar, 2026 New 26,800 4,000 4,000 2,600 811.7 290 Nov 10, 2025 J-GAAP
Revision Rate 0.0% 0.0% 0.0% 0.0% 0.0%

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 13,726 1,875 1,940 1,496 467.1 150 May 9, 2025 J-GAAP
Oct - Mar, 2025 Guidance 13,391 1,991 1,977 1,254 391.5 145 Nov 10, 2025 J-GAAP
YoY -2.4% +6.2% +1.9% -16.2% -16.2%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 21,334 1,134 1,153 744 232.4 90 May 9, 2024 J-GAAP
Mar, 2025 24,218 2,589 2,664 1,963 612.9 190 May 9, 2025 J-GAAP
Mar, 2026 Guidance 26,800 4,000 4,000 2,600 811.7 290 Nov 10, 2025 J-GAAP
YoY +10.7% +54.5% +50.2% +32.5% +32.4%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 5,203 366 372 239 74.8 7.0 Nov 11, 2024 J-GAAP
Oct - Dec, 2024 6,513 1,140 1,151 774 241.8 17.5 Feb 10, 2025 J-GAAP
Jan - Mar, 2025 7,213 735 789 722 225.4 10.2 May 9, 2025 J-GAAP
Apr - Jun, 2025 7,377 1,035 1,045 696 217.4 14.0 Aug 7, 2025 J-GAAP
Jul - Sep, 2025 6,032 974 978 650 203.0 16.1 Nov 10, 2025 J-GAAP
YoY +15.9% +166.1% +162.9% +172.0% +171.5%

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