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HIKARI BUSINESS FORM, Jan-Sep (Cumulative 3Q) Ordinary Profit Increases by 76%, Exceeds Full-Year Plan, Current Fiscal Year Dividend Revised Upward by 5 Yen

Mon Nov 10, 2025 6:00 pm JST Earnings

3948 HIKARI BUSINESS FORM CO., LTD. 【J-GAAP】

Earnings Report

HIKARI BUSINESS FORM CO., LTD. <3948> [TSE Std] announced its financial results after the market closed on November 10th (18:00). The ordinary profit (non-consolidated) for the cumulative third quarter of the fiscal year ending December 2025 (January to September) expanded 155 million yen, an increase 76.1% compared to the same period last year. Progress toward the full-year plan of 150 million yen is 103.3%, already exceeding the target and also exceeding the five-year average of 73.6%.

Based on the cumulative third-quarter performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit/loss for the October to December period (4Q) is expected to turn into a loss of 5 million yen (compared to a profit of 133 million yen in the same period last year). However, if the fourth-quarter performance remains at the same level as the first three quarters, the full-year plan may be increased.

At the same time, the company has increased its planned annual dividend for the current fiscal year from the original plan of 40 yen to 45 yen (compared to 38 yen in the previous period).

In the most recent three-month period, from July to September (3Q), the ordinary profit surged 4.3 times that of the same period last year, reaching 64 million yen. The operating profit margin significantly improved from 0.3% in the same period last year to 3.3%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Jan - Sep, 2023 7,734 1,171 1,199 675 119.4 91.7 Nov 9, 2023 J-GAAP
Jan - Sep, 2024 5,862 59 88 51 9.3 39.8 Nov 8, 2024 J-GAAP
Jan - Sep, 2025 5,725 88 155 85 15.6 103.3 Nov 10, 2025 J-GAAP
YoY -2.3% +49.2% +76.1% +66.7% +67.4%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jul - Dec, 2025 Prev 4,194 76 59 31 5.8 20 Aug 8, 2025 J-GAAP
Jul - Dec, 2025 New 4,194 76 59 31 5.8 25 Nov 10, 2025 J-GAAP
Revision Rate 0.0% 0.0% 0.0% 0.0% 0.0%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2025 Prev 8,000 100 150 90 16.7 40 May 9, 2025 J-GAAP
Dec, 2025 New 8,000 100 150 90 16.7 45 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
Jul - Dec, 2024 4,113 125 148 116 20.8 20 Feb 13, 2025 J-GAAP
Jul - Dec, 2025 Guidance 4,194 76 59 31 5.8 25 Nov 10, 2025 J-GAAP
YoY +2.0% -39.2% -60.1% -73.3% -72.3%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2023 9,876 1,270 1,308 748 132.7 35 Feb 13, 2024 J-GAAP
Dec, 2024 7,915 178 221 161 28.9 38 Feb 13, 2025 J-GAAP
Dec, 2025 Guidance 8,000 100 150 90 16.7 45 Nov 10, 2025 J-GAAP
YoY +1.1% -43.8% -32.1% -44.1% -42.1%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 2,060 6 15 6 1.1 0.3 Nov 8, 2024 J-GAAP
Oct - Dec, 2024 2,053 119 133 110 19.7 5.8 Feb 13, 2025 J-GAAP
Jan - Mar, 2025 1,701 -51 5 -3 -0.7 -3.0 May 9, 2025 J-GAAP
Apr - Jun, 2025 2,105 75 86 62 11.4 3.6 Aug 8, 2025 J-GAAP
Jul - Sep, 2025 1,919 64 64 26 4.8 3.3 Nov 10, 2025 J-GAAP
YoY -6.8% +966.7% +326.7% +333.3% +336.7%

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