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COVER, First Half Ordinary Profit Decreases by 19%, Jul-Sep Ordinary Profit Decreases by 27%

Tue Nov 11, 2025 3:30 pm JST Earnings

5253 COVER Corporation 【J-GAAP】

Earnings Report

COVER Corporation <5253> [TSE Growth] announced its financial results after the market closed on November 11th (15:30). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2026 (April to September) decreased 19.0% from the same period last year to 2.67 billion yen. Progress toward the full-year plan of 8.20 billion yen was 32.6%, also falling below the four-year average of 36.1%.

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 18.6% from the same period last year, reaching 5.52 billion yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit decreased to 1.74 billion yen, a 26.9% decrease compared to the same period last year. The operating profit margin significantly dropped from 23.7% in the same period last year to 14.0%.

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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 12,276 2,304 2,311 1,657 27.1 41.1 Nov 9, 2023 J-GAAP
Apr - Sep, 2024 17,104 3,372 3,301 2,120 34.2 41.5 Nov 12, 2024 J-GAAP
Apr - Sep, 2025 21,754 2,666 2,674 1,999 30.5 32.6 Nov 11, 2025 J-GAAP
YoY +27.2% -20.9% -19.0% -5.7% -11.0%

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 22,750 2,420 2,420 1,679 25.6 0 May 13, 2025 J-GAAP
Apr - Sep, 2025 Results 21,754 2,666 2,674 1,999 30.5 0 Nov 11, 2025 J-GAAP
Revision Rate -4.4% +10.2% +10.5% +19.1% +19.1%

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 26,297 4,629 4,661 3,439 54.9 0 May 13, 2025 J-GAAP
Oct - Mar, 2025 Guidance 30,746 5,534 5,526 3,701 56.4 0 Nov 11, 2025 J-GAAP
YoY +16.9% +19.6% +18.6% +7.6% +2.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 30,166 5,536 5,623 4,137 67.7 0 May 13, 2024 J-GAAP
Mar, 2025 43,401 8,001 7,962 5,559 88.7 0 May 13, 2025 J-GAAP
Mar, 2026 Guidance 52,500 8,200 8,200 5,700 86.8 0 May 13, 2025 J-GAAP
YoY +21.0% +2.5% +3.0% +2.5% -2.1%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 10,688 2,538 2,384 1,500 24.2 23.7 Nov 12, 2024 J-GAAP
Oct - Dec, 2024 11,759 2,172 2,299 1,657 26.7 18.5 Feb 12, 2025 J-GAAP
Jan - Mar, 2025 14,538 2,457 2,362 1,782 28.4 16.9 May 13, 2025 J-GAAP
Apr - Jun, 2025 9,629 972 932 693 10.6 10.1 Aug 12, 2025 J-GAAP
Jul - Sep, 2025 12,125 1,694 1,742 1,306 19.9 14.0 Nov 11, 2025 J-GAAP
YoY +13.4% -33.3% -26.9% -12.9% -17.8%

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