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Kawai Musical Instruments, First Half Ordinary Profit Turns to Profit

Wed Nov 12, 2025 3:30 pm JST Earnings

7952 Kawai Musical Instruments Manufacturing Co.,Ltd. 【J-GAAP】

Earnings Report

Kawai Musical Instruments Manufacturing Co.,Ltd. <7952> [TSE Prime] announced its financial results after the market closed on November 12th (15:30). The consolidated ordinary profit/loss for the cumulative second quarter of the fiscal year ending March 2026 (April to September) turned into a profit of 7 million yen (compared to a loss of 226 million yen in the same period last year). However, Progress toward the full-year plan of 1500 million yen was 0.5%, also falling below the five-year average of 41.0%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to surge 2.1 times that of the same period last year, reaching 1493 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit surged 275 times that of the same period last year, reaching 275 million yen. However, the operating profit margin worsened from 1.8% in the same period last year to 0.5%.

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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 40,405 1,812 2,419 1,537 178.9 57.6 Nov 9, 2023 J-GAAP
Apr - Sep, 2024 36,156 -222 -226 -406 -47.2 ー Nov 12, 2024 J-GAAP
Apr - Sep, 2025 35,192 -415 7 -13 -1.6 0.5 Nov 12, 2025 J-GAAP
YoY -2.7% -86.9% － +96.8% +96.7%

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 － 0 May 15, 2025 J-GAAP
Apr - Sep, 2025 Results 35,192 -415 7 -13 -1.6 0 Nov 12, 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 36,762 538 700 811 94.4 95 May 15, 2025 J-GAAP
Oct - Mar, 2025 Guidance 40,808 1,915 1,493 833 96.8 95 Nov 12, 2025 J-GAAP
YoY +11.0% +255.9% +113.3% +2.7% +2.6%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 80,192 3,255 4,201 2,782 323.7 95 May 15, 2024 J-GAAP
Mar, 2025 72,918 316 474 405 47.1 95 May 15, 2025 J-GAAP
Mar, 2026 Guidance 76,000 1,500 1,500 820 95.3 95 May 15, 2025 J-GAAP
YoY +4.2% +374.7% +216.5% +102.5% +102.2%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 18,554 333 1 -123 -14.3 1.8 Nov 12, 2024 J-GAAP
Oct - Dec, 2024 18,299 63 332 237 27.6 0.3 Feb 14, 2025 J-GAAP
Jan - Mar, 2025 18,463 475 368 574 66.8 2.6 May 15, 2025 J-GAAP
Apr - Jun, 2025 17,792 -500 -268 -169 -19.7 -2.8 Aug 6, 2025 J-GAAP
Jul - Sep, 2025 17,400 85 275 156 18.6 0.5 Nov 12, 2025 J-GAAP
YoY -6.2% -74.5% +27,400.0% － －

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