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FULUHASHI EPO, First Half Ordinary Profit Decreases by 25%

Wed Nov 12, 2025 3:40 pm JST Earnings

9221 FULUHASHI EPO CORPORATION 【J-GAAP】

Earnings Report

FULUHASHI EPO CORPORATION <9221> [TSE Std] announced its financial results after the market closed on November 12th (15:40). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) decreased 24.8% from the same period last year to 0.49 billion yen, fell short of the previous forecast of 0.60 billion yen.

Progress toward the full-year plan of 1.33 billion yen was 37.3%, also falling below the five-year average of 47.1%.

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 grow 8.7% from the same period last year, reaching 0.83 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 0.21 billion yen, a 7.5% decrease compared to the same period last year. The operating profit margin decreased from 10.0% in the same period last year to 9.4%.

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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 4,208 491 686 482 41.1 55.1 Nov 14, 2023 J-GAAP
Apr - Sep, 2024 4,478 444 662 444 37.8 46.2 Nov 13, 2024 J-GAAP
Apr - Sep, 2025 4,873 504 498 368 31.8 37.3 Nov 12, 2025 J-GAAP
YoY +8.8% +13.5% -24.8% -17.1% -15.9%

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 4,994 609 603 397 34.2 15 May 13, 2025 J-GAAP
Apr - Sep, 2025 Results 4,873 504 498 368 31.8 15 Nov 12, 2025 J-GAAP
Revision Rate -2.4% -17.2% -17.4% -7.3% -7.1%

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 4,905 708 770 589 50.1 14 May 13, 2025 J-GAAP
Oct - Mar, 2025 Guidance 5,449 799 837 537 46.3 15 Nov 12, 2025 J-GAAP
YoY +11.1% +12.9% +8.7% -8.8% -7.6%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 8,753 1,039 1,246 263 22.4 26 May 14, 2024 J-GAAP
Mar, 2025 9,383 1,152 1,432 1,033 87.9 28 May 13, 2025 J-GAAP
Mar, 2026 Guidance 10,322 1,303 1,335 905 78.1 30 May 13, 2025 J-GAAP
YoY +10.0% +13.1% -6.8% -12.4% -11.2%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 2,254 226 228 163 13.9 10.0 Nov 13, 2024 J-GAAP
Oct - Dec, 2024 2,397 308 329 233 19.8 12.8 Feb 13, 2025 J-GAAP
Jan - Mar, 2025 2,508 400 441 356 30.3 15.9 May 13, 2025 J-GAAP
Apr - Jun, 2025 2,496 281 287 174 15.1 11.3 Aug 12, 2025 J-GAAP
Jul - Sep, 2025 2,377 223 211 194 16.8 9.4 Nov 12, 2025 J-GAAP
YoY +5.5% -1.3% -7.5% +19.0% +20.8%

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