CROPS, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 14%, Exceeded Record Profit Forecast, Dividend Revised down by 9 Yen

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Thu Nov 13, 2025 3:30 pm JST Earnings

9428 CROPS CORPORATION 【J-GAAP】

Earnings Report

CROPS CORPORATION <9428> [TSE Std] announced its financial results after the market closed on November 13th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) expanded 1.46 billion yen, an increase 45.7% compared to the same period last year, exceeded the previous forecast of 1.07 billion yen.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 14.1%, from the previous forecast of 2.98 billion yen to 3.41 billion yen (compared to 2.63 billion yen in the previous period), increasing the growth rate from 13.4% to 29.5%. The company has further increased its previous forecast of record profits for the first time in four years. However, the full-year forecast for consolidated net income has decreased 25.3%, from the previous forecast of 1.57 billion yen to 1.17 billion yen (compared to 0.99 billion yen in the previous period), leading to a reduction in the profit growth rate from 59.0% to 18.8%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow 19.5% from the same period last year, reaching 1.95 billion yen.

At the same time, the company has reduced its planned year-end lump-sum dividend for the current fiscal year from the original plan of 34 yen to 25 yen (compared to 20 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit amounted to 0.62 billion yen, a 1.1% decrease compared to the same period last year. However, the operating profit margin improved from 3.4% in the same period last year to 3.8%.

Kabutan News

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	25,955	1,074	1,211	601	63.6	52.3	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	29,211	792	1,002	108	11.5	38.0	Nov 14, 2024	J-GAAP
Apr - Sep, 2025	31,231	1,419	1,460	-20	-2.1	42.8	Nov 13, 2025	J-GAAP
YoY	+6.9%	+79.2%	+45.7%	－	－

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	31,462	1,083	1,070	420	44.4	0	May 13, 2025	J-GAAP
Apr - Sep, 2025 Results	31,231	1,419	1,460	-20	-2.1	0	Nov 13, 2025	J-GAAP
Revision Rate	-0.7%	+31.0%	+36.4%	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	65,644	2,974	2,988	1,576	166.7	34	May 13, 2025	J-GAAP
Mar, 2026 New	67,121	3,201	3,410	1,177	124.5	25	Nov 13, 2025	J-GAAP
Revision Rate	+2.3%	+7.6%	+14.1%	-25.3%	-25.3%

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	32,357	1,624	1,632	883	93.4	20	May 13, 2025	J-GAAP
Oct - Mar, 2025 Guidance	35,890	1,782	1,950	1,197	126.6	25	Nov 13, 2025	J-GAAP
YoY	+10.9%	+9.7%	+19.5%	+35.6%	+35.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	54,487	2,127	2,316	1,206	127.5	20	May 14, 2024	J-GAAP
Mar, 2025	61,568	2,416	2,634	991	104.8	20	May 13, 2025	J-GAAP
Mar, 2026 Guidance	67,121	3,201	3,410	1,177	124.5	25	Nov 13, 2025	J-GAAP
YoY	+9.0%	+32.5%	+29.5%	+18.8%	+18.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	15,198	523	631	245	26.1	3.4	Nov 14, 2024	J-GAAP
Oct - Dec, 2024	16,051	777	681	273	28.9	4.8	Feb 14, 2025	J-GAAP
Jan - Mar, 2025	16,306	847	951	610	64.5	5.2	May 13, 2025	J-GAAP
Apr - Jun, 2025	15,717	832	836	299	31.7	5.3	Aug 8, 2025	J-GAAP
Jul - Sep, 2025	15,514	587	624	-319	-34.0	3.8	Nov 13, 2025	J-GAAP
YoY	+2.1%	+12.2%	-1.1%	－	－