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Hokuetsu, First Half Ordinary Profit Decreases by 67%, Jul-Sep Ordinary Profit Turns to Loss

Fri Nov 14, 2025 3:00 pm JST Earnings

3865 Hokuetsu Corporation 【J-GAAP】

Earnings Report

Hokuetsu Corporation <3865> [TSE Prime] announced its financial results in the afternoon session on November 14th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) significantly dropped 66.7% from the same period last year to 3.00 billion yen. Progress toward the full-year plan of 10.0 billion yen was 30.1%, also falling below the five-year average of 54.5%.

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 decrease 28.0% from the same period last year to 6.99 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a loss of 0.59 billion yen (compared to a profit of 5.10 billion yen in the same period last year). The operating profit/loss margin drastically worsened from 7.9% in the same period last year to -1.8%.

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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 150,174 12,094 13,772 9,403 55.9 77.6 Nov 10, 2023 J-GAAP
Apr - Sep, 2024 149,358 9,004 9,040 6,281 37.4 48.2 Nov 14, 2024 J-GAAP
Apr - Sep, 2025 139,787 2,019 3,006 2,375 14.1 30.1 Nov 14, 2025 J-GAAP
YoY -6.4% -77.6% -66.7% -62.2% -62.2%

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 139,000 2,000 3,000 2,300 13.7 13 Oct 28, 2025 J-GAAP
Apr - Sep, 2025 Results 139,787 2,019 3,006 2,375 14.1 13 Nov 14, 2025 J-GAAP
Revision Rate +0.6% +1.0% +0.2% +3.3% +3.3%

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 156,360 10,723 9,719 9,248 55.0 11 May 15, 2025 J-GAAP
Oct - Mar, 2025 Guidance 152,213 5,981 6,994 3,625 21.5 13 Nov 14, 2025 J-GAAP
YoY -2.7% -44.2% -28.0% -60.8% -60.8%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 297,056 15,267 17,757 8,387 49.9 18 May 15, 2024 J-GAAP
Mar, 2025 305,718 19,727 18,759 15,529 92.3 22 May 15, 2025 J-GAAP
Mar, 2026 Guidance 292,000 8,000 10,000 6,000 35.7 26 Oct 28, 2025 J-GAAP
YoY -4.5% -59.4% -46.7% -61.4% -61.4%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 75,116 5,949 5,101 3,918 23.3 7.9 Nov 14, 2024 J-GAAP
Oct - Dec, 2024 80,155 6,076 5,349 5,199 30.9 7.6 Feb 14, 2025 J-GAAP
Jan - Mar, 2025 76,205 4,647 4,370 4,049 24.1 6.1 May 15, 2025 J-GAAP
Apr - Jun, 2025 72,354 3,261 3,603 2,186 13.0 4.5 Aug 8, 2025 J-GAAP
Jul - Sep, 2025 67,433 -1,242 -597 189 1.1 -1.8 Nov 14, 2025 J-GAAP
YoY -10.2% － － -95.2% -95.2%

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