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Nulab, First Half Ordinary Profit Decreases by 38%

Fri Nov 14, 2025 3:30 pm JST Earnings

5033 Nulab Inc. 【J-GAAP】

Earnings Report

Nulab Inc. <5033> [TSE Growth] announced its financial results after the market closed on November 14th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) dropped 38.4% from the same period last year to 231 million yen. Progress toward the full-year plan of 300 million yen was 77.0%, also surpassing progress of 58.5% from the same period of the previous year.

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 significant drop 74.1% from the same period last year to 69 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 112 million yen, a 42.9% decrease compared to the same period last year. The operating profit margin significantly dropped from 19.1% in the same period last year to 10.1%.

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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 1,735 239 237 198 30.7 71.8 Nov 14, 2023 J-GAAP
Apr - Sep, 2024 2,019 374 375 265 40.9 58.5 Nov 14, 2024 J-GAAP
Apr - Sep, 2025 2,153 229 231 160 24.7 77.0 Nov 14, 2025 J-GAAP
YoY +6.6% -38.8% -38.4% -39.6% -39.6%

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 14, 2025 J-GAAP
Apr - Sep, 2025 Results 2,153 229 231 160 24.7 0 Nov 14, 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 2,093 266 266 287 44.3 0 May 14, 2025 J-GAAP
Oct - Mar, 2025 Guidance 2,450 71 69 63 9.8 0 Nov 14, 2025 J-GAAP
YoY +17.1% -73.3% -74.1% -78.0% -78.0%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 3,662 332 330 308 47.7 0 May 14, 2024 J-GAAP
Mar, 2025 4,112 640 641 552 85.3 0 May 14, 2025 J-GAAP
Mar, 2026 Guidance 4,603 300 300 223 34.6 0 May 14, 2025 J-GAAP
YoY +11.9% -53.1% -53.2% -59.6% -59.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 1,021 195 196 134 20.7 19.1 Nov 14, 2024 J-GAAP
Oct - Dec, 2024 1,040 188 187 134 20.7 18.1 Feb 14, 2025 J-GAAP
Jan - Mar, 2025 1,053 78 79 153 23.6 7.4 May 14, 2025 J-GAAP
Apr - Jun, 2025 1,066 119 119 83 12.9 11.2 Aug 14, 2025 J-GAAP
Jul - Sep, 2025 1,087 110 112 77 11.9 10.1 Nov 14, 2025 J-GAAP
YoY +6.5% -43.6% -42.9% -42.5% -42.6%

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