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f-code, Net Income Forecast for the Fiscal Year Revised Upward by 1%, Raises Record High Profit Forecast

Fri Nov 14, 2025 4:00 pm JST Earnings

9211 f-code Inc. 【IFRS】

Earnings Report

f-code Inc. <9211> [TSE Growth] announced its financial results (based on IFRS) after the market closed on November 14th (16:00). The consolidated net income for the cumulative third quarter of the fiscal year ending December 2025 (January to September) expanded 1.03 billion yen, an increase 89.6% compared to the same period last year.

In addition, the full-year forecast for consolidated net income has been revised upward 1.2%, from the previous forecast of 1.28 billion yen to 1.30 billion yen (compared to 0.90 billion yen in the previous period), increasing the growth rate from 42.0% to 43.6%, further surpassing the previous forecast of record-high profits for three consecutive terms.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the July to December period (second half) is expected to increase 2.3%, from the previous forecast of 0.63 billion yen to 0.65 billion yen (compared to 0.56 billion yen in the same period of the previous year), increasing the growth rate from 13.7% to 16.4%.

In the most recent three-month period, from July to September (3Q), the consolidated net income increased 91.6% from the same period last year, reaching 0.38 billion yen. However, the operating profit margin significantly dropped from 33.4% in the same period last year to 19.9%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Jan - Sep, 2023 1,580 415 390 281 27.5 64.6 Nov 14, 2023 IFRS
Jan - Sep, 2024 3,077 945 869 546 47.8 65.7 Nov 14, 2024 IFRS
Jan - Sep, 2025 8,402 1,811 1,680 1,035 84.5 80.0 Nov 14, 2025 IFRS
YoY +173.1% +91.6% +93.3% +89.6% +76.7%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jul - Dec, 2025 Prev 4,788 1,023 940 639 52.3 0 Aug 14, 2025 IFRS
Jul - Dec, 2025 New 6,288 1,123 1,007 654 53.6 0 Nov 14, 2025 IFRS
Revision Rate +31.3% +9.8% +7.1% +2.3% +2.4%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2025 Prev 10,000 2,200 2,033 1,285 105.3 0 Feb 14, 2025 IFRS
Dec, 2025 New 11,500 2,300 2,100 1,300 106.5 0 Nov 14, 2025 IFRS
Revision Rate +15.0% +4.5% +3.3% +1.2% +1.2%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jul - Dec, 2024 3,093 834 772 562 48.4 0 Feb 14, 2025 IFRS
Jul - Dec, 2025 Guidance 6,288 1,123 1,007 654 53.6 0 Nov 14, 2025 IFRS
YoY +103.3% +34.7% +30.4% +16.4% +10.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2023 2,482 644 604 479 46.5 0 Feb 14, 2024 IFRS
Dec, 2024 5,130 1,432 1,322 905 77.9 0 Feb 14, 2025 IFRS
Dec, 2025 Guidance 11,500 2,300 2,100 1,300 106.5 0 Nov 14, 2025 IFRS
YoY +124.2% +60.6% +58.9% +43.6% +36.6%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 1,040 347 319 203 17.8 33.4 Nov 14, 2024 IFRS
Oct - Dec, 2024 2,053 487 453 359 30.9 23.7 Feb 14, 2025 IFRS
Jan - Mar, 2025 2,416 572 540 324 26.4 23.7 May 15, 2025 IFRS
Apr - Jun, 2025 2,796 605 553 322 26.2 21.6 Aug 14, 2025 IFRS
Jul - Sep, 2025 3,190 634 587 389 31.8 19.9 Nov 14, 2025 IFRS
YoY +206.7% +82.7% +84.0% +91.6% +78.7%

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