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Subaru Enterprise, Net Income Forecast for the Fiscal Year Revised Downward by 31%

Tue Dec 9, 2025 4:00 pm JST Earnings

9632 Subaru Enterprise Co., Ltd. 【J-GAAP】

Earnings Report

Subaru Enterprise Co., Ltd. <9632> [TSE Std] announced its financial results after the market closed on December 9th (16:00). The consolidated net income for the cumulative third quarter of the fiscal year ending January 2026 (February to October) dropped 36.8% from the same period last year to 1.51 billion yen.

In addition, the full-year forecast for consolidated net income has decreased 30.9%, from the previous forecast of 3.02 billion yen to 2.09 billion yen (compared to 3.23 billion yen in the previous period), leading to an increase in the profit decline rate from 6.5% to 35.4%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the August to January period (second half) has decreased 83.8%, from the previous forecast of 1.11 billion yen to 0.18 billion yen (compared to 1.50 billion yen in the same period of the previous year), leading to an increase in the profit decline rate from 25.8% to 88.0%.

In the most recent three-month period, from August to October (3Q), the consolidated net income/loss turned to a loss of 0.39 billion yen (compared to a profit of 0.66 billion yen in the same period last year). The operating profit margin decreased from 14.7% in the same period last year to 12.4%.

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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
Feb - Oct, 2023 21,639 3,943 3,980 2,648 205.7 80.5 Dec 7, 2023 J-GAAP
Feb - Oct, 2024 21,834 3,538 3,591 2,393 185.7 73.7 Dec 9, 2024 J-GAAP
Feb - Oct, 2025 21,223 3,592 3,676 1,513 117.4 81.2 Dec 9, 2025 J-GAAP
YoY -2.8% +1.5% +2.4% -36.8% -36.8%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Aug - Jan, 2025 Prev 14,678 1,726 1,689 1,118 86.6 40 Sep 8, 2025 J-GAAP
Aug - Jan, 2025 New 14,678 1,726 1,689 181 14.0 40 Dec 9, 2025 J-GAAP
Revision Rate 0.0% 0.0% 0.0% -83.8% -83.8%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jan, 2026 Prev 29,329 4,505 4,528 3,029 234.7 80 Mar 14, 2025 J-GAAP
Jan, 2026 New 29,329 4,505 4,528 2,092 162.1 80 Dec 9, 2025 J-GAAP
Revision Rate 0.0% 0.0% 0.0% -30.9% -30.9%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Aug - Jan, 2024 15,326 2,285 2,306 1,506 116.9 40 Mar 14, 2025 J-GAAP
Aug - Jan, 2025 Guidance 14,678 1,726 1,689 181 14.0 40 Dec 9, 2025 J-GAAP
YoY -4.2% -24.5% -26.8% -88.0% -88.0%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jan, 2024 29,245 4,900 4,947 3,283 255.0 80 Mar 14, 2024 J-GAAP
Jan, 2025 30,274 4,808 4,872 3,238 251.2 80 Mar 14, 2025 J-GAAP
Jan, 2026 Guidance 29,329 4,505 4,528 2,092 162.1 80 Dec 9, 2025 J-GAAP
YoY -3.1% -6.3% -7.1% -35.4% -35.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Aug - Oct, 2024 6,886 1,015 1,025 661 51.3 14.7 Dec 9, 2024 J-GAAP
Nov - Jan, 2024 8,440 1,270 1,281 845 65.6 15.0 Mar 14, 2025 J-GAAP
Feb - Apr, 2025 7,828 1,799 1,816 1,226 95.1 23.0 Jun 10, 2025 J-GAAP
May - Jul, 2025 6,823 980 1,023 685 53.1 14.4 Sep 8, 2025 J-GAAP
Aug - Oct, 2025 6,572 813 837 -398 -30.9 12.4 Dec 9, 2025 J-GAAP
YoY -4.6% -19.9% -18.3% － －

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