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Ray, Mar-Nov (Cumulative 3Q) Ordinary Profit Increases by 2.6 times, Exceeds Full-Year Plan

Tue Jan 13, 2026 3:30 pm JST Earnings

4317 Ray Corporation 【J-GAAP】

Earnings Report

Ray Corporation <4317> [TSE Std] announced its financial results after the market closed on January 13th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending February 2026 (March to November) surged 2.6 times that of the same period last year, reaching 1.51 billion yen. Progress toward the full-year plan of 1.30 billion yen is 116.3%, already exceeding the target and also exceeding the five-year average of 57.3%.

Based on the cumulative third-quarter performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the December to February period (4Q) is expected to turn into a loss of 0.21 billion yen (compared to a profit of 0.45 billion yen in the same period last year). However, if the fourth-quarter performance remains at the same level as the first three quarters, the full-year plan may be increased.

In the most recent three-month period, from September to November (3Q), the consolidated ordinary profit surged 2.1 times that of the same period last year, reaching 0.73 billion yen. The operating profit margin jumped from 10.8% in the same period last year to 16.6%.

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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
Mar - Nov, 2023 8,140 903 1,008 608 42.5 76.9 Jan 12, 2024 J-GAAP
Mar - Nov, 2024 7,372 482 591 422 30.5 56.3 Jan 14, 2025 J-GAAP
Mar - Nov, 2025 10,134 1,422 1,512 1,023 77.3 116.3 Jan 13, 2026 J-GAAP
YoY +37.5% +195.0% +155.8% +142.4% +153.6%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep - Feb, 2024 5,943 755 814 576 41.8 15 Apr 14, 2025 J-GAAP
Sep - Feb, 2025 Guidance 6,655 492 522 353 26.8 15 Oct 9, 2025 J-GAAP
YoY +12.0% -34.8% -35.9% -38.7% -35.8%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2024 11,222 1,152 1,311 818 57.3 15 Apr 12, 2024 J-GAAP
Feb, 2025 10,456 927 1,050 745 54.1 15 Apr 14, 2025 J-GAAP
Feb, 2026 Guidance 12,500 1,200 1,300 900 68.4 15 Oct 9, 2025 J-GAAP
YoY +19.5% +29.4% +23.8% +20.8% +26.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Sep - Nov, 2024 2,859 310 355 253 18.3 10.8 Jan 14, 2025 J-GAAP
Dec - Feb, 2024 3,084 445 459 323 23.5 14.4 Apr 14, 2025 J-GAAP
Mar - May, 2025 3,217 490 520 364 27.2 15.2 Jul 14, 2025 J-GAAP
Jun - Aug, 2025 2,628 218 258 183 13.8 8.3 Oct 14, 2025 J-GAAP
Sep - Nov, 2025 4,289 714 734 476 36.0 16.6 Jan 13, 2026 J-GAAP
YoY +50.0% +130.3% +106.8% +88.1% +96.9%

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