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KEL, Ordinary Profit Forecast for the Fiscal Year Revised Downward to an Unexpected 23% Decrease

Fri Feb 6, 2026 3:00 pm JST Earnings

6919 KEL CORPORATION 【J-GAAP】

Earnings Report

KEL CORPORATION <6919> [TSE Std] announced its financial results in the afternoon session on February 6th (15:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) dropped 38.9% from the same period last year to 345 million yen.

In addition, the full-year forecast for consolidated ordinary profit has decreased 28.6%, from the previous forecast of 630 million yen to 450 million yen (compared to 585 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 23.1% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the October to March period (second half) has decreased 42.3%, from the previous forecast of 426 million yen to 246 million yen (compared to 254 million yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 3.1% decrease in profit.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit dropped to 141 million yen, a 39.7% decrease compared to the same period last year. However, the operating profit margin remained almost flat, changing from 2.2% in the same period last year to 2.2%.

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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
Apr - Dec, 2023 9,303 943 1,017 681 93.8 80.2 Feb 7, 2024 J-GAAP
Apr - Dec, 2024 8,940 476 565 401 55.2 96.6 Feb 7, 2025 J-GAAP
Apr - Dec, 2025 9,418 228 345 224 30.9 76.7 Feb 6, 2026 J-GAAP
YoY +5.3% -52.1% -38.9% -44.1% -44.1%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2025 Prev 5,911 444 426 296 40.7 40 Nov 10, 2025 J-GAAP
Oct - Mar, 2025 New 6,411 164 246 176 24.2 40 Feb 6, 2026 J-GAAP
Revision Rate +8.5% -63.1% -42.3% -40.5% -40.5%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 12,000 600 630 430 59.1 80 May 9, 2025 J-GAAP
Mar, 2026 New 12,500 320 450 310 42.6 80 Feb 6, 2026 J-GAAP
Revision Rate +4.2% -46.7% -28.6% -27.9% -27.9%

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 5,806 182 254 194 26.7 40 May 9, 2025 J-GAAP
Oct - Mar, 2025 Guidance 6,411 164 246 176 24.2 40 Feb 6, 2026 J-GAAP
YoY +10.4% -9.9% -3.1% -9.3% -9.5%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 12,231 1,095 1,268 852 117.3 95 May 9, 2024 J-GAAP
Mar, 2025 11,871 596 585 401 55.2 80 May 9, 2025 J-GAAP
Mar, 2026 Guidance 12,500 320 450 310 42.6 80 Feb 6, 2026 J-GAAP
YoY +5.3% -46.3% -23.1% -22.7% -22.8%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2024 2,875 62 234 194 26.7 2.2 Feb 7, 2025 J-GAAP
Jan - Mar, 2025 2,931 120 20 0 0.1 4.1 May 9, 2025 J-GAAP
Apr - Jun, 2025 2,945 15 33 10 1.5 0.5 Aug 7, 2025 J-GAAP
Jul - Sep, 2025 3,144 141 171 124 17.2 4.5 Nov 10, 2025 J-GAAP
Oct - Dec, 2025 3,329 72 141 90 12.4 2.2 Feb 6, 2026 J-GAAP
YoY +15.8% +16.1% -39.7% -53.6% -53.6%

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