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Kawai Musical Instruments, Ordinary Profit Forecast for the Fiscal Year Revised Downward by 20%

Thu Feb 12, 2026 3:30 pm JST Earnings

7952 Kawai Musical Instruments Manufacturing Co.,Ltd. 【J-GAAP】

Earnings Report

Kawai Musical Instruments Manufacturing Co.,Ltd. <7952> [TSE Prime] announced its financial results after the market closed on February 12th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) surged 7.6 times that of the same period last year, reaching 0.80 billion yen.

However, the full-year forecast for consolidated ordinary profit has decreased 20.0%, from the previous forecast of 1.50 billion yen to 1.20 billion yen (compared to 0.47 billion yen in the previous period), leading to a reduction in the profit growth rate from 3.2 times to 2.5 times.

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 20.1%, from the previous forecast of 1.49 billion yen to 1.19 billion yen (compared to 0.70 billion yen in the same period of the previous year), leading to a reduction in the profit growth rate from 2.1 times to 70.4%.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit surged 2.4 times that of the same period last year, reaching 0.79 billion yen. The operating profit margin improved from 0.3% in the same period last year to 2.3%.

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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 59,934 2,770 3,367 2,117 246.4 80.1 Feb 14, 2024 J-GAAP
Apr - Dec, 2024 54,455 -159 106 -169 -19.7 22.4 Feb 14, 2025 J-GAAP
Apr - Dec, 2025 53,310 2 802 457 53.2 66.8 Feb 12, 2026 J-GAAP
YoY -2.1% － +656.6% － －

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 40,808 1,915 1,493 833 96.8 95 Nov 12, 2025 J-GAAP
Oct - Mar, 2025 New 37,808 915 1,193 833 96.8 95 Feb 12, 2026 J-GAAP
Revision Rate -7.4% -52.2% -20.1% 0.0% 0.0%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 76,000 1,500 1,500 820 95.3 95 May 15, 2025 J-GAAP
Mar, 2026 New 73,000 500 1,200 820 95.3 95 Feb 12, 2026 J-GAAP
Revision Rate -3.9% -66.7% -20.0% 0.0% 0.0%

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 36,762 538 700 811 94.4 95 May 15, 2025 J-GAAP
Oct - Mar, 2025 Guidance 37,808 915 1,193 833 96.8 95 Feb 12, 2026 J-GAAP
YoY +2.8% +70.1% +70.4% +2.7% +2.6%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 80,192 3,255 4,201 2,782 323.7 95 May 15, 2024 J-GAAP
Mar, 2025 72,918 316 474 405 47.1 95 May 15, 2025 J-GAAP
Mar, 2026 Guidance 73,000 500 1,200 820 95.3 95 Feb 12, 2026 J-GAAP
YoY +0.1% +58.2% +153.2% +102.5% +102.2%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2024 18,299 63 332 237 27.6 0.3 Feb 14, 2025 J-GAAP
Jan - Mar, 2025 18,463 475 368 574 66.8 2.6 May 15, 2025 J-GAAP
Apr - Jun, 2025 17,792 -500 -268 -169 -19.7 -2.8 Aug 6, 2025 J-GAAP
Jul - Sep, 2025 17,400 85 275 156 18.6 0.5 Nov 12, 2025 J-GAAP
Oct - Dec, 2025 18,118 417 795 470 54.7 2.3 Feb 12, 2026 J-GAAP
YoY -1.0% +561.9% +139.5% +98.3% +98.0%

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