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MERF Inc, First Half Ordinary Profit Turns to Profit, Dec-Feb Ordinary Profit Turns to Profit

Mon Apr 13, 2026 3:30 pm JST Earnings

3168 MERF Inc. 【J-GAAP】

Earnings Report

MERF Inc. <3168> [TSE Std] announced its financial results after the market closed on April 13th (15:30). The consolidated ordinary profit/loss for the cumulative second quarter of the fiscal year ending August 2026 (September 2025 to February 2026) turned into a profit of 2.58 billion yen (compared to a loss of 0.22 billion yen in the same period last year). Progress toward the full-year plan of 2.60 billion yen was 99.0%, also surpassing the five-year average of 37.7%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the March to August period (second half) is expected to surge 3.6 times that of the same period last year, reaching 0.02 billion yen.

In the most recent three-month period, from December to February (2Q), the consolidated ordinary profit/loss turned to a profit of 1.87 billion yen (compared to a loss of 0.25 billion yen in the same period last year). The operating profit/loss margin drastically improved from -0.8% in the same period last year to 7.3%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Sep - Feb, 2023 35,408 433 139 13 0.9 13.4 Apr 12, 2024 J-GAAP
Sep - Feb, 2024 43,064 -164 -227 -177 -12.6 ー Apr 11, 2025 J-GAAP
Sep - Feb, 2025 45,592 2,515 2,582 1,682 119.0 99.0 Apr 13, 2026 J-GAAP
YoY +5.9% － － － －

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep - Feb, 2025 Guidance 45,079 2,460 2,438 1,734 122.5 20 Feb 13, 2026 J-GAAP
Sep - Feb, 2025 Results 45,592 2,515 2,582 1,682 119.0 20 Apr 13, 2026 J-GAAP
Revision Rate +1.1% +2.2% +5.9% -3.0% -2.9%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar - Aug, 2025 39,399 281 7 -26 -1.8 10 Oct 10, 2025 J-GAAP
Mar - Aug, 2026 Guidance 43,642 241 25 171 12.1 10 Apr 13, 2026 J-GAAP
YoY +10.8% -14.2% +257.1% － －

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Aug, 2024 82,070 1,450 1,037 532 37.7 20 Oct 11, 2024 J-GAAP
Aug, 2025 82,463 117 -220 -203 -14.4 20 Oct 10, 2025 J-GAAP
Aug, 2026 Guidance 89,234 2,756 2,607 1,853 130.9 30 Feb 13, 2026 J-GAAP
YoY +8.2% +2,255.6% － － －

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Dec - Feb, 2024 21,714 -178 -259 -209 -14.8 -0.8 Apr 11, 2025 J-GAAP
Mar - May, 2025 18,928 -211 -319 -211 -15.0 -1.1 Jul 11, 2025 J-GAAP
Jun - Aug, 2025 20,471 492 326 185 13.1 2.4 Oct 10, 2025 J-GAAP
Sep - Nov, 2025 21,098 737 711 407 28.8 3.5 Jan 14, 2026 J-GAAP
Dec - Feb, 2025 24,494 1,778 1,871 1,275 90.2 7.3 Apr 13, 2026 J-GAAP
YoY +12.8% － － － －

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