West Holdings, First Half Ordinary Profit Decreases by 57%

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Mon Apr 14, 2025 10:00 am JST Earnings

1407 West Holdings corporation 【J-GAAP】

Earnings Report

West Holdings corporation <1407> [TSE Std] announced its financial results in the morning on April 14th (10:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending August 2025 (September 2024 to February 2025) significantly dropped 56.7% from the same period last year to 1.11 billion yen, fell short of the previous forecast of 2.09 billion yen.

The progress rate toward the full-year plan of 11.9 billion yen was 9.3%, also falling below the five-year average of 28.7%.

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 (2H) is expected to expand 46.3% from the same period last year, reaching 10.8 billion yen.

In the most recent three-month period, from December to February (2Q), the consolidated ordinary profit dropped to 1 billion yen, a 30.4% decrease compared to the same period last year. The operating profit margin decreased from 14.5% in the same period last year to 12.7%.

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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, 2022	14,801	1,510	1,219	1,052	25.9	15.3	Apr 14, 2023	J-GAAP
Sep - Feb, 2023	19,915	2,913	2,568	1,864	45.8	25.8	Apr 12, 2024	J-GAAP
Sep - Feb, 2024	14,868	1,438	1,112	546	13.8	9.3	Apr 14, 2025	J-GAAP
YoY	-25.3%	-50.6%	-56.7%	-70.7%	-69.9%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Sep - Feb, 2024 Guidance	16,710	2,659	2,097	1,242	31.3	0	Oct 15, 2024	J-GAAP
Sep - Feb, 2024 Results	14,868	1,438	1,112	546	13.8	0	Apr 14, 2025	J-GAAP
Revision Rate	-11.0%	-45.9%	-47.0%	-56.0%	-56.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar - Aug, 2024	30,475	7,684	7,388	4,893	121.3	65	Oct 15, 2024	J-GAAP
Mar - Aug, 2025 Guidance	41,550	11,783	10,809	7,464	188.2	65	Apr 14, 2025	J-GAAP
YoY	+36.3%	+53.3%	+46.3%	+52.5%	+55.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug, 2023	43,734	8,499	7,972	6,016	148.0	55	Oct 13, 2023	J-GAAP
Aug, 2024	50,390	10,597	9,956	6,757	167.5	65	Oct 15, 2024	J-GAAP
Aug, 2025 Guidance	56,418	13,221	11,921	8,010	202.0	65	Oct 15, 2024	J-GAAP
YoY	+12.0%	+24.8%	+19.7%	+18.5%	+20.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Dec - Feb, 2023	11,048	1,603	1,447	1,044	25.7	14.5	Apr 12, 2024	J-GAAP
Mar - May, 2024	9,793	1,284	994	731	18.0	13.1	Jul 12, 2024	J-GAAP
Jun - Aug, 2024	20,682	6,400	6,394	4,162	103.2	30.9	Oct 15, 2024	J-GAAP
Sep - Nov, 2024	5,265	221	105	-122	-3.1	4.2	Jan 14, 2025	J-GAAP
Dec - Feb, 2024	9,603	1,217	1,007	668	16.9	12.7	Apr 14, 2025	J-GAAP
YoY	-13.1%	-24.1%	-30.4%	-36.0%	-34.3%