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MANDARAKE, First Half Ordinary Profit Revised Downward to an Unexpected 23%Decrease

Thu May 15, 2025 3:45 pm JST Earnings

2652 MANDARAKE INC. 【J-GAAP】

Earnings Report

MANDARAKE INC. <2652> [TSE Std] announced its financial results after the market closed on May 15th (15:45). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending September 2025 (October 2024 to March 2025) decreased 22.6% from the same period last year to 0.91 billion yen, resulting in a decrease in profits compared to the previous forecast of a 3.8% increase.

The progress rate toward the full-year plan of 2.13 billion yen was 43.0%, also falling below the five-year average of 51.5%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the April to September period (2H) is expected to expand 39.2% from the same period last year, reaching 1.21 billion yen.

In the most recent three-month period, from January to March (2Q), the ordinary profit amounted to 0.6 billion yen, a 2.1% decrease compared to the same period last year. The operating profit margin decreased from 17.0% in the same period last year to 15.8%.

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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
Oct - Mar, 2022 6,297 957 945 634 19.1 51.0 May 15, 2023 J-GAAP
Oct - Mar, 2023 7,225 1,197 1,183 800 24.2 57.6 May 15, 2024 J-GAAP
Oct - Mar, 2024 7,644 934 916 553 16.9 43.0 May 15, 2025 J-GAAP
YoY +5.8% -22.0% -22.6% -30.9% -30.4%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 Guidance 7,502 1,242 1,228 830 25.3 0 Nov 14, 2024 J-GAAP
Oct - Mar, 2024 Results 7,644 934 916 553 16.9 0 May 15, 2025 J-GAAP
Revision Rate +1.9% -24.8% -25.4% -33.4% -33.3%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2024 7,230 881 872 576 17.5 1 Nov 14, 2024 J-GAAP
Apr - Sep, 2025 Guidance 7,363 1,223 1,214 947 29.2 1 May 15, 2025 J-GAAP
YoY +1.8% +38.8% +39.2% +64.4% +67.2%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep, 2023 12,839 1,874 1,852 1,248 37.7 0.20 Nov 14, 2023 J-GAAP
Sep, 2024 14,455 2,078 2,055 1,376 41.8 1 Nov 14, 2024 J-GAAP
Sep, 2025 Guidance 15,007 2,157 2,130 1,500 46.3 1 Nov 14, 2024 J-GAAP
YoY +3.8% +3.8% +3.6% +9.0% +10.9%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jan - Mar, 2024 3,679 626 618 420 12.7 17.0 May 15, 2024 J-GAAP
Apr - Jun, 2024 3,620 522 516 350 10.6 14.4 Aug 14, 2024 J-GAAP
Jul - Sep, 2024 3,610 359 356 226 6.9 9.9 Nov 14, 2024 J-GAAP
Oct - Dec, 2024 3,762 320 311 145 4.4 8.5 Feb 14, 2025 J-GAAP
Jan - Mar, 2025 3,882 614 605 408 12.4 15.8 May 15, 2025 J-GAAP
YoY +5.5% -1.9% -2.1% -2.9% -2.2%

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