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TRUST Holdings, First Half Ordinary Profit Decreases by 30%

Mon Feb 10, 2025 3:30 pm JST Earnings

3286 TRUST Holdings Inc. 【J-GAAP】

Earnings Report

TRUST Holdings Inc. <3286> [TSE Growth] announced its financial results after the market closed on February 10th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending June 2025 (July to December) dropped 30.3% from the same period last year to 237 million yen. The progress rate toward the full-year plan of 550 million yen was 43.1%, also falling below the five-year average of 68.7%.

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 January to June period (2H) is expected to grow 17.2% from the same period last year, reaching 313 million yen.

In the most recent three-month period, from October to December (2Q), the consolidated ordinary profit surged 2.8 times that of the same period last year, reaching 228 million yen. The operating profit margin improved from 3.4% in the same period last year to 5.9%.

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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
Jul - Dec, 2022 5,681 151 112 100 27.3 22.0 Jan 31, 2023 J-GAAP
Jul - Dec, 2023 7,064 372 340 187 50.0 56.0 Feb 9, 2024 J-GAAP
Jul - Dec, 2024 6,623 277 237 115 30.3 43.1 Feb 10, 2025 J-GAAP
YoY -6.2% -25.5% -30.3% -38.5% -39.4%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jul - Dec, 2024 Guidance 6,538 241 195 128 33.4 8 Aug 9, 2024 J-GAAP
Jul - Dec, 2024 Results 6,623 277 237 115 30.3 8 Feb 10, 2025 J-GAAP
Revision Rate +1.3% +14.9% +21.5% -10.2% -9.4%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jan - Jun, 2024 6,630 303 267 151 40.0 8 Aug 9, 2024 J-GAAP
Jan - Jun, 2025 Guidance 7,377 363 313 235 61.3 8 Feb 10, 2025 J-GAAP
YoY +11.3% +19.8% +17.2% +55.6% +53.3%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jun, 2023 13,418 569 510 239 64.5 15 Aug 10, 2023 J-GAAP
Jun, 2024 13,694 675 607 338 89.6 16 Aug 9, 2024 J-GAAP
Jun, 2025 Guidance 14,000 640 550 350 91.3 16 Aug 9, 2024 J-GAAP
YoY +2.2% -5.2% -9.4% +3.6% +2.0%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2023 2,846 98 81 42 11.2 3.4 Feb 9, 2024 J-GAAP
Jan - Mar, 2024 2,348 50 28 21 5.6 2.1 May 10, 2024 J-GAAP
Apr - Jun, 2024 4,282 253 239 130 34.4 5.9 Aug 9, 2024 J-GAAP
Jul - Sep, 2024 2,480 31 9 1 0.4 1.3 Nov 8, 2024 J-GAAP
Oct - Dec, 2024 4,143 246 228 114 30.1 5.9 Feb 10, 2025 J-GAAP
YoY +45.6% +151.0% +181.5% +171.4% +167.6%

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