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Mullion, First Half Ordinary Profit Decreases by 54%, Jan-Mar Ordinary Profit Decreases by 64%

Tue May 13, 2025 3:30 pm JST Earnings

3494 Mullion Co., Ltd. 【J-GAAP】

Earnings Report

Mullion Co., Ltd. <3494> [TSE Std] announced its financial results after the market closed on May 13th (15:30). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending September 2025 (October 2024 to March 2025) significantly dropped 54.1% from the same period last year to 68 million yen. The progress rate toward the full-year plan of 550 million yen was 12.4%, also falling below the five-year average of 96.9%.

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 grow 28.9% from the same period last year, reaching 482 million yen.

In the most recent three-month period, from January to March (2Q), the ordinary profit significantly dropped to 31 million yen, a 63.5% decrease compared to the same period last year. However, the operating profit margin remained almost flat, changing from 20.0% in the same period last year to 20.1%.

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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 2,052 306 172 119 15.3 107.5 May 15, 2023 J-GAAP
Oct - Mar, 2023 1,077 237 148 101 13.0 28.4 May 14, 2024 J-GAAP
Oct - Mar, 2024 774 161 68 46 6.0 12.4 May 13, 2025 J-GAAP
YoY -28.1% -32.1% -54.1% -54.5% -54.2%

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 ー ー ー ー － 0 Nov 13, 2024 J-GAAP
Oct - Mar, 2024 Results 774 161 68 46 6.0 0 May 13, 2025 J-GAAP
Revision Rate － － － － －

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 1,799 458 374 241 30.8 5.20 Nov 13, 2024 J-GAAP
Apr - Sep, 2025 Guidance 2,226 569 482 314 40.1 5.40 May 13, 2025 J-GAAP
YoY +23.7% +24.2% +28.9% +30.3% +30.0%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep, 2023 2,808 382 160 142 18.2 2.80 Nov 13, 2023 J-GAAP
Sep, 2024 2,876 695 522 342 43.7 5.20 Nov 13, 2024 J-GAAP
Sep, 2025 Guidance 3,000 730 550 360 45.9 5.40 Nov 13, 2024 J-GAAP
YoY +4.3% +5.0% +5.4% +5.3% +5.1%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jan - Mar, 2024 656 131 85 59 7.6 20.0 May 14, 2024 J-GAAP
Apr - Jun, 2024 385 72 30 21 2.7 18.7 Aug 13, 2024 J-GAAP
Jul - Sep, 2024 1,414 386 344 220 28.1 27.3 Nov 13, 2024 J-GAAP
Oct - Dec, 2024 390 84 37 25 3.3 21.5 Feb 13, 2025 J-GAAP
Jan - Mar, 2025 384 77 31 21 2.7 20.1 May 13, 2025 J-GAAP
YoY -41.5% -41.2% -63.5% -64.4% -64.1%

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