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SYSTEM RESEARCH, First Half Ordinary Profit Unexpectedly Revised Upward by 24%

Tue Oct 28, 2025 3:45 pm JST Earnings

3771 SYSTEM RESEARCH CO.,LTD. 【J-GAAP】

Earnings Report

SYSTEM RESEARCH CO.,LTD. <3771> [TSE Prime] announced its financial results after the market closed on October 28th (15:45). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) increased 23.7% from the same period last year, reaching 1.53 billion yen, resulting in an increase in profits compared to the previous forecast of a 0.6% decrease.

Progress toward the full-year plan of 3.50 billion yen was 43.7%, exceeding the five-year average of 39.1%.

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 October to March period (second half) is expected to grow 7.9% from the same period last year, reaching 1.97 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew 22.8% from the same period last year, reaching 0.92 billion yen. The operating profit margin rose from 11.6% 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
Apr - Sep, 2023 11,308 1,186 1,209 898 53.8 43.7 Oct 27, 2023 J-GAAP
Apr - Sep, 2024 12,635 1,221 1,238 900 54.2 40.4 Oct 28, 2024 J-GAAP
Apr - Sep, 2025 14,194 1,519 1,531 1,121 67.7 43.7 Oct 28, 2025 J-GAAP
YoY +12.3% +24.4% +23.7% +24.6% +24.8%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance 13,601 1,214 1,231 865 52.2 0 May 8, 2025 J-GAAP
Apr - Sep, 2025 Results 14,194 1,519 1,531 1,121 67.7 0 Oct 28, 2025 J-GAAP
Revision Rate +4.4% +25.1% +24.4% +29.6% +29.8%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 13,296 1,776 1,828 1,294 78.0 60 May 8, 2025 J-GAAP
Oct - Mar, 2025 Guidance 15,120 1,926 1,973 1,414 85.3 60 Oct 28, 2025 J-GAAP
YoY +13.7% +8.4% +7.9% +9.3% +9.3%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 23,320 2,703 2,768 1,969 117.8 40 May 8, 2024 J-GAAP
Mar, 2025 25,931 2,997 3,066 2,194 132.3 60 May 8, 2025 J-GAAP
Mar, 2026 Guidance 29,314 3,445 3,504 2,535 152.9 60 May 8, 2025 J-GAAP
YoY +13.0% +14.9% +14.3% +15.5% +15.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 6,445 747 749 548 33.0 11.6 Oct 28, 2024 J-GAAP
Oct - Dec, 2024 6,578 838 883 654 39.4 12.7 Jan 31, 2025 J-GAAP
Jan - Mar, 2025 6,718 938 945 640 38.6 14.0 May 8, 2025 J-GAAP
Apr - Jun, 2025 6,940 601 611 441 26.7 8.7 Jul 28, 2025 J-GAAP
Jul - Sep, 2025 7,254 918 920 680 41.1 12.7 Oct 28, 2025 J-GAAP
YoY +12.6% +22.9% +22.8% +24.1% +24.4%

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