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CHANGE Holdings, First Half Net Income Decreases by 25%

Thu Nov 13, 2025 3:30 pm JST Earnings

3962 CHANGE Holdings, Inc. 【IFRS】

Earnings Report

CHANGE Holdings, Inc. <3962> [TSE Prime] announced its financial results (based on IFRS) after the market closed on November 13th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2026 (April to September) decreased 24.8% from the same period last year to 1.56 billion yen. Progress toward the full-year plan of 7.90 billion yen was 19.7%, also falling below the three-year average of 35.1%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to grow 16.3% from the same period last year, reaching 6.34 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income increased 58.3% from the same period last year, reaching 1.09 billion yen. However, the operating profit margin decreased from 17.5% in the same period last year to 14.7%.

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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 14,657 4,329 4,377 3,131 43.3 60.4 Nov 14, 2023 IFRS
Apr - Sep, 2024 16,512 3,813 3,453 2,076 29.4 27.1 Nov 13, 2024 IFRS
Apr - Sep, 2025 22,266 2,500 2,744 1,561 22.5 20.8 Nov 13, 2025 IFRS
YoY +34.8% -34.4% -20.5% -24.8% -23.7%

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 ー ー ー ー － 0 May 15, 2025 IFRS
Apr - Sep, 2025 Results 22,266 2,500 2,744 1,561 22.5 0 Nov 13, 2025 IFRS
Revision Rate － － － － －

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 29,875 9,702 9,292 5,456 77.9 20.90 May 15, 2025 IFRS
Oct - Mar, 2025 Guidance 32,734 11,500 10,479 6,343 91.2 23 Nov 13, 2025 IFRS
YoY +9.6% +18.5% +12.8% +16.3% +17.1%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 37,015 7,383 7,250 4,262 58.9 18.70 May 15, 2024 IFRS
Mar, 2025 46,387 13,515 12,745 7,532 107.5 20.90 May 15, 2025 IFRS
Mar, 2026 Guidance 55,000 14,000 13,223 7,904 113.6 23 May 15, 2025 IFRS
YoY +18.6% +3.6% +3.8% +4.9% +5.7%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 8,373 1,468 1,276 690 9.8 17.5 Nov 13, 2024 IFRS
Oct - Dec, 2024 18,425 9,308 9,136 6,184 88.1 50.5 Feb 13, 2025 IFRS
Jan - Mar, 2025 11,450 394 156 -728 -10.4 3.4 May 15, 2025 IFRS
Apr - Jun, 2025 9,908 678 889 469 6.7 6.8 Aug 14, 2025 IFRS
Jul - Sep, 2025 12,358 1,822 1,855 1,092 15.7 14.7 Nov 13, 2025 IFRS
YoY +47.6% +24.1% +45.4% +58.3% +60.5%

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