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Headwaters, First Half Ordinary Profit Turns to Loss, Apr-Jun Ordinary Profit Turns to Loss

Thu Aug 14, 2025 3:30 pm JST Earnings

4011 Headwaters Co.,Ltd 【J-GAAP】

Earnings Report

Headwaters Co.,Ltd <4011> [TSE Growth] announced its financial results after the market closed on August 14th (15:30). The consolidated ordinary profit/loss for the cumulative second quarter of the fiscal year ending December 2025 (January to June) turned into a loss of 75 million yen (compared to a profit of 150 million yen in the same period last year).

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 July to December period (second half) is expected to expand 92.0% from the same period last year, reaching 407 million yen.

In the most recent three-month period, from April to June (2Q), the consolidated ordinary profit/loss turned to a loss of 73 million yen (compared to a profit of 19 million yen in the same period last year). However, the operating profit margin improved from 3.0% in the same period last year to 4.8%.

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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
Jan - Jun, 2023 1,158 46 47 30 8.1 48.0 Aug 14, 2023 J-GAAP
Jan - Jun, 2024 1,332 151 150 100 26.7 41.4 Aug 14, 2024 J-GAAP
Jan - Jun, 2025 1,637 -24 -75 -52 -13.9 ー Aug 14, 2025 J-GAAP
YoY +22.9% － － － －

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jan - Jun, 2025 Guidance ー ー ー ー － 0 Feb 14, 2025 J-GAAP
Jan - Jun, 2025 Results 1,637 -24 -75 -52 -13.9 0 Aug 14, 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
Jul - Dec, 2024 1,573 156 212 172 45.5 0 Feb 14, 2025 J-GAAP
Jul - Dec, 2025 Guidance 2,370 352 407 289 75.3 0 Aug 14, 2025 J-GAAP
YoY +50.7% +125.6% +92.0% +68.0% +65.3%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2023 2,315 94 98 70 18.9 0 Feb 14, 2024 J-GAAP
Dec, 2024 2,905 307 362 272 72.0 0 Feb 14, 2025 J-GAAP
Dec, 2025 Guidance 4,007 328 332 237 61.7 0 Feb 14, 2025 J-GAAP
YoY +37.9% +6.8% -8.3% -12.9% -14.3%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Apr - Jun, 2024 624 19 19 11 2.9 3.0 Aug 14, 2024 J-GAAP
Jul - Sep, 2024 755 65 68 45 12.0 8.6 Nov 14, 2024 J-GAAP
Oct - Dec, 2024 818 91 144 127 33.6 11.1 Feb 14, 2025 J-GAAP
Jan - Mar, 2025 739 -67 -2 -20 -5.4 -9.1 May 15, 2025 J-GAAP
Apr - Jun, 2025 898 43 -73 -32 -8.5 4.8 Aug 14, 2025 J-GAAP
YoY +43.9% +126.3% － － －

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