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Headwaters, Jan-Sep (Cumulative 3Q) Ordinary Profit Decreases by 67%

Fri Nov 14, 2025 12:00 pm JST Earnings

4011 Headwaters Co.,Ltd 【J-GAAP】

Earnings Report

Headwaters Co.,Ltd <4011> [TSE Growth] announced its financial results at noon (12:00) on November 14th. The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2025 (January to September) significantly dropped 67.4% from the same period last year to 71 million yen. Progress toward the full-year plan of 332 million yen was 21.4%, also falling below the five-year average of 65.6%.

Based on the cumulative third-quarter performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to December period (4Q) is expected to expand 81.3% from the same period last year, reaching 261 million yen.

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit surged 2.1 times that of the same period last year, reaching 146 million yen. The operating profit margin improved from 8.6% in the same period last year to 11.5%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Jan - Sep, 2023 1,786 84 85 53 14.4 86.7 Nov 14, 2023 J-GAAP
Jan - Sep, 2024 2,087 216 218 145 38.5 60.2 Nov 14, 2024 J-GAAP
Jan - Sep, 2025 2,702 98 71 45 12.0 21.4 Nov 14, 2025 J-GAAP
YoY +29.5% -54.6% -67.4% -69.0% -68.9%

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
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
Jul - Sep, 2025 1,065 122 146 97 25.8 11.5 Nov 14, 2025 J-GAAP
YoY +41.1% +87.7% +114.7% +115.6% +115.7%

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