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Vario Secure, Net Income Forecast for the Fiscal Year Revised Downward to an Unexpected 12% Decrease

Fri Oct 10, 2025 3:30 pm JST Earnings

4494 Vario Secure Inc. 【IFRS】

Earnings Report

Vario Secure Inc. <4494> [TSE Std] announced its financial results (based on IFRS) after the market closed on October 10th (15:30). The net income (non-consolidated) for the cumulative second quarter of the fiscal year ending February 2026 (March to August) increased 17.6% from the same period last year, reaching 214 million yen.

However, the full-year forecast for net income has decreased 24.3%, from the previous forecast of 399 million yen to 302 million yen (compared to 342 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of an 11.7% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the net income for the September to February period (second half) is expected to drop 45.0% from the same period last year to 88 million yen.

In the most recent three-month period, from June to August (2Q), the net income increased 32.9% from the same period last year, reaching 109 million yen. The operating profit margin rose from 17.9% in the same period last year to 22.6%.

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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
Mar - Aug, 2023 1,306 290 285 190 42.2 56.0 Oct 10, 2023 IFRS
Mar - Aug, 2024 1,354 273 265 182 40.5 55.6 Oct 11, 2024 IFRS
Mar - Aug, 2025 1,419 313 306 214 47.4 69.4 Oct 10, 2025 IFRS
YoY +4.8% +14.7% +15.5% +17.6% +17.2%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar - Aug, 2025 Guidance ー ー ー ー － 0 Apr 10, 2025 IFRS
Mar - Aug, 2025 Results 1,419 313 306 214 47.4 0 Oct 10, 2025 IFRS
Revision Rate － － － － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2026 Prev 2,972 590 576 399 88.3 0 Apr 10, 2025 IFRS
Feb, 2026 New 2,810 455 441 302 66.8 0 Oct 10, 2025 IFRS
Revision Rate -5.5% -22.9% -23.4% -24.3% -24.3%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep - Feb, 2024 1,313 219 212 160 35.4 0 Apr 10, 2025 IFRS
Sep - Feb, 2025 Guidance 1,391 142 135 88 19.5 0 Oct 10, 2025 IFRS
YoY +5.9% -35.2% -36.3% -45.0% -45.0%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2024 2,640 520 509 347 76.1 0 Apr 10, 2024 IFRS
Feb, 2025 2,667 492 477 342 75.7 0 Apr 10, 2025 IFRS
Feb, 2026 Guidance 2,810 455 441 302 66.8 0 Oct 10, 2025 IFRS
YoY +5.4% -7.5% -7.5% -11.7% -11.8%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jun - Aug, 2024 681 122 119 82 18.2 17.9 Oct 11, 2024 IFRS
Sep - Nov, 2024 653 118 114 78 17.3 18.1 Jan 10, 2025 IFRS
Dec - Feb, 2024 660 101 98 82 18.2 15.3 Apr 10, 2025 IFRS
Mar - May, 2025 706 152 148 105 23.3 21.5 Jul 11, 2025 IFRS
Jun - Aug, 2025 713 161 158 109 24.1 22.6 Oct 10, 2025 IFRS
YoY +4.7% +32.0% +32.8% +32.9% +32.5%

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