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SHINAGAWA REFRACTORIES, Ordinary Profit Forecast for the Fiscal Year Revised Upward to an Unexpected 6% Increase

Fri Aug 8, 2025 3:30 pm JST Earnings

5351 SHINAGAWA REFRA CO., LTD. 【J-GAAP】

Earnings Report

SHINAGAWA REFRACTORIES CO., LTD. <5351> [TSE Prime] announced its financial results after the market closed on August 8th (15:30). The consolidated ordinary profit for the first quarter of the fiscal year ending March 2026 (April to June) decreased 14.3% from the same period last year to 3.09 billion yen.

However, the full-year forecast for consolidated ordinary profit has been revised upward 7.4%, from the previous forecast of 13.5 billion yen to 14.5 billion yen (compared to 13.6 billion yen in the previous period), turning to a 6.2% increase in the consolidated ordinary profit outlook.

At the same time, the April to September period (first half) consolidated ordinary profit has been revised upward 20.0%, from the previous forecast of 5.00 billion yen to 6.00 billion yen (compared to 6.66 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 25.0% to 10.0%.

In the most recent three-month period, from April to June (1Q), the operating profit margin worsened from 9.0% in the same period last year to 7.6%.

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Actual Results

Accumulated Results 1st Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Jun, 2023 36,670 3,520 3,898 6,886 147.2 51.2 Aug 3, 2023 J-GAAP
Apr - Jun, 2024 33,867 3,050 3,613 2,913 64.0 54.2 Aug 5, 2024 J-GAAP
Apr - Jun, 2025 38,266 2,890 3,095 1,757 38.5 51.6 Aug 8, 2025 J-GAAP
YoY +13.0% -5.2% -14.3% -39.7% -39.7%

Guidance Update

First Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Prev 81,000 5,000 5,000 3,000 65.7 45 May 15, 2025 J-GAAP
Apr - Sep, 2025 New 83,000 6,000 6,000 3,500 76.7 45 Aug 8, 2025 J-GAAP
Revision Rate +2.5% +20.0% +20.0% +16.7% +16.7%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 174,000 13,500 13,500 8,000 175.3 90 May 15, 2025 J-GAAP
Mar, 2026 New 176,000 14,500 14,500 8,500 186.3 90 Aug 8, 2025 J-GAAP
Revision Rate +1.1% +7.4% +7.4% +6.3% +6.3%

Current Period Guidance

H1 Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2024 68,230 6,336 6,663 4,910 107.8 45 Nov 7, 2024 J-GAAP
Apr - Sep, 2025 Guidance 83,000 6,000 6,000 3,500 76.7 45 Aug 8, 2025 J-GAAP
YoY +21.6% -5.3% -10.0% -28.7% -28.8%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 144,175 13,887 14,903 15,280 328.5 68 May 13, 2024 J-GAAP
Mar, 2025 144,072 13,278 13,655 9,778 214.5 90 May 15, 2025 J-GAAP
Mar, 2026 Guidance 176,000 14,500 14,500 8,500 186.3 90 Aug 8, 2025 J-GAAP
YoY +22.2% +9.2% +6.2% -13.1% -13.2%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Apr - Jun, 2024 33,867 3,050 3,613 2,913 64.0 9.0 Aug 5, 2024 J-GAAP
Jul - Sep, 2024 34,363 3,286 3,050 1,997 43.8 9.6 Nov 7, 2024 J-GAAP
Oct - Dec, 2024 36,864 3,606 4,163 3,014 66.1 9.8 Feb 6, 2025 J-GAAP
Jan - Mar, 2025 38,978 3,336 2,829 1,854 40.7 8.6 May 15, 2025 J-GAAP
Apr - Jun, 2025 38,266 2,890 3,095 1,757 38.5 7.6 Aug 8, 2025 J-GAAP
YoY +13.0% -5.2% -14.3% -39.7% -39.7%

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