MAX, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 11%, Raises Record High Profit Forecast, Dividend Revised Upward by 12 Yen

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Fri Oct 31, 2025 3:30 pm JST Earnings

6454 MAX CO., LTD. 【J-GAAP】

Earnings Report

MAX CO., LTD. <6454> [TSE Prime] announced its financial results after the market closed on October 31st (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) expanded 9.75 billion yen, an increase 36.4% compared to the same period last year.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 10.8%, from the previous forecast of 15.8 billion yen to 17.5 billion yen (compared to 14.8 billion yen in the previous period), increasing the growth rate from 6.7% to 18.2%, further surpassing the previous forecast of record-high profits for five consecutive terms.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow 1.1% from the same period last year, reaching 7.74 billion yen.

In light of the strong performance, the company has increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 120 yen to 132 yen (compared to 114 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased 85.7% from the same period last year, reaching 4.78 billion yen. The operating profit margin rose from 15.4% in the same period last year to 18.7%.

Kabutan News

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	42,920	6,649	7,436	5,587	118.5	54.2	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	44,881	7,416	7,150	5,453	117.2	48.3	Oct 31, 2024	J-GAAP
Apr - Sep, 2025	48,688	9,467	9,755	7,288	159.3	55.7	Oct 31, 2025	J-GAAP
YoY	+8.5%	+27.7%	+36.4%	+33.7%	+35.9%

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	47,400	8,600	8,600	6,500	143.2	－	Jul 31, 2025	J-GAAP
Apr - Sep, 2025 Results	48,688	9,467	9,755	7,288	159.3	－	Oct 31, 2025	J-GAAP
Revision Rate	+2.7%	+10.1%	+13.4%	+12.1%	+11.3%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	95,200	15,700	15,800	11,800	262.5	120	Jul 31, 2025	J-GAAP
Mar, 2026 New	97,700	17,200	17,500	13,200	293.6	132	Oct 31, 2025	J-GAAP
Revision Rate	+2.6%	+9.6%	+10.8%	+11.9%	+11.9%

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	46,958	7,052	7,659	5,772	124.3	114	Apr 30, 2025	J-GAAP
Oct - Mar, 2025 Guidance	49,012	7,733	7,745	5,912	131.5	132	Oct 31, 2025	J-GAAP
YoY	+4.4%	+9.7%	+1.1%	+2.4%	+5.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	86,638	12,601	13,717	10,435	222.6	101	Apr 26, 2024	J-GAAP
Mar, 2025	91,839	14,468	14,809	11,225	241.8	114	Apr 30, 2025	J-GAAP
Mar, 2026 Guidance	97,700	17,200	17,500	13,200	293.6	132	Oct 31, 2025	J-GAAP
YoY	+6.4%	+18.9%	+18.2%	+17.6%	+21.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	22,293	3,428	2,578	2,113	45.4	15.4	Oct 31, 2024	J-GAAP
Oct - Dec, 2024	24,129	4,061	4,995	3,656	78.6	16.8	Jan 31, 2025	J-GAAP
Jan - Mar, 2025	22,829	2,991	2,664	2,116	45.6	13.1	Apr 30, 2025	J-GAAP
Apr - Jun, 2025	24,240	4,894	4,968	3,595	78.3	20.2	Jul 31, 2025	J-GAAP
Jul - Sep, 2025	24,448	4,573	4,787	3,693	80.7	18.7	Oct 31, 2025	J-GAAP
YoY	+9.7%	+33.4%	+85.7%	+74.8%	+77.8%