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NIHON KOHDEN, Net Income Forecast for the Fiscal Year Revised Downward to an Unexpected 11% Decrease

Mon Nov 10, 2025 3:30 pm JST Earnings

6849 NIHON KOHDEN CORPORATION 【J-GAAP】

Earnings Report

NIHON KOHDEN CORPORATION <6849> [TSE Prime] announced its financial results after the market closed on November 10th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2026 (April to September) surged 9.8 times that of the same period last year, reaching 4.52 billion yen.

However, the full-year forecast for consolidated net income has decreased 16.7%, from the previous forecast of 15.0 billion yen to 12.5 billion yen (compared to 14.0 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of an 11.3% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to drop 41.5% from the same period last year to 7.97 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income/loss turned to a profit of 4.38 billion yen (compared to a loss of 0.30 billion yen in the same period last year). However, the operating profit margin decreased from 11.2% in the same period last year to 9.2%.

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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
Apr - Sep, 2023 103,536 7,491 12,546 7,997 47.5 49.0 Nov 8, 2023 J-GAAP
Apr - Sep, 2024 102,784 5,114 2,139 463 2.8 10.5 Nov 7, 2024 J-GAAP
Apr - Sep, 2025 108,120 6,741 6,732 4,524 27.7 28.1 Nov 10, 2025 J-GAAP
YoY +5.2% +31.8% +214.7% +877.1% +905.1%

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 ー ー ー ー － 16 May 13, 2025 J-GAAP
Apr - Sep, 2025 Results 108,120 6,741 6,732 4,524 27.7 16 Nov 10, 2025 J-GAAP
Revision Rate － － － － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 240,000 24,000 24,000 15,000 92.4 32 May 13, 2025 J-GAAP
Mar, 2026 New 240,000 24,000 24,000 12,500 77.0 32 Nov 10, 2025 J-GAAP
Revision Rate 0.0% 0.0% 0.0% -16.7% -16.7%

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 122,640 15,599 18,234 13,635 82.1 16 May 13, 2025 J-GAAP
Oct - Mar, 2025 Guidance 131,880 17,259 17,268 7,976 49.1 16 Nov 10, 2025 J-GAAP
YoY +7.5% +10.6% -5.3% -41.5% -40.2%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 221,986 19,591 25,589 17,026 101.2 30.50 May 13, 2024 J-GAAP
Mar, 2025 225,424 20,713 20,373 14,098 84.9 31 May 13, 2025 J-GAAP
Mar, 2026 Guidance 240,000 24,000 24,000 12,500 77.0 32 Nov 10, 2025 J-GAAP
YoY +6.5% +15.9% +17.8% -11.3% -9.3%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 56,557 6,362 465 -303 -1.8 11.2 Nov 7, 2024 J-GAAP
Oct - Dec, 2024 55,692 5,821 11,367 7,674 46.0 10.5 Feb 5, 2025 J-GAAP
Jan - Mar, 2025 66,948 9,778 6,867 5,961 35.9 14.6 May 13, 2025 J-GAAP
Apr - Jun, 2025 50,020 1,400 473 137 0.8 2.8 Aug 6, 2025 J-GAAP
Jul - Sep, 2025 58,100 5,341 6,259 4,387 26.9 9.2 Nov 10, 2025 J-GAAP
YoY +2.7% -16.0% +1,246.0% － －

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