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KEL, First Half Ordinary Profit Decreases by 38%

Mon Nov 10, 2025 1:00 pm JST Earnings

6919 KEL CORPORATION 【J-GAAP】

Earnings Report

KEL CORPORATION <6919> [TSE Std] announced its financial results in the afternoon session on November 10th (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) dropped 38.4% from the same period last year to 204 million yen. Progress toward the full-year plan of 630 million yen was 32.4%, also falling below the five-year average of 54.0%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to expand 67.7% from the same period last year, reaching 426 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit surged 34 times that of the same period last year, reaching 171 million yen. However, the operating profit margin worsened from 6.0% in the same period last year to 4.5%.

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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 6,372 707 850 575 79.2 67.0 Nov 8, 2023 J-GAAP
Apr - Sep, 2024 6,065 414 331 207 28.6 56.6 Nov 8, 2024 J-GAAP
Apr - Sep, 2025 6,089 156 204 134 18.5 32.4 Nov 10, 2025 J-GAAP
YoY +0.4% -62.3% -38.4% -35.3% -35.2%

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 5,800 200 220 150 20.6 40 May 9, 2025 J-GAAP
Apr - Sep, 2025 Results 6,089 156 204 134 18.5 40 Nov 10, 2025 J-GAAP
Revision Rate +5.0% -22.0% -7.3% -10.7% -10.1%

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 5,806 182 254 194 26.7 40 May 9, 2025 J-GAAP
Oct - Mar, 2025 Guidance 5,911 444 426 296 40.7 40 Nov 10, 2025 J-GAAP
YoY +1.8% +144.0% +67.7% +52.6% +52.2%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 12,231 1,095 1,268 852 117.3 95 May 9, 2024 J-GAAP
Mar, 2025 11,871 596 585 401 55.2 80 May 9, 2025 J-GAAP
Mar, 2026 Guidance 12,000 600 630 430 59.1 80 May 9, 2025 J-GAAP
YoY +1.1% +0.7% +7.7% +7.2% +7.0%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 2,952 176 5 -20 -2.8 6.0 Nov 8, 2024 J-GAAP
Oct - Dec, 2024 2,875 62 234 194 26.7 2.2 Feb 7, 2025 J-GAAP
Jan - Mar, 2025 2,931 120 20 0 0.1 4.1 May 9, 2025 J-GAAP
Apr - Jun, 2025 2,945 15 33 10 1.5 0.5 Aug 7, 2025 J-GAAP
Jul - Sep, 2025 3,144 141 171 124 17.2 4.5 Nov 10, 2025 J-GAAP
YoY +6.5% -19.9% +3,320.0% － －

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