IHI, The Current Fiscal Year Net Income Revised Upward by 6%, Exceeded Record Profit Forecast

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Fri Feb 7, 2025 1:00 pm JST Earnings

7013 IHI Corporation 【IFRS】

Earnings Report

IHI Corporation <7013> [TSE Prime] announced its financial results (based on IFRS) in the afternoon session on February 7th (13:00). The consolidated net income/loss for the cumulative third quarter of the fiscal year ending March 2025 (April to December) turned into a profit of 76.7 billion yen (compared to a loss of 109 billion yen in the same period last year).

In addition, the full-year consolidated net income has been revised upward 5.9%, from the previous forecast of 85 billion yen to 90 billion yen (compared to a loss of 68.2 billion yen in the previous period). The company has further increased its previous forecast of record profits for the first time in three years.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the October to March period (2H) has been revised upward 10.9%, from the previous forecast of 45.6 billion yen to 50.6 billion yen (compared to 69.3 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 34.1% to 26.9%.

In the most recent three-month period, from October to December (3Q), the consolidated net income increased 34.0% from the same period last year, reaching 37.4 billion yen. However, the operating profit margin sharply declined from 13.4% in the same period last year to 6.7%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2022	946,382	64,937	52,347	27,043	178.8	80.7	Feb 7, 2023	IFRS
Apr - Dec, 2023	866,663	-103,787	-109,909	-109,599	-724.3	ー	Feb 9, 2024	IFRS
Apr - Dec, 2024	1,149,990	103,463	114,616	76,790	507.3	91.7	Feb 7, 2025	IFRS
YoY	+32.7%	－	－	－	－

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	842,512	67,737	62,340	45,691	301.9	70	Nov 6, 2024	IFRS
Oct - Mar, 2024 New	842,512	67,737	62,340	50,691	334.9	70	Feb 7, 2025	IFRS
Revision Rate	0.0%	0.0%	0.0%	+10.9%	+10.9%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,600,000	145,000	125,000	85,000	561.6	120	Nov 6, 2024	IFRS
Mar, 2025 New	1,600,000	145,000	125,000	90,000	594.6	120	Feb 7, 2025	IFRS
Revision Rate	0.0%	0.0%	0.0%	+5.9%	+5.9%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	852,281	86,893	78,803	69,352	458.3	50	May 8, 2024	IFRS
Oct - Mar, 2024 Guidance	842,512	67,737	62,340	50,691	334.9	70	Feb 7, 2025	IFRS
YoY	-1.1%	-22.0%	-20.9%	-26.9%	-26.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,352,940	81,985	64,865	44,545	294.5	90	May 9, 2023	IFRS
Mar, 2024	1,322,591	-70,138	-72,280	-68,214	-450.8	100	May 8, 2024	IFRS
Mar, 2025 Guidance	1,600,000	145,000	125,000	90,000	594.6	120	Feb 7, 2025	IFRS
YoY	+21.0%	－	－	－	－

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	396,353	53,244	41,174	27,967	184.8	13.4	Feb 9, 2024	IFRS
Jan - Mar, 2024	455,928	33,649	37,629	41,385	273.5	7.4	May 8, 2024	IFRS
Apr - Jun, 2024	348,163	23,830	31,682	18,583	122.8	6.8	Aug 6, 2024	IFRS
Jul - Sep, 2024	409,325	53,433	30,978	20,726	136.9	13.1	Nov 6, 2024	IFRS
Oct - Dec, 2024	392,502	26,200	51,956	37,481	247.6	6.7	Feb 7, 2025	IFRS
YoY	-1.0%	-50.8%	+26.2%	+34.0%	+34.0%