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Azuma Shipping, First Half Ordinary Profit Revised Downward to an Unexpected 11%Decrease

Wed Nov 12, 2025 2:00 pm JST Earnings

9380 Azuma Shipping Co.,Ltd. 【J-GAAP】

Earnings Report

Azuma Shipping Co.,Ltd. <9380> [TSE Std] announced its financial results in the afternoon session on November 12th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) decreased 11.4% from the same period last year to 294 million yen, resulting in a decrease in profits compared to the previous forecast of a 6.0% increase.

Progress toward the full-year plan of 895 million yen was 32.8%, also falling below the five-year average of 67.8%.

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 47.7% from the same period last year, reaching 601 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased 36.0% from the same period last year, reaching 223 million yen. The operating profit margin remained almost flat, changing from 1.8% in the same period last year to 2.1%.

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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 19,923 82 228 122 4.4 150.0 Oct 30, 2023 J-GAAP
Apr - Sep, 2024 19,688 283 332 248 8.9 44.9 Oct 30, 2024 J-GAAP
Apr - Sep, 2025 19,662 213 294 166 5.9 32.8 Nov 12, 2025 J-GAAP
YoY -0.1% -24.7% -11.4% -33.1% -33.2%

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 20,750 271 352 212 7.6 3 May 15, 2025 J-GAAP
Apr - Sep, 2025 Results 19,662 213 294 166 5.9 3 Nov 12, 2025 J-GAAP
Revision Rate -5.2% -21.4% -16.5% -21.7% -21.3%

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 19,711 405 407 330 11.8 4 May 15, 2025 J-GAAP
Oct - Mar, 2025 Guidance 22,637 560 601 397 14.1 4 Nov 12, 2025 J-GAAP
YoY +14.8% +38.3% +47.7% +20.3% +20.0%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 39,746 288 152 317 11.4 7 May 15, 2024 J-GAAP
Mar, 2025 39,399 688 739 578 20.6 7 May 15, 2025 J-GAAP
Mar, 2026 Guidance 42,299 773 895 563 20.0 7 May 15, 2025 J-GAAP
YoY +7.4% +12.4% +21.1% -2.6% -2.9%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 9,856 182 164 185 6.6 1.8 Oct 30, 2024 J-GAAP
Oct - Dec, 2024 10,148 289 340 243 8.7 2.8 Feb 14, 2025 J-GAAP
Jan - Mar, 2025 9,563 116 67 87 3.1 1.2 May 15, 2025 J-GAAP
Apr - Jun, 2025 9,737 1 71 26 1.0 0.0 Aug 8, 2025 J-GAAP
Jul - Sep, 2025 9,925 212 223 140 5.0 2.1 Nov 12, 2025 J-GAAP
YoY +0.7% +16.5% +36.0% -24.3% -24.4%

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