TBS HOLDINGS, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 7%, Highest in Twenty Five Terms, Dividend Revised Upward by 3 Yen

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Tue Nov 11, 2025 4:30 pm JST Earnings

9401 TBS HOLDINGS, INC. 【J-GAAP】

Earnings Report

TBS HOLDINGS, INC. <9401> [TSE Prime] announced its financial results after the market closed on November 11th (16:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) increased 22.7% from the same period last year, reaching 22.8 billion yen.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 7.2%, from the previous forecast of 34.5 billion yen to 37.0 billion yen (compared to 31.6 billion yen in the previous period), increasing the growth rate from 9.2% to 17.1%, reaches new record high for the first time in twenty five 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 9.0% from the same period last year, reaching 14.1 billion yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 70 yen to 73 yen (compared to 68 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew 10.4% from the same period last year, reaching 7.06 billion yen. However, the operating profit margin remained almost flat, changing from 6.7% in the same period last year to 6.6%.

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	190,813	8,743	16,257	9,832	59.6	58.8	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	197,792	12,801	18,652	33,578	207.7	59.0	Nov 8, 2024	J-GAAP
Apr - Sep, 2025	210,658	15,392	22,885	45,403	286.7	61.9	Nov 11, 2025	J-GAAP
YoY	+6.5%	+20.2%	+22.7%	+35.2%	+38.0%

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	－	35	May 14, 2025	J-GAAP
Apr - Sep, 2025 Results	210,658	15,392	22,885	45,403	286.7	35	Nov 11, 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	425,000	21,500	34,500	52,500	335.0	70	Sep 26, 2025	J-GAAP
Mar, 2026 New	431,000	24,000	37,000	52,500	335.0	73	Nov 11, 2025	J-GAAP
Revision Rate	+1.4%	+11.6%	+7.2%	0.0%	0.0%

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	208,908	6,664	12,952	10,336	64.3	41	May 14, 2025	J-GAAP
Oct - Mar, 2025 Guidance	220,342	8,608	14,115	7,097	45.3	38	Nov 11, 2025	J-GAAP
YoY	+5.5%	+29.2%	+9.0%	-31.3%	-29.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	394,309	15,175	27,653	38,126	232.3	44	May 14, 2024	J-GAAP
Mar, 2025	406,700	19,465	31,604	43,914	273.0	68	May 14, 2025	J-GAAP
Mar, 2026 Guidance	431,000	24,000	37,000	52,500	335.0	73	Nov 11, 2025	J-GAAP
YoY	+6.0%	+23.3%	+17.1%	+19.6%	+22.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	99,188	6,623	6,402	19,201	118.8	6.7	Nov 8, 2024	J-GAAP
Oct - Dec, 2024	105,142	9,334	15,500	10,162	63.0	8.9	Feb 6, 2025	J-GAAP
Jan - Mar, 2025	103,766	-2,670	-2,548	174	1.1	-2.6	May 14, 2025	J-GAAP
Apr - Jun, 2025	100,633	8,113	15,819	17,704	110.8	8.1	Aug 7, 2025	J-GAAP
Jul - Sep, 2025	110,025	7,279	7,066	27,699	174.9	6.6	Nov 11, 2025	J-GAAP
YoY	+10.9%	+9.9%	+10.4%	+44.3%	+47.2%