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SE Holdings&Incubations, First Half Ordinary Profit Decreases by 37%, Jul-Sep Ordinary Profit Decreases by 47%

Thu Oct 23, 2025 3:30 pm JST Earnings

9478 SE Holdings and Incubations Co., Ltd. 【J-GAAP】

Earnings Report

SE Holdings and Incubations Co., Ltd. <9478> [TSE Std] announced its financial results after the market closed on October 23rd (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) dropped 37.3% from the same period last year to 306 million yen. Progress toward the full-year plan of 640 million yen was 47.8%, also falling below the five-year average of 51.3%.

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 grow 3.7% from the same period last year, reaching 334 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 164 million yen, a 46.8% decrease compared to the same period last year. The operating profit margin decreased from 12.1% in the same period last year to 11.0%.

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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 3,615 651 583 382 19.7 51.0 Oct 26, 2023 J-GAAP
Apr - Sep, 2024 3,606 466 488 319 17.9 60.2 Oct 24, 2024 J-GAAP
Apr - Sep, 2025 3,452 388 306 202 12.6 47.8 Oct 23, 2025 J-GAAP
YoY -4.3% -16.7% -37.3% -36.7% -29.8%

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 3,452 388 306 202 12.7 0 Oct 20, 2025 J-GAAP
Apr - Sep, 2025 Results 3,452 388 306 202 12.6 0 Oct 23, 2025 J-GAAP
Revision Rate 0.0% 0.0% 0.0% 0.0% -1.0%

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 3,636 351 322 212 12.2 3.50 May 8, 2025 J-GAAP
Oct - Mar, 2025 Guidance 3,648 402 334 248 15.8 3.50 Oct 20, 2025 J-GAAP
YoY +0.3% +14.5% +3.7% +17.0% +29.6%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 7,318 1,215 1,143 729 38.6 3.50 May 8, 2024 J-GAAP
Mar, 2025 7,242 817 810 531 30.6 3.50 May 8, 2025 J-GAAP
Mar, 2026 Guidance 7,100 790 640 450 28.7 3.50 Oct 20, 2025 J-GAAP
YoY -2.0% -3.3% -21.0% -15.3% -6.1%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 1,924 233 308 204 11.5 12.1 Oct 24, 2024 J-GAAP
Oct - Dec, 2024 1,648 120 73 48 2.7 7.3 Jan 28, 2025 J-GAAP
Jan - Mar, 2025 1,988 231 249 164 9.4 11.6 May 8, 2025 J-GAAP
Apr - Jun, 2025 1,630 188 142 96 5.9 11.5 Jul 24, 2025 J-GAAP
Jul - Sep, 2025 1,822 200 164 106 6.6 11.0 Oct 23, 2025 J-GAAP
YoY -5.3% -14.2% -46.8% -48.0% -42.4%

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