Crops Corporation (9428) Q2 2026 earnings summary

Executive summary

• FY25 H1 revenue rose 6.9% YoY to ¥31,231m, supported by mobile communications, store subleasing and a high-margin property sale.

• Operating profit increased 79.1% to ¥1,419m; ordinary profit rose 45.7% to ¥1,460m.

• Net loss attributable to owners was ¥20m, primarily reflecting ¥544m of JOB LINKS goodwill impairment in Vietnam.

Financial highlights

• Revenue was ¥31,231m versus ¥29,211m; operating profit was ¥1,419m versus ¥792m, and ordinary profit was ¥1,460m versus ¥1,002m.

• Revenue was 99.3% of plan, operating profit 131.1% and ordinary profit 136.4%; net income missed the ¥420m plan, with a ¥20m loss.

• Revenue, operating profit and ordinary profit reached historical six-month series highs.

• Gross profit decreased to ¥6,416m from ¥7,209m; comprehensive income fell 48.0% to ¥170m.

• Period-end cash and equivalents were ¥9,261m; total assets were ¥35,535m, down 1.6%, and the equity ratio was 33.6%.

Outlook and guidance

• FY25 full-year targets: revenue ¥67,121m, operating profit ¥3,201m, ordinary profit ¥3,410m and net income attributable to owners ¥1,177m.

• Revenue guidance was revised to ¥67,121m, up 9.0% YoY; net profit forecast was ¥1,177m, up 18.8%.

• Management plans record FY25 consolidated revenue, operating profit and ordinary profit; mobile communications operating profit is forecast at ¥860m versus ¥437m in FY24.

• Mobile profit outlook reflects consumer-store restructuring, stronger earning power, corporate business expansion and lower one-time costs.