Cube System (2335) Q2 2025 earnings summary

Executive summary

• Net sales for the six months ended September 30, 2024, were 9,022 million yen, nearly flat year-over-year (up 0.1%), with a shift in project mix across business segments.

• Operating profit declined 32.8% year-over-year to 533 million yen due to higher personnel and organizational investment costs.

• Profit attributable to owners of parent increased 32.1% year-over-year to 662 million yen, driven by extraordinary income from the revision of the retirement benefit plan.

• Earnings per share rose to 44.01 yen from 33.07 yen in the prior year period.

Financial highlights

• Net sales: 9,022 million yen (+0.1% year-over-year).

• Operating profit: 533 million yen (-32.8% year-over-year; margin 5.9%).

• Ordinary profit: 528 million yen (-33.0% year-over-year; margin 5.9%).

• Gross profit decreased to 1,869 million yen from 1,959 million yen year-over-year; gross margin: 20.7% (down from 21.7%).

• Comprehensive income rose to 839 million yen from 493 million yen year-over-year.

Outlook and guidance

• Full-year FY March 2025 net sales forecast: 18,800 million yen (up 4.3% year-over-year); operating profit: 1,600 million yen (up 4.2%); profit attributable to owners of parent: 1,260 million yen (up 18.1%).

• Full-year EPS forecast is 83.76 yen.

• Progress rates at 1H: 48.0% for net sales, 33.4% for operating profit, 52.5% for profit attributable to owners of parent.

• Earnings forecast unchanged from October 9, 2024 disclosure.

• Upward profit revision due to extraordinary gain from retirement benefit plan revision.