West Holdings Corporation (1407) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended May 31, 2025, was ¥22,001 million, down 25.9% year-over-year, with operating profit at ¥2,022 million (down 51.8%) and net profit attributable to shareholders at ¥775 million (down 70.1%).

• The business environment remains uncertain due to inflation and global policy changes, but domestic demand for renewable energy is expected to grow, especially with government targets for carbon neutrality and increased solar power.

• The company is shifting focus to non-FIT related businesses, including self-consumption industrial solar and large-scale storage development, to capture future market share.

Financial highlights

• Gross profit for the period was ¥7,469 million, down from ¥9,806 million year-over-year.

• Comprehensive income was ¥916 million, a 66.2% decrease year-over-year.

• Total assets increased to ¥143,853 million (up ¥17,955 million from the previous year-end), while net assets decreased to ¥31,753 million.

• Equity ratio declined to 21.9% from 26.4% at the previous year-end.

Outlook and guidance

• Full-year revenue forecast revised to ¥45,000 million (up 10.7% year-over-year), with operating profit of ¥7,500 million (up 24.7%) and net profit attributable to shareholders of ¥5,000 million (up 26.0%).

• Earnings per share for the full year projected at ¥126.07.

• Dividend forecast remains unchanged at ¥65 per share.