West Holdings Corporation (1407) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of FY2025 was ¥14,868 million, down 25.3% year-over-year, with operating profit at ¥1,438 million (down 50.6%) and net profit attributable to shareholders at ¥546 million (down 70.7%).

• Delays in project delivery due to severe winter weather pushed approximately ¥2 billion in revenue to Q3 and beyond, but management expects to recover the shortfall in the second half.

• The company continues to focus on non-FIT solar projects and new business areas such as large-scale storage and next-generation solar cells.

Financial highlights

• Gross profit for the period was ¥4,999 million, down from ¥6,640 million year-over-year.

• Comprehensive income was ¥579 million, a 69.9% decrease year-over-year.

• EPS for the half-year was ¥13.78, compared to ¥45.84 in the prior year.

• Cash and cash equivalents at period-end were ¥29,540 million, up from ¥27,818 million at the start of the period.

Outlook and guidance

• Full-year revenue is forecast at ¥56,418 million (+12.0% year-over-year), with operating profit of ¥13,221 million (+24.8%) and net profit attributable to shareholders of ¥8,010 million (+18.5%).

• No changes have been made to previously announced full-year guidance.