M3 (2413) Q2 2026 earnings summary

Executive summary

• Revenue for H1 FY2025 rose 37% year-over-year to JPY 170,885 million, with operating profit up 24% to JPY 35,992 million and profit before tax up 26% to JPY 36,681 million, as COVID-related impacts subsided and core business growth accelerated.

• Net profit increased 29% to JPY 25,320 million, and profit attributable to owners rose 31.3% to JPY 22,711 million.

• Growth was driven by strong performance in core Medical Platform and Site Solution segments, new business consolidation, and recovery from COVID-related declines.

Financial highlights

• Revenue excluding COVID-related items grew 38% year-over-year, indicating robust underlying business momentum.

• Order backlog reached JPY 35.9 billion, and improved revenue mix led to operating profit growth outpacing revenue.

• Overseas segment profit increased 34% year-over-year, with revenue up 8% despite a 3% negative forex impact.

• Basic earnings per share rose to JPY 33.47 from JPY 25.47 year-over-year.

• Total assets as of September 30, 2025, were JPY 612,393 million, with equity attributable to owners at JPY 387,297 million.

Outlook and guidance

• FY2025 H1 actuals were in line with initial forecasts, with Medical Platform and Overseas segments driving profit.

• Full-year revenue forecast for fiscal year ending March 31, 2026, is JPY 360,000 million, up 26.4% year-over-year.

• Operating profit is projected at JPY 70,000 million (+11.2%), with profit attributable to owners at JPY 45,000 million (+11.2%).

• Monitoring H2 for volatility, including potential impacts related to U.S. political developments.

• Dividend forecast for the fiscal year ending March 31, 2026, remains undetermined, pending review of capital needs and cash flow.