Mitsubishi Research Institute (3636) Q3 2025 earnings summary

Executive summary

• Revenue and profits increased year-over-year, with net sales for the nine months ended June 30, 2025, rising 1.5% to ¥91.62 billion and profit attributable to owners up 2.8% to ¥4.99 billion, driven by project growth and controlled expenses.

• Operating profit declined 6.0% to ¥6.63 billion due to upfront investments and relocation costs, while ordinary profit increased 1.4% to ¥8.25 billion.

• Orders received and order backlog rose significantly, with total orders up 12.3% and backlog up 13.0% year-over-year, supporting a recovery trend.

• Extraordinary losses from withdrawal from new businesses were offset by lower corporate tax expenses.

Financial highlights

• Net sales for FY2025 9M were ¥91.62 billion, up 1.5% year-over-year.

• Gross profit rose 6.3% to ¥21.98 billion, with gross margin improving by 1.1 points to 24.0%.

• Basic EPS for 9M was ¥316.73, up from ¥306.28.

• Total assets grew 2.7% to ¥122.96 billion; net assets increased 3.8% to ¥79.28 billion.

• Comprehensive income for the period was ¥5.65 billion.

Outlook and guidance

• FY2025 full-year net sales forecast remains at ¥122.0 billion, up 5.8% year-over-year.

• Operating profit is forecast to decline 12.2% to ¥6.2 billion, with ordinary profit down 7.9% to ¥7.5 billion.

• Profit attributable to owners is projected to decrease 18.1% to ¥4.1 billion.

• Annual dividend forecast is ¥160 per share.

• 9M progress rates: 75% for net sales, 110% for ordinary profit.