Mitsubishi Research Institute (3636) Q3 2026 earnings summary

Executive summary

• Consolidated revenue and profits increased year-over-year, driven by strong performance in Think Tank & Consulting Services (TTC), offsetting a decline in IT Services (ITS) profits.

• Net sales for the nine months ended June 30, 2026, rose 7.2% year-over-year to ¥98,232 million, with operating profit up 14.5% to ¥7,596 million and profit attributable to owners of parent up 38.0% to ¥6,880 million.

• Comprehensive income increased 42.6% year-over-year to ¥8,052 million for the nine-month period.

• TTC saw robust demand from government and private sectors, especially in strategic areas like digitalization and autonomous driving.

• ITS revenue rose slightly, but profits fell due to unprofitable projects and the absence of large-scale financial sector projects.

Financial highlights

• Net sales for FY2026 9M were ¥98.2 billion, up 7.2% year-over-year.

• Operating profit increased 14.5% to ¥7.6 billion; ordinary profit rose 5.3% to ¥8.7 billion.

• Profit attributable to owners of parent surged 38.0% to ¥6.88 billion; basic EPS up 37.9%.

• Gross profit margin slightly decreased to 23.5% from 24.0%.

• Equity-to-asset ratio improved to 59.8% as of June 30, 2026, from 56.1% as of September 30, 2025.

Outlook and guidance

• Full-year consolidated forecasts remain unchanged; segment-level forecasts revised.

• Full-year net sales forecasted at ¥125,000 million, up 2.9% year-over-year.

• Operating profit forecast at ¥8.4 billion (+4.9% YoY); ordinary profit at ¥9.5 billion (-2.4% YoY).

• Profit attributable to owners of parent forecast at ¥6.6 billion (+3.3% YoY); basic EPS forecasted at ¥418.88.

• Annual dividend forecast maintained at ¥165.00 per share.