Mitsubishi Research Institute (3636) Q4 2025 earnings summary

Executive summary

• Consolidated revenue and profits rose for the first time in years, with record-high operating and ordinary profits in both TTC and ITS segments, driven by robust performance and strategic focus on DX business growth and next-generation businesses.

• Both segments saw significant increases in orders received and order backlogs, especially in AI, automated driving, and digital transformation projects.

• Productivity improvements, personnel redeployment, and cost controls were implemented, especially in response to first-half challenges.

• FY2026 is positioned as a year for business rebuilding, with a focus on selection and concentration strategies and upfront investments for future growth.

Financial highlights

• FY2025 net sales: ¥121.5 billion (+5.3% YoY); operating profit: ¥8.0 billion (+13.5% YoY); ordinary profit: ¥9.7 billion (+19.5% YoY); net profit attributable to owners: ¥6.4 billion (+27.6% YoY).

• Comprehensive income reached ¥7,717 million, up from ¥5,719 million the previous year.

• Cash and cash equivalents at year-end were ¥30,010 million, down ¥617 million from the prior year.

• TTC net sales: ¥47.1 billion (+3.7% YoY); ITS net sales: ¥74.4 billion (+6.3% YoY).

Outlook and guidance

• FY2026 net sales forecast: ¥122.0 billion (+0.4% YoY); operating profit: ¥7.5 billion (-6.4% YoY); ordinary profit: ¥9.0 billion (-7.5% YoY); net profit: ¥5.8 billion (-9.2% YoY).

• TTC segment sales expected to rise 3.0% to ¥48.5 billion; ITS segment sales to decline 1.2% to ¥73.5 billion.

• Dividend forecast for FY2026: ¥165 per share, maintaining a payout ratio around 40%.