Mitsubishi Research Institute (3636) Q4 2026 earnings summary

Executive summary

• FY2026 net sales rose 3.8% to ¥126,059M; operating profit increased 4.8% to ¥8,395M, ordinary profit was ¥9,741M, and net income rose 0.6% to ¥6,421M.

• TTC growth more than offset lower ITS revenue and profit; government and public-sector demand supported TTC, while completed large financial projects and unprofitable work weighed on ITS.

• FY2026 results exceeded revised plans but missed initial MP2026 targets, notably ITS ordinary profit; MP2029 prioritizes profitability, business-specific competitiveness, and capital discipline.

Financial highlights

• Net sales rose ¥4,600M YoY; gross profit increased 0.6% to ¥28,904M and SG&A declined 1.1% to ¥20,509M.

• Ordinary profit increased 0.1% to ¥9,741M; comprehensive income was ¥8,189M versus ¥7,717M in FY2025.

• Net income attributable to owners rose 0.6% to ¥6,421M; basic EPS was ¥407.54 versus ¥405.55.

• FY2026 annual dividend was ¥180 per share, up from ¥165 in FY2025.

Outlook and guidance

• FY2027 forecast: net sales ¥132,000M (+4.7%), operating profit ¥7,500M (-10.7%), ordinary profit ¥9,500M (-2.5%), net income ¥6,200M (-3.4%), and basic EPS ¥393.42.

• FY2027 TTC sales are forecast to rise 15.2% to ¥61.5B, while ITS sales are expected to fall 3.0% to ¥70.5B; consolidated margin is forecast at 5.7% versus 6.7% in FY2026.

• MP2029 FY2029 targets: revenue ¥136.5B, ordinary profit ¥12.0B, and ROE 10%; TTC ordinary profit ¥8.7B and ITS ¥3.2B.

• FY2027 is an upfront-investment and turnaround year; profitability recovery is expected from FY2028, with FY2029 growth and an ITS operating profit target of ¥3.0B at a 4.4% margin.