Miyaji Engineering Group (3431) Q3 2025 earnings summary

Executive summary

• Net sales for the nine months ended December 31, 2024, rose 3.1% year-over-year to ¥53,929 million, with operating profit up 9.5% to ¥7,448 million and profit attributable to owners of parent up 0.6% to ¥3,721 million, driven by steady progress in existing projects.

• Orders received dropped sharply by 45.8% year-over-year to ¥29,776 million due to delays in large project orders and a challenging business environment.

• Segment performance was mixed: MIYAJI ENGINEERING saw a 33.2% decline in orders and a 17.8% drop in operating profit, while MM BRIDGE posted a 67.7% decline in orders but a 41.3% increase in operating profit.

Financial highlights

• Operating profit increased 9.5% year-over-year to ¥7,448 million; ordinary profit rose 13.2% to ¥7,687 million.

• Basic earnings per share for the period was ¥138.72, calculated post-share split.

• Total assets grew to ¥77,599 million, up ¥3,452 million from March 31, 2024, mainly due to higher receivables.

• Net assets increased to ¥46,816 million, with retained earnings up ¥1,138 million despite treasury share acquisition.

Outlook and guidance

• Full-year forecast for FY2025 remains unchanged: net sales of ¥73,000 million (+5.2% YoY), operating profit of ¥8,500 million (+7.5%), and profit attributable to owners of parent of ¥4,000 million (+8.7%).

• Sales and profit are expected to temporarily decline in FY2025 due to order delays, but medium-term growth is anticipated with large-scale projects in the pipeline.

• Annual dividend per share (post-split) forecasted at ¥97.5 for FY2024–FY2026, with a focus on stable and increasing shareholder returns.