Muninova (547A) Q4 2025 earnings summary

Executive summary

• Achieved double-digit growth in total receivables and operating revenue year-over-year, surpassing first-year Medium-term Management Plan targets.

• Operating profit increased 20.1% to ¥25,302 million, ordinary profit up 21.5% to ¥26,817 million, and net profit attributable to owners rose 3.2% to ¥22,516 million.

• Strategic M&A activity included consolidation of FPC Co., Ltd. and acquisition of BitCash Inc., expanding business scope.

• The group is executing a Medium-term Management Plan focused on IT transformation and growth in core businesses, targeting ¥30 billion ordinary profit for FY2026/3.

Financial highlights

• Total receivables rose 13.6% year-over-year to ¥1,339.7 billion; operating revenue increased 15.9% to ¥189.0 billion.

• Operating profit grew 20.1% year-over-year to ¥25.3 billion; ordinary profit up 21.5% to ¥26.8 billion; net profit attributable to owners increased 3.2% to ¥22.5 billion.

• Adjusted operating profit (excluding one-time items) was ¥41.6 billion, up 3.9% year-over-year.

• Extraordinary losses of ¥2.5 billion were posted, mainly related to system issues and phishing incidents.

• Net assets increased to ¥221,396 million, and total assets to ¥1,448,451 million.

Outlook and guidance

• FY2026/3 guidance: total receivables to reach ¥1,493.0 billion (+11.4%), operating revenue ¥210.7 billion (+11.4%), operating profit ¥29.5 billion (+16.6%), ordinary profit ¥30.0 billion (+11.9%), and net profit ¥23.8 billion (+5.7%).

• Annual dividend forecast for FY2026 is ¥12.00 per share, up from ¥1.00 per share in FY2025.

• Targeting a capital adequacy ratio of 15% or higher and a total payout ratio of around 20% by FY2027/3.