Musashi (7521) Q3 2026 earnings summary

Executive summary

• Revenue for the nine months ended December 31, 2025, was ¥28,103 million, down 0.5% year-over-year.

• Operating income decreased 12.3% year-over-year to ¥2,487 million.

• Ordinary income fell 39.3% year-over-year to ¥2,564 million.

• Net income attributable to shareholders dropped 58.4% year-over-year to ¥1,288 million.

• Economic recovery was moderate, but uncertainties persisted due to global risks and yen depreciation.

Segment performance

• Information & Industrial Systems: Electronic devices and industrial inspection equipment sales were strong, but digitalization projects for public sector lagged due to budget cuts.

• Printing Systems: Sales of printing materials and equipment were sluggish due to weak demand.

• Financial & Election Systems: Sales of currency handling and security devices were steady; election system sales grew on the back of major elections.

• Paper & Processed Paper: Packaging board for pharmaceuticals and cosmetics performed well, but printing and information paper sales were weak.

• Real Estate Leasing & Leasing: Segment remained steady.

• Segment profit: Financial & Election Systems contributed ¥2,277 million in profit, while Information & Industrial Systems posted a ¥41 million loss; a ¥204 million impairment loss was recorded in Information & Industrial Systems.

Financial highlights

• Gross profit for the nine months was ¥7,688 million.

• Comprehensive income for the period was ¥1,466 million.

• Total assets at December 31, 2025, were ¥50,059 million, up from ¥49,811 million at the previous fiscal year-end.

• Net assets increased to ¥35,036 million, with an equity ratio of 70.0%.

• Cash and deposits stood at ¥22,280 million.