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Mitsubishi Research Institute, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 8% Decrease

Fri Apr 25, 2025 4:00 pm JST Earnings

3636 Mitsubishi Research Institute, Inc. 【J-GAAP】

Earnings Report

Mitsubishi Research Institute, Inc. <3636> [TSE Prime] announced its financial results after the market closed on April 25th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending September 2025 (October 2024 to March 2025) decreased 18.2% from the same period last year to 7.64 billion yen.

In addition, the full-year consolidated ordinary profit has decreased 21.1%, from the previous forecast of 9.5 billion yen to 7.5 billion yen (compared to 8.14 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 7.9% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary loss for the April to September period (2H) is expected to further decrease loss of 0.14 billion yen (compared to a loss of 1.19 billion yen in the same period last year).

In the most recent three-month period, from January to March (2Q), the consolidated ordinary profit decreased to 5.7 billion yen, a 17.4% decrease compared to the same period last year. The operating profit margin decreased from 16.9% in the same period last year to 14.2%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Oct - Mar, 2022 73,325 9,291 9,836 6,533 404.4 98.3 Apr 27, 2023 J-GAAP
Oct - Mar, 2023 66,534 8,601 9,341 6,212 391.2 114.7 Apr 25, 2024 J-GAAP
Oct - Mar, 2024 65,437 6,819 7,640 4,881 310.1 101.9 Apr 25, 2025 J-GAAP
YoY -1.6% -20.7% -18.2% -21.4% -20.7%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 Guidance ー ー ー ー － 80 Oct 30, 2024 J-GAAP
Oct - Mar, 2024 Results 65,437 6,819 7,640 4,881 310.1 80 Apr 25, 2025 J-GAAP
Revision Rate － － － － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep, 2025 Prev 128,000 8,300 9,500 5,600 355.6 160 Oct 30, 2024 J-GAAP
Sep, 2025 New 122,000 6,200 7,500 4,100 260.3 160 Apr 25, 2025 J-GAAP
Revision Rate -4.7% -25.3% -21.1% -26.8% -26.8%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2024 48,828 -1,541 -1,194 -1,209 -76.5 80 Oct 30, 2024 J-GAAP
Apr - Sep, 2025 Guidance 56,563 -619 -140 -781 -49.6 80 Apr 25, 2025 J-GAAP
YoY +15.8% +59.8% +88.3% +35.4% +35.2%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep, 2023 122,126 8,688 10,002 6,287 392.3 150 Oct 31, 2023 J-GAAP
Sep, 2024 115,362 7,060 8,147 5,003 316.4 160 Oct 30, 2024 J-GAAP
Sep, 2025 Guidance 122,000 6,200 7,500 4,100 260.3 160 Apr 25, 2025 J-GAAP
YoY +5.8% -12.2% -7.9% -18.0% -17.7%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jan - Mar, 2024 38,866 6,564 6,904 5,034 317.0 16.9 Apr 25, 2024 J-GAAP
Apr - Jun, 2024 23,720 -1,542 -1,201 -1,362 -86.0 -6.5 Jul 30, 2024 J-GAAP
Jul - Sep, 2024 25,108 1 7 153 9.7 0.0 Oct 30, 2024 J-GAAP
Oct - Dec, 2024 27,706 1,480 1,938 991 63.0 5.3 Feb 5, 2025 J-GAAP
Jan - Mar, 2025 37,731 5,339 5,702 3,890 247.1 14.2 Apr 25, 2025 J-GAAP
YoY -2.9% -18.7% -17.4% -22.7% -22.0%

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