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m-up holdings, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 11%, Raises Record High Profit Forecast, Dividend Effectively Increased

Fri Nov 14, 2025 3:30 pm JST Earnings

3661 m-up holdings, Inc. 【J-GAAP】

Earnings Report

m-up holdings, Inc. <3661> [TSE Prime] announced its financial results after the market closed on November 14th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) expanded 2.79 billion yen, an increase 41.1% compared to the same period last year.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 10.6%, from the previous forecast of 4.70 billion yen to 5.20 billion yen (compared to 4.11 billion yen in the previous period), increasing the growth rate from 14.3% to 26.4%, further surpassing the previous forecast of record-high profits for seven consecutive terms.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow 12.8% from the same period last year, reaching 2.40 billion yen.

At the same time, due to a planned 2-for-1 forward stock split is scheduled for December 31, the year-end lump-sum dividend for the current fiscal year has been revised from the original plan of 20 yen to 12.5 yen (equivalent to 25 yen before the forward stock split) This effectively represents a 25.0% increase in the annual dividend.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew 26.1% from the same period last year, reaching 1.38 billion yen. The operating profit margin rose from 16.9% in the same period last year to 17.1%.

Kabutan News

Actual Performance and Financial Trends

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating
Profit
Ordinary
Profit
Net
Profit
Adj.
EPS
Progress Rate
vs. First Half
Announce Accounting
Standards
Apr - Sep, 2023
8,865M 1,457M 1,472M 795M 11.0 51.3% Nov 14, 2023 J-GAAP
Apr - Sep, 2024
12,266M 1,957M 1,980M 834M 11.7 48.1% Nov 14, 2024 J-GAAP
Apr - Sep, 2025
15,107M 2,701M 2,793M 1,699M 23.9 53.7% Nov 14, 2025 J-GAAP
YoY +23.2% +38.0% +41.1% +103.7% +105.3%
First Half Results vs. Previous Guidance
Fiscal Year Revenue Operating
Profit
Ordinary
Profit
Net
Profit
Adj.
EPS
Adj.
Dividend
Announce Accounting
Standards
Apr - Sep, 2025 Guidance ー ー ー ー ー 0 May 15, 2025 J-GAAP
Apr - Sep, 2025 Results 15,107M 2,701M 2,793M 1,699M 23.9 0 Nov 14, 2025 J-GAAP
Revision Rate ー ー ー ー ー

Guidance Update

Full Year Update
Fiscal Year Revenue Operating
Profit
Ordinary
Profit
Net
Profit
Adj.
EPS
Adj.
Dividend
Announce Accounting
Standards
Mar, 2026 Prev 28,000M 4,700M 4,700M 2,500M 35.3 10 May 15, 2025 J-GAAP
Mar, 2026 New 30,000M 5,200M 5,200M 3,000M 42.4 12.50 Nov 14, 2025 J-GAAP
Revision Rate +7.1% +10.6% +10.6% +20.0% +20.0%

Current Period Guidance

Second Half Results
Fiscal Year Revenue Operating
Profit
Ordinary
Profit
Net
Profit
Adj.
EPS
Adj.
Dividend
Announce Accounting
Standards
Oct - Mar, 2024
13,516M 2,108M 2,133M 830M 11.6 9 May 15, 2025 J-GAAP
Guidance
Oct - Mar, 2025
14,893M 2,499M 2,407M 1,301M 18.4 12.50 Nov 14, 2025 J-GAAP
YoY +10.2% +18.5% +12.8% +56.7% +58.2%
Current Period Guidance
Fiscal Year Revenue Operating
Profit
Ordinary
Profit
Net
Profit
Adj.
EPS
Adj.
Dividend
Announce Accounting
Standards
Mar, 2024
18,574M 2,825M 2,867M 1,481M 20.5 6.75 May 15, 2024 J-GAAP
Mar, 2025
25,782M 4,065M 4,113M 1,664M 23.3 9 May 15, 2025 J-GAAP
Guidance
Mar, 2026
30,000M 5,200M 5,200M 3,000M 42.4 12.50 Nov 14, 2025 J-GAAP
YoY +16.4% +27.9% +26.4% +80.3% +82.0%

Quarterly Results

Fiscal Year Revenue Operating
Profit
Ordinary
Profit
Net
Profit
Adj.
EPS
Operating
Profit Margin
Announce Accounting
Standards
Jul - Sep, 2024
6,429M 1,087M 1,098M 358M 5.0 16.9% Nov 14, 2024 J-GAAP
Oct - Dec, 2024
6,725M 1,300M 1,297M 819M 11.5 19.3% Feb 14, 2025 J-GAAP
Jan - Mar, 2025
6,791M 808M 836M 11M 0.2 11.9% May 15, 2025 J-GAAP
Apr - Jun, 2025
7,413M 1,387M 1,408M 859M 12.1 18.7% Aug 14, 2025 J-GAAP
Jul - Sep, 2025
7,694M 1,314M 1,385M 840M 11.8 17.1% Nov 14, 2025 J-GAAP
YoY +19.7% +20.9% +26.1% +134.6% +136.6%