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Mitsubishi Paper Mills, Ordinary Profit Forecast for the Fiscal Year Revised Downward to an Unexpected 23% Decrease

Fri Feb 13, 2026 3:30 pm JST Earnings

3864 Mitsubishi Paper Mills Limited 【J-GAAP】

Earnings Report

Mitsubishi Paper Mills Limited <3864> [TSE Prime] announced its financial results after the market closed on February 13th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) significantly dropped 92.4% from the same period last year to 0.20 billion yen.

In addition, the full-year forecast for consolidated ordinary profit has decreased 36.4%, from the previous forecast of 5.50 billion yen to 3.50 billion yen (compared to 4.54 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 23.0% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the October to March period (second half) has decreased 38.9%, from the previous forecast of 5.13 billion yen to 3.13 billion yen (compared to 4.09 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 23.4% decrease in profit.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit/loss turned to a loss of 0.15 billion yen (compared to a profit of 2.25 billion yen in the same period last year). The operating profit/loss margin drastically worsened from 3.3% in the same period last year to -3.0%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Dec, 2023 144,669 2,882 4,332 -459 -10.5 61.0 Feb 14, 2024 J-GAAP
Apr - Dec, 2024 132,655 2,413 2,704 2,401 54.8 59.5 Feb 14, 2025 J-GAAP
Apr - Dec, 2025 117,761 -1,090 205 -2,047 -46.7 5.9 Feb 13, 2026 J-GAAP
YoY -11.2% － -92.4% － －

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2025 Prev 90,977 4,942 5,138 4,781 109.1 15 Nov 13, 2025 J-GAAP
Oct - Mar, 2025 New 80,977 1,942 3,138 2,781 63.5 15 Feb 13, 2026 J-GAAP
Revision Rate -11.0% -60.7% -38.9% -41.8% -41.8%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 170,000 5,000 5,500 3,500 79.9 15 Nov 13, 2025 J-GAAP
Mar, 2026 New 160,000 2,000 3,500 1,500 34.2 15 Feb 13, 2026 J-GAAP
Revision Rate -5.9% -60.0% -36.4% -57.1% -57.1%

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 87,542 3,633 4,098 4,575 104.4 15 May 14, 2025 J-GAAP
Oct - Mar, 2025 Guidance 80,977 1,942 3,138 2,781 63.5 15 Feb 13, 2026 J-GAAP
YoY -7.5% -46.5% -23.4% -39.2% -39.2%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 193,462 5,410 7,098 4,170 95.3 10 May 13, 2024 J-GAAP
Mar, 2025 175,942 4,567 4,548 4,343 99.1 15 May 14, 2025 J-GAAP
Mar, 2026 Guidance 160,000 2,000 3,500 1,500 34.2 15 Feb 13, 2026 J-GAAP
YoY -9.1% -56.2% -23.0% -65.5% -65.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2024 44,255 1,479 2,254 2,633 60.1 3.3 Feb 14, 2025 J-GAAP
Jan - Mar, 2025 43,287 2,154 1,844 1,942 44.3 5.0 May 14, 2025 J-GAAP
Apr - Jun, 2025 39,461 -1,221 -1,093 -1,316 -30.0 -3.1 Aug 6, 2025 J-GAAP
Jul - Sep, 2025 39,562 1,279 1,455 35 0.8 3.2 Nov 13, 2025 J-GAAP
Oct - Dec, 2025 38,738 -1,148 -157 -766 -17.5 -3.0 Feb 13, 2026 J-GAAP
YoY -12.5% － － － －

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