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Mullion, First Half Ordinary Profit Increases by 7%, Jan-Mar Ordinary Profit Decreases by 29%

Tue May 12, 2026 3:30 pm JST Earnings

3494 Mullion Co., Ltd. 【J-GAAP】

Earnings Report

Mullion Co., Ltd. <3494> [TSE Std] announced its financial results after the market closed on May 12th (15:30). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending September 2026 (October 2025 to March 2026) increased 7.4% from the same period last year, reaching 73 million yen. However, Progress toward the full-year plan of 400 million yen was 18.3%, also falling below the five-year average of 77.3%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the April to September period (second half) is expected to drop 45.2% from the same period last year to 327 million yen.

In the most recent three-month period, from January to March (2Q), the ordinary profit decreased to 22 million yen, a 29.0% decrease compared to the same period last year. The operating profit margin decreased from 20.1% in the same period last year to 19.9%.

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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, 2023 1,077 237 148 101 13.0 28.4 May 14, 2024 J-GAAP
Oct - Mar, 2024 774 161 68 46 6.0 10.2 May 13, 2025 J-GAAP
Oct - Mar, 2025 787 181 73 49 6.3 18.3 May 12, 2026 J-GAAP
YoY +1.7% +12.4% +7.4% +6.5% +6.1%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2025 Guidance ー ー ー ー － 0 Nov 13, 2025 J-GAAP
Oct - Mar, 2025 Results 787 181 73 49 6.3 0 May 12, 2026 J-GAAP
Revision Rate － － － － －

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 2,480 713 597 413 52.8 6 Nov 13, 2025 J-GAAP
Apr - Sep, 2026 Guidance 1,813 449 327 191 24.4 6.40 May 12, 2026 J-GAAP
YoY -26.9% -37.0% -45.2% -53.8% -53.8%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep, 2024 2,876 695 522 342 43.7 5.20 Nov 13, 2024 J-GAAP
Sep, 2025 3,254 874 665 459 58.6 6 Nov 13, 2025 J-GAAP
Sep, 2026 Guidance 2,600 630 400 240 30.6 6.40 Nov 13, 2025 J-GAAP
YoY -20.1% -27.9% -39.8% -47.7% -47.8%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jan - Mar, 2025 384 77 31 21 2.7 20.1 May 13, 2025 J-GAAP
Apr - Jun, 2025 507 78 27 17 2.2 15.4 Aug 13, 2025 J-GAAP
Jul - Sep, 2025 1,973 635 570 396 50.6 32.2 Nov 13, 2025 J-GAAP
Oct - Dec, 2025 415 107 51 35 4.6 25.8 Feb 12, 2026 J-GAAP
Jan - Mar, 2026 372 74 22 14 1.8 19.9 May 12, 2026 J-GAAP
YoY -3.1% -3.9% -29.0% -33.3% -33.8%

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