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

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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 Results

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	8,865	1,457	1,472	795	22.0	51.3	Nov 14, 2023	J-GAAP
Apr - Sep, 2024	12,266	1,957	1,980	834	23.3	48.1	Nov 14, 2024	J-GAAP
Apr - Sep, 2025	15,107	2,701	2,793	1,699	47.8	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	－	0	May 15, 2025	J-GAAP
Apr - Sep, 2025 Results	15,107	2,701	2,793	1,699	47.8	0	Nov 14, 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
Mar, 2026 Prev	28,000	4,700	4,700	2,500	70.5	20	May 15, 2025	J-GAAP
Mar, 2026 New	30,000	5,200	5,200	3,000	84.6	25	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	13,516	2,108	2,133	830	23.2	18	May 15, 2025	J-GAAP
Oct - Mar, 2025 Guidance	14,893	2,499	2,407	1,301	36.7	25	Nov 14, 2025	J-GAAP
YoY	+10.2%	+18.5%	+12.8%	+56.7%	+57.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	18,574	2,825	2,867	1,481	41.1	13.50	May 15, 2024	J-GAAP
Mar, 2025	25,782	4,065	4,113	1,664	46.6	18	May 15, 2025	J-GAAP
Mar, 2026 Guidance	30,000	5,200	5,200	3,000	84.6	25	Nov 14, 2025	J-GAAP
YoY	+16.4%	+27.9%	+26.4%	+80.3%	+81.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	6,429	1,087	1,098	358	10.0	16.9	Nov 14, 2024	J-GAAP
Oct - Dec, 2024	6,725	1,300	1,297	819	22.9	19.3	Feb 14, 2025	J-GAAP
Jan - Mar, 2025	6,791	808	836	11	0.3	11.9	May 15, 2025	J-GAAP
Apr - Jun, 2025	7,413	1,387	1,408	859	24.1	18.7	Aug 14, 2025	J-GAAP
Jul - Sep, 2025	7,694	1,314	1,385	840	23.7	17.1	Nov 14, 2025	J-GAAP
YoY	+19.7%	+20.9%	+26.1%	+134.6%	+136.5%