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Mitsubishi Paper Mills, Ordinary Profit Forecast for the Fiscal Year Revised Downward by 31%

Thu Nov 13, 2025 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 November 13th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) decreased 19.6% from the same period last year to 0.36 billion yen, resulting in a decrease in profits compared to the previous forecast of a 344.4% increase.

In addition, the full-year forecast for consolidated ordinary profit has decreased 31.3%, from the previous forecast of 8.00 billion yen to 5.50 billion yen (compared to 4.54 billion yen in the previous period), leading to a reduction in the profit growth rate from 75.9% to 20.9%.

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 25.4% from the same period last year, reaching 5.13 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit surged 15 times that of the same period last year, reaching 1.45 billion yen. The operating profit margin improved from 2.3% in the same period last year to 3.2%.

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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
Apr - Sep, 2023 96,703 1,995 3,526 1,638 37.5 49.7 Nov 13, 2023 J-GAAP
Apr - Sep, 2024 88,400 934 450 -232 -5.3 9.9 Nov 13, 2024 J-GAAP
Apr - Sep, 2025 79,023 58 362 -1,281 -29.2 6.6 Nov 13, 2025 J-GAAP
YoY -10.6% -93.8% -19.6% -452.2% -450.3%

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 88,000 2,000 2,000 -1,500 -34.2 0 May 14, 2025 J-GAAP
Apr - Sep, 2025 Results 79,023 58 362 -1,281 -29.2 0 Nov 13, 2025 J-GAAP
Revision Rate -10.2% -97.1% -81.9% +14.6% +14.6%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 180,000 8,000 8,000 3,500 79.9 15 May 14, 2025 J-GAAP
Mar, 2026 New 170,000 5,000 5,500 3,500 79.9 15 Nov 13, 2025 J-GAAP
Revision Rate -5.6% -37.5% -31.3% 0.0% 0.0%

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 87,542 3,633 4,098 4,575 104.4 15 May 14, 2025 J-GAAP
Oct - Mar, 2025 Guidance 90,977 4,942 5,138 4,781 109.1 15 Nov 13, 2025 J-GAAP
YoY +3.9% +36.0% +25.4% +4.5% +4.5%

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 170,000 5,000 5,500 3,500 79.9 15 Nov 13, 2025 J-GAAP
YoY -3.4% +9.5% +20.9% -19.4% -19.4%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 43,397 1,004 96 -209 -4.8 2.3 Nov 13, 2024 J-GAAP
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
YoY -8.8% +27.4% +1,415.6% － －

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