Mitsubishi Logistics, Ordinary Profit Forecast for the Fiscal Year Revised Downward by 16%

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Fri Oct 31, 2025 3:30 pm JST Earnings

9301 Mitsubishi Logistics Corporation 【J-GAAP】

Earnings Report

Mitsubishi Logistics Corporation <9301> [TSE Prime] announced its financial results after the market closed on October 31st (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) decreased 11.0% from the same period last year to 10.3 billion yen, resulting in a decrease in profits compared to the previous forecast of a 3.1% increase.

In addition, the full-year forecast for consolidated ordinary profit has decreased 15.6%, from the previous forecast of 24.4 billion yen to 20.6 billion yen (compared to 18.6 billion yen in the previous period), leading to a reduction in the profit growth rate from 31.0% to 10.6%. However, the full-year forecast for consolidated net income has been revised upward 11.4%, from the previous forecast of 40.4 billion yen to 45.0 billion yen (compared to 31.8 billion yen in the previous period), increasing the growth rate from 26.8% to 41.2%. The company has further increased its previous forecast of record profits for the first time in five years.

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 expand 46.7% from the same period last year, reaching 10.2 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 4.13 billion yen, a 22.7% decrease compared to the same period last year. The operating profit margin worsened from 7.1% in the same period last year to 5.3%.

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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	125,760	9,920	13,345	9,462	24.3	54.8	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	134,890	8,995	11,641	16,359	43.5	62.5	Oct 31, 2024	J-GAAP
Apr - Sep, 2025	136,116	7,541	10,361	32,851	92.3	50.3	Oct 31, 2025	J-GAAP
YoY	+0.9%	-16.2%	-11.0%	+100.8%	+112.3%

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	140,000	9,400	12,000	32,000	90.8	18	Apr 30, 2025	J-GAAP
Apr - Sep, 2025 Results	136,116	7,541	10,361	32,851	92.3	18	Oct 31, 2025	J-GAAP
Revision Rate	-2.8%	-19.8%	-13.7%	+2.7%	+1.7%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	290,000	20,000	24,400	40,400	116.0	36	Apr 30, 2025	J-GAAP
Mar, 2026 New	280,000	16,000	20,600	45,000	129.2	36	Oct 31, 2025	J-GAAP
Revision Rate	-3.4%	-20.0%	-15.6%	+11.4%	+11.4%

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	149,179	11,315	6,979	15,505	41.8	16	Apr 30, 2025	J-GAAP
Oct - Mar, 2025 Guidance	143,884	8,459	10,239	12,149	34.9	18	Oct 31, 2025	J-GAAP
YoY	-3.5%	-25.2%	+46.7%	-21.6%	-16.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	254,507	18,941	24,358	27,787	71.9	24	Apr 30, 2024	J-GAAP
Mar, 2025	284,069	20,310	18,620	31,864	85.9	32	Apr 30, 2025	J-GAAP
Mar, 2026 Guidance	280,000	16,000	20,600	45,000	129.2	36	Oct 31, 2025	J-GAAP
YoY	-1.4%	-21.2%	+10.6%	+41.2%	+50.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	69,013	4,926	5,345	3,575	9.5	7.1	Oct 31, 2024	J-GAAP
Oct - Dec, 2024	79,355	7,164	1,224	5,961	16.0	9.0	Jan 31, 2025	J-GAAP
Jan - Mar, 2025	69,824	4,151	5,755	9,544	25.7	5.9	Apr 30, 2025	J-GAAP
Apr - Jun, 2025	68,562	3,962	6,228	18,571	51.8	5.8	Jul 31, 2025	J-GAAP
Jul - Sep, 2025	67,554	3,579	4,133	14,280	40.1	5.3	Oct 31, 2025	J-GAAP
YoY	-2.1%	-27.3%	-22.7%	+299.4%	+322.3%