Miyaji Engineering Group (3431) Q3 2026 earnings summary

Executive summary

• Net sales for the nine months ended December 31, 2025, declined 24.1% year-over-year to ¥40,918 million, mainly due to the absence of large projects that boosted the prior year's results.

• Operating profit dropped 54.5% year-over-year to ¥3,387 million, and profit attributable to owners of parent fell 34.7% to ¥2,423 million.

• Orders received increased 11.6% year-over-year to ¥33,240 million, driven by a rebound in the MM BRIDGE segment.

Financial highlights

• Ordinary profit decreased 52.2% year-over-year to ¥3,666 million.

• Comprehensive income was ¥3,453 million, down 32.6% year-over-year.

• Basic earnings per share for the period was ¥91.39, reflecting a two-for-one share split.

• Total assets as of December 31, 2025, were ¥77,587 million, down from ¥90,597 million at the previous fiscal year-end.

• Equity-to-asset ratio improved to 53.5% from 45.0% at the previous fiscal year-end.

Outlook and guidance

• Full-year forecast for FY2026: net sales ¥58,000 million (down 22.4% year-over-year), operating profit ¥4,700 million (down 48.7%), profit attributable to owners of parent ¥3,000 million (down 38.2%), and basic EPS ¥113.13.

• Annual dividend for FY2026 projected at ¥97.50 per share, targeting a total return ratio of 60%.

• The business environment is expected to remain challenging, especially for new construction projects, but gradual recovery is anticipated in renovation and maintenance orders.