Mitsubishi Paper Mills Ltd. (TSE: 3864), which makes printing and communication papers, imaging and photographic materials, functional and industrial materials and filters, reported results for the year ended March 31, 2026. Under Japanese GAAP, consolidated revenue fell 10.5% to ¥157.46 billion and operating profit slumped 94.2% to ¥264 million. Ordinary profit fell 62.2% to ¥1.72 billion and net profit attributable to owners fell 56.2% to ¥1.90 billion. EPS was ¥43.37, down from ¥99.13. Comprehensive income, however, jumped to ¥18.63 billion (from a ¥5.24 billion loss) on gains in the value of investment securities.
Weak paper demand squeezes margins
Structurally declining paper demand and cost pressures nearly wiped out operating profit; ordinary and net profit held up better thanks to non-operating income. The non-consolidated parent posted a small net loss of ¥314 million.
Balance sheet and dividend
Total assets were ¥222.78 billion and net assets ¥103.19 billion — lifted by the securities revaluation — for an equity ratio of 46.3%. The FY3/26 dividend was held at ¥15.00 per share; for FY3/27 the company plans to raise it to ¥20.00 (¥7 interim plus ¥13 year-end).
Outlook
Guidance for the year to March 2027 points to a sharp recovery: revenue of ¥175.00 billion (+11.1%), operating profit of ¥6.00 billion (up from ¥264 million), ordinary profit of ¥6.00 billion (+248.8%) and net profit of ¥6.50 billion (+242.0%), for EPS of ¥148.31.
| Metric | FY3/26 | FY3/25 | YoY |
|---|---|---|---|
| Revenue (¥m) | 157,455 | 175,942 | −10.5% |
| Operating profit (¥m) | 264 | 4,567 | −94.2% |
| Ordinary profit (¥m) | 1,720 | 4,548 | −62.2% |
| Net profit attrib. (¥m) | 1,900 | 4,343 | −56.2% |
| EPS (¥) | 43.37 | 99.13 | −56.2% |
| Equity ratio | 46.3% | 40.9% | +5.4pp |
| FY3/27 net guidance (¥m) | 6,500 | 1,900 | +242.0% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.