A decline the company frames as a base effect
Mitsubishi HC Capital Inc. (TSE: 8593) published consolidated results for the three months to June 30, 2026 on August 7, 2026 under Japanese GAAP. Revenue fell 7.8% to ¥539,102 million and gross profit 25.1% to ¥113.4 billion. Operating profit fell 42.9% to ¥47,104 million, ordinary profit 41.7% to ¥46,486 million and net profit attributable to owners of the parent 44.8%, or ¥25.6 billion, to ¥31,609 million.
The company gives two reasons for the ¥25.6 billion fall and both concern the year-earlier base. The first-quarter of FY3/2026 carried a ¥22.8 billion increase in profit from adjusting the consolidation period of a subsidiary that changed its fiscal year-end — an accounting event that by definition does not recur. The second is a genuine trading item: gains on asset sales fell, mainly in the real estate segment. Read together, roughly nine-tenths of the decline is the one-off dropping out.
Earnings per share were ¥22.03 against ¥39.89. Comprehensive income, by contrast, rose more than tenfold to ¥57,000 million from ¥5,140 million — a reminder that for a balance sheet of ¥13.3 trillion, currency and valuation movements can dwarf the operating result.
Aviation, logistics and real estate all halved; global customer multiplied
The segment structure changed this quarter. Following an April 1, 2026 reorganisation, Mobility was merged into Logistics, leaving six reporting segments, and the allocation of interest expense and other corporate costs was revised. The prior-year figures below are restated on the new basis, so the comparisons hold.
Aviation profit fell 51.3% to ¥9.2 billion — the year-earlier accounting benefit again, plus lower lease income after a specific airline returned aircraft. Logistics fell 49.7% to ¥7.3 billion on the same accounting effect and smaller asset sale gains, and real estate fell 59.6% to ¥2.9 billion because a large asset sale gain booked a year earlier did not repeat. Customer solutions was flat at ¥9.1 billion: lower credit costs offset smaller property sale gains.
Against that, global customer profit rose 584.2% to ¥6.3 billion, from ¥0.9 billion, on lower credit costs in the Americas commercial-truck business and the absence of restructuring costs booked in Asia-Oceania a year earlier. Environment and energy was the one segment to deteriorate on its own account, widening its loss to ¥3.2 billion from ¥0.7 billion on larger equity-method losses from its stake in European Energy A/S.
A quarter of deal-making
The company published its 2028 medium-term management plan in April 2026. In May it agreed with Tohoku Electric Power to jointly develop and operate mainly non-FIT solar generation for off-site corporate PPAs, introduced a share-delivery scheme for employees, and announced a capital and business alliance with Morgenrot Inc. aimed at digital infrastructure for AI and data use.
In June it announced a capital and business alliance with First Loop Technology Inc., which supplies on-site DX tools to manufacturing, logistics, construction and infrastructure maintenance, and — the largest of the set — a shareholders' agreement with Brookfield Asset Management to form a renewable-energy joint venture that will acquire European renewable generation assets. On the ratings side it was named to CDP's Supplier Engagement Leaderboard for the first time and rated Prime by ISS STOXX for the first time.
Guidance unchanged, and only one line of it
Guidance for FY3/2027 is unchanged and consists of a single figure: net profit attributable to owners of the parent of ¥160,000 million (−1.4%), for earnings per share of ¥111.57. The company does not publish revenue or operating profit guidance.
First-quarter net profit of ¥31,609 million is 19.8% of that target, so the plan requires a materially stronger balance of the year. Total assets rose 1.7% from the March year-end to ¥13,314,409 million and net assets 1.0% to ¥2,028,299 million, leaving the equity ratio broadly unchanged at 15.1%. The annual dividend forecast rises to ¥51.00 per share from ¥46.00 — a 10.9% increase against a guided 1.4% fall in profit.
| Metric | Q1 FY3/2027 | Q1 FY3/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 539,102 | 584,500 | −7.8% |
| Gross profit (¥ million) | 113,400 | 151,500 | −25.1% |
| Operating profit (¥ million) | 47,104 | 82,487 | −42.9% |
| Operating margin | 8.7% | 14.1% | −5.4 pt |
| Ordinary profit (¥ million) | 46,486 | 79,694 | −41.7% |
| Net profit attrib. to owners of parent (¥ million) | 31,609 | 57,271 | −44.8% |
| Comprehensive income (¥ million) | 57,000 | 5,140 | +1,008.9% |
| EPS (¥) | 22.03 | 39.89 | −44.8% |
| Customer Solutions — segment profit (¥ million) | 9,100 | 9,200 | −1.4% |
| Global Customer — segment profit (¥ million) | 6,300 | 900 | +584.2% |
| Environment & Energy — segment profit (¥ million) | −3,200 | −700 | loss widened |
| Aviation — segment profit (¥ million) | 9,200 | 18,900 | −51.3% |
| Logistics — segment profit (¥ million) | 7,300 | 14,600 | −49.7% |
| Real Estate — segment profit (¥ million) | 2,900 | 7,300 | −59.6% |
| Total assets (¥ million) | 13,314,409 | 13,089,557 | +1.7% |
| Net assets (¥ million) | 2,028,299 | 2,008,779 | +1.0% |
| Equity ratio | 15.1% | 15.2% | −0.1 pt |
| FY3/2027 guidance — net profit (¥ million) | 160,000 | — | −1.4% |
| FY3/2027 guidance — EPS (¥) | 111.57 | — | n.m. |
| Annual dividend per share (¥) | 51.00 | 46.00 | +10.9% |
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.