February 12, 2026 Name of Listed Company: Mitsubishi Materials Corporation Listing: Tokyo Stock Exchange
Stock Code: 5711 URL: https://www.mmc.co.jp/ Representative: Tetsuya Tanaka, Executive Officer and President
Contact: Shinsuke Oda, General Manager, Investor Relations Dept. Tel: +81-3-5252-5290 Scheduled Date of Start of Dividend Payment: －
Supplementary Materials for the Financial Results: Yes
Investor Conference for the Financial Results: Yes (For Institutional Investors)
(Amounts of less than one million yen are omitted)
Consolidated Financial Results for the Nine Months Ended December 31, 2025 (From April 1, 2025 to December 31, 2025)
Consolidated Operating Results (Percentages indicate year-on-year changes)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Millions of yen
%
Millions of yen
27,379
32,296
%
Millions of yen
61,157
56,847
%
Millions of yen
36,387
49,173
%
Nine months ended December 31, 2025
1,284,480
-13.4
-15.2
7.6
-26.0
Nine months ended December 31, 2024
1,483,695
37.2
109.6
30.2
99.9
(Note) Comprehensive income: Nine months ended December 31, 2025: ¥58,620 million (2.0%)
Nine months ended December 31, 2024: ¥57,462 million (7.3%)
Profit per share
Diluted profit per share
Nine months ended December 31, 2025
Nine months ended December 31, 2024
Yen
278.47
376.37
Yen
-
-
Consolidated Financial Position
Total assets
Total net assets
Shareholders' equity ratio
As of December 31, 2025
As of March 31, 2025
Millions of yen
2,929,210
2,379,409
Millions of yen
738,068
693,276
%
24.5
28.5
(Reference) Shareholders' equity: As of December 31, 2025: ¥717,031 million
As of March 31, 2025: ¥677,250 million
(Note) In the interim period of the fiscal year ending March 2026, provisional accounting treatment for business combinations was finalized, and the figures for the fiscal year ended March 2025 reflect the details of this finalization.
Dividends
Dividend per share
(Record date)
First quarter
Second quarter
Third quarter
Year-end
Annual
Year ended March 31, 2025
Year ending March 31, 2026
Yen
-
-
Yen
50.00
50.00
Yen
-
-
Yen
50.00
Yen
100.00
Year ending March 31, 2026 (Forecast)
50.00
100.00
(Note) Revision of the most recently published dividend forecast: None
Consolidated Earnings Forecast for the Fiscal Year Ending March 31, 2026 (From April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Profit per share | |||||
Year ending March 31, 2026 | Millions of yen 1,760,000 | % -10.3 | Millions of yen 47,000 | % 26.6 | Millions of yen 76,000 | % 26.2 | Millions of yen 20,000 | % -41.3 | Yen 153.06 |
(Note) Revision to forecast published most recently: Yes
As for the revision of the consolidated earnings forecast, please refer to the "Notice Concerning Revisions to Earnings Forecasts" and "Presentation Materials for the First Nine Months of the Fiscal Year Ending March 31, 2026" released today.
Notes:
Significant changes in subsidiaries during the period: None New: － (Company name: － )
Exempt: － (Company name: － )
Application of special accounting treatment in the preparation of the quarterly consolidated financial statements: Yes (Note) For details, please refer to "2. Consolidated Financial Statements and Key Notes," section (3), "Key notes on consolidated quarterly financial statements (Notes on accounting methods specific to the preparation of quarterly consolidated financial statements)" on page 11.
Changes in accounting policies, changes in accounting estimates and restatement
Changes in accounting policies due to amendments to accounting standards: None
Other changes in accounting policies: None
Changes in accounting estimates: None
Restatements: None
Number of outstanding shares (common stock)
Numbers of outstanding shares at the end of the period (including treasury shares): Nine months ended December 31, 2025: 131,489,535 shares
Year ended March 31, 2025: 131,489,535 shares
Numbers of treasury shares at the end of the period:
Nine months ended December 31, 2025: 810,026 shares
Year ended March 31, 2025: 830,439 shares
Average number of outstanding shares during the period (quarterly cumulative period): Nine months ended December 31, 2025: 130,669,332 shares
Nine months ended December 31, 2024: 130,651,144 shares
The financial results for the nine months ended December 31, 2025 are not subject to review by certified public accountants or auditing firms.
Explanation regarding the proper use of financial forecasts and other special notes. (Notes concerning forward-looking statements, etc.)
The operating results forecasts and other forward-looking statements contained in this report are based on information currently available to Mitsubishi Materials Corporation ("Company" or "Group"), as well as certain assumptions that the Company has judged to be reasonable. As such, they do not constitute an assurance that the Company will achieve these projected results. Therefore, readers are advised to note that the actual results may vary materially from the forecasts due to a variety of factors.
(Procedure for obtaining supplementary information on financial results and financial briefing)
The Company plans to hold a financial briefing for institutional investors on Thursday, February 12, 2026. The materials used in this briefing are disclosed on the TDnet and the Company's website at the same time as the financial results announcement.
*ContentsOverview of Operating Results and Financial Position ........................................................................................... 4
Overview of operating results 4
Overview of financial position 5
Forecasts of consolidated financial results and other forward-looking statements 6
Consolidated Financial Statements and Key Notes 7
Consolidated balance sheet ............................................................................................................................... 7
Consolidated statements of profit or loss and consolidated statements of comprehensive income 9
Key notes on consolidated quarterly financial statements 11
Notes on accounting methods specific to the preparation of quarterly consolidated financial statements 11
Notes on segment information, etc 11
Notes on the significant changes in the amount of shareholders' equity 12
Notes on going concern assumption 12
Notes on consolidated statements of cash flows 12
-
Overview of Operating Results and Financial Position
-
Overview of operating results
Summary of business performance for the nine months ended December 31, 2025
During the nine months ended December 31, 2025, the global economy continued to pick up moderately, although economic recovery in some regions had stalled amid growing uncertainty due to the impact of U.S. policy trends, including tariff policies.
The Japanese economy continued on a moderate recovery trend, although weakening private consumption sentiment was observed amid persistently high prices.
In the business environment surrounding our Group, demand for automobile-related products showed a moderate recovery, while demand for semiconductor-related products remained sluggish except for AI-related demand. In addition, while the prices of copper and gold increased compared to the same period of the previous fiscal year, the yen appreciated against the U.S. dollar, and concentrate purchase terms (TC/RC) deteriorated.
Under these circumstances, during the nine months ended December 31, 2025, consolidated net sales and consolidated operating profit decreased compared with the same period of the previous fiscal year, mainly in the Metals business.
As a result, net sales amounted to ¥1,284.48 billion (down 13.4% year-on-year) and operating profit amounted to
¥27.379 billion (down 15.2% year-on-year). Ordinary profit increased to ¥61.157 billion (up 7.6% year-on-year), mainly due to higher dividend income from mines. In addition, profit attributable to owners of parent decreased to
¥36.387 billion (down 26.0% year-on-year), primarily due to the absence of a gain on change in equity recorded in the same period of the previous fiscal year and the recognition of impairment losses.
Segment overview
(Billions of yen)
Nine months ended
December 31, 2024
Nine months ended
December 31, 2025
Change (%)
Net sales
1,095.0
854.8
-240.2 (-21.9%)
Operating profit
22.3
5.1
-17.1 (-77.0%)
Ordinary profit
41.8
34.6
-7.1 (-17.1%)
In the Metals business, although the prices of copper and gold increased, net sales and operating profit decreased year-on-year due to the deterioration in concentrate purchase terms (TC/RC) and a decrease in gold production. In addition, although dividend income from mines increased and equity-method earnings improved, ordinary profit decreased.
Advanced Products Business(Billions of yen)
Nine months ended
December 31, 2024
Nine months ended
December 31, 2025
Change (%)
Net sales
385.5
414.3
28.8 (7.5%)
Operating profit
2.4
9.8
7.3 (298.1%)
Ordinary profit
0.8
9.4
8.6 (－%)
In the Advanced Products business, the Copper & Copper Alloy business was affected by rising copper prices. In the Electronic Materials & Components business, sales of seal products decreased.
As a result, net sales, operating profit, and ordinary profit rose year-on-year.
Metalworking Solutions Business(Billions of yen)
Nine months ended
December 31, 2024
Nine months ended
December 31, 2025
Change (%)
Net sales
110.9
165.6
54.7 (49.3%)
Operating profit
6.8
10.5
3.6 (53.1%)
Ordinary profit
6.7
9.0
2.3 (34.8%)
In the Metalworking Solutions business, the Company made H.C. Starck Holding (Germany) GmbH a consolidated subsidiary in December 2024, and as a result, net sales increased year-on-year. In addition, operating profit and ordinary profit rose due to price optimization in response to higher raw material prices for cemented carbide and tungsten products, as well as increased sales of these products.
Renewable Energy Business(Billions of yen)
Nine months ended December 31, 2024
Nine months ended December 31, 2025
Change (%)
Net sales
6.3
4.2
-2.1 (-33.6%)
Operating profit
1.9
0.6
-1.3 (-67.1%)
Ordinary profit (loss)
2.2
-0.4
-2.7 (－%)
In the Renewable Energy business, net sales and operating profit declined year-on-year due to the suspension of operations at the Appi Geothermal Power Plant caused by equipment damage from a lightning strike. In addition, ordinary profit decreased due to a decline in equity-method earnings.
Other Businesses(Billions of yen)
Nine months ended December 31, 2024
Nine months ended December 31, 2025
Change (%)
Net sales
113.3
101.4
-11.8 (-10.5%)
Operating profit
3.9
2.6
-1.3 (-33.0%)
Ordinary profit
14.8
12.8
-1.9 (-13.2%)
In other businesses, net sales and operating profit declined on a combined basis compared with the same period of the previous fiscal year. Additionally, ordinary profit decreased due to a decline in equity-method earnings.
-
Overview of financial position
Total assets at the end of the nine-month consolidated accounting period were ¥2,929.2 billion, an increase of ¥549.8 billion from the end of the previous fiscal year. This was primarily due to increases in leased gold bullion and inventories.
Liabilities totaled ¥2,191.1 billion, an increase of ¥505.0 billion from the end of the previous fiscal year. This was mainly due to increases in deposited gold bullion and interest-bearing debt.
The Group is working to enhance cash efficiency by implementing a cash management system and other measures to centrally manage surplus funds across Group companies. As part of these efforts, a global cash management system (notional pooling) has been introduced for certain overseas subsidiaries and initiatives are also underway to further improve cash efficiency on a global scale. As of the end of the nine-month consolidated accounting period of the current fiscal year, deposits of ¥56.0 billion and borrowings of ¥52.2 billion under the notional pooling arrangement have been included in "Cash and deposits" and "Short-term borrowings," respectively.
- Forecasts of consolidated financial results and other forward-looking statements
For details on the consolidated earnings forecast for the fiscal year ending March 31, 2026, please refer to the "Presentation Materials for the First Nine Months of the Fiscal Year Ending March 31, 2026" and "Notice Concerning Revisions to Earnings Forecasts."
-
Overview of operating results
- Consolidated Financial Statements and Key Notes
-
Consolidated balance sheet
Assets
(Millions of yen) As of March 31, 2025 As of December 31, 2025
Current assets
Cash and deposits
91,605
137,420
Notes receivable - trade
23,309
29,455
Accounts receivable - trade
171,045
177,436
Merchandise and finished goods
151,718
195,501
Work in process
141,312
195,667
Raw materials and supplies
190,399
208,888
Leased gold bullion
463,727
731,038
Other
231,718
325,063
Allowance for doubtful accounts
(530)
(570)
Total current assets
1,464,306
1,999,901
Non-current assets
Property, plant and equipment
Machinery and equipment, net
156,700
153,655
Land, net
88,908
88,619
Other, net
198,227
205,940
Total property, plant and equipment, net
443,836
448,215
Intangible assets
Goodwill
23,577
25,553
Other
28,210
27,083
Total intangible assets
51,788
52,637
Investments and other assets
Investment securities
310,772
312,748
Other
108,584
115,761
Allowance for doubtful accounts
(766)
(769)
Total investments and other assets
418,590
427,739
Total non-current assets
914,215
928,591
Deferred assets
Opening expenses
887
717
Total deferred assets
887
717
Total assets
2,379,409
2,929,210
Liabilities
(Millions of yen) As of March 31, 2025 As of December 31, 2025
Current liabilities
Notes and accounts payable - trade
99,426
114,528
Short-term borrowings
308,345
346,331
Current portion of bonds payable
-
30,000
Commercial papers
-
80,000
Income taxes payable
4,396
5,194
Provision
12,692
9,369
Deposited gold bullion
773,036
1,164,623
Other
99,435
107,756
Total current liabilities
1,297,333
1,857,804
Non-current liabilities
Bonds payable
100,000
70,000
Long-term borrowings
184,753
159,358
Provision for environmental measures
14,120
13,252
Other provisions
951
1,002
Retirement benefit liability
41,208
41,714
Other
47,764
48,009
Total non-current liabilities
388,798
333,338
Total liabilities
1,686,132
2,191,142
Net assets
Shareholders' equity
Share capital
119,457
119,457
Capital surplus
81,745
81,745
Retained earnings
379,339
402,706
Treasury shares
(2,828)
(2,777)
Total shareholders' equity
577,714
601,131
Accumulated other comprehensive income
Valuation difference on available-for-sale
securities
7,894
13,595
Deferred gains or losses on hedges
972
768
Revaluation reserve for land
15,670
15,646
Foreign currency translation adjustment
57,698
68,540
Remeasurements of defined benefit plans
17,300
17,347
Total accumulated other comprehensive
income
99,535
115,899
Non-controlling interests
16,026
21,037
Total net assets
693,276
738,068
Total liabilities and net assets
2,379,409
2,929,210
-
Consolidated statement of profit or loss and consolidated statement of comprehensive income Consolidated statement of profit or loss
Nine months ended December 31, 2024
(From April 1, 2024
to December 31, 2024)
(Millions of yen)
Nine months ended December 31, 2025
(From April 1, 2025
to December 31, 2025)
Net sales 1,483,695 1,284,480
Gross profit 129,849 125,959
Cost of sales 1,353,846 1,158,520
Selling, general and administrative expenses 97,552 98,580
Operating profit 32,296 27,379
Interest income 3,154 2,716
Non-operating income
Dividend income 17,783 22,726
Share of profit of entities accounted for using
equity method
13,936
16,300
Other 2,600 5,451
Rental income from non-current assets 2,846 3,157
Total non-operating income 40,320 50,352
Non-operating expenses
Expense for the maintenance and management
of abandoned mines
3,283
3,032
Interest expenses 6,588 6,981
Other 5,897 6,560
Total non-operating expenses 15,769 16,574
Extraordinary income
Ordinary profit 56,847 61,157
Gain on change in equity 7,649 －
Gain on sales of investment securities 1,819 2,214
Total extraordinary income 9,727 3,047
Other 259 832
Impairment loss 120 3,837
Extraordinary losses
Loss on business withdrawal 560 346
Special retirement allowance 444 2,440
Other 539 3,007
Compensation paid 743 －
Income before income taxes and minority interests 64,166 54,572
Total extraordinary losses 2,408 9,631
Net income 54,499 41,772
Income taxes 9,667 12,799
Profit attributable to non-controlling interests 5,325 5,385
Profit attributable to owners of parent 49,173 36,387
Consolidated statement of comprehensive incomeNine months ended December 31, 2024
(From April 1, 2024
to December 31, 2024)
(Millions of yen)
Nine months ended December 31, 2025
(From April 1, 2025
to December 31, 2025)
Profit 54,499 41,772
Valuation difference on available-for-sale
securities
(985)
1,970
Other comprehensive income
Foreign currency translation adjustment 6,890 12,023
Deferred gains or losses on hedges (4,078) (28)
Share of other comprehensive income of entities
accounted for using equity method
1,490
2,511
Retirement benefit adjustments (352) 370
Comprehensive income 57,462 58,620
Total other comprehensive income 2,963 16,847
Comprehensive income attributable to owners of
parent
49,839
52,775
(Breakdown)
Comprehensive income attributable to non-controlling interests
7,623 5,845
- Key notes on consolidated quarterly financial statements
(Calculation of tax expenses)
Tax expenses are calculated by reasonably estimating the effective tax rate after applying tax effect accounting to profit or loss before income taxes for the consolidated fiscal year, including the third quarter under review, and applying that estimated effective tax rate to quarterly profit or loss before income taxes. However, if applying the estimated effective tax rate results in a significantly unreasonable amount, the statutory effective tax rate is used instead.
Notes on segment information, etc.[Segment information]
For the nine months ended December 31, 2024 (From April 1, 2024 to December 31, 2024)
Information on net sales and profit or loss by reporting segment
(Millions of yen)
Reporting segment
Other businesses
Total
Adjustment
Amounts in consolidated statements of income
Metals business
Advanced Products business
Metalworking Solutions business
Renewable Energy business
Net sales
(1) Sales to outside customers
910,686
371,571
107,278
6,396
87,761
1,483,695
-
1,483,695
(2) Intersegment sales and transfers
184,372
13,943
3,699
0
25,552
227,567
(227,567)
-
Total
1,095,058
385,515
110,978
6,397
113,313
1,711,262
(227,567)
1,483,695
Segment profit
41,823
811
6,735
2,243
14,843
66,456
(9,609)
56,847
Notes:
‟Other businesses" include cement-related and engineering-related businesses.
The adjustment of segment profit (loss) of ¥(9,609) million includes the elimination of intersegment transactions of
¥(1,737) million and corporate expenses of ¥(7,871) million not allocated to the reporting segments. Corporate expenses mainly consist of general and administrative expenses, basic research and development expenses, and financial income and expenses not attributable to any reporting segment.
Segment profit is reconciled to ordinary profit in the quarterly consolidated statement of income.
For the nine months ended December 31, 2025 (From April 1, 2025 to December 31, 2025)
Information on net sales and profit or loss by reporting segment
(Millions of yen)
Reporting segment
Other businesses
Total
Adjustment
Amounts in consolidated statements of income
Metals business
Advanced Products business
Metalworking Solutions business
Renewable Energy business
Net sales
(1) Sales to outside customers
642,092
400,972
162,529
4,244
74,641
1,284,480
-
1,284,480
(2) Intersegment sales and transfers
212,727
13,374
3,160
3
26,798
256,064
(256,064)
-
Total
854,820
414,347
165,690
4,248
101,439
1,540,544
(256,064)
1,284,480
Segment profit (loss)
34,691
9,418
9,078
(478)
12,888
65,597
(4,440)
61,157
Notes:
‟Other businesses" include cement-related and engineering-related businesses.
The adjustment of segment profit (loss) of ¥(4,440) million includes the elimination of intersegment transactions of
¥2,152 million and corporate expenses of ¥(6,593) million not allocated to the reporting segments. Corporate expenses mainly consist of general and administrative expenses, basic research and development expenses, and financial income and expenses not attributable to any reporting segment.
Segment profit (loss) is reconciled to ordinary profit in the quarterly consolidated statement of income.
Information on impairment loss of fixed assets and goodwill by reporting segment (Significant impairment loss on fixed assets)
Impairment losses on fixed assets were recognized in the Metals business and Metalworking Solutions business during the nine-month consolidated accounting period. The amounts were ¥3,112 million for the Metals business and ¥724 million for the Metalworking Solutions business.
(Significant changes in goodwill)
The business combination between Mitsubishi Materials Europe B.V. and H.C. Starck Holding (Germany) GmbH, both consolidated subsidiaries, was completed on December 17, 2024. While provisional accounting treatment had been applied in the previous fiscal year, it was finalized during the interim consolidated accounting period. As a result, the amount of goodwill in the Metalworking Solutions business decreased.
Notes on the significant changes in the amount of shareholders' equityNone.
Notes on going concern assumptionNone.
Notes on consolidated statements of cash flowsNo consolidated statements of cash flows were prepared for the nine months ended December 31, 2025. Depreciation expenses (including amortization expenses for intangible fixed assets excluding goodwill) and amortization of goodwill for the period are as follows.
Nine months ended December 31, 2024
(From April 1, 2024 to December 31, 2024)
(Millions of yen)
Nine months ended December 31, 2025
(From April 1, 2025 to December 31, 2025)
Depreciation | 34,634 | 34,645 |
Amortization of goodwill | 1,346 | 1,106 |
-