MIRAIT ONE (1417): FY2025 Results Summary — Record Highs on Data Center and ICT Demand

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

MIRAIT ONE Corporation presented its FY2025 full-year results on May 15, 2026, describing them as strong financial results in the fourth year of its current Medium-term Management Plan. Orders received, net sales, gross profit, EBITDA and operating income were all marked as record highs. Orders received came to 658.7 bil. yen, up 29.5 bil. yen yoy (+4.7%), and net sales to 602.4 bil. yen, up 23.8 bil. yen yoy (+4.1%). Operating income rose 6.3 bil. yen yoy (+22.5%) to 34.3 bil. yen and net income rose 6.1 bil. yen yoy (+35.5%) to 23.3 bil. yen. For FY2026 the company forecasts orders received of 720.0 bil. yen, net sales of 660.0 bil. yen and operating income of 40.0 bil. yen.

Consolidated Results (Full-Year Actual)

The FY2025 financial summary compares the FY2024 full-year results, the FY2025 full-year results and the FY2025 full-year forecast. Gross profit reached 93.0 bil. yen with a margin of 15.4%, up from 84.8 bil. yen and 14.7% a year earlier, while EBITDA rose to 48.5 bil. yen with a margin of 8.1%. The operating income margin improved to 5.7% from 4.8%.

Item (bil. yen)	FY2024 Full-year Results	FY2025 Full-year Results	YoY Change	FY2025 Full-year Forecast
Orders received	629.2	658.7	+29.5 (+4.7%)	630.0
Net sales	578.6	602.4	+23.8 (+4.1%)	620.0
Gross profit (margin)	84.8 (14.7%)	93.0 (15.4%)	+8.2 (+9.7%)	93.0 (15.0%)
EBITDA (margin)	41.7 (7.2%)	48.5 (8.1%)	+6.8 (+16.3%)	48.0 (7.7%)
Operating income (margin)	28.0 (4.8%)	34.3 (5.7%)	+6.3 (+22.5%)	34.0 (5.5%)
Net income	17.2	23.3	+6.1 (+35.5%)	21.0

On the orders side, the non-carrier business added 11.3 bil. yen yoy and the carrier business 18.2 bil. yen yoy. By domain, FY2025 orders received were 405.9 bil. yen in the Corporate/Environmental and social infrastructure domain and 252.8 bil. yen in the Telecommunications infrastructure domain, with the MIRAI (future) domains composition ratio at 44%. FY2025 net sales split into 367.2 bil. yen for the Corporate/Environmental and social infrastructure domain and 235.2 bil. yen for the Telecommunications infrastructure domain, with a MIRAI (future) domains composition ratio of 41%.

Segment Results

Net sales are disclosed by business division. Within the Corporate/Environmental and social infrastructure domain, ICT solution grew strongly on sales of goods, Global, LAN etc. and Software, while Environmental and Social innovation declined as gains in Electrical/Air conditioning were offset by Civil engineering/Water supply and Construction/renovation work. In the Telecommunications infrastructure domain, NTT increased on both Fixed-line and Mobile, while Multi-carrier decreased.

Business Division	Domain	FY2025 Net Sales (bil. yen)	YoY Change
Environmental and Social innovation	Corporate/Environmental and social infrastructure	193.3	-10.5
ICT solution	Corporate/Environmental and social infrastructure	173.9	+30.6
NTT	Telecommunications infrastructure	197.9	+7.4
Multi-carrier	Telecommunications infrastructure	37.3	-3.7

The operating income bridge from FY2024 to FY2025 shows a gross profit increase of 8.2 bil. yen (+9.7%), made up of 2.3 bil. yen from Environmental and Social innovation and 2.0 bil. yen from ICT solution (4.3 bil. yen for the Corporate/Environmental and social infrastructure domain in total) plus 3.9 bil. yen from the Telecommunications infrastructure domain, partly offset by 1.9 bil. yen of higher SG&A.

FY2026 Forecast

For FY2026 the company guides for double-digit growth in profits, with gross profit of 103.0 bil. yen (+10.8%), EBITDA of 55.0 bil. yen (+13.4%) and operating income of 40.0 bil. yen (+16.6%). The operating income margin is planned to improve 0.4pt to 6.1% and the EBITDA margin 0.2pt to 8.3%.

Item (bil. yen)	FY2025 Full-year Results	FY2026 Full-year Forecast	Change Amount	Change Rate
Orders received	658.7	720.0	+61.3	+9.3%
Net sales	602.4	660.0	+57.6	+9.6%
Gross profit	93.0	103.0	+10.0	+10.8%
Gross profit (margin)	(15.4%)	(15.6%)	(+0.2pt)	–
EBITDA	48.5	55.0	+6.5	+13.4%
EBITDA (margin)	(8.1%)	(8.3%)	(+0.2pt)	–
Operating income	34.3	40.0	+5.7	+16.6%
Operating income (margin)	(5.7%)	(6.1%)	(+0.4pt)	–
Net income	23.3	25.5	+2.2	+9.4%

By domain, FY2026 orders received are planned at 470.0 bil. yen for the Corporate/Environmental and social infrastructure domain (+64.1) and 250.0 bil. yen for the Telecommunications infrastructure domain (-2.8), lifting the MIRAI (future) domains composition ratio to 49%. FY2026 net sales are planned at 415.0 bil. yen and 245.0 bil. yen for the two domains respectively, with a MIRAI (future) domains composition ratio of 45%. Drivers cited include the Data Center business (Electrical, Air conditioning, LAN etc.), the Green Energy business, Construction/renovation work and Planning/Consulting, offset by lower Sales of goods.

Shareholder Returns

Under its financial and capital strategy, MIRAIT ONE sets a total return ratio target range of 50%-70%. The presentation shows a total return ratio of 56%, a dividend per share of 95 yen with a 10 yen dividend increase, and share repurchases of 6.0 bil. yen, a 3.0 bil. yen increase. On the growth-investment side, ROE was 8.6% in FY2025 and is forecast at 9.0% in FY2026, an improvement of 0.4pt, while EPS moves from @262yen to a forecast @291yen, up 11%.

Item	FY2025	FY2026 (forecast)
Total return ratio (target range)	50%-70%	50%-70%
Total return ratio	56%	–
Dividend per share	95 yen (10 yen dividend increase)	–
Share repurchase	6.0 bil. yen (3.0 bil. yen increase)	–
ROE	8.6%	9.0% (+0.4pt)
EPS growth rate	@262yen	@291yen (+11%)

Medium-Term Plan and Key Initiatives

FY2025 was the fourth year of the 5th Medium-Term Management Plan, whose final-year (FY2026) targets are net sales of 720.0 bil. yen with a non-telecommunication business ratio of 70% and a MIRAI (future) domains composition ratio of 45%. Against that, the FY2026 forecast of 660.0 bil. yen represents a CAGR of 8.1% from FY2022 net sales of 484.0 bil. yen, with a non-telecommunication business ratio of 63%. On profits, FY2026 forecast operating income of 40.0 bil. yen (6.1%) and EBITDA of 55.0 bil. yen (8.3%) compare with FY2022 figures of 21.8 bil. yen (4.5%) and 31.2 bil. yen (6.4%), equating to CAGRs of 16.4% for operating profit and 15.2% for EBITDA, against plan targets of 6.5%+ and 8.5%+ margins. The company notes that profit margins in growth areas have not yet reached the anticipated levels.

On profitability improvement (Change 3), the gross profit margin in the Telecommunications infrastructure domain improved 3.1pt, from 13.0% in FY2022 to 16.1% in FY2025, through value chain reform and organizational reorganization, with a cumulative effect of 2.6 bil. yen in FY2025 and a FY2026 target of 4.0 bil. yen cumulative from FY2022.

The data center business is being consolidated into a Data Center Business Division established in April 2026, bringing together MIRAIT ONE, SEIBU CONSTRUCTION, Meisei Correspondence, LanTroVision and Nissetsu. Orders received in the data center business were 46.0 bil. yen in FY2024 and 57.0 bil. yen in FY2025, with a FY2026 target of 100.0 bil. yen covering large-scale data centers, the cabling business and containerized data centers. Other FY2026 initiatives include the absorption merger of MIRAIT ONE SYSTEMS into MIRAIT ONE, the opening of an Innovation Center scheduled for July 2026, and the launch on April 23, 2026 of “MY One Grid,” a cloud/on-premises integrated managed service.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.