ARCHION reported operating profit of ¥297.8bn for the six months to 30 September 2026, but most of it is acquisition accounting. The figure includes a ¥225.8bn negative-goodwill gain from the integration of Hino and Mitsubishi Fuso, which the company says is provisional because the purchase price allocation is not finished. Operating profit before that gain was ¥72.0bn. See also Earlier Tokyo Brief coverage.
Why the comparison is awkward
Mitsubishi Fuso is the accounting acquirer, so ARCHION's statements continue Mitsubishi Fuso's books. The formal prior-period comparison is therefore Mitsubishi Fuso alone for the three months from January to March 2026, when it had revenue of ¥213.8bn. ARCHION says the periods and the scope of consolidation differ too much to compare, and it omits year-on-year percentage changes from its headline table.
For readers, the company instead gives a combined reference set. It assumes Hino and Mitsubishi Fuso were consolidated from the start of the year to March 2026, with adjustments for the Hamura plant transfer and the change of control of Hino's domestic sales subsidiaries. ARCHION states that these combined figures have not been audited or reviewed.
| Measure | Apr to Sep 2026 | Combined reference, Apr to Sep 2025 |
|---|---|---|
| Revenue | ¥1.227tn | ¥1.062tn |
| Operating profit before negative-goodwill gain | ¥72.0bn | ¥44.3bn |
| Negative-goodwill gain (provisional) | ¥225.8bn | None |
| Operating profit | ¥297.8bn | ¥44.3bn |
| Profit attributable to owners | ¥270.4bn | ¥33.4bn |
| Basic earnings per share | ¥98.11 | ¥12.12 |
Operations: more trucks, thinner service growth
On that unaudited basis, revenue rose 16% to ¥1.227tn. Truck and bus unit sales rose 25% to 128,000: 39,000 in Japan (up 27%, which the company attributes to improved supply capacity) and 89,000 overseas (up 25%). Government orders in Indonesia lifted Southeast Asia, while the Middle East fell on regional instability. New-vehicle revenue rose 21% to ¥744.9bn, service and parts rose 5% to ¥259.2bn, and other businesses rose 12% to ¥222.6bn.
The company says raw-material prices, manufacturing costs and overheads rose, but higher revenue more than covered them. Operating profit before the gain was up 62%, or ¥27.7bn, from the combined reference.
Full-year guide and dividend
ARCHION revised its full-year forecast because the gain changed after it reviewed the purchase price allocation. It now expects revenue of ¥2.425tn, operating profit before the gain of ¥110.0bn, operating profit of ¥336.0bn and profit attributable to owners of ¥296.0bn, or ¥107.38 a share.
Separately, the board set an interim dividend of ¥4 per ordinary share, matching the forecast published on 14 May 2026. The payout totals ¥10.3bn, with a further ¥702mn on Class A shares at the same ¥4 per share. It takes effect on 11 December 2026 and is paid from capital surplus. The full-year forecast stays at ¥8, and the stated policy targets a consolidated payout ratio of 40% over the medium to long term.
Items still moving
On 2 November 2026, Mitsubishi Fuso sold 50% of FUSO BUS to Lin Yin International Investments Co., Ltd. under an agreement signed on 22 January 2026. FUSO BUS moves from consolidated subsidiary to an equity-method joint venture. ARCHION says the effect on this year's results is still being calculated.
Toyota and Daimler Truck completed a share sale on 29 July, leaving each with 25%, as agreed in the 2025 integration contract. ARCHION says it involved no new shares and lifted its free-float ratio above the Prime market's 35% standard.