Panasonic Holdings Corporation · TSE:6752
Panasonic — Q2 2026 Earnings Presentation
50 slides from Panasonic's earnings presentation, Oct 30, 2025
Slide 1: Fiscal 2026 Second Quarter Financial Results
Fiscal 2026 Second Quarter Financial Results Progress with Group Management Reform October 30, 2025 Panasonic Holdings Corporation Notes: 1. This is an English translation from the original presentation in Japanese. 2. In this presentation, “Fiscal 2026” or “FY3/26” refers to the year ending March 3
Slide 2: Financial Results
Financial Results ✓ Fiscal 2026 Second Quarter Financial Results ✓ Fiscal 2026 Full-Year Financial Forecast Progress with Group Management Reform
Slide 3: Summary of FY3/26 2Q Financial Results
Summary of FY3/26 2Q Financial Results ◼ FY3/26 2Q Financial Results: Sales and profit decreased • Overall sales: Decreased due to lower sales in Lifestyle and deconsolidation of Automotive, despite higher sales in Connect, Industry and Energy <Major increase/decrease factors> + : Generative-AI rela
Slide 4: Financial Results
Financial Results ✓ Fiscal 2026 Second Quarter Financial Results ✓ Fiscal 2026 Full-Year Financial Forecast Progress with Group Management Reform
Slide 5: FY3/26 2Q Financial Results
FY3/26 2Q Financial Results (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures FY3/26 2Q FY3/25 2Q YoY Results Results Excl. (year-on-year) Excl. Automotive*4 Automotive*4 90% -205.8 102% +34.2 Sales 1,923.8 2,129.6 1,889.6 (90%)*5 (-207.3)*5 (102
Slide 6: FY3/26 2Q Results by Segment
FY3/26 2Q Results by Segment (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Adjusted Other YoY OP EBITDA*1 Sales OP YoY income/ YoY YoY YoY (excl. FX) (%) (%) (%) loss 97% 34.9 28.9 60.1 Lifestyle 846.9 (97%) 4.1% +8.8 -6.0 -5.7 3.4% +3.1 7.1%
Slide 7: FY3/26 2Q Sales Analysis by Segment
FY3/26 2Q Sales Analysis by Segment • Sales decreased due to lower sales in Lifestyle and deconsolidation of Automotive, despite higher sales in Connect, Industry and Energy (yen: billions) 2,129.6 +10.5 +16.6 +32.1 +6.9 +24.9 +1.5 -12.4 Headquarter- Effect of 1,923.8 -24.8 Connect Industry -21.1 In
Slide 8: FY3/26 2Q Adjusted Operating Profit Analysis by Segment
FY3/26 2Q Adjusted Operating Profit Analysis by Segment • Adjusted operating profit decreased overall due largely to decreased profit in Energy (resulting from a significant deterioration in In-vehicle), despite increased profit in Lifestyle, Connect and Industry (yen: billions) +13.8 +8.8 +5.5 122.
Slide 9: Lifestyle Segment: FY3/26 2Q Results by Divisional Company
Lifestyle Segment: FY3/26 2Q Results by Divisional Company (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Adjusted Other Sales YoY OP YoY income/ YoY OP YoY EBITDA*1 YoY (excl. FX) (%) (%) (%) loss Living Appliances and 97% 12.0 12.5 19.4 210.
Slide 10: FY3/26 2Q Operating Profit Analysis (by Factor)
FY3/26 2Q Operating Profit Analysis (by Factor) • Operating profit decreased due mainly to increased fixed costs, deconsolidation of Automotive and impact of US tariffs, despite sales increase in real terms (yen: billions) Sales increase/decrease in real terms Raw materials, Fixed logistics Price re
Slide 11: FY3/26 1H Cash Flows and Cash Positions
FY3/26 1H Cash Flows and Cash Positions • Operating CF decreased YoY with absence of “monetization of IRA tax credit through transferable method” in FY3/25 Cash Flows Gross cash & interest-bearing debt / Net cash 457.6 (yen: billions) (yen: billions) IRA tax credit through : 182.6 transferable metho
Slide 12: Financial Results
Financial Results ✓ Fiscal 2026 Second Quarter Financial Results ✓ Fiscal 2026 Full-Year Financial Forecast Progress with Group Management Reform
Slide 13: FY3/26 Full-Year Forecast Revision
FY3/26 Full-Year Forecast Revision (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures FY3/26 (e) FY3/26 (e) Revised amount FY3/25 Excl. YoY (Oct. 30, 2025) (July 30, 2025) Excl. Automotive*5 Automotive*5 Sales 7,700.0 7,800.0 -100.0 8,458.2 7,785.
Slide 14: FY3/26 Full-Year Forecast Revision by Segment
FY3/26 Full-Year Forecast Revision by Segment (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Adjusted Other Revised Revised Revised OP Revised EBITDA*1 Revised Sales YoY amount OP YoY amount income/ YoY amount YoY amount YoY amount (% to sales
Slide 15: Lifestyle Segment: FY3/26 Full-Year Forecast Revision by Divisional Company
Lifestyle Segment: FY3/26 Full-Year Forecast Revision by Divisional Company (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Adjusted Other Revised Revised Revised OP Revised EBITDA*1 Revised Sales YoY amount OP YoY amount income/ YoY amount YoY
Slide 16: FY3/26 Full-year Forecast Revision Factors by Segment
FY3/26 Full-year Forecast Revision Factors by Segment Major factors for revision Sales (yen: billions) Overall sales and profit remain unchanged • Sales: reflecting lower sales in consumer electronics (overseas Connect +40.0 Other/ market) and steady sales of electrical construction materials (Japan
Slide 17: FY3/26 Full-year Operating Profit Forecast Analysis (by Factor)
FY3/26 Full-year Operating Profit Forecast Analysis (by Factor) Sales Raw materials Price Effect of increase/ Fixed revisions, Deconsolidation Impact of Other & Blue Yonder exchange decrease in cost logistics rationalization, impact US tariffs income/loss real terms etc. rates +90.0 +45.1 -13.0 -20.
Slide 18: Impact of US Tariffs
Impact of US Tariffs ✓ Estimated annual impact of -30.0 billion yen from US tariffs factored into forecast for adjusted operating profit in FY3/26 (impact amount is lower than initially assumed as a result of efforts in price pass-through, etc.) ✓ Aim to minimize impact of tariffs through measures f
Slide 19: Structural Reform in FY3/26
Structural Reform in FY3/26 • Personnel optimization Structural Reform • Site integration/closure in FY3/26 • Streamlining & increasing efficiency of indirect functions, etc. Note: For restructuring expenses (on the left), a negative difference from initial forecast indicates an increase in actual e
Slide 20: Energy: In-vehicle
Energy: In-vehicle ✓ In FY3/26, sales volume for factories in North America is expected to remain at the same level as FY3/25, while downside risks are factored in, reflecting market trends ✓ Aim to capture new business opportunities by leveraging our relative competitive advantage in North America
Slide 21: Energy: Industrial / Consumer (For Data Centers)
Energy: Industrial / Consumer (For Data Centers) ✓ Distributed Power Supply (BBU) market for generative AI data centers is expanding significantly, driven by continued aggressive investment by hyperscalers ✓ Ensuring steady progress in business expansion, while maintaining our leading position throu
Slide 22: Energy: FY3/26 Full-year Operating Profit Forecast Analysis (by Factor)
Energy: FY3/26 Full-year Operating Profit Forecast Analysis (by Factor) Sales Sales Effect of increase/ IRA Effect of increase/ Impact of US Fixed Impact of US decrease in Others exchange decrease in exchange Tax credit cost tariffs tariffs （billion yen） real terms rates real terms rates +26.6 +16.1
Slide 23: Blue Yonder: FY3/26
Blue Yonder: FY3/26 ✓ Slowdown in YoY growth in SaaS ARR due to an increased churn rate caused by cyberattack issue ✓ Security enhancements are progressing as planned, and with improvements in churn rate, SaaS NRR is expected to gradually recover going forward Sales growth rate from upselling and ✓
Slide 24: Shareholder Return
Shareholder Return ✓ Interim dividend determined at 20 yen per share ✓ Annual dividend forecast at 40 yen per share; which represents a payout ratio exceeding 30% (same amount as announced on August 29, 2025) Interim Dividend Annual Dividend (Decided) (Forecast) Payout ratio (e) Dividends 20 yen 40
Slide 25: Progress with Group Management Reform
Financial Results ✓ Fiscal 2026 Second Quarter Financial Results ✓ Fiscal 2026 Full-Year Financial Forecast Progress with Group Management Reform
Slide 26: Progress with Group Management Reform
Progress with Group Management Reform ◼ Personnel optimization: Progressing on track Groupwide ◼ Addressing businesses with issues (ROIC<WACC) • TV business: Fundamental operational reform is expected to escape from being a business with issues. By further deepening partnerships and fully streamlini
Slide 27: FY3/27 Adjusted Operating Profit Improvement Analysis by Factor
FY3/27 Adjusted Operating Profit Improvement Analysis by Factor Profit improvement: Expected toward FY3/27 Profit growth (Increases/decreases in parentheses: compared to figures announced in May 2025, (Increased sales, Investment, where broken lines in graph show targets in May announcement.) stream
Slide 28: Panasonic Group
Panasonic Group
Slide 29: Disclaimer Regarding Forward-looking Statements
Disclaimer Regarding Forward-looking Statements This presentation includes forward-looking statements about Panasonic Holdings Corporation (the "Company") and its Group companies (the "Panasonic Group"). To the extent that statements in this presentation do not relate to historical or current facts,
Slide 30: Reference: FY3/26 1H Results
Reference: FY3/26 1H Results (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures YoY FY3/26 1H FY3/25 1H Excl. (year-on-year) Excl. Automotive*4 Automotive*4 90% -430.8 102% +63.7 Sales 3,820.5 4,251.3 3,756.8 (92%)*5 (-360.8)*5 (104%)*5 (+133.7)*5
Slide 31: FY3/26 Financial Results/Forecast (1H/2H/Full-Year)
Reference: FY3/26 Financial Results/Forecast (1H/2H/Full-Year) (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures 1H Full-year results YoY Excl. 2H (e) YoY Excl. forecast YoY Excl. Automotive*4 Automotive*4 Automotive *4 90% 102% 92% 96% 91% 99% S
Slide 32: FY3/26 Financial Results/Forecast by Segment
Reference: FY3/26 Financial Results/Forecast by Segment（1H/2H/Full-Year) (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures 1H 2H (e) Full-year forecast Adjusted Adjusted Adjusted Sales YoY OP YoY Sales YoY OP YoY Sales YoY OP YoY (% to sales) (%
Slide 33: Lifestyle Segment: FY3/26 Financial Results/Forecast by Divisional Company
Reference: Lifestyle Segment: FY3/26 Financial Results/Forecast by Divisional Company (1H/2H/Full -year) (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures 1H 2H (e) Full-year forecast Adjusted Adjusted Adjusted Sales YoY OP YoY Sales YoY OP YoY S
Slide 34: Impact of US IRA Tax Credit (Section 45X) on Financial Results
Reference: Impact of US IRA Tax Credit (Section 45X) on Financial Results ✓ Among monetization methods of “Deductible tax credit,” “Refundable tax credit (direct pay)” and “Transferable tax credit,” assuming to elect “Refundable tax credit (direct pay)” for FY3/26 ✓ Half of total tax credit amount r
Slide 35: Changes to US IRA Following Enactment of One Big Beautiful Bill Act (OBBBA)
Reference: Changes to US IRA Following Enactment of One Big Beautiful Bill Act (OBBBA) ✓ With the enactment of the US OBBBA in July 2025, Section 30D was terminated on September 30, 2025 ✓ As for Section 45X, a stricter PFE (Prohibited Foreign Entity) eligibility requirement for FEOCs (Foreign Entit
Slide 36: Progress in EV Battery Production Capacity (As of Oct. 30, 2025)
Reference: Progress in EV Battery Production Capacity (As of Oct. 30, 2025) • Maintain our policy of flexibly building production capacity in response to customer demand North • Started mass-production at Kansas factory (July 2025) America • Building production capacity by leveraging our achievement
Slide 37: Business Growth related to Generative AI
Reference: Business Growth related to Generative AI • Generative AI-related businesses continue on a strong growth trajectory, with full-year forecasts revised upward • Conductive polymer capacitors (Electronic Devices) • Energy storage systems Industry Energy (Industrial / Consumer) • Multi-layer c
Slide 38: FY3/26 2Q Segment Information Lifestyle
Reference: FY3/26 2Q Segment Information Lifestyle Overview Sales decreased overall: Electrical construction materials: sales increased mainly (yen: billions) FY3/26 2Q YoY (year-on-year) in Japan; Consumer electronics: sales decreased due to weaker demand in certain overseas markets, despite steady
Slide 39: FY3/26 2Q Segment Information Connect
Reference: FY3/26 2Q Segment Information Connect Overview Sales increased: higher sales in Process Automation (capturing demand for ICT), (yen: billions) FY3/26 2Q YoY (year-on-year) Avionics, Mobile Solutions and Blue Yonder +8.1 +1.2 +1.2 103% 326.5 Sales 326.5 (103%) *1 (yen: billions) Mobile -1.
Slide 40: Reference: Blue Yonder’s KPIs
Reference: Blue Yonder’s KPIs Connect • Slowdown in YoY growth in SaaS ARR due to a deterioration in SaaS NRR, with an increased churn rate caused by disruption from data breach incident Sales / Adjusted OP (Stand alone) Recurring / SaaS sales ratio ◼ SaaS ratio remains above 50% due to continued in
Slide 41: FY3/26 1H Results of Blue Yonder
Reference: FY3/26 1H Results of Blue Yonder Connect • Adjusted EBITDA increased by USD 3 million during the first half of FY3/26 and is expected to increase by USD 14 million for the full year, driven by higher sales Stand alone ： M US$ (Forecast for adjusted EBITDA for FY3/26 remains unchanged from
Slide 42: FY3/26 2Q Segment Information Industry
Reference: FY3/26 2Q Segment Information Industry Overview Sales increased: higher sales of products (capacitors, multi-layer circuit board YoY (year-on- PID materials) driven by continued growth in demand for information & (yen: billions) FY3/26 2Q year) Products*1 communication applications such a
Slide 43: Situation of Voluntarily Disclosed Businesses (FY3/26 2Q) Industry
Reference: Situation of Voluntarily Disclosed Businesses (FY3/26 2Q) Industry ◼ Sales increased due to continued strong demand for ICT-related applications Electronic (e.g. generative AI servers, notebook PCs) 2500 Devices 30.0 ◼ Profit increased due mainly to higher sales, price revisions and ratio
Slide 44: Situation of Voluntarily Disclosed Businesses (FY3/26 2Q) Industry
Reference: Situation of Voluntarily Disclosed Businesses (FY3/26 2Q) Industry Electronic Devices: BB ratio* of capacitors *BB ratio: book-to-bill ratio • Strong order continued mainly for conductive capacitors for generative AI servers (yen: billions) Sales 70.0 Order received Order backlog 60.0 50.
Slide 45: Situation of Voluntarily Disclosed Businesses (FY3/26 2Q) Industry
Reference: Situation of Voluntarily Disclosed Businesses (FY3/26 2Q) Industry * 3C: Consumer, Computer, Communication ◼ 2Q: Sales increased by capturing domestic demand in China, mainly driven by 3C* applications; FA Profit also increased, supported by rationalization efforts Solutions ◼ 2H: Continu
Slide 46: Situation of Voluntarily Disclosed Businesses (FY3/26 2Q) Industry
Reference: Situation of Voluntarily Disclosed Businesses (FY3/26 2Q) Industry ◼ Sales and profit increased due to growing demand for generative AI servers as well as Electronic general-purpose servers Materials ◼ Continue to strengthen production and procurement capability to capture strong demand F
Slide 47: FY3/26 2Q Segment Information Energy
Reference: FY3/26 2Q Segment Information Energy Sales decreased (In-vehicle): mainly lower sales at Japan factory and price Overview revisions reflecting lower raw material prices, despite YoY increased sales volume at (yen: billions) FY3/26 2Q YoY (year-on-year) North America factories Sales increa
Slide 48: New Segments and Voluntarily Disclosure Businesses of Lifestyle (from Jan. 2026)
Reference: New Segments and Voluntarily Disclosure Businesses of Lifestyle (from Jan. 2026) Current From Jan. 2026 Living Appliances and Solutions Company (LAS) Smart Life • Kitchen Appliances • Major Appliances (Refrigerator, washing machine, etc.) • Laundry Systems and Vacuum Cleaner • Small Appli
Slide 49: Disclosure Information related to Segment Changes
Reference: Disclosure Information related to Segment Changes FY26/3 FY26/3 3Q results 4Q results ✓ 3Q results Current segment ✓ Full-year N/A forecasts Until the end of Dec. 2025 ✓ 3Q results Hereafter, information will ✓ Full-year be disclosed based on the New Segments ✓ Full-year results forecasts
Slide 50: FY3/26 List of Voluntarily Disclosed Businesses (until the end of Dec. 2025)
Reference: FY3/26 List of Voluntarily Disclosed Businesses (until the end of Dec. 2025) Lifestyle Businesses with Sales Disclosed Major Business Divisions, etc. (Panasonic Corporation) (For underlined businesses, Adjusted OP also disclosed in Supplemental Financial Data) Living Appliances and • Kitc