Panasonic Holdings Corporation · TSE:6752
Panasonic — Q4 2026 Earnings Presentation
43 slides from Panasonic's earnings presentation, May 12, 2026
Slide 1: Fiscal 2026 Financial Results / Fiscal 2027 Financial Forecast
Fiscal 2026 Financial Results Fiscal 2027 Financial Forecast May 12, 2026 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 ended March 31, 2026. In addition, “Fisc
Slide 2: Summary of FY3/26 Financial Results
Summary of FY3/26 Financial Results Note: Following transition to a new organizational structure effective January 2026, reportable segments have been revised, mainly reflecting changes to the former Lifestyle-related businesses ■ FY3/26 Financial Results: Sales and profit decreased • Overall sales:
Slide 3: Fiscal 2026 Financial Results
Fiscal 2026 Financial Results Fiscal 2027 Financial Forecast
Slide 4: FY3/26 Financial Results
FY3/26 Financial Results (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Difference from FY3/26 FY3/25 YoY FY3/26(e) Excl. Excl. previous Results Results Automotive*5 (year-on-year) Automotive*5 (Feb. 4, 2026) forecast 95% -409.5 103% +263.7 Sa
Slide 5: FY3/26 Results by Segment
FY3/26 Results by Segment (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Difference Difference Other Difference Difference Difference Adjusted YoY from from from OP from EBITDA*1 from Sales OP YoY income/ YoY YoY YoY (excl. FX) previous (%) pr
Slide 6: FY3/26 Sales Analysis by Segment
FY3/26 Sales Analysis by Segment • Sales decreased due to lower sales of HVAC & CC and Smart Life as well as deconsolidation of Automotive, despite higher sales of Connect, Electric Works, Energy and Industry (yen: billions) +71.2 +19.6 +28.7 +158.8 +64.0 +53.9 Industry -78.2 Effect of 8,458.2 -11.9
Slide 7: FY3/26 Adjusted Operating Profit Analysis by Segment
FY3/26 Adjusted Operating Profit Analysis by Segment • Adjusted OP decreased due to expenses (one-time) related to past manufacturing-process issues in Energy and deconsolidation of Automotive, despite increased profit in Connect, Electric Works, HVAC & CC and Industry (yen: billions) +5.7 +13.8 +15
Slide 8: FY3/26 Operating Profit Analysis (by Factor)
FY3/26 Operating Profit Analysis (by Factor) • OP decreased due to expenses (one-time) related to past manufacturing-process issues, impact of US tariffs and restructuring expense, despite increased sales in real term, price revisions and rationalization, etc. (yen: billions) Sales Price revisions,
Slide 9: Group Management Reform: Progress with Structural Reform
Group Management Reform: Progress with Structural Reform • Structural reform under Group Management Reform completed in FY3/26 as planned • Cumulative effect of structural reform in FY3/27 are expected to reach 145.0 billion* yen vs. FY3/25 (FY3/26: +45.0 billion yen; FY3/27: +100.0 billion yen) * N
Slide 10: FY3/26 Cash Flows and Cash Positions
FY3/26 Cash Flows and Cash Positions • Operating CF decreased YoY due to absence of “monetization of IRA tax credit through transferable method” in FY3/25 and restructuring expenses Cash Flows Gross cash & interest-bearing debt / Net cash (yen: billions) (yen: billions) 796.1 IRA tax credit related*
Slide 11: Fiscal 2027 Financial Forecast
Fiscal 2026 Financial Results Fiscal 2027 Financial Forecast
Slide 12: FY3/27 Full-year Forecast
FY3/27 Full-year Forecast (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures YoY FY3/27 (e) FY3/26 Results (year-on-year) 94% -448.7 Sales 7,600.0 8,048.7 (98%)*5 (-148.7)*5 Adjusted operating profit*1 600.0 447.4 134% +152.6 (% to sales) (7.9%) (
Slide 13: FY3/27 Full-year Forecast by Segment
*2: Negative impact of 30.0 billion yen has been factored in, reflecting risks from FY3/27 Full-year Forecast by Segment “deteriorating situation in the Middle East” and “further memory price hikes” (included in adjusted OP under Others / Eliminations and adjustments) YoY % figures represent the yea
Slide 14: FY3/27 Demand Changes by Segment
FY3/27 Demand Changes by Segment (excluding impact of the Middle East situation) Positive (YoY) Segment Changes in Demand Negative (YoY) Cumulative book-to-bill ratio ✓ Supply chain: SCM software market is expected to continue to grow as of FT3/26 stands at 1.5X. ✓ Avionics: With recovery in aircraf
Slide 15: FY3/27 Sales Forecast Analysis by Segment
FY3/27 Sales Forecast Analysis by Segment • Sales in real terms is expected to increase YoY in all segments Other / Eliminations & (yen: billions) adjustments +323.6 +24.2 +18.6 +148.5 Industry Smart Life Effect of +104.4 8,048.7 +43.1 +10.9 Industrial / exchange In-vehicle Consumer, rates Connect E
Slide 16: FY3/27 Adjusted Operating Profit Forecast Analysis by Segment
FY3/27 Adjusted Operating Profit Forecast Analysis by Segment • Overall adjusted OP is also expected to increase, particularly with contributions by Energy and Smart Life • Adjusted OP is expected to increase in all segments Industry +48.0 +12.5 600.0 (yen: billions) In-vehicle +48.0 Electric Works
Slide 17: FY3/27 Operating Profit Forecast Analysis (by Factor)
FY3/27 Operating Profit Forecast Analysis (by Factor) • OP is expected to increase due mainly to sales increase in real term, the effect of restructuring, price revisions and rationalization, etc. Absence of one-time Other (yen: billions) expenses in FY3/26 income/loss Raw Price 550.0 revisions, (re
Slide 18: Impact of the Middle East situation and further memory price hikes on FY3/27 forecast
Impact of the Middle East situation and further memory price hikes on FY3/27 forecast • Negative impact of 30.0 billion reflecting risks from deteriorating situation in the Middle East and further memory price hikes is factored into FY3/27 full-year forecast* * Included in adjusted OP under Other /
Slide 19: Energy: In-vehicle
Energy: In-vehicle ✓ FY3/26: Maintained sales volume in North America at the previous year’s level (FY3/25) by leveraging the advantages of our production capabilities in North America, despite deteriorated EV market in the US following the termination of IRA Section 30D ✓ FY3/27: Forecasting sales
Slide 20: Energy: Industrial / Consumer (For Data Centers)
Energy: Industrial / Consumer (For Data Centers) ✓ Demand for distributed power supply systems for AI data centers has shown a stronger growth trajectory since IR Day in December 2025 ✓ Target of 800.0 billion yen in sales is expected to be achieved one year ahead of plan in FY3/28 and aim to achiev
Slide 21: Industry: AI-related Businesses
Industry: AI-related Businesses ✓ Expanding the scope of AI-related disclosure beyond “AI semiconductor–related area” to include “Infrastructure” and “Edge” areas, where the evolution of AI technology is driving broader impacts ✓ Infrastructure area: sales expected to increase by 2x (vs. FY3/26); Ed
Slide 22: Progress in Business Portfolio Management in FY3/26
Progress in Business Portfolio Management in FY3/26 • Steady progress in Business Portfolio Management at Panasonic Holdings Corporation Housing Solutions The share transfer of the related businesses to YKK Corporation was completed on March 31, 2026, (Other / Eliminations & and the entities became
Slide 23: Shareholder Return
Shareholder Return Annual dividends: ✓ For FY3/26 : Determined at 40 yen per share (no changes from announcement on August 29, 2025) ✓ For FY3/27: Forecasted to be 54 yen per share, an increase of 14 yen YoY FY3/26 FY3/27 (e) Annual dividends 40 yen 54 yen Payout ratio 49.3% 30.0% ✓ Target payout ra
Slide 24: Panasonic Group
Panasonic Group
Slide 25: 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 26: Impact of US Tariffs
Reference: Impact of US Tariffs ✓ Negative impact of 34.0 billion yen from US tariffs has been factored into FY3/27 forecast ✓ Aim to minimize impact of tariffs through measures from medium- to long-term perspectives (e.g. revision of supply chain, etc.) ■ Breakdown of estimated impact on adjusted o
Slide 27: 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 both FY3/26 and FY3/27 ✓ Half of total tax
Slide 28: Overview of US Inflation Reduction Act (IRA)
Reference: Overview of US Inflation Reduction Act (IRA) ✓ 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 Entities of Concern) will be impleme
Slide 29: Progress in Developing Production Capabilities in Energy
Reference: Progress in Developing Production Capabilities in Energy • Flexibly build production capacity in response to customer demand • Utilize production facilities for data center (DC) applications in response to strong demand Battery cell Factory Production capabilities Status In-vehicle As of
Slide 30: FY3/26 Segment Information Connect
Reference: FY3/26 Segment Information Connect Sales increased: Higher sales of Process Automation (capturing demand Overview YoY % figures represent the year-on-year change relative to the previous year's figures for ICT including generative AI servers), Avionics (continued strong orders) (yen: bill
Slide 31: Reference: Blue Yonder's KPIs
Reference: Blue Yonder’s KPIs Connect • SaaS-related KPIs saw steady progress (SaaS ARR, NRR) • RPO is newly introduced as a KPI starting FY3/26 Full-year results announcement Sales / Adjusted OP (Stand-alone) RPO (Remaining Performance Obligations) ◼ Profitability improvement due to steady sales gr
Slide 32: Reference: FY3/27 Forecast for Blue Yonder
Reference: FY3/27 Forecast for Blue Yonder Connect • Adjusted EBITDA is expected to increase by USD 14 million YoY • Adjusted OP is expected to increase by USD 26 million YoY, due to higher sales and reduced strategic investments ■ Blue Yonder Stand-Alone Basis （US$: millions ） FY3/27 FY3/26 YoY For
Slide 33: FY3/26 Segment Information Electric Works
Reference: FY3/26 Segment Information Electric Works Sales increased：Higher sales of electrical construction materials for Japan Overview YoY % figures represent the year-on-year change relative to the previous year's figures and overseas markets; In Japan, in particular, replacement demand for (yen
Slide 34: FY3/26 Segment Information HVAC & CC
Reference: FY3/26 Segment Information HVAC & CC Sales decreased overall: Overview YoY % figures represent the year-on-year change relative to the previous year's figures HVAC: Lower sales of room air-conditioners (increased demand in Japan, (yen: billions) FY3/26 YoY (year-on-year) while unfavorable
Slide 35: FY3/26 Segment Information Energy
Reference: FY3/26 Segment Information Energy Sales decreased (In-vehicle): Lower sales in Japan and price revisions reflecting lower Overview YoY % figures represent the year-on-year change relative to the previous year's figures material prices, etc., despite higher sales in North America (yen: bil
Slide 36: FY3/26 Segment Information Industry
Reference: FY3/26 Segment Information Industry Overview YoY % figures represent the year-on-year change relative to the previous year's figures Sales increased: Higher sales of products (capacitors, multi-layer circuit board YoY PID materials) driven by continued growth in demand for information & c
Slide 37: Situation of Voluntarily Disclosed Businesses (FY3/26) Industry
Reference: Situation of Voluntarily Disclosed Businesses (FY3/26) Industry ◼ FY3/26: Both sales and adjusted OP increased due to continued strong demand for ICT-related Electronic applications (e.g. generative AI servers) Devices ◼ FY3/26 Q4: Adjusted OP decreased due to price hikes in raw material
Slide 38: Situation of Voluntarily Disclosed Businesses (FY3/26) Industry
Reference: Situation of Voluntarily Disclosed Businesses (FY3/26) Industry Electronic Devices: BB ratio* of capacitors *BB ratio: book-to-bill ratio • Strong demand continues, particularly for conductive polymer capacitors • Supply capabilities are being strengthened to accommodate the increase in o
Slide 39: Situation of Voluntarily Disclosed Businesses (FY3/26) Industry
Reference: Situation of Voluntarily Disclosed Businesses (FY3/26) Industry ◼ FY3/26: Both sales and adjusted OP increased due to strong market conditions for AI- and FA semiconductor-related applications, particularly in China and Asia, as well as ongoing rationalization Solutions efforts ◼ FY3/26 4
Slide 40: Situation of Voluntarily Disclosed Businesses (FY3/26) Industry
Reference: Situation of Voluntarily Disclosed Businesses (FY3/26) Industry ◼ FY3/26: Both sales and adjusted OP increased due to growing demand for ICT-related applications Electronic (e.g. generative AI server) Materials ◼ FY3/26 4Q: Both sales and adjusted OP increased, driven by demand for genera
Slide 41: FY3/26 Segment Information Smart Life
Reference: FY3/26 Segment Information Smart Life Sales decreased: Lower overseas sales (China: weak demand for large-size appliances; Overview YoY % figures represent the year-on-year change relative to the previous year's figures Europe: lower sales of AVC), although sales of white goods in Japan i
Slide 42: FY3/26 List of Voluntarily Disclosed Businesses
Reference: FY3/26 List of Voluntarily Disclosed Businesses Note: Sales and adjusted operating profit of the businesses shown with both underline and bold are disclosed in the Supplemental Financial Data Businesses with Sales Disclosed Major Business Divisions, etc. • Avionics : Panasonic Avionics Co
Slide 43: FY3/27 List of Voluntarily Disclosed Businesses
Reference: FY3/27 List of Voluntarily Disclosed Businesses Note: Sales and adjusted operating profit of the businesses shown with both underline and bold are disclosed in the Supplemental Financial Data Businesses with Sales Disclosed Major Business Divisions, etc. • Avionics : Panasonic Avionics Co