Yokogawa Electric Corp. · TSE:6841
Yokogawa Electric — H1 FY2026 Earnings Presentation
43 slides from Yokogawa Electric's earnings presentation, Nov 4, 2026
Slide 1: Financial Results for the First Half of Fiscal Year 2026
Securities Code: 6841 Yokogawa Electric Corporation Financial Results for the First Half of Fiscal Year 2026 November 4, 2026 | November 4, 2026 | © Yokogawa Electric Corporation
Slide 2: Contents
Contents 1. Financial Results for the First Half of Fiscal Year 2026 P. 3 Michiko Nakajima Director, Vice President & Executive Officer, Head of Accounting & Treasury Headquarters 2. Financial Appendix P. 19 Quarterly Financial Results Non-operating / Extraordinary Income and Expenses Order Backlog
Slide 3: Financial Results for the First Half of Fiscal Year 2026
Financial Results for the First Half of Fiscal Year 2026 (April 1, 2026 – September 30, 2026) Michiko Nakajima Director, Vice President & Executive Officer, Head of Accounting & Treasury Headquarters November 4, 2026 | November 4, 2026 | © Yokogawa Electric Corporation
Slide 4: Key Points
Key Points ◼ FY26 1H results: - Summary: • Orders increased for both the Control and Measuring Instruments businesses, with growth particularly strong in the Measuring Instruments business. • Sales increased, mainly driven by growth in the Measuring Instruments business and the impact of changes in
Slide 5: Summary of FY26 1H Results (YoY comparison)
Summary of FY26 1H Results (YoY comparison) ◆ Orders increased, driven by the steady acquisition of base orders in Japan and overseas for the Control business and growing AI data center-related demand for the Measuring Instruments business (excluding exchange rate impact: +¥38.7 billion, +12.9%). ◆
Slide 6: Analysis of Operating Income (YoY comparison)
Analysis of Operating Income (YoY comparison) Exchange rate impact （¥） FY25 1H FY26 1H US$ 146.26 159.90 EUR 168.84 184.48 (2.2) （JPY billion） (2.1) (4.2) +5.2 Decrease in gross profit from lower sales (excl. exchange rate impact) 39.0 35.7 Lower gross margin 30.6 Increase in SG&A • Increase in labo
Slide 7: Comparison for Orders, Sales, and Operating Income by Segment
Comparison for Orders, Sales, and Operating Income by Segment ◆Control: • Orders increased (excluding exchange rate impact: +¥13.9 billion, +4.9%). • Sales increased mainly due to the impact of changes in the foreign exchange rate (excluding exchange rate impact: -¥7.5 billion, -2.8%). • Operating i
Slide 8: Orders and Sales by Region in Control Segment
Orders and Sales by Region in Control Segment ◆ While orders for the Middle East and Africa region were down year on due to the receipt last year of large orders in the Middle East, orders were up overall, driven mainly by growth in Asia, North America, and Japan. （JPY billion） FY25 1H FY26 1H Diffe
Slide 9: Orders and Sales by Control Subsegment
Orders and Sales by Control Subsegment （JPY billion） Orders Sales Difference Growth rate 317.3 +35.6 +12.6% Growth rate Difference 26.9 +2.0 +8.2% 281.7 273.1 275.9 +11.4 +4.3% 24.9 264.5 +1.0 +4.4% Life 21.7 250.6 23.6 22.6 +28.7 +30.8% Life 20.9 121.6 92.9 Materials 98.9 100.5 +1.6 +1.6% 98.9 Mate
Slide 10: Control Subsegment Order Trend by Project Size
Control Subsegment Order Trend by Project Size （JPY billion） Energy & Sustainability Materials Life ■Base orders 小口*1 ■Large 大口orders*2 ■Base orders 大口 小口 ■Large orders 小口 ■Large大口 ■Base orders orders 50.0 50.0 50.0 50.0 10.0 10.0 0.0 0.0 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
Slide 11: Orders by Industry in Control Segment
Orders by Industry in Control Segment Materials （JPY billion） Energy & Sustainability 9.9 Other Materials 4.2 Pulp & Paper 11.2 9.5 6.8 Mining & Metals 7.6 9.6 Other E&S 3.8 7.6 6.7 10.1 7.8 8.1 4.2 6.3 7.5 4.9 6.9 5.2 4.0 6.4 18.0 Mobility & Electric 4.5 4.4 3.5 5.8 7.0 2.4 6.9 Water 4.0 8.6 5.2 5.
Slide 12: Trend of Cash Flow
Trend of Cash Flow Operating CF Investment CF Free CF 99.0 86.0 （JPY billion） 70.4 52.8 39.7 35.8 36.8 27.3 24.4 21.1 (12.5) (11.4) (15.7) (28.6) (33.1) FY24 1H FY24 FY25 1H FY25 FY26 1H | November 4, 2026 | © Yokogawa Electric Corporation 12
Slide 13: FY26 Forecast (change from May 7, 2026)
FY26 Forecast (change from May 7, 2026) ◆ Full-year forecast revised based on 1H results and outlook Forecast （JPY billion） FY25 FY26 forecast FY26 forecast Difference Growth rate difference (A) 5/7 (B) 11/4 (C) (C-B) (C-A) (C/A-1) Orders 617.8 645.0 665.0 +20.0 +47.2 +7.6% Sales 604.8 615.0 629.0 +
Slide 14: Factors Accounting for Increase/Decrease in FY26 Operating Income
Factors Accounting for Increase/Decrease in FY26 Operating Income (change from May 7, 2026) Increase in gross profit Exchange rate impact （¥） from higher sales FY25 FY26 (excl. exchange rate impact) US$ 151.17 150.00 Gross margin EUR 175.65 170.00 improvement （JPY billion） +1.5 (8.5) +13.0 (0.6) Inc
Slide 15: FY26 Forecast for Orders, Sales and Operating Income by Segment
FY26 Forecast for Orders, Sales and Operating Income by Segment (change from May 7, 2026) （JPY billion） Orders Sales Operating income Difference Difference 645.0 665.0 +20.0 +14.0 617.8 3.0 - 615.0 629.0 3.0 604.8 3.0 - 5.0 39.0 59.0 5.3 3.0 +20.0 43.0 42.0 34.0 39.0 +4.0 Difference 88.0 +3.0 82.6 8
Slide 16: FY26 Forecast for Control Orders and Sales by Region
FY26 Forecast for Control Orders and Sales by Region (change from May 7, 2026) （JPY billion） FY25 FY26 Difference FY25 FY26 Difference Orders Sales (A) (B) （B-A） (A) (B) （B-A） Japan 154.0 154.0 +0.0 Japan 151.5 151.5 (0.0) Asia 166.1 184.0 +17.8 Asia 164.2 178.5 +14.2 （Southeast Asia, （Southeast Asi
Slide 17: FY26 Forecast for Orders and Sales by Control Subsegment
FY26 Forecast for Orders and Sales by Control Subsegment (change from May 7, 2026) （JPY billion） Orders Sales Difference Difference 603.0 603.0 - +10.0 565.5 573.0 583.0 570.9 52.5 52.5 - 51.0 +2.0 Life 49.9 Life 48.9 49.0 202.0 213.0 +11.0 208.5 +6.0 Materials 195.2 Materials 201.8 202.5 Energy & 3
Slide 18: Dividend
Dividend ◆Interim dividend: ¥46 per share resolved (no change to the FY26 full-year dividend forecast) ◆Share repurchase completed: Market repurchase of common shares with a maximum acquisition amount of ¥30.0 billion (repurchase period: May 8-September 30, 2026) Total payout ratio * 87.4% Payout ra
Slide 19: Financial Appendix
Financial Appendix: ・Quarterly Financial Results ・Non-operating / Extraordinary Income and Expenses ・Order Backlog Trend by Segment ・Order Backlog Trend by Control Subsegment ・Trend of R&D Expenses, Depreciation, and CAPEX ・Trend of Balance Sheet ・Trend of Stock Price | November 4, 2026 | © Yokogawa
Slide 20: Appendix: Quarterly Financial Results
Appendix: Quarterly Financial Results （JPY billion） Orders Sales Operating income 183.4 182.2 170.5 157.4 167.6 157.0 153.5 151.8 152.3 150.3 149.1 151.4 149.8 156.9 142.3 141.3 137.7 134.0 130.2 128.9 21.5 22.1 25.1 16.2 22.8 21.4 22.1 19.2 14.8 16.5 Quarterly average 158.15 146.66 154.19 151.21 14
Slide 21: Appendix: Non-operating / Extraordinary Income and Expenses
Appendix: Non-operating / Extraordinary Income and Expenses FY25 1H FY26 1H （JPY billion） Operating income 39.0 35.7 Non-operating income 3.4 3.6 Non-operating expenses 2.7 3.1 Ordinary income 39.7 36.3 Extraordinary income 0.4 0.5 Extraordinary expenses 2.2 1.6 Income before tax 37.9 35.2 Tax, etc.
Slide 22: Appendix: Order Backlog Trend by Segment
Appendix: Order Backlog Trend by Segment Control (Japan) Control (Outside of Japan) Measuring Instruments New Businesses and Others （JPY billion） 527.2 +61.0 0.1 +0.1 450.9 466.2 37.5 +24.7 428.2 0.5 0.0 0.2 5.5 12.8 4.4 361.1 +20.6 333.1 340.5 315.7 107.8 111.8 112.9 128.6 +15.7 FY24 4Q FY25 2Q FY2
Slide 23: Appendix: Order Backlog Trend by Segment (end of FY26 2Q rate)
Appendix: Order Backlog Trend by Segment (using exchange rate at end of FY26 2Q) Control (Japan) Control (Outside of Japan) Measuring Instruments New Businesses and Others （JPY billion） 527.2 +65.1 0.1 +0.1 468.6 462.2 37.5 +24.7 449.3 0.5 0.0 0.2 5.8 12.8 4.7 361.1 +24.7 336.5 350.5 336.4 +40.4 107
Slide 24: Appendix: Order Backlog Trend by Control Subsegment
Appendix: Order Backlog Trend by Control Subsegment （JPY billion） At exchange rate at end of each period At exchange rate at end of FY26 2Q 489.7 +36.3 489.7 +40.4 453.4 27.5 462.3 27.5 444.9 +2.8 444.4 449.3 +3.0 423.6 24.7 25.7 25.2 Life 23.1 24.5 Life 22.5 127.4 +24.5 127.4 +24.9 102.9 106.5 102.
Slide 25: Appendix: Trend of R&D Expenses, Depreciation, and CAPEX
Appendix: Trend of R&D Expenses, Depreciation, and CAPEX （JPY billion） R&D Depreciation CAPEX 40.0 30.0 20.0 10.0 0.0 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H FY25 FY26 1H FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H FY25 FY26 1H R&D expenses 26.2 27.6 27.5 28.5 30.5 32.4 32.1 16.2 33.0 17.3 (% of s
Slide 26: Appendix: Trend of Balance Sheet
Appendix: Trend of Balance Sheet （JPY billion） Assets Liabilities and equity 795.6 795.6 762.4 762.4 724.3 24.3 718.3 718.3 724.3 24.2 Interest-bearing dept 24.4 24.1 217.5 190.5 Cash & time 186.2 241.4 deposits 188.8 226.9 Other liabilities 218.2 207.1 43.4 43.4 246.2 43.4 43.4 36.3 Notes/accounts
Slide 27: Appendix: Trend of Stock Price
Appendix: Trend of Stock Price YOKOGAWA TOPIX 6,800 5,800 4,800 3,800 2,800 1,800 800 19/3 20/3 21/3 22/3 23/3 24/3 25/3 26/3 （￥） 19/3 20/3 21/3 22/3 23/3 24/3 25/3 25/6 25/9 25/12 26/3 26/6 26/9 26/10/23 YOKOGAWA 2,291 1,303 2,038 2,099 2,150 3,494 2,893 3,855 4,255 5,016 4,744 5,635 4,692 4,527 TO
Slide 28: Initiatives Toward Achieving GS2028
Financial Results for the First Half of Fiscal Year 2026 Initiatives Toward Achieving GS2028 Kunimasa Shigeno Director, President & CEO, Representative Executive Officer November 4, 2026 | November 4, 2026 | © Yokogawa Electric Corporation
Slide 29: Business Environment
Business Environment Customers continue to have a strong appetite for investment due to robust energy demand. Potential business impact from escalating tensions in the Middle East requires close monitoring. Middle East: Project pipeline remains robust, while the impact of escalating tensions require
Slide 30: Business Impact of Prolonged Middle East Tensions
Business Impact of Prolonged Middle East Tensions Delayed normalization, but investment appetite remains strong due to solid energy demand. FY26 initial outlook As of Nov. 2026 Normalization expected in 2H Uncertainty persists; impacts to be closely monitored (Situation at the time) (Current assessm
Slide 31: Control Business Forecast Revision Highlights
Control Business Forecast Revision Highlights Operating profit forecast maintained despite lower gross margin, supported by higher gross profit from sales growth FY26 Forecast (May 7) Revised Forecast (Nov. 4) Highlights Steadily capturing growth Sales 573.0 JPY billion ＋10.0 JPY billion opportuniti
Slide 32: Expanding Business in the Hydrogen Energy Sector
Expanding Business in the Hydrogen Energy Sector Signing of MoU with two Slovenian infrastructure companies to advance Slovenia’s hydrogen ecosystem ◼ Establishing a framework with ELES and Plinovodi to strengthen the resilience of Slovenia’s energy infrastructure ◼ Promoting cross-industry collabor
Slide 33: Selection as Main Automation Contractor for LNG Canada Phase 2
Selection as Main Automation Contractor for LNG Canada Phase 2 Building on the experience gained in Phase 1 to support the major Phase 2 expansion, doubling production capacity ◼ Selected as the main automation contractor (MAC) for the LNG Canada Phase 2 project ◼ The Phase 2 expansion will double L
Slide 34: Capitalizing on Market Growth in India to Expand CAPEX Business
Capitalizing on Market Growth in India to Expand CAPEX Business Major order for five 800 MW thermal power units from India’s state-owned power company ◼ Received an order for new ultra- supercritical coal-fired power plants to be built by National Thermal Power Corporation (NTPC) in Nabinagar and Ga
Slide 35: Continued Strong Orders for Measuring Instruments Driven by AI Data Center Investment
Continued Strong Orders for Measuring Instruments Driven by AI Data Center Investment ◼ Increasing large orders for optical communication measuring instruments, particularly optical spectrum analyzers ◼ Growing demand for power and waveform measuring instruments used in power supply performance eval
Slide 36: Priority Target Areas for FY26
Priority Target Areas for FY26 CAPEX x India • Intense competition, yet robust infrastructure investment 競争はし烈だが、インフラ投資が活況 • Leveraging “winning capabilities in India” across emerging markets 「インドで勝てる力」を新興国に展開 • Strong growth in FY25, demonstrating proven Measuring Instruments Business × Global FY25
Slide 37: Yokogawa's Purpose
Yokogawa’s Purpose Measuring represents Yokogawa’s origin as a company. We measure things, grasp and analyze their state, and add value through the information that is derived. Connecting refers to how Yokogawa not only combines Utilizing our ability to measure and connect, valuable information, but
Slide 38: Reference: FY26 1H News, ESG Indexes
Reference: ・FY26 1H News ・Yokogawa’s Main ESG Indexes, etc. | November 4, 2026 | © Yokogawa Electric Corporation 38
Slide 39: Reference: FY26 Topics (Products/Solutions)
Reference: FY26 Topics (Products･Solutions) Based on press release date For more information, see https://www.yokogawa.com/news/ Products･Solutions Yokogawa Integrated Control and Safety System, CENTUM VP and ProSafe-RS, and Related Software Receive Apr. Cybersecurity Certification Jun. Yokogawa Enh
Slide 40: Reference: FY26 Topics (Alliances/Acquisitions/Projects/Others)
Reference: FY26 Topics (Alliances･Acquisitions / Projects / Others) Based on press release date For more information, see https://www.yokogawa.com/news/ Alliances･Acquisitions Sep. Yokogawa Sign Memorandum of Understanding to Advance Nationwide Hydrogen Ecosystem in Slovenia Yokogawa to Assist the S
Slide 41: Reference: Yokogawa's Main ESG Indexes, etc.
Reference: Yokogawa’s Main ESG Indexes, etc. As of October 2026 Dow Jones Best-in-Class Asia Pacific Index FTSE4Good Index Series FTSE JPX Blossom Japan Index FTSE JPX Blossom Japan Sector Relative Index MSCI Selection Indexes MSCI Japan ESG Select Leaders Index MSCI Japan Empowering Women Index ISS
Slide 42: Disclaimer
Disclaimer The information pertaining to our business plans and forecasts that has been provided in this presentation and at analyst meetings contains forward-looking statements that are based on our management’s current knowledge and require the making of assumptions about future events. As such, i
Slide 43: Trademark notice
The names of corporations, organizations, products and logos herein are either registered trademarks or trademarks of Yokogawa Electric Corporation and their respective holders. 43