Consolidated Financial Results for FY2025
Fuji Electric Co., Ltd.
April 28, 2026
Key Points
-
Financial Results for FY2025
Net Sales
Operating
Profit
Operating
Profit Ratio
Profit Attributable to Owners of Parent
¥1,227.6billion
¥136.6billion
11.1％
¥98.0billion
YoY
+¥104.2billion
+¥19.0billion
+0.7%
+¥5.8billion
of schedule.
vs. Jan 29
Forecast
+¥42.6billion
+¥8.1billion
+0.3%
+¥9.0billion
New record highs for net sales, operating profit, ordinary profit, and Profit Attributable to Owners of Parent
Achieved medium-term plan targets of operating profit ratio >11% one year ahead
Higher sales driven by favorable foreign exchange influences as well as strong performance of FA components and ED&C components in Industry segment
Higher operating results in all segments, led by continued strong performance in Energy segment
ContentsFY2025 Results P. 4
（YoY Comparison / vs Forecasts on Jan. 29）
Balance Sheet / Cash Flow Statement P.18
Shareholder returns P.21
Contents
FY2025 Results P. 4
（YoY Comparison / vs Forecasts on Jan. 29）
Balance Sheet / Cash Flow Statement P.18
Shareholder returns P.21
Summary of Consolidated Financial Results for FY2025 (YoY Comparison)
New record highs for net sales, operating profit, ordinary profit, and profit attributable to owners of parent
Operating profit ratio target of >11% achieved one year ahead of schedule.
(Billion yen)
Change of Net Sales
Gain on translation of earnings of overseas subsidiaries
Demand Increase
FY
+21.3
+82.9
FY
FY2024 | FY2025 | Change | |||
Net Sales | 1,123.4 | 1,227.6 | 104.2 | ||
Operating Profit （Operating Profit Ratio） | 117.6 （10.5%） | 136.6 （11.1%） | 19.0 （0.7%） | ||
Ordinary Profit | 118.8 | 139.3 | 20.6 | ||
Extraordinary Profit | 14.9 | 0.8 | -14.1 | ||
Profit Before Income Taxes | 133.7 | 140.1 | 6.4 | ||
Profit Taxes | 37.0 | 38.7 | 1.7 | ||
Profit Attributable to Non-controlling Interests | 4.4 | 3.4 | * -1.1 | ||
Profit Attributable to Owners of Parent (Ratio of Profit Attributable to Owners of Parent) | 92.2 （8.2%） | 98.0 （8.0%） | 5.8 （-0.2%） | ||
Period-End Rate : End of March） | （Yen） | ||||
US$ | 149.52 | 159.88 | 10.36 | ||
EURO | 162.08 | 183.41 | 21.33 | ||
RMB | 20.59 | 23.11 | 2.52 | ||
（Average Exchange Rate） | （Yen） | ||||
US$ | 152.58 | 150.77 | -1.80 | ||
EURO | 163.75 | 174.79 | 11.04 | ||
RMB | 21.10 | 21.25 | 0.15 | ||
Change of Non-operating Profit
2024
2025
Net interest expense | 0.1（ | 0.1 | → | 0.3 | ） |
Foreign exchange gain | 2.5（ | -1.1 | → | 1.4 | ） |
Others | -1.1（ | 2.1 | → | 1.0 | ） |
1.6（ | 1.1 | → | 2.7 | ） | |
Change of Extraordinary Profit | |||||
Gain on sales of investment securities | -12.5（ | 16.6 | → 4.1 | ） | |
Others | -1.6（ | -1.7 | → -3.3 | ） | |
-14.1（
14.9
→ 0.8 ）
* Decrease due to making Fuji Furukawa E&C Co., Ltd. a wholly owned subsidiary and others
Breakdown of Changes on Operating Profit for FY2025 (YoY Comparison)
Higher profit, despite deterioration of increased fixed costs and raw material costs,
due to benefits of growth in sales and production volumes, profitability differences
between models, and cost reductions
(Billion yen)
117.7Increase in sales and production volumes
（+27.5）
Increase in fixed costs
（-11.3）
Added value and others
（-0.6）
Exchange rate effect
（+3.4）
YoY
（+19.0）
Labor costs
R&D
Depreciation and leases paid
Other expenses
-9.8
-1.1
-1.3
+0.9
Impacts of rising raw material
costs
Differences in model mix, in profitability between projects and cost reduction, others
-5.9
+5.3
136.6FY2024 FY2025
Net Sales and Operating Profit for FY2025 (YoY Comparison)
Higher net sales and profit driven by Energy and Industry segments
(Billion yen)
FY2024 | FY2025 | Change | |||||||
Net Sales | Operating Profit | Operating Profit Ratio | Net Sales | Operating Profit | Operating Profit Ratio | Net Sales | Operating Profit | Operating Profit Ratio | |
Energy | 354.3 | 36.3 | 10.2% | 394.2 | 59.5 | 15.1% | +3.6* 39.8 | +0.6* 23.2 | 4.9% |
Industry | 400.0 | 34.0 | 8.5% | 467.2 | 44.4 | 9.5% | +6.2* 67.2 | +0.6* 10.4 | 1.0% |
Semiconductors | 236.8 | 37.1 | 15.7% | 237.4 | 23.5 | 9.9% | +11.5* 0.6 | +2.1*-13.6 | -5.8% |
Food and Beverage Distribution | 111.5 | 13.9 | 12.5% | 108.0 | 13.1 | 12.2% | -3.5 | -0.8 | -0.3% |
Others | 56.1 | 3.8 | 6.7% | 58.4 | 3.9 | 6.6% | 2.2 | 0.1 | -0.1% |
Elimination and Corporate | -35.4 | -7.3 | - | -37.5 | -7.8 | - | -2.1 | -0.5 | - |
Total | 1,123.4 | 117.6 | 10.5% | 1,227.6 | 136.6 | 11.1% | +21.3* 104.2 | +3.4* 19.0 | 0.7% |
*Exchange rate effect
※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025.
Business Results by Segment for FY2025 (YoY Comparison)
Higher sales and profit in all subsegments and operating margin surpassing 15%
Energy
(Billion yen)
FY2024
FY2025
Change
Overview
Net Sales
354.3
394.2
39.8
+3.6*
Higher net sales and operating results（Net sales +9%）
Higher net sales and operating results（Net sales +22%）
Operating Profit
（Operating
Profit ratio）
36.3
（10.2%）
59.5
（15.1%）
23.2
（4.9%）
+0.6*
Higher net sales and operating results（Net sales +10%）
Higher net sales and operating results（Net sales +6%）
Power Generation
Increase in net sales as a result of the benefits of an increase in large-scale hydropower generation facility projects.
Increase in operating results due to the combined benefits of the higher net sales, the absence of the rise in expenses associated with thermal power and geothermal power projects recorded in the previous fiscal year, and differences in profitability between projects.
Energy Management
Increase in net sales and operating results as a result of increases in storage battery system orders and in large-scale orders for substation equipment for power and industrial applications and power supply equipment for industrial applications.
Power Supply and Facility Systems
Increase in net sales and operating results due to growth in demand from data centers.
Equipment Construction
Increase in net sales and operating results due to an increase in large-scale orders, differences in profitability between projects, and the benefits of cost reduction activities.
*Exchange rate effect
※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025.
Business Results by Segment for FY2025 (YoY Comparison)
Industry Higher sales and profit in all subsegments
(Billion yen)
FY2024
FY2025
Change
Overview
Higher net sales and operating results (Net sales +5%)
Net Sales
400.0
467.2
67.2
+6.2*
Higher net sales and operating results (Net sales +4%)
from the steel industry.
Higher net sales and operating results (Net sales +18%)
Operating
Profit
（Operating Profit ratio）
34.0
（8.5%）
44.4
（9.5%）
10.4
（1.0%）
Higher net sales and operating results (Net sales +7%)
+0.6*
Higher net sales and operating results (Net sales +55%)
Factory Automation Components
Increase in net sales and operating results primarily due to growth in demand for measuring instruments.
Automation Systems
Increase in net sales and operating results due to increased demand
Social Solutions
Increase in net sales and operating results due to increases in demand for transportation systems.
ED&C Components
Increase in net sales because of a modest recovery in demand from finished machinery manufacturers.
Increase in operating results despite the impacts of higher material prices, due to the benefits of higher demand and product selling price revisions.
IT Solutions
Increase in net sales and operating results following growth in large-scale orders from the academic sector.
*Exchange rate effect
※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025.
Business Results by Segment for FY2025 (YoY Comparison)
Decrease in operating profit as a result of lower sales of
automotive semiconductors and increases in raw material costs
Sales | FY2024 | FY2025 | Change |
Industrial | 104.2 | 119.7 | 15.5 |
Automotive | 132.6 | 117.7 | -14.9 |
Capital investment | 64.4 | 34.9 | -29.5 |
Depreciation and leases paid* | 36.4 | 37.7 | 1.3 |
Semiconductors
(Billion yen)
FY2024
FY2025
Change
Overview
Net Sales
236.8
237.4
0.6
+11.5*
Net sales unchanged while operating results worsened
(Billion yen)
Operating Profit
（Operating
Profit ratio）
37.1
（15.7%）
23.5
（9.9%）
-13.6
（-5.8%）
+2.1*
* The total amount of consolidated financi
depreciation and al report.
leases paid as stat
ed in the
*Exchange rate effect
Increase in net sales of industrial semiconductors as a result of higher demand in China and beneficial foreign exchange influences. Decrease in net sales of automotive semiconductors due to reductions in demand for power semiconductors for electrified vehicles and the impacts of the selling price revisions instituted in the previous fiscal year.
Decrease in operating results due to the impacts of higher raw material prices, price competition for industrial semiconductors seen centered on the Chinese market, and the lower sales of automotive and the selling price revisions instituted in the previous fiscal year for these semiconductors.
Business Results by Segment for FY2025 (YoY Comparison)
Lower domestic vending machine demand
Higher demand for store fixtures offset the rebound decline in automatic change dispensers following the previous year's special demand.
Food and Beverage Distribution
(Billion yen)
FY2024
FY2025
Change
Overview
Net Sales
111.5
108.0
-3.5
+11.5*
Lower net sales and operating results (Net sales -10%）
domestic vending machine demand.
Higher net sales while operating results unchanged (Net sales +2%)
Operating Profit
（Operating
Profit ratio）
13.9
（12.5%）
13.1
（12.2%）
-0.8
（-0.3%）
+1.1*
Vending Machines
Decrease in net sales and operating results following declines in
Store Distribution
Increase in net sales with operating profit unchanged, as a result of the increase in demand for store fixtures seen accompanying a rise in convenience store renovations offsetting the impacts of the rebound from the special demand trend seen for automatic change dispensers that stemmed from the issuance of newly designed paper currency in Japan.
*Exchange rate effect
Net Sales by Japan and Overseas Area for FY2025 (YoY Comparison)
Overseas sales down excluding foreign exchange impacts, while Asia and
others increased, driven by the energy segment.
Energy
Industry
Semiconductors
+6.2
+10.9
+4.5
FY2024 | FY2025 | Change | |||||
Overseas | 29% 325.5 | 28% 344.8 | +21.3* 19.3 | ||||
Asia | 10% | 113.0 | 10% 124.5 | +5.2* 11.5 | |||
(ex. China) | |||||||
3% | 28.5 | 3% | 31.1 | -0.8* 2.6 | |||
India | |||||||
9% | 98.9 | 9% | 112.1 | +10.8* 13.2 | |||
China | |||||||
Europe | 4% | 40.2 | 3% | 42.1 | +4.8* 1.9 | ||
Americas | 4% | 44.9 | 3% | 35.0 | +1.1* -9.9 | ||
Change
ED&C Components
Semiconductors (Industrial)
Semiconductors (Automotive)
+2.5
+12.6
-2.1
797.9
71%
325.5
29%
1,123.4
882.8
72%
344.8
28%
1,227.6
+104.2
+21.3*
Overseas
+19.3
Japan
+84.9
(Billion yen)
Power Generation
Energy Management
ED&C Components
Semiconductors (Industrial)
+1.3
+4.5
+1.7
+1.7
FA Components +1.4
FA Components | +2.6 |
Power Generation | -3.6 |
Energy Management | -1.8 |
Power Supply and Facility Systems | +2.1 |
Social Solutions | +1.4 |
Semiconductors -7.0 (Automotive) | |
FY2024 FY2025
*Exchange rate effect
Amounts of Orders Received for FY2025
Strong performance in plant and system operations
for Energy and Industry segments
FY2025
FY2024
+37.5
528.7
491.2
Components and others
+95.4
821.5
726.1
Plant・Systems
1,217.3
1,350.2 +132.9
Change
(Billion yen)
Plant・Systems
Energy
Energy Management
Power Supply and Facility Systems
+28.7
Higher demand for applications related to renewable energy stabilization and substation system
Higher demand for data center
Higher demand for electrical and HVAC installation constructions.
Equipment Construction
Industry
Social Solutions IT Solutions
+65.7
Higher demand for transportation systems and radiation
Higher demand for academic sector (2nd GIGA program)
※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025.
Quarterly Based Orders－Major Components
FA components and ED&C components sales increased QoQ,
driven by bulk orders, while semiconductors remained flat.
(Billion yen)
109.2 106.0
125.9
112.6
4Q
YoY
+19.9
+12.8*
-24%
4Q
QoQ
･Selling price revisions instituted in FY2024 impacted YoY
· Domestic demand increased QoQ
-2.0*
+13.3
+1%
99.9 98.2
Semiconductors (Automotive)
Semiconductors (Industrial)
Factory
Automation※
ED&C
Components
102.7 101.6 Semiconductors
(Automotive)
Semiconductors
(Industrial)
Factory
Automation※
ED&C
Components
(-27%)
+36%
(+7%)
+44%
(+31%)
+57%
(+44%)
(+5%)
･Higher demand for data center and Semiconductor Manufacturing Equipment
+0%
･Bulk orders for low-voltage inverters received
from specific customers
･Higher demand for Smart meter in India
(+3%)
+27%
(+31%)
･Bulk orders due to advanced order prior to
price adjustment
･Increased demand from finished machinery manufacturers
+25%
(+25%)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2024 FY2025
*Exchange rate effect
() indicates the actual rate of increase or decrease excluding the impact of exchange rates
※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025.
※The definition of factory automation components are low-voltage inverters, industrial motors, and measuring instruments.
Capital Investment for FY2025 (YoY Comparison)
Investment to expand the production capacity in Energy segment
R&D investment to strengthen cost competitiveness in Semiconductors segment.
(Billion yen)
85.2
64.4
2.3
34.9
1.8 2.0
10.0
10.9
5.3
8.0
2.3
56.7
Change
・SiC 8-inch production line（R&D）
・Expansion of SiC 6-inch production
(Matsumoto, Tsugaru)
SiC8-inch
wafer
Production equipment for new products
・Counter fixture
・Vertical-standing automatic change dispensers
Vertical-standing automatic change dispensers
「ECS-V8」
-28.9
Others
Food and Beverage Distribution
Production equipment for new products
・Mobility products (automotive power electronics)
・Smart meter
Smart meter
Augmentation of production capacity in response to demand growth for substation equipment
・Transfer of Switchgears production
(From Chiba to Kawasaki）
・Construction a new building (Kobe)
Kawasaki Factory
Semiconductors
FY2024 FY2025
Industry Energy
Research and Development for FY2025 (YoY Comparison)
Enhancing R&D for next-generation power semiconductors and GX products
(Billion yen)
37.8 38.9
Change
+1.1
6.0
5.4
12.0
12.1
13.2
13.8
2.9
2.7
4.3
4.3
・Vending machines for Indian market
・Counter fixture
・Vertical-standing automatic change dispensers
Vending machines for India
Common
Food and Beverage
Distribution
・Automotive (SiC-MOSFET)
・Industrial (8th-generation IGBT modules)
8th-generation IGBT modules
Semiconductors
・High-voltage inverters for fans, pumps, and compressors
・PMSM motor and drive systems for small, electric-powered ships
High-voltage inverter
Industry
Energy
・Expansion of storage battery PCS series lineups
・Pure hydrogen fuel cell systems for factories
FY2024 FY2025
and facilities
Storage battery PCS
※The amount for R&D expenditures above have been divided by segment based on theme and may therefore, differ from the figures contained in the consolidated financial report.
Summary of Consolidated Financial Results for FY2025
(Comparison with Forecasts on Jan. 29, 2026)
Higher sales driven by FA components and ED&C components in Industry segment, and favorable
foreign exchange impacts
Higher operating results in all segments, led by continued strong performance in Energy segment
（Billion yen） | January 29 Forecast | FY2025 Results | Change | ||||
Net Sales | 1,185.0 | 1,227.6 | +26.6* | 42.6 | |||
Operating Profit (Operating Profit Ratio) | 128.5 （10.8%） | 136.6 （11.1%） | 8.1 +3.2* （0.3%） | ||||
Ordinary Profit | 128.0 | 139.3 | 11.3 | ||||
Profit Attributable to Owners of Parent (Ratio of Profit Attributable to Owners of Parent to Net Sales) | 89.0 （7.5%） | 98.0 （8.0%） | 9.0 （0.5%） | ||||
January 29 Forecast | FY2025 Results | Change | Factors of Change | ||||
Net Sales | Operating Profit | Net Sales | Operating Profit | Net Sales | Operating Profit | ||
Energy | 388.0 | 54.5 | 394.2 | 59.5 | +1.4* 6.2 | +0.0* 5.0 | Increase in operating results due to differences in profitability between projects, and the benefits of cost reduction activities. |
Industry | 450.0 | 42.0 | 467.2 | 44.4 | +9.9* 17.2 | +0.7* 2.4 | Increase in sales and operating results in FA components and ED&C components due to increased sales volumes. |
Semiconductors | 222.0 | 23.0 | 237.4 | 23.5 | +14.9* 15.4 | +2.4* 0.5 | Increased sales and operating results driven by higher demand and favorable foreign exchange impacts. |
Food and Beverage Distribution | 108.0 | 13.0 | 108.0 | 13.1 | 0.0 | 0.1 | |
Others | 59.0 | 4.0 | 58.4 | 3.9 | -0.6 | -0.1 | |
Elimination and Corporate | -42.0 | -8.0 | -37.5 | -7.8 | 4.5 | 0.2 | |
Total | 1,185.0 | 128.5 | 1,227.6 | 136.6 | 42.6 | 8.1 | |
*Exchange rate effect | |||||||
Contents
FY2025 Results P. 4
（YoY Comparison / vs Forecasts on Jan. 29）
Balance Sheet / Cash Flow Statement P.18
Shareholder returns P.21
25/3/31 | 26/3/31 | Change | ||
Cash and deposit | 63.5 | 70.9 | 7.4 | |
Notes and account receivables-trade, Contract assets | 417.8 | 444.7 | 26.9 | |
Inventories | 238.7 | 257.1 | 18.4 | |
Other current assets | 46.7 | 59.2 | 12.5 | |
Total current assets | 766.7 | 831.8 | 65.2 | |
Property, plant and equipment | 347.1 | 348.9 | 1.8 | |
Intangible assets | 30.3 | 37.7 | 7.4 | |
Investments and other assets | 168.0 | 188.2 | 20.2 | |
Total long-term assets | 545.4 | 574.8 | 29.3 | |
Deferred assets | 0.1 | 0.0 | -0.0 | |
Total assets | 1,312.2 | 1,406.7 | 94.5 | |
Balance Sheet at the End of FY2025 (YoY Comparison)
Total assets increased, primarily driven by higher receivables and inventory from the strong plant
and system business, as well as the market valuation of investment securities.
Assets
Liabilities and Net Assets
（Billion yen）
R&I credit ratings | A | A+ |
25/3/31 | 26/3/31 | Change | |||
Notes and account payables-trade | 192.8 | 190.9 | -1.9 | ||
Interest-bearing debts | 104.9 | 89.1 | -15.8 | ||
Other liabilities | 283.8 | 283.8 | -0.1 | ||
Total liabilities | 581.5 | 563.7 | -17.8 | ||
Share capital | 47.6 | 47.6 | - | ||
Capital surplus | 64.6 | 63.8 | -0.8 | ||
Retained earnings | 493.9 | 565.9 | 72.1 | ||
Treasury shares | -4.3 | -3.7 | 0.6 | ||
Shareholders' equity | 601.8 | 673.6 | 71.8 | ||
Accumulated other comprehensive income | 90.0 | 126.6 | 36.6 | ||
Non-controlling interests | 38.9 | 42.8 | 3.9 | ||
Total net assets | 730.7 | 842.9 | 112.3 | ||
Total liabilities and net assets | 1,312.2 | 1,406.7 | 94.5 | ||
ROE | 14.3% | 13.1% | -1.1% |
ROIC | 12.9% | 12.6% | -0.2% |
Equity ratio | 52.7% | 56.9% | 4.2% |
Net interest-bearing debt※1 | 42.2 | 19.2 | -23.0 |
Net D/E ratio(times) ※2 | 0.1 | 0.0 | -0.0 |
※1 Net interest-bearing debt: Interest-bearing debt - Cash and cash equivalents
※2 Net D/E ratio: Net interest-bearing debt ÷Equity
Balance Sheet at the End of FY2025 (YoY Comparison)
（Billion yen）
FY2024 | FY2025 | Factors of Change | |
Ⅰ Cash Flows from Operating Activities | 144.9 | 123.6 | Decreased due to increase in accounts receivable-trade |
Ⅱ Cash Flows from Investing Activities | -63.4 | -72.6 | Decreased due to reduction in proceeds from sale of securities |
Ⅰ＋Ⅱ Free Cash Flow（FCF） | 81.5 | 51.0 | |
Ⅲ Cash Flows from Financing Activities | -86.2 | -48.2 | |
Ⅳ Cash and Cash Equivalents at End of Period | 62.7 | 69.9 | |
Contents
FY2025 Results P. 4
（YoY Comparison / vs Forecasts on Jan. 29）
Balance Sheet / Cash Flow Statement P.18
Shareholder returns P.21
Shareholder returns
Year-end dividend of ¥200 per share (+¥40 YoY) The annual dividend payout ratio is 30%
Year-end dividend per share (Yen) Interim dividend per share (Yen)
80 80 85
115
45
55
55
60
100
60
75
135
75
85
160
200
40
40
40
40
40
45
91
109
(Fiscal year)
2018 2019 2020 2021 2022 2023 2024 2025
Dividend payout ratio | 28.4% | 39.7% | 29.0% | 24.3% | 26.8% | 25.6% | 24.9% | 30.1％ |
Profit Attributable to Owners of Parent (Billion yen) | 40.3 | 28.8 | 41.9 | 58.7 | 61.3 | 75.4 | 92.2 | 98.0 |
※ Calculated considering the stock consideration on Oct. 1, 2018
Appendix
Please refer to the following.
https://www.fujielectric.com/common-resource-gl/ir/data/Appendix_E.xlsx
These materials are outside the scope of auditing procedures required by law, and as of the date of this results presentation, financial statement auditing procedures required by law have not yet been completed.
Statements made in this documents or in the presentation to which they pertain regarding estimates or projections are forward-looking statements based on the company's judgments and assumptions in light of information currently available. Actual results may differ materially from those projected as a result of uncertainties inherent in such judgments and assumptions, as well as changes in business operations or other internal or external conditions. Accordingly, the company gives no guarantee regarding the reliability of any information contained in these forward-looking statements.
These documents are for information purpose only, and do not constitute an inducement by the company to make investments.
Unauthorized reproduction of these documents, in part or in whole, is prohibited.
© Fuji Electric Co., Ltd.