Fuji Electric : Consolidated Financial Results for FY2025 PDF

About this update from Fuji Electric Co., Ltd.

‌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 ¥1,227.6 billion ¥136.6 billion 11.1 ％ ¥98.0 billion YoY +¥104.2 billion +¥19.0 billion +0.7% +¥5.8 billion of schedule. vs. Jan 29 Forecast +¥42.6 billion +¥8.1 billion +0.3% +¥9.0 billion 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 ‌Contents FY2025 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) 117.7 Increase 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 +5.3 136.6 FY2024 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 (8 th -generation IGBT modules) 8 th -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.

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