Management Plan for FY2026
Fuji Electric Co., Ltd.
April 28, 2026
© Fuji Electric Co., Ltd.
Key Points
-
Management Plan for FY2026
Net Sales
Operating
Profit
Operating
Profit Ratio
Profit Attributable to Owners of Parent
¥1,275.0 billion
¥142.5 billion
11.2%
¥105.0 billion
+¥47.4 billion
+¥5.9 billion
+0.0%
+¥7.0 billion
YoY
profit attributable to owners of parent
Shareholder
Return
Striving to meet all major targets of the Medium-Term Management Plan
Target of record-breaking net sales, operating profit, ordinary profit, and
Net sales and operating profit growth supported by Energy segment
Decided to pay an interim dividend forecast of ¥107 per share to pursue full-year dividend payout ratio target of 30%
Decided to implement the acquisition of treasury stock with an upper limit of ¥21.0 billion
© Fuji Electric Co., Ltd. 2
ContentsFY2026 Management Plan (YoY Comparison) P. 4
Shareholder Return P.15
Contents
FY2026 Management Plan (YoY Comparison) P. 4
Shareholder Return P.15
Summary of Consolidated Management Plan for FY2026
(YoY Comparison)
Target of record-breaking net sales, operating profit, ordinary profit, and profit attributable to owners of parent
FY2025 Results | FY2026 Management Plan | Change | |
Net Sales | 1,227.6 | 1,275.0 | -12.3* 47.4 |
Operating Profit | 136.6 | 142.5 | -1.8* 5.9 |
(Operating Profit Ratio) | (11.1%) | (11.2%) | (0.0%) |
Ordinary Profit | 139.3 | 143.0 | 3.7 |
Profit Attributable to Owners of Parent | 98.0 | 105.0 | 7.0 |
(Ratio of Profit Attributable to Owners of Parent to Net Sales) | (8.0%) | (8.2%) | (0.2%) |
(Billion Yen)
US$ | EURO | RMB | |
FY2026 Exchage Rate | ¥150.00 | ¥175.00 | ¥21.90 |
Sensitivity of operating profit to foreign exchange influences | -160 Million Yen | 90 Million Yen | 250 Million Yen |
* Exchage rate effect
Financial Indicators
ROE | 13.1% | 12.8% |
ROIC | 12.6% | 12.6% |
Equity Ratio | 56.9% | 57.8% |
Net D/E Ratio | 0.0 times | 0.0 times |
※Net D/E Ratio: Net interest-bearing dept ÷ Equity
※ US$ and EURO: Impact of ¥1-fluctuation RMB: Impact of 1% fluctuations
Breakdown of Changes in Operating Profit for FY2026 (YoY Comparison)
Higher profit, despite adverse impacts fixed costs increases, rising material prices,
and foreign exchange influences, due to benefits of sales and production volume increases, differences in profitability between models, and cost reductions
(Billion Yen)
Increase in sales and production volumes (+30.7)
Increase in
(-29.3)
fixed costs Added value
Exchage rate
YoY
(+5.9)
136.6and others
(+6.3)
effect
(-1.8)
142.5+25.8
+5.4
-24.9
Effect of higher product selling prices
Impacts of rising raw material prices Differences in model mix, profitability between projects and cost reductions
-3.2
-11.5
-11.9
-2.7
Labor cost
R&D Deprecation and leases paid Other expenses
FY2025
Results
FY2026
Management Plan
Net Sales and Operating Profit by Segment for FY2026
(YoY Comparison)
Business performance driven by Energy segment
(Billion Yen)
FY2025 Results | FY2026 Management Plan | Change | ||||||||
Net Sales | Operating Profit | Operating Profit Ratio | Net Sales | Operating Profit | Operating Profit Ratio | Net Sales | Operating Profit | Operating Profit Ratio | ||
Energy | 396.4 | 59.5 | 15.0% | 455.0 | 71.0 | 15.6% | -1.6* 58.6 | 0.6% | ||
-0.1* | 11.5 | |||||||||
Industry | 465.0 | 44.4 | 9.5% | 454.0 | 48.0 | 10.6% | -4.9*-11.0 | 1.0% | ||
-0.6* | 3.6 | |||||||||
Semiconductors | 237.4 | 23.5 | 9.9% | 225.0 | 13.0 | 5.8% | -5.5*-12.4 | -4.1% | ||
-1.0* | -10.5 | |||||||||
Food and Beverage Distribution | 108.0 | 13.1 | 12.2% | 115.0 | 14.0 | 12.2% | 7.0 | 0.9 | 0.0% | |
Others | 58.4 | 3.9 | 6.6% | 60.0 | 3.9 | 6.5% | 1.6 | 0.0 | -0.1% | |
Elimination and Corporate | -37.5 | -7.8 | - | -34.0 | -7.4 | - | 3.5 | 0.4 | - | |
Total | 1,227.6 | 136.6 | 11.1% | 1,275.0 | 142.5 | 11.2% | -1.8* 5.9 | 0.0% | ||
-12.3* | 47.4 | |||||||||
*Exchage rate effect
※Reflecting the figures of the business reorganization, where a portion of the automation systems business of Industry
segment was transferred to the equipment construction business of Energy segment
Performance Outlook by Segment for FY2026
(YoY Comparison)
Energy
(Billion Yen) | FY2025 Results | FY2026 Management Plan | Change | Performance Outlook |
Net Sales | 396.4 | 455.0 | 58.6 | Higher sales and profit in all subsegments Driven by increased demand in energy storage systems, industrial substation and power supply equipment of the energy management business, and increased demand in data centers of the power supply and facility systems business |
Operating Profit (Operating Profit Ratio) | 59.5 (15.0%) | 71.0 (15.6%) | 11.5 (0.6%) |
※Reflecting the figures of the business reorganization, where a portion of the automation systems business of Industry segment was transferred to the equipment construction business of Energy segment
Industry
(Billion Yen) | FY2025 Results | FY2026 Management Plan | Change | Performance Outlook |
465.0 | 454.0 | -11.0 | Lower sales due to the absence of large-scale IT solutions | |
Net Sales | projects recorded in the previous fiscal year, although increased demand in the factory automation components and the automation | |||
systems businesses | ||||
Operating Profit (Operating Profit Ratio) | 44.4 (9.5%) | 48.0 (10.6%) | 3.6 (1.0%) | Higher profit as benefits of sales volume accompanying with demand growth, price revisions and differences in model mix outweighed increases in fixed costs and impacts of rising raw material prices |
※Reflecting the figures of the business reorganization, where a portion of the automation systems business of Industry segment was transferred to the equipment construction business of Energy segment
Performance Outlook by Segment for FY2026
(YoY Comparison)
Semiconductors
(Billion Yen) | FY2025 Results | FY2026 Management Plan | Change | Performance Outlook |
237.4 | 225.0 | -12.4 | Higer sales of industrial semiconductors following growth in | |
Net Sales | demand for data centers and semiconductor manufacturing equipment | |||
Lower sales of automotive semiconductors due to reductions in | ||||
Operating Profit (Operating Profit Ratio) | 23.5 (9.9%) | 13.0 (5.8%) | -10.5 (-4.1%) | demand for electrified vehicles, although increased demand for SiC Decreased profit mainly due to the impact of rising raw material prices and lower sales of automotive semiconductors |
Food and Beverage Distribution
(Billion Yen) | FY2025 Results | FY2026 Management Plan | Change | Performance Outlook |
Net Sales | 108.0 | 115.0 | 7.0 | Higher sales and profit in the vending machine business, despite decline in domestic beverage vending machine demand, due to |
increases attributable to market share growth | ||||
Operating Profit (Operating Profit Ratio) | 13.1 (12.2%) | 14.0 (12.2%) | 0.9 (0.0%) | Higher sales and profit in the store distribution business due to rises in large-scale counter fixture projects, and benefits of new product sales promotion measures targeting new fields |
Net Sales by Japan and Overseas Area for FY2026
(YoY Comparison)
Higher sales in Asia due to strong demand seen in Energy segment
Change
-12.3*
1,227.6 1,275.0+47.4
(Billion Yen)
882.8
72%
344.8
28%
363.9
29%
Overseas
911.1
71%
FY2025 Results | FY2026 Management Plan | Change | |||||
Overseas | 28% 344.8 | 29% 363.9 | -12.3* 19.1 | ||||
Asia | 10% 124.5 | 13% 163.4 | -2.8* 38.9 | ||||
(ex. China) | |||||||
India | 3% | 31.1 | 3% | 35.7 | -1.3* 4.7 | ||
China | 9% | 112.1 | 8% | 103.2 | -5.5* -8.9 | ||
Europe | 3% | 42.1 | 2% | 30.3 | -1.4* -11.7 | ||
Americas | 3% | 35.0 | 2% | 31.2 | -1.3* -3.7 | ||
Energy | +31.0 |
Industry | +3.2 |
Semiconductors | -19.0 |
Food and Beverage Distribution | +0.7 |
Power Generation | +7.1 |
Energy Management | +2.9 |
Power Supply and Facility Systems | +25.7 |
Factory Automation Components | +4.4 |
Automation Systems | +1.2 |
ED&C Components | -2.9 |
Semiconductors | -6.7 |
Semiconductors | -12.3 |
Power Supply and Facility Systems | -2.1 |
Social Solutions | -1.4 |
+19.1
Japan
+28.3
FY2025
Results
FY2026
Management Plan
* Exchage rate effect
※Reflecting the figures of the business reorganization, where a portion of the automation systems
business of Industry segment was transferred to the equipment construction business of Energy segment
Capital Investment for FY2026 (YoY Comparison)
Continuation of investment for augmenting Energy segment production capacity
Coordinate the execution of Semiconductor segment investment in light of customer's demand
(Billion Yen)
56.7
2.0
56.0
Change
-0.7
18.2
8.0
10.0
14.6
1.8
34.9
2.2
20.3
- Investment in rationalization and in-house production
8 Others
Food and Beverage
Distribution
SiC 8-inch production line (R&D)
Expansion of 6-inch SiC device production (Matsumoto, Tsugaru)
Semiconductors
Production equipment for new products
- Measuring instrument and ED&C components
Industry
Increases to substation equipment production capacity in response to demand growth
Construction of new buildings
(FSMBE, Kobe, Tsukuba)
Relocation of production of switchgears from Chiba to Kawasaki
FSMBE's new factory
Energy
FY2025
Results
FY2026
Management Plan
Research and Development for FY2026 (YoY Comparison)
Continuation of aggressive R&D investment in Energy and Industry segments
and power semiconductor operations
(Billion Yen)
38.9
41.6
Change
+2.7
7.1
6.0
12.1
12.9
13.8
14.6
2.7
2.6
4.3
4.5
Parcel pick-up lockers
Espresso machines
Common
Food and Beverage Distribution
Automotive semiconductors (SiC/IGBT modules)
Industrial semiconductors (SiC modules for renewable energy applications, 8th-generation IGBT modules)
Semiconductors
Industry
Global substation equipment
PCSs for green transformation market
Power supplies for hydrogen production equipment
Mobility products (automotive power electronics)
Digital transformation solutions for manufacturing
industry (diagnosis systems)
Energy
FY2025
Results
FY2026
Management Plan
※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.
Balance Sheet at the End of FY2026 (YoY Comparison)
Increase total assets primarily due to increased notes receivables
Planning to acquire treasury stock
3/31/26 | 3/31/27 | Change | ||
Cash and deposit | 70.9 | 69.2 | -1.7 | |
Notes and account receivables-trade, contract assets | 444.7 | 485.7 | 41.0 | |
Inventories | 257.1 | 249.2 | -7.8 | |
Other current assets | 59.2 | 68.0 | 8.8 | |
Total current assets | 831.8 | 872.2 | 40.3 | |
Property, plant and equipment | 348.9 | 343.2 | -5.6 | |
Intangible assets | 37.7 | 46.9 | 9.2 | |
Investments and other assets | 188.2 | 183.0 | -5.2 | |
Total long-term assets | 574.8 | 573.1 | -1.6 | |
Deferred assets | 0.0 | 0.0 | -0.0 | |
Total assets | 1,406.7 | 1,445.3 | 38.7 | |
3/31/26 | 3/31/27 | Change | |||
Notes and account payables-trade | 190.9 | 197.3 | 6.4 | ||
Interest-bearing debts | 89.1 | 79.6 | -9.5 | ||
Other liabilities | 283.8 | 290.0 | 6.3 | ||
Total liabilities | 563.7 | 566.9 | 3.2 | ||
Share capital | 47.6 | 47.6 | -0.0 | ||
Capital surplus | 63.8 | 63.8 | - | ||
Retained earnings | 565.9 | 639.1 | 73.1 | ||
Treasury shares | -3.7 | -24.7 | -21.0 | ||
Shareholder's equity | 673.6 | 725.7 | 52.1 | ||
Accumulated other comprehensive income | 126.6 | 110.2 | -16.4 | ||
Non-controlling interests | 42.8 | 42.5 | -0.3 | ||
Total nets assets | 842.9 | 878.4 | 35.5 | ||
Total liabilities and net assets | 1,406.7 | 1,445.3 | 38.7 | ||
Assets Liabilities and
Net Sales
(Billion Yen)
ROE | 13.1% | 12.8% | -0.3% |
ROIC | 12.6% | 12.6% | -0.0% |
Equity ratio | 56.9% | 57.8% | 1.0% |
Net interest-bearing debt*1 | 19.2 | 11.5 | -7.7 |
Net D/E ratio (times)*2 | 0.0 | 0.0 | -0.0 |
※1 Net interest-bearing debt: Interest-bearing debt ー Cash and cash equivalents
※2 Net D/E ratio: Net interest-bearing debt ÷ Equity
Statement of Cash Flows (YoY Comparison)
(Billion Yen)
FY2025 Results | FY2026 Management Plan | ||
Ⅰ | Cash flows from operating activities | 123.6 | 126.7 |
Ⅱ | Cash flows from investing activities | -72.6 | -61.7 |
Ⅰ＋Ⅱ | Free cash flow | 51.0 | 65.0 |
Ⅲ | Cash flows from financing activities | -48.2 | -64.5 |
Ⅳ | Cash and cash equivalent at the end period | 69.9 | 68.1 |
Contents
FY2026 Management Plan (YoY Comparison) P. 4
Shareholder Return P.15
Shareholder Return
Decided to pay an interim dividend forecast of ¥107 per share
Decided to implement the acquisition of treasury stock with an upper limit of ¥21.0 billion
1株当たり期末配 当（円）
1株当たり中間配 当（円）
配当性向
Year-end dividend per share (Yen) Interim dividend per share (Yen) Dividend payout ratio
25.5%
28.4%
26.5%
39.7%
29.0%
26.8% 25.6% 24.9%
30.1%
18.9%
24.2%
13.6%
23.0% 23.3%
19.2%
24.3%
45
55
55
60
60
75
75
85
91
109
107
115
135
160
200
20 20 25
10
10
15
10 10 10
35 45
20
20
25
15
50 55
25
25
25
30
70 80 80 85
30
40
40
40
40
40
100
0%
40
45
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (Fiscal Year)
※Calculated considering the stock consideration on October 1, 2018
Reference: Forecasts for 1H FY2026 (YoY Comparison)
(Billion Yen)
FY2025 Results | FY2026 Management Plan | Change | ||||||||
Net Sales | 543.2 | 569.0 | +3.8* | 25.8 | ||||||
Operating Profit | 42.8 | 44.0 | +0.6* | 1.2 | ||||||
(Operating Profit Ratio) | (7.9%) | (7.7%) | (-0.1%) | |||||||
Ordinary Profit | 41.7 | 43.0 | 1.3 | |||||||
Profit Attributable to Owners of Parent | 26.6 | 33.5 | 6.9 | |||||||
(Ratio of Profit Attributable to Owners of Parent to Net Sales) | (4.9%) | (5.9%) | (1.0%) | |||||||
FY2025 Results | FY2026 Management Plan | Change | ||||||||
Net Sales | Operating Profit | Net Sales | Operating Profit | Net Sales | Operating Profit | |||||
Energy | 166.1 | 18.9 | 191.0 | 27.0 | +2.3* | 24.9 | +0.6* | 8.1 | ||
Industry | 205.4 | 11.1 | 209.0 | 12.0 | +0.4* | 3.6 | -0.2* | 0.9 | ||
Semiconductors | 108.7 | 9.0 | 103.0 | 2.5 | +1.2* | -5.7 | +0.2* | -6.5 | ||
Food and Beverage Distribution | 52.4 | 5.8 | 52.5 | 5.0 | 0.1 | -0.8 | ||||
Others | 27.8 | 1.6 | 29.0 | 1.5 | 1.2 | -0.1 | ||||
Elimination and Corporate | -17.4 | -3.6 | -15.5 | -4.0 | 1.9 | -0.4 | ||||
Total | 543.2 | 42.8 | 569.0 | 44.0 | 25.8 | 1.2 | ||||
* Exchage rate effect
※Reflecting the figures of the business reorganization, where a portion of the automation systems business of Industry segment was transferred to the equipment construction business of Energy segment
Appendix
Please refer to the following.
https://www.fujielectric.com/common-resource-gl/ir/data/Appendix_E.xlsx
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.