Consolidated Financial Results for 1H FY2026
Fuji Electric Co., Ltd.
October 29, 2026
© Fuji Electric Co., Ltd.
Good afternoon, everyone. As just introduced, I am Miyoshi, head of Corporate Management Planning Headquarters. Thank you very much for taking time out of your busy schedules to join our interim financial results briefing. At the outset, President Kondo gave an overall explanation. I will now explain the details based on the materials that have been distributed.
Key Points
Financial Results for 1H FY2026 (YoY Comparison)
Profit Attributable to
Net Sales
593.3 billion yen
(+50.2 billion yen, +9%)
Operating Profit
59.8 billion yen
(+17.1 billion yen, +40%)
Operating Profit Ratio
10.1%
(+2.2%)
Owners of Parent
42.1 billion yen
(+15.5 billion yen, +58%)
Net Sales, operating profit, ordinary profit and profit attributable to owners of parent reached record highs
Performance driven by Energy and Industry segments
Forecasts for Full-year FY2026
(in Comparison to Forecast Announced on July 30, 2026)
Profit Attributable to
Net Sales
1,350.0 billion yen
(+50.0 billion yen)
Operating Profit
168.0 billion yen
(+11.5 billion yen)
Operating Profit Ratio
12.4%
(+0.4%)
Owners of Parent
117.0billion yen
(+5.5 billion yen)
Upward revision, based on the performance in six months ended September 30, 2026, and recent
performance trend
Dividend of Surplus
Interim dividend payments of ¥110 per share (up ¥19 year on year) Projected annual dividend of ¥130 (up ¥21 year on year)
Dividends determined targeting a payout ratio of 30%
© Fuji Electric Co., Ltd. 2
Contents
1. 1H FY2026 Results (YoY Comparison)
P. 4
2. 1H FY2026 Results (in Comparison to Forecast Announced on July 30, 2026) P.14
3. Balance Sheet, Cash Flow Statement
P.16
4. FY2026 Forecasts
P.19
5. Dividend of Surplus
P.23
© Fuji Electric Co., Ltd. 3
Contents
1. 1H FY2026 Results (YoY Comparison)
P. 4
2. 1H FY2026 Results (in Comparison to Forecast Announced on July 30, 2026) P.14
3. Balance Sheet, Cash Flow Statement
P.16
4. FY2026 Forecasts
P.19
5. Dividend of Surplus
P.23
© Fuji Electric Co., Ltd. 4
FY2025 | FY2026 | Change | Percentage change | |
Net Sales | 543.2 | 593.3 | 50.2 | +9% |
Operating Profit （Operating Profit Ratio） | 42.8 （7.9%） | 59.8 （10.1%） | 17.1 （2.2%） | +40% |
Ordinary Profit | 41.7 | 57.6 | 15.9 | +38% |
Extraordinary Profit | -1.2 | 6.7 | 7.9 | - |
Profit Before Income Taxes | 40.5 | 64.3 | 23.8 | +59% |
Profit attributable to Owners of Parent (Ratio of Profit attributable to Owners of Parent) | 26.6 （4.9%） | 42.1 （7.1%） | 15.5 （2.2%） | +58% |
US$ | 148.88 | 157.35 | 8.47 |
EURO | 174.47 | 178.34 | 3.87 |
RMB | 20.88 | 23.45 | 2.57 |
US$ | 146.04 | 159.37 | 13.33 |
EURO | 168.06 | 184.35 | 16.29 |
RMB | 20.30 | 23.52 | 3.22 |
Summary of Consolidated Financial Results for 1H FY2026
(YoY Comparison)
(Billion yen)
Change of Net Sales
Gain on translation of earnings of overseas subsidiaries
Demand Increase
+10.4
FY
Change of Non-operating Profit 2025
+39.8
FY 2026
Net interest expense 0.9（ -0.3 → 0.7 ）
Foreign exchange loss -1.2（ -0.3 → -1.5 ）
Others -0.9（ -0.4 → -1.3 ）
-1.2（ -1.0 → -2.2 ）
Change of Extraordinary Profit
Gain on sales of investment securities 6.9（ 0.1 → 7.0）
Others
1.0（ -1.3 → -0.3）
7.9（ -1.2 → 6.7）
(Period-End Rate : End of September)
(Yen)
(Average Exchange Rate)
(Yen)
© Fuji Electric Co., Ltd. 5
Net sales, operating profit, ordinary profit and
profit attributable to owners of parent reached record highs
This page shows an overview of our consolidated results for the first half, compared with the previous year. As President Kondo mentioned at the beginning, we were able to achieve record highs in net sales and in every profit category. Net sales increased by ¥50.2 billion to ¥593.3 billion. This includes a currency translation of earnings of overseas subsidiaries of 10.4 billion yen, so the real increase was approximately ¥40.0 billion. Operating profit increased by
¥17.1 billion to ¥59.8 billion, and the operating profit ratio reached the 10% level.
I will explain the factors behind YOY changes in operating profit on the next page. Non-operating profit, including foreign exchange losses and provisions for losses at overseas subsidiaries, deteriorated by ¥1.2 billion YOY. As a result, ordinary profit increased by ¥15.9 billion to ¥57.6 billion. Regarding extraordinary items, as explained in the first quarter, we recorded a gain on sales of investment securities this year. Reflecting this, extraordinary profit increased by ¥7.9 billion to ¥6.7 billion. As a result, profit attributable to owners of parent increased by
¥15.5 billion to ¥42.1 billion.
© Fuji Electric Co., Ltd. 6
FY2026
FY2025
42.8
+17.1
+40%
59.8
Exchange
rate effect
(+2.0)
Added value and
others
(+2.8)
costs
(-8.9)
production volumes
(+21.2)
Increase in sales and Increase in fixed
YoY
(Billion yen)
Factors Behind YoY Changes in Operating Profit in 1H FY2026 (YoY Comparison)
+12.0
-9.2
Impacts of rising raw material
costs
Differences in model mix, in profitability between projects and cost reduction, others
+0.9
-3.7
-4.6
-1.5
Labor costs
R&D Depreciation and leases paid Other expenses
40％ increase in profit, with benefits of increase in sales and production volumes, differences in profitability between models, and cost reduction activities offsetting impacts of fixed cost increases and high material prices
This page shows the analysis of factors behind YOY changes in operating profit. Although there were negative factors, such as a ¥8.9 billion increase in fixed costs and a
¥9.2 billion impact from rising raw material costs, we had positive contributions of ¥21.2 billion from increased sales and production volumes, and ¥12.0 billion from differences in model mix, cost reductions and other factors. As a result, as I mentioned earlier, operating profit increased by ¥17.1 billion, or 40%. Let me briefly comment on each item. Regarding increased sales and production volumes (+¥21.2 billion), the underlying trend in our business has basically not changed from the first quarter. In addition to the continued strength of Plant and Systems, increased demand for components has been coming in steadily. Reflecting this, Plant and Systems projects and components each contributed a similar level of uplift. This figure also includes the negative impact of decreased demand in the automotive electronics field of semiconductors and in the vending machines business, which I will explain later. As for fixed costs, labor costs and R&D expenses increased from the previous year. Depreciation and leases paid had a positive effect due to a decrease in the semiconductor, while other expenses increased, mainly due to higher outsourcing costs associated with the increase in volume. Under Added value and others, we show a negative impact of ¥9.2 billion from rising raw material costs. This negative impact arose in the ED&C Components business in Industry, in Factory Automation Components, and in the semiconductor business. In particular, ED&C Components was negatively affected by more than ¥3 billion, and semiconductors by more than ¥2 billion. We offset these through differences in model mix and cost reductions and other measures. Regarding model mix, improvements in Plant and Systems projects in Energy and in the Automation business in Industry contributed and, together with cost reductions, covered the negative impact.
FY2025 | FY2026 | Change | |||||||
Net Sales | Operating Profit | Operating Profit Ratio | Net Sales | Operating Profit | Operating Profit Ratio | Net Sales | Operating Profit | ||
Energy | 166.1 | 18.9 | 11.4% | 196.4 | 29.9 | 15.2% | +4.3* 30.3 | +1.1* 11.0 | |
Industry | 205.4 | 11.1 | 5.4% | 226.8 | 20.9 | 9.2% | +2.3* 21.4 | -0.7* 9.9 | |
Semiconductors | 108.7 | 9.0 | 8.3% | 108.5 | 6.4 | 5.9% | +4.0* -0.2 | +1.6* -2.5 | |
Food and Beverage Distribution | 52.4 | 5.8 | 11.1% | 50.8 | 5.1 | 10.0% | -1.6 | -0.8 | |
Others | 27.8 | 1.6 | 5.7% | 30.6 | 1.7 | 5.7% | 2.8 | 0.1 | |
Elimination and Corporate | -17.4 | -3.6 | - | -19.8 | -4.2 | - | -2.4 | -0.6 | |
Total | 543.2 | 42.8 | 7.9% | 593.3 | 59.8 | 10.1% | +10.4* 50.2 | +2.0* 17.1 | |
※ Figures for FY2025 performance reflect the business reorganization undertaken in the FY2026. | * Exchange rate effect | ||||||||
Net Sales and Operating Profit by Segment for 1H FY2026 (YoY Comparison)
Performance driven by Energy and Industry segments
(Billion yen)
© Fuji Electric Co., Ltd. 7
Now I will explain the segment results. The structure is the same as in the first-quarter, and Energy and Industry are strongly driving our results. Both the Energy and the Industry improved their operating profit margins by nearly 4 percentage points year on year. I will explain the overview of each segment in detail from page 8 onward.
Business Results by Segment for 1H FY2026 (YoY Comparison)
with higher net sales and operating results in all subsegments | |||||||||
(Billion yen) | FY2025 | FY2026 | Change | Percentage change | Overview | ||||
Net Sales | 166.1 | 196.4 | 30.3 | +18% |
Higher net sales and operating results（Net sales +22%）
| ||||
+4.3* |
Higher net sales and operating results（Net sales +20%）
| ||||||||
Operating Profit (Operating Profit Ratio) | 18.9 (11.4%) | 29.9 (15.2%) | 11.0 +1.1* | +58% |
Higher net sales and operating results（Net sales +19%）
Higher net sales and operating results（Net sales +9%）
| ||||
※ Figures for FY2025 performance reflect the business reorganization undertaken in the FY2026. | * Exchange rate effect | ||||||||
© Fuji Electric Co., Ltd. | 8 | ||||||||
First, the Energy. The operating profit ratio has risen to 15.2%. All sub-segments achieved increases in both sales and profit. The three areas that particularly drove results were Power Supply and Facility Systems, Energy Management, and Power Generation. In order of sales increase, Power Supply and Facility Systems posted a sales increase of more than ¥10 billion, while Energy Management and Power Generation each posted increases in the high single-digit billions of yen. Let me describe the situation in each area. Power Generation posted increased sales and profit due to greater progress on ongoing projects and differences in profitability between projects. Energy Management increased sales in both storage battery system projects and substation equipments. Power supply and Facility Systems achieved increased sales and profit on the back of a significant rise in demand for data centers. In addition, Equipment Construction remained solid, achieving a sales increase of several billion yen.
Business Results by Segment for 1H FY2026 (YoY Comparison)
Higher net sales and operating profit, driven primarily by increased demand for FA components and ED&C Components
Higher operating results in all subsegments
- Industry
(Billion yen)
Net Sales
Operating Profit
(Operating Profit Ratio)
FY2025
205.4
11.1
(5.4%)
FY2026
226.8
20.9
(9.2%)
Change
21.4
+2.3*
9.9
-0.7*
Percentage change
+10%
+89%
Overview
Factory Automation Components
Higher net sales and operating results (Net sales +15%)
Increase in net sales and operating results primarily due to growth in domestic and overseas demand
Automation Systems
Higher net sales and operating results (Net sales +4%)
Increase in net sales due to growth in demand from the steel industry. Increase in operating results due to the higher net sales combined with the benefits of the absence of the increase in expenses associated with a large-scale project recorded in the previous equivalent period
Social Solutions
Higher net sales and operating results (Net sales +19%)
Increase in net sales and operating results as a result of an increase in projects for radiation equipment and systems and higher demand for railway systems
ED&C Components
Higher net sales and operating results (Net sales +29%)
Increase in net sales due to increase 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
Lower net sales while operating results unchanged (Net sales -3%)
Decrease in net sales due to the absence of large-scale projects from the academic sector recorded in the previous equivalent period, but
* Exchange rate effect
※ Figures for FY2025 performance reflect the business reorganization undertaken in the FY2026.
operating results were unchanged year on year because of differences in profitability between projects
© Fuji Electric Co., Ltd. 9
For the Industry, all sub-segments achieved profit increases. I wish I could say that they all achieved increases in both sales and profit; however, IT Solutions saw lower sales due to the absence of large-scale projects in the academic sector that we had in the previous fiscal year, resulting in decreased sales with flat profit YOY. The other four sub-segments achieved increases in both sales and profit. Among them, the main drivers were the ED&C Components business and the Factory Automation Components business. As explained in the first quarter, demand from finished machinery manufacturers and machine tool manufacturers has increased. This ultimately reflects growth in ripple-effect demand related to semiconductor manufacturing equipments and data centers. In addition, Automation Systems and Social Solutions each achieved sales increases of several billion yen. The ED&C Components business achieved substantial increases in sales and profit, with its operating profit ratio rising significantly to the mid-teens.
Business Results by Segment for 1H FY2026 (YoY Comparison)
semiconductors and increases in raw material prices | |||||||
(Billion yen) | FY2025 | FY2026 | Change | Percentage change | Overview | ||
Net Sales | 108.7 | 108.5 | -0.2 +4.0* | -0% | Net sales unchanged while operating results worsened
(Billion Yen) * The total amount of depreciation and leases paid as stated in the consolidated financial report. | ||
Operating Profit (Operating Profit Ratio) | 9.0 (8.3%) | 6.4 (5.9%) | -2.5 +1.6* | -28% | |||
* Exchange rate effect | |||||||
© Fuji Electric Co., Ltd. 10 | |||||||
Sales | FY2025 | FY2026 | Change |
Industrial | 56.4 | 64.4 | 8.1 |
Automotive | 52.3 | 44.1 | -8.3 |
Capital investment | 22.7 | 5.3 | -17.4 |
Depreciation and leases paid* | 18.8 | 17.9 | -0.9 |
Next, I will discuss the Semiconductors segment.
Compared to the strength of the Energy and Industry segments, Semiconductors continues to struggle.
Net sales decreased by ¥0.2 billion year on year. This includes a positive forex impact of ¥4 billion, meaning that sales effectively declined by ¥4.2 billion.
Operating profit decreased by ¥2.5 billion year on year. This also includes a positive foreign exchange impact of ¥1.6 billion, meaning the effective decline was more than ¥4 billion, which highlights the difficult conditions.
In industrial semiconductors, sales increased on higher demand for semiconductor manufacturing equipment, machine tools, and other products, as mentioned in the Industry segment discussion. However, sales in automotive semiconductors declined due to lower demand for electrified vehicles (xEVs).
As explained in the analysis of changes section, operating profit declined due to rising raw material prices, intensifying price competition in the industrial semiconductor business, especially in China, and a substantial decline in demand in automotive semiconductors.
Capital investment and depreciation and lease expenses are as shown. Capital investment decreased significantly year on year in the first half, while depreciation and lease expenses also declined slightly.
Business Results by Segment for 1H FY2026 (YoY Comparison)
domestic vending machine demand | ||||||
(Billion yen) | FY2025 | FY2026 | Change | Percentage change | Overview | |
Net Sales | 52.4 | 50.8 | -1.6 | -3% |
Lower net sales and operating results (Net sales -15%）
| |
Higher net sales and operating results (Net sales +7%)
| ||||||
Operating Profit (Operating Profit Ratio) | 5.8 (11.1%) | 5.1 (10.0%) | -0.8 | -13% | ||
© Fuji Electric Co., Ltd. 11 | ||||||
Next is the Food and Beverage Distribution segment.
In the Vending Machine business, net sales and operating profit declined, primarily due to lower domestic demand for vending machines as customers held back on investment. In the Store Distribution business, both net sales and operating profit increased. However, this could not offset the declines in the Vending Machine business. As a result, net sales and operating profit across the segment as a whole fell.
We nevertheless maintained an operating profit ratio of 10.0%.
+2.1
© Fuji Electric Co., Ltd. 12
Semiconductors (Industrial)+1.1
India
14.4
17.3 -0.4* 2.8
Japan
+22.2
China
52.1
54.4 +5.1*
2.3
389.8
412.0
Europe
17.7
12.9 +0.3*
-4.9
Americas
FY2025
FY2026
14.6
13.6 +0.8*
-1.0
※ Figures for FY2025 performance reflect the business reorganization undertaken in the FY2026.
+50.2
FA Components
ED&C Components
-1.4
+1.6
Semiconductors (Industrial) +4.1
Net sales by Japan and Overseas Area for 1H FY2026 (YoY Comparison)
Higher sales in overseas, driven by strong performance in Energy segment
Change
(Billion yen)
FY2025 FY2026 Change
Energy
Industry Semiconductors
+21.5
+6.5
+0.6
543.2
593.3
ED&C Components
Overseas
153.4
181.3 +10.4* 28.0 Power Generation
Energy Management
+5.7
+4.3
153.4
Overseas
181.3 +28.0
Asia
(ex. China)
Power Supply and Facility +13.1
54.5
83.2 +4.6* 28.7
Systems
* Exchange rate effect
Power Generation -0.8
Energy Management -0.9
Semiconductors(Automotive) -4.8
FA Components +2.2
+10.4*
Next, I will discuss net sales in Japan and overseas, focusing on overseas performance. Overseas net sales increased by ¥28.0 billion overall. This includes a boost from foreign currency translation of ¥10.4 billion, implying an effective increase of approximately ¥18.0 billion.
We now look at the main growth drivers. As shown in the table and callouts on the right, the Energy segment made a major contribution. By region, sales growth was concentrated in Asia.
More specifically, higher sales in Power Generation, Energy Management, and Power Supply and Facility Systems, particularly for data centers, were the main drivers of overseas sales growth.
Turning to the other regions, there are some early signs of recovery in FA Components, although conditions in China remain challenging. The situation also remains difficult for Semiconductors, particularly in certain regions where the automotive semiconductor business struggled.
(Billion yen) Change 837.5 +152.6 | |||||
684.9 | stems | ||||
Plant a | nd Sy | ||||
555.6 | +118.1 | ||||
C | 437.4 | nts a | +34.5 | ||
nd others 282.0 | |||||
ompone 247.5 | |||||
FY2025 FY2026 | |||||
Energy +153.9
Energy Management
Power Supply and Facility Systems
Equipment Construction
ー Higher domestic demand for storage battery systems
Higher demand for domestic and
ー overseas data center-related and overseas semiconductors factories
ー Higher demand for electrical and HVAC installation constructions
Industry -36.5
Absence of large-scale projects from
IT Solutions ー academic sector in 1H FY2025 (2nd GIGA program)
ED&C Components
ー
Semiconductors
(Industrial)
Higher demand for finished machinery
manufacturers and semiconductor manufacturing equipment
Higher demand for factory automation-
ー related in Japan and overseas
Orders for 1H FY2026
Plant and Systems
Components and others
※ Figures for FY2025 performance reflect the business reorganization undertaken in the FY2026.
© Fuji Electric Co., Ltd. 13
Plant and Systems: Significant order growth in Power Supply and Facility Systems Components: Rising demand for ED&C Components and Semiconductors (Industrial)
Next, I will discuss orders.
As President Kondo mentioned in the introduction, orders increased by ¥152.6 billion year on year. Of this increase, Plant and Systems accounted for ¥118.1 billion, and Components and Others for ¥34.5 billion.
Within Plant and Systems, the Energy business recorded a particularly sharp increase of
¥153.9 billion. The main drivers were Energy Management, Power Supply and Facility Systems, and Equipment Construction.
Power Supply and Facility Systems made the largest contribution, at approximately two-thirds of the increase of just over ¥150 billion.
Energy Management and Equipment Construction orders also increased by around ¥20 billion each. Although not shown on the slide, Power Generation also increased by more than ¥10 billion. Meanwhile, orders in the Industry segment decreased by ¥36.5 billion. This was due to the absence of large IT Solutions projects in the academic sector that had contributed in the previous fiscal year, including the second GIGA School Program.
However, I point out that Automation within the Industry segment recorded an increase in orders of around ¥5 billion. Within Components, ED&C Components was particularly strong, with orders up by more than 50% year on year. Industrial Semiconductors and Factory Automation Components orders also grew by nearly 20% each.
Finally, quarterly order trends for major components, which we have discussed over the past several years, are included in the supplementary materials this time. We have omitted them from the main presentation. Thank you for your understanding.
Contents
1. 1H FY2026 Results (YoY Comparison)
P. 4
2. 1H FY2026 Results (in Comparison to Forecast Announced on July 30, 2026) P.14
3. Balance Sheet, Cash Flow Statement
P.16
4. FY2026 Forecasts
P.19
5. Dividend of Surplus
P.23
© Fuji Electric Co., Ltd. 14
Consolidated Financial Results for 1H FY2026 (in Comparison to Forecast Announced on July 30, 2026) | |||||
Lower net sales due to plant project delays Higher operating profit driven by increased demand for components, mainly in ED&C Components and Semiconductors (Industrial) | |||||
(Billion yen) | July 30 Forecast | Results | Change | ||
Net Sales | 594.0 | 593.3 | +4.9* -0.7 | ||
Operating Profit (Operating Profit Ratio) | 58.0 (9.8%) | 59.8 (10.1%) | +0.7* 1.8 (0.3%) | ||
Ordinary Profit | 57.0 | 57.6 | 0.6 | ||
Profit Attributable to Owners of Parent (Ratio of Profit Attributable to Owners of Parent to Net Sales) | 40.0 (6.7%) | 42.1 (7.1%) | 2.1 (0.4%) | ||
* Exchange rate effect © Fuji Electric Co., Ltd. 15 | |||||
July 30 Forecast | Results | Change | ||||||
Net Sales | Operating Profit | Net Sales | Operating Profit | Net Sales | Operating Profit | |||
Energy | 201.5 | 30.0 | 196.4 | 29.9 | +0.2* | -5.1 | -0.0* -0.1 | |
Industry | 223.5 | 19.5 | 226.8 | 20.9 | +2.0* | 3.3 | +0.0* 1.4 | |
Semiconductors | 105.5 | 6.0 | 108.5 | 6.4 | +2.7* | 3.0 | +0.7* | 0.4 |
Food and Beverage Distribution | 52.5 | 5.0 | 50.8 | 5.1 | -1.7 | 0.1 | ||
Others | 29.0 | 1.5 | 30.6 | 1.7 | 1.6 | 0.2 | ||
Elimination and Corporate | -18.0 | -4.0 | -19.8 | -4.2 | -1.8 | -0.2 | ||
Total | 594.0 | 58.0 | 593.3 | 59.8 | -0.7 | 1.8 | ||
This slide compares our first-half results with the forecasts announced on July
30. Net sales were ¥0.7 billion below forecast, while operating profit exceeded forecast by ¥1.8 billion. Overall, results were broadly in line with the July forecasts.
Looking at the individual segments, Energy net sales fell short of forecast by ¥5.1 billion. This mainly owed to delays in Plant and Systems projects, including Power Generation projects.
Meanwhile, Industry beat forecasts for both net sales and operating profit, reflecting increased demand, particularly for ED&C Components, as well as growth in IT Solutions. In Semiconductors, the figures reflect an increase in sales in industrial semiconductors, despite a decline in automotive semiconductors.
The results for Food and Beverage Distribution reflect lower demand for vending machines.
Contents
1. 1H FY2026 Results (YoY Comparison)
P. 4
2. 1H FY2026 Results (in Comparison to Forecast Announced on July 30, 2026) P.14
3. Balance Sheet, Cash Flow Statement
P.16
4. FY2026 Forecasts
P.19
5. Dividend of Surplus
P.23
© Fuji Electric Co., Ltd. 16
Consolidated Balance Sheet for 1H FY2026
(in Comparison to the Balance Sheet as of March 31, 2026)
Liabilities and Net Assets
(Billion yen)
※1 Net interest-bearing debt: Interest-bearing debt - Cash and cash equivalents
※2 Net D/E ratio: Net interest-bearing debt ÷Equity
© Fuji Electric Co., Ltd. 17
Total assets decreased, mainly due to a decline in trade receivables, Inventories increased due to the strong performance of the Plant and Systems business
Assets | 3/31/26 | 9/30/26 | Change | |
Cash and deposit | 70.9 | 75.5 | 4.6 | |
Notes and account receivables-trade, Contract assets | 444.7 | 386.2 | -58.5 | |
Inventories | 257.1 | 286.0 | 28.9 | |
Other current assets | 59.2 | 72.0 | 12.9 | |
Total current assets | 831.8 | 819.7 | -12.1 | |
Property, plant and equipment | 348.9 | 341.4 | -7.5 | |
Intangible assets | 37.7 | 40.7 | 3.0 | |
Investments and other assets | 188.2 | 196.1 | 7.9 | |
Total long-term assets | 574.8 | 578.2 | 3.5 | |
Deferred assets | 0.0 | 0.0 | -0.0 | |
Total assets | 1,406.7 | 1,398.0 | -8.7 | |
3/31/26 | 9/30/26 | Change | |||
Notes and account payables-trade | 190.9 | 174.9 | -16.0 | ||
Interest-bearing debts | 89.1 | 74.2 | -14.9 | ||
Other liabilities | 283.8 | 292.2 | 8.5 | ||
Total liabilities | 563.7 | 541.3 | -22.4 | ||
Share capital | 47.6 | 47.6 | - | ||
Capital surplus | 63.8 | 63.8 | 0.0 | ||
Retained earnings | 565.9 | 591.9 | 25.9 | ||
Treasury shares | -3.7 | -24.2 | -20.5 | ||
Shareholders' equity | 673.6 | 679.1 | 5.5 | ||
Accumulated other comprehensive income | 126.6 | 133.6 | 7.0 | ||
Non-controlling interests | 42.8 | 44.0 | 1.2 | ||
Total net assets | 842.9 | 8,56.7 | 13.7 | ||
Total liabilities and net assets | 1,406.7 | 1,398.0 | -8.7 | ||
Equity ratio | 56.9% | 58.1% | 1.2% |
Net interest-bearing debt※1 | 19.2 | -0.3 | -19.5 |
Net D/E ratio(times) ※2 | 0.0 | -0.0 | -0.0 |
Next, I will discuss the balance sheet and cash flow statement.
Total assets decreased by ¥8.7 billion from the end of the previous fiscal year to
¥1,398.0 billion.
This mainly owed to a ¥58.5 billion decrease in trade receivables, outweighing a
¥28.9 billion increase in inventories linked to strong performance in the Plant and Systems business. Turning to liabilities and net assets on the right-hand side, interest-bearing debt decreased by ¥14.9 billion, mainly on repayment of longterm borrowings.
The net assets figures reflect factors including an increase of ¥20.5 billion in the acquisition of treasury stock, as explained in our first-quarter presentation. As a result, the equity ratio was 58.1%. Net interest-bearing debt was negative ¥0.3 billion, indicating an effective net cash position.
FY2025 | FY2026 | Factors of Change | |
Ⅰ Cash Flows from Operating Activities | 35.9 | 82.8 | Improved, primarily driven by increased collection of trade receivables and advances received, as well as higher profit |
Ⅱ Cash Flows from Investing Activities | -44.6 | -24.7 | Decrease in cash used due to higher proceeds from sale of investment securities and lower capital investment |
Ⅰ＋Ⅱ Free Cash Flow (FCF) | -8.7 | 58.1 | |
Ⅲ Cash Flows from Financing Activities | 1.3 | -54.3 |
Ⅳ Cash and Cash Equivalents at End of Period | 55.1 | 74.4 |
Cash Flow Statement for 1H FY2026 (YoY Comparison)
(Billion yen)
© Fuji Electric Co., Ltd. 18
Next, please turn to page 18 for the cash flow statement. Cash flow from operating activities improved to ¥82.8 billion. As explained in the balance sheet section, although we invested additional funds in inventories, this was outweighed by increased collections of trade receivables and advance payments from customers, as well as higher profits.
Cash flow from investing activities also improved to negative ¥24.7 billion, mainly on lower capital investment and increased sales of shares. As a result, free cash flow (FCF) was ¥58.1 billion.
Cash flow from financing activities was minus ¥54.3 billion, reflecting dividend payments, share repurchases, and financing activities, including long-term debt repayments. This concludes my overview of the financial results.
Contents
1. 1H FY2026 Results (YoY Comparison)
P. 4
2. 1H FY2026 Results (in Comparison to Forecast Announced on July 30, 2026) P.14
3. Balance Sheet, Cash Flow Statement
P.16
4. FY2026 Forecasts
P.19
5. Dividend of Surplus
P.23
© Fuji Electric Co., Ltd. 19
Forecasts for Full-year FY2026 (in Comparison to Forecasts Announced on July 30, 2026) Upward revisions based on the performance in six months ended September 30, 2026, and recent performance trend Assumed Exchange Rate on 2H FY2026 ※ Impact on operating profit (6 months impact from October 2026 to March 2027) US$ and EURO: Impact of ¥1 yen depreciation-fluctuations RMB: Impact of 1% yen depreciation fluctuations | |||||||
July 30 Forecast | October 29 Forecast | Change | Factors of Change | ||||
Net Sales | Operating Profit | Net Sales | Operating Profit | Net Sales | Operating Profit | ||
Energy | 465.5 | 74.0 | 500.0 | 79.5 | 34.5 | 5.5 | Demand increase for storage battery systems in energy management business and for data centers and semiconductors factories in power supply and facility systems business |
Industry | 468.5 | 55.5 | 489.0 | 64.0 | 20.5 | 8.5 | Demand increase in components |
Semiconductors | 227.5 | 16.5 | 233.5 | 16.5 | 6.0 | 0.0 | Demand increase in industrial such as factory automation-related and storage battery systems |
Food and Beverage Distribution | 115.0 | 14.0 | 109.0 | 13.5 | -6.0 | -0.5 | Demand decrease in vending machine and store distribution businesses |
Others | 60.0 | 3.9 | 60.0 | 3.9 | 0.0 | 0.0 | |
Elimination and Corporate | -36.5 | -7.4 | -41.5 | -9.4 | -5.0 | -2.0 | |
Total | 1,300.0 | 156.5 | 1,350.0 | 168.0 | 50.0 | 11.5 | |
© Fuji Electric Co., Ltd. 20 | |||||||
(Billion yen) | July 30 Forecast | October 29 Forecast | Change |
Net Sales | 1,300.0 | 1,350.0 | 50.0 |
Operating Profit | 156.5 | 168.0 | 11.5 |
(Operating Profit Ratio) | (12.0%) | (12.4%) | (0.4%) |
Ordinary Profit | 157.0 | 166.5 | 9.5 |
Profit Attributable to Owners of Parent | 111.5 | 117.0 | 5.5 |
(Ratio of Profit Attributable to Owners of Parent to Net Sales) | (8.6%) | (8.7%) | (0.1%) |
US$ | EURO | RMB | |
July 30 Forecast | ¥150.00 No change | ¥175.00 No change | ¥21.90 No change |
October 29 Forecast |
Foreign Exchange Rate Sensitivity※ (Million yen) | -40 | 60 | 180 |
We revised upward our full-year consolidated earnings forecasts to reflect first-half results, as well as recent order trends and market conditions. We raised our net sales forecast by ¥50 billion to ¥1,350 billion, our operating profit forecast by
¥11.5 billion to ¥168.0 billion, for an operating profit ratio of 12.4%, and our forecast for profit attributable to owners of the parent by ¥5.5 billion to ¥117.0 billion.
Our exchange rate assumptions remain unchanged from July 30, at ¥150 per US dollar, ¥175 per euro, and ¥21.90 per Chinese yuan. We have also revised our segment forecasts to reflect first-half performance.
These revisions reflect increased demand in the Energy segment for energy storage systems, data centers, and semiconductor manufacturing facilities, as well as a recovery in demand for components in the Industry segment. We expect these two segments to continue to drive our earnings growth strongly over the full year.