Kaga Electronics Co., Ltd.TSE: 8154

Earnings Presentation FY2026/3

· MarketScreener


FY2026/March Q4 and Full-Year Earnings Presentation KAGA ELECTRONICS CO., LTD.

2023 - 2025

2021 - 2025



TSE Prime Market 8154 May 14, 2026

  • FY2026/3 (Full-Year) P- 2～

    Summary/Financial Highlights/Results by Segment・Company

  • FY2026/3 Q4（３months） P- 10～

    Financial Highlights/Results by Segment・Company

  • Balance Sheet/Cash flows P- 13～

    Summary/Balance Sheet Main Items/Cash flows

  • Forecasts for FY2027/3 P- 18～

    Forecasts/Forecasts by Segment/Shareholder Returns



  • Reference P- 22～

Quarterly trends (Net Sales・Income by segment, Net Sales by Region）/ Results by MTMP Segment（Full-Year , ３months）/

Latest 5 years Financial Trends/Exchange Rate/FOREX Sensitivity

Results for FY2026/3

(billion yen) Net Sales Operating income Net income

Results 658.9

27.8 31.0

YoY +111.1 [＋20.3%] +4.2 [＋17.9%] +14.0 [＋82.0%]

Both net sales and income at all levels of profit achieved double-digit year-on-year growth.

Net sales and net income achieved record highs for the first time in three fiscal years, marking a solid start in the first year of our Medium-Term Management Plan 2027.

  • Net sales : Electronic components, information equipment, and others business all maintained robust performance. The consolidation of Kyoei Sangyo commenced from Q2.

    In Q4, spot sales (approximately 41.1 billion yen) in response to supply shortages of certain semiconductor products made a significant contribution to the increase in net sales.

  • Operating income : The increase in gross profit driven by higher net sales more than offset the rise in SG&A expenses, leading to year-on-year growth.

  • Net income : In addition to higher net income from core operations, the following items were recorded as extraordinary income: "Gain on bargain purchase from a corporate acquisition (approximately 7.7 billion yen)" , and "Gain on sale of investment securities (approximately 1.6 billion yen)" resulting from the reduction of cross-shareholdings.

(billion yen) Net Sales Operating income Net income

FY2027/3

earnings forecasts

Forecasts 645.0 28.5 20.0

YoY -13.9 [-2.1%] +0.6 [＋2.4%] -11.0 [-35.7%]

  • Net sales :Net sales are expected to decline due to the absence of one-off items recorded in the fiscal year ended March 2026. However, on an underlying basis, the upward trend is expected to continue.

  • Operating income :Income growth is expected to be sustained, supported by improvements in gross profit margin and efforts to maintain strict cost control.

  • Net income :Net income is expected to decline due to the absence of extraordinary income (approximately 10 billion yen) recorded in the fiscal year ended March 2026.

  • FY2026/3 :Compared to the previous forecast, the year-end dividend has been increased by 10 yen to 80 yen, bringing the annual dividend to 140 yen per share, a year-on-year increase of 30 yen.

  • FY2027/3 :Notwithstanding the projected decrease in profit, the previous fiscal year's dividend payment (140 yen per share) will be maintained.

Shareholder Return

Full-Year Results

（Apr. - Mar.）

Forecasts

（Announced on Feb. 12, 2026）

（million yen）

FY2025/3

Composition Ratio

FY2026/3

Composition Ratio

YoY

Net Sales

547,779

100.0%

658,941

100.0%

20.3%

Gross Profit

71,665

13.1%

85,350

13.0%

19.1%

SG&A

48,064

8.8%

57,525

8.7%

19.7%

Operating income

23,601

4.3%

27,824

4.2%

17.9%

Ordinary income

22,593

4.1%

29,930

4.5%

32.5%

Profit attibutable to

owners of parent

17,083

3.1%

31,099

4.7%

82.0%

EPS（yen）

325.08

ー

627.71

ー

93.1%

ROE

10.8%

ー

17.8%

ー

7.0pt

Annual dividend

Total

110

ー

140

ー

30

（yen）

interim

55

ー

60

ー

5

year-end

55

ー

80

ー

25

Exchange rate

yen / US$

152.58

ー

150.77

ー

ー

FY2026/3 Composition

Ratio

Achivement vs. forecast

620,000

100.0%

106.3%

ー

ー

ー

ー

ー

ー

27,000

4.4%

103.1%

28,000

4.5%

106.9%

28,500

4.6%

109.1%

575.24

ー

ー

16.5%

ー

ー

ー

ー

ー

ー

ー

ー

ー

ー

ー

140.00

ー

ー

Note: 1. The effect of exchange rates on the conversion into yen is approximately -1,200 million yen on net sales and +32 million yen on operating income.

3

2. The Company conducted a two-for-one stock split of its common stock effective Oct. 1, 2024.

EPS for the previous fiscal year is calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year.

Full-Year Results

（million yen）

FY2025/3

profit margin

FY2026/3

profit margin

YoY

Electronic Component

Net sales

472,910

568,834

20.3%

Segment

income

16,927

3.6%

19,304

3.4%

14.0%

Information Equipment

Net sales

42,652

54,182

27.0%

Segment

income

3,307

7.8%

4,444

8.2%

34.4%

Software

Net sales

3,387

3,307

-2.4%

Segment

income

509

15.1%

365

11.1%

-28.2%

Others

Net sales

28,829

32,617

13.1%

Segment

income

2,707

9.4%

3,487

10.7%

28.8%

Total

Net sales

547,779

658,941

20.3%

Segment

income

23,601

4.3%

27,824

4.2%

17.9%

（Apr. - Mar.）

Forecasts

（Announced on Feb. 12, 2026）

FY2026/3 profit Achivement

margin vs. forecast

541,500

105.0%

20,000

3.7%

96.5%

45,000

120.4%

3,500

7.8%

127.0%

3,500

94.5%

500

14.3%

73.2%

30,000

108.7%

3,000

10.0%

116.3%

620,000

106.3%

27,000

4.4%

103.1%

Note: Figures of each segment income are not inter-segment adjusted.

Total amount is inter-segment adjusted (operating income).

Full-Year Results

（Apr. - Mar.）

（million yen）

FY2025/3

profit margin

FY2026/3

profit margin

YoY

Kaga Electronics

Net sales

319,527

348,693

9.1%

Gross Profit

49,919

15.6%

55,070

15.8%

10.3%

Operating income

19,855

6.2%

21,740

6.2%

9.5%

Kaga FEI

Net sales

197,868

242,241

22.4%

Gross Profit

17,901

9.0%

19,955

8.2%

11.5%

Operating income

1,860

0.9%

3,346

1.4%

79.9%

Excel

Net sales

30,383

27,646

-9.0%

Gross Profit

3,782

12.4%

3,659

13.2%

-3.2%

Operating income

1,645

5.4%

1,517

5.5%

-7.8%

Kyoei Sangyo

Net sales

ー

40,360

ー

Gross Profit

ー

ー

6,722

16.7%

ー

Operating income

ー

ー

1,128

2.8%

ー

Total

Net sales

547,779

658,941

20.3%

Gross Profit

71,665

13.1%

85,350

13.0%

19.1%

Operating income

23,601

4.3%

27,824

4.2%

17.9%

Note : 1.With respect to gross profit and operating income, figures presented above are before consolidation adjustments between the four companies.

2.Kyoei Sangyo became a consolidated subsidiary effective Jul. 18, 2025.

Net sales

Operating income

+95.9



Electric Components

（Excluding Equipment Software

spot sales）

+54.8

Spot sales

+41.1

+11.5

Others

+3.8 658.9

-0.08

547.7

Kyoei Sangyo

+40.4

Sales Increase

JPY 111.1 bn

（of which, impact of exchange rates -1.2 bn ）



Information

（billion yen）

Gross Profit +13.7

（billion yen）

Personnel expenses

*Of which special bonus Packing and freightage

Expenses

23.6

Sales mix

（Improvement in gross profit margin）

+2.3

27.8

SG&A

Spot sales

+2.2

Sales Volume

+9.2

SG&A expenses

i

（"-" figures for

ndicate increase

in expenses）

-9.5

Kyoei Sangyo

Income Increase -5.6

JPY 4.2 bn

（of which, impact of exchange rates +0.03 bn ）



Promotion expenses, etc.

-5.2

-1.0

-1.0

-1.3

FY25/3

Result

FY26/3

Result

FY25/3

Result

FY26/3

Result

Net sales

Operating income

（billion yen） （billion yen）

Sangyo

+40.4

658.9

Kaga Electronics

+29.1

Kaga FEI

+44.4

Excel

-2.7

618.5

547.7

Sales Increase

JPY 70.8 bn

Sales Increase

JPY 111.1 bn



Kyoei

Kyoei

Kaga Kaga FEI Electronics

Excel

+1.4

26.7

Sangyo

+1.1

27.8

23.6

+1.8

-0.1

Income Increase

JPY 3.1 bn

Income Increase

JPY 4.2 bn



FY25/3

Result

Excluding Kyoei Sangyo

FY26/3

Result

FY25/3

Result

Excluding Kyoei Sangyo

FY26/3

Result

Note : With respect to gross profit and operating income, figures presented above are before consolidation adjustments between the four companies.

FY2026/3

Net Sales

472,910

+95,924

20.3%

Segment income

16,927

+2,377

14.0%

Profit margin

3.6%

-0.2pt

3.4%

19,304

568,834



（million yen） FY2025/3

YoY

（billion yen）

184.9

114.7 111.3

114.5

120.3

126.6

116.4

131.3

136.1

FY24/3 Q4

FY25/3

Q1 Q2 Q3 Q4

FY26/3

Q1 Q2 Q3 Q4

Net sales/Segment income

Main factors behind increase/decrease

472,910 16,927 19,304

3.6%

3.4%



（million yen）

FY25/3

Results

Net Sales Segment income

Profit margin

568,834

FY26/3

Results

Components sales business

EMS

Business

（+）Easing inventory adjustments in the supply chain

（+）Kyoei Sangyo was consolidated from Q2.

（+）Spot sales in response to the tight supply-demand conditions for commodity memory products contributed to increased sales

As a result, net sales and income both increased year-on-year

（+）Capacity expansion at overseas production sites contributed to increased sales

（+）Robust sales to medical and air-conditioning equipment sectors

（ー）Demand decrease at some customers in the automotive sector

As a result, net sales and income both increased year-on-year

8

FY2026/3

Net Sales

42,652

+11,529

27.0%

Segment income

3,307

+1,137

34.4%

Profit margin

7.8%

+0.4pt

8.2%

4,444

54,182



（million yen） FY2025/3

YoY

（billion yen）

20.5

14.0

15.6

10.6

12.1

12.0

8.0

8.3

9.4

FY24/3 Q4

FY25/3

Q1 Q2 Q3 Q4

FY26/3

Q1 Q2 Q3 Q4

Net sales/Segment income

Main factors behind increase/decrease

42,652 4,444 3,307

7.8%

8.2%



（million yen）

FY25/3

Results

Net Sales Segment income

Profit margin

8.2%

54,182

FY26/3

Results

PC sales business

Electrical and telecommunication equipment installation business

（+）Robust sales to educational institutions, driven by initiatives undertaken to increase the number of partner schools

（+）Robust sales to mass retailers, driven by new product launches, including AI PCs

（+）Sales of security software for mobile devices contributed to the increase in net sales

As a result, net sales and income both increased year-on-year

（+）Strong LED installation to major convenience stores and financial institutions

（+）Steady growth in orders received for construction works for solar panels and electrical substations

As a result, net sales and income both increased year-on-year

9

Q4 Results

（Jan. - Mar.）

Q3 Results

（Oct. - Dec.）

Q4 Results

（Jan. - Mar.）

（million yen）

FY2025/3

Composition Ratio

FY2026/3

Composition Ratio

FY2026/3

Composition Ratio

YoY

QoQ

Net Sales

151,536

100.0%

156,516

100.0%

213,466

100.0%

40.9%

36.4%

Gross Profit

19,475

12.9%

20,416

13.0%

25,388

11.9%

30.4%

24.4%

SG&A

13,930

9.2%

14,016

9.0%

17,013

8.0%

22.1%

21.4%

Operating income

5,545

3.7%

6,400

4.1%

8,374

3.9%

51.0%

30.8%

Ordinary income

4,214

2.8%

7,323

4.7%

9,164

4.3%

117.5%

25.1%

Profit attibutable to

owners of parent

4,368

2.9%

9,275

5.9%

6,790

3.2%

55.5%

-26.8%

EPS（yen）

83.11

ー

194.61

ー

142.48

ー

ー

ー

Exchange rate

yen / US$

152.58

ー

148.74

ー

150.77

ー

ー

ー

Note: 1. The effect of exchange rates on the conversion into yen is approximately -218 million yen on net sales and +5 million yen on operating income.

2. The Company conducted a two-for-one stock split of its common stock effective Oct. 1, 2024.

EPS for the previous fiscal year is calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year.

Q4 Results

（Jan. - Mar.）

Q3 Results

（Oct. - Dec.）

Q4 Results

（Jan. - Mar.）

（million yen）

FY2025/3

profit

FY2026/3

profit

FY2026/3

profit margin

YoY

QoQ

margin

margin

Electronic

Net sales

126,697

136,103

184,942

46.0%

35.9%

Component

Segment

income

3,358

2.7%

4,800

3.5%

5,536

3.0%

64.8%

15.3%

Information

Net sales

15,699

12,080

20,530

30.8%

69.9%

Equipment

Segment

income

1,353

8.6%

883

7.3%

1,944

9.5%

43.6%

120.2%

Software

Net sales

1,316

846

781

-40.7%

-7.8%

Segment

income

201

15.3%

68

8.1%

131

16.9%

-34.5%

92.2%

Others

Net sales

7,822

7,485

7,212

-7.8%

-3.6%

Segment

income

610

7.8%

624

8.3%

740

10.3%

21.3%

18.7%

Total

Net sales

151,536

156,516

213,466

40.9%

36.4%

Segment

income

5,545

3.7%

6,400

4.1%

8,374

3.9%

51.0%

30.8%

Note: Figures of each segment income are not inter-segment adjusted.

Total amount is inter-segment adjusted (operating income).

Q4 Results

（Jan. - Mar.）

Q3 Results

（Oct. - Dec.）

Q4 Results

（Jan. - Mar.）

（million yen）

FY2025/3

profit margin

FY2026/3

profit margin

FY2026/3

profit margin

YoY

QoQ

Kaga Electronics

Net sales

90,546

89,259

94,576

4.4%

6.0%

Gross Profit

13,557

15.0%

13,247

14.8%

14,875

15.7%

9.7%

12.3%

Operating income

4,560

5.0%

5,396

6.0%

5,223

5.5%

14.5%

-3.2%

Kaga FEI

Net sales

52,305

48,779

95,518

82.6%

95.8%

Gross Profit

4,783

9.1%

4,658

9.5%

6,423

6.7%

34.3%

37.9%

Operating income

386

0.7%

857

1.8%

1,465

1.5%

279.1%

70.9%

Excel

Net sales

8,683

6,079

8,538

-1.7%

40.4%

Gross Profit

1,105

12.7%

812

13.4%

1,176

13.8%

6.5%

44.9%

Operating income

525

6.0%

330

5.4%

539

6.3%

2.7%

63.1%

Kyoei Sangyo

Net sales

ー

ー

12,398

14,833

ー

19.6%

Gross Profit

ー

ー

1,753

14.1%

2,910

19.6%

ー

66.0%

Operating income

ー

ー

-169

ー

1,109

7.5%

ー

ー

Total

Net sales

151,536

156,516

213,466

40.9%

36.4%

Gross Profit

19,475

12.9%

20,416

13.0%

25,388

11.9%

30.4%

24.4%

Operating income

5,545

3.7%

6,400

4.1%

8,374

3.9%

51.0%

30.8%

Note: 1. With respect to gross profit and operating income, figures presented above are before consolidation adjustments between the four companies.

2. Kyoei Sangyo became a consolidated subsidiary effective Jul. 18, 2025. 12



(million yen)

2025/3

2026/3

Change from

end of FY2025/3

ASSETS

Current assets

257,164

342,368

+85,204

Cash and deposits

80,188

89,706

+9,517

Notes and accounts receivable -trade

114,139

173,355

+59,216

Inventories

51,774

68,004

+16,230

Other

11,061

11,302

+240

Non-current assets

48,507

61,325

+12,818

Property, plant and equipment

28,445

31,624

+3,179

Buildings and structures

9,839

11,839

+1,999

Machinery, equipment and vehicles

11,034

11,898

+864

Tools, furniture and fixtures

1,217

1,282

+64

Land

5,940

6,237

+296

Construction in progress

413

366

-46

Intangible assets

1,738

1,911

+173

Software

1,694

1,873

+179

Other

44

38

-5

Total investments and other assets

18,323

27,789

+9,465

Investment securities

12,556

19,403

+6,846

Distressed receivables

4,815

4,662

-152

Allowance for doubtful accounts

-4,873

-4,785

+88

Other

5,825

8,508

+2,682

Total assets

305,671

403,694 +98,022

(million yen)

2025/3

2026/3

Change from

end of FY2025/3

LIABILITIES

Current liabilities

117,704

195,444

+77,739

Notes and accounts payable -trade

73,340

94,373

+21,033

Short-term loans payable

14,890

68,398

+53,507

Current portion of bonds payable

5,000

200

-4,800

Other

24,473

32,472

+7,998

Non-current liabilities

21,587

24,733

+3,145

Bonds payable

5,000

5,200

+200

Long-term loans payable

5,500

6,571

+1,071

Other

11,087

12,962

+1,874

Total liabilities

139,292

220,177 +80,885

NET ASSETS

Shareholders' equity

142,993

153,948

+10,955

Capital stock

12,133

12,133

-

Capital surplus

14,885

14,767

-118

Retained earnings

121,553

136,955

+15,402

Treasury shares

-5,579

-9,908

-4,328

Total accumulated other comprehensive income

23,225

29,555

+6,329

Non-controlling interests

160

12

-148

Total net assets

166,379

183,516

+17,136

Total liabilities and net assets

305,671

403,694

+98,022

Summary of Balance Sheet

Total assets

Total liabilities and net assets

Current assets Non-current assets Current ratio

175.2%



233.4% 218.5%

（million yen）

Total liabilities Total net assets Debt ratio

Main balance sheet changes

  • Current assets

    (＋) 57,243 million yen increase in accounts receivable - trade

    (＋) 13,596 million yen increase in merchandise and finished goods

  • Non-current assets

    (＋) 3,179 million yen increase in property, plant and equipment

    (＋) 6,846 million yen increase in investment securities

  • Liabilities

    (＋) 53,507 million yen increase in short-term loans payable

    (＋) 21,033 million yen increase in notes and accounts payable -trade

  • Net assets

(＋) 15,402 million yen increase in retained earnings

（million yen）

120.0%

403,694

+98,022

89.9%

83.8%

403,694



+98,022

286,792

305,671

342,368

+85,204

244,629

257,164

61,325



139,292



220,177

+80,885



286,792 305,671

135,560



151,231

166,379

183,516

+17,136



42,162

48,507

+12,818

2024/3

2025/3

2026/3

2024/3

2025/3

2026/3

Note: Current ratio ＝ Current asset ÷ current liabilities × 100 Note: Debt ratio = Total liabilities ÷ Equity capital × 100

Inventories

Inventories

  • Consolidated

  • vs end of FY2025/3：

＋16.2bn, ＋3.2days

  • Trading business

  • vs end of FY2025/3：

＋12.9bn, +4.3days

of which, Kyoei Sangyo +7.2bn

  • Manufacturing business

  • vs end of FY2025/3：

＋3.2bn, +3.1days

Inventory value increased along with higher net sales in the EMS business

Accounts receivable

  • Accounts receivable

  • vs end of FY2025/3：

＋59.2bn, ＋19.9days

・Increase in total assets

→Due to increase in accounts receivable resulting from large-scale spot sales and the consolidation of Kyoei Sangyo.

Accounts receivable/Accounts payable

Inventories（manufacturing biz) Inventories（trading biz）

Inventory turnover (Consolidated）

（million yen）

Notes and A/R Notes and A/P A/P turnover

（million yen）

Inventory turnover（manufacturing biz)

Inventory turnover（trading biz）

A/R turnover

96.0days

75.7days

76.1days



57.4days

58.0days

60.0days

173,355

+59,216

112,574

114,139

71,392

73,340

94,373

+21,033



70.9days

60.7days

63.8days

36.8days

34.5days

37.7days

26.6days

25.6days

29.9days

68,004



+16,230

54,739

51,774

26,409

+3,278

24,289

23,130

30,449

28,643

41,594

+12,951



2024/3 2025/3 2026/3

Note：Inventory turnover＝Inventories ÷ Net Sales × 365

2024/3 2025/3 2026/3

Notes:1. A/R turnover＝Notes and A/R ÷ Net sales × 365

  1. A/P turnover＝Notes and A/P ÷ Total purchase of goods × 365

  2. Notes and A/Rare amounts including Electronically recorded monetary claims-operating

    15

  3. Notes and A/Pare amounts including Electronically recorded obligations -operating

Cash and Deposits/Interest Bearing Debt

Cash flows

Cash and deposits Interest bearing debts D/E ratio

Net D/E ratio



0.23times 0.20times

（million yen）

0.46times

-0.03times

Cash flows from financing activities

Cash flows from investing activities

Cash flows from operating activities Free Cash Flow

26,417



15,080

（million yen）



-0.21times -0.28times

-5,937

66,596

80,188

89,706

29,385

25,047

20,329

-2,968

-2,471

-9,967 -3,466

-16,973 -7,343



+9,517

84,382

+50,885

34,270

33,496

2024/3 2025/3 2026/3

Cash flows

  • Operating activities 2,471 million yen used.

    Mainly due to an increase in accounts receivable from large-scale spot sales.

  • Investing activities 3,466 million yen used.

    Mainly due to purchase of shares of subsidiaries resulting in change in scope of consolidation.

  • Financing activities 20,329 million yen provided.

Mainly due to an increase in short-term loans payable.

Note:1. D/E ratio＝Interest bearing debts ÷ Shareholder's equity

2. Net D/E ratio＝（Interest bearing debts -Cash and deposits）

÷Shareholder's equity

2024/3 2025/3 2026/3

Equity ratio

ROE

Total assets Equity

Equity Ratio

52.6% 54.4%

（million yen）

45.5%



403,694

+98,022

Total asset turnover Financial leverage Net profit margin ROE



14.5% 10.8%

（%, times, turns）

Equity ratio

  • Equity ratio

-8.9pt

  • Increase in total assets

→Due to an increase in notes and accounts receivable resulting from large-scale spot sales and the consolidation of Kyoei Sangyo.

ROE

  • ROE

+7.0pt

  • Enhancement of profitability (net profit margin)

17.8%

305,671

286,792

,834

,218

183,503

+17,284

150

166

1.9

1.8

3.1

3.7

4.7

1.9

2.0

2.0

1.9



2024/3 2025/3 2026/3 2024/3 2025/3 2026/3

Forecasts

Composition Ratio

645,000

100.0%

28,500

4.4%

28,000

4.3%

20,000

3.1%

419.65

ー

10.5%

ー

140

ー

70

ー

70

ー

150.00

ー

FY2026/3 FY2027/3

Composition

(million yen) Results Ratio

YoY

Net Sales

658,941

100.0%

-2.1%

Operating income

27,824

4.2%

2.4%

Ordinary income

29,930

4.5%

-6.5%

Profit attibutable to

owners of parent

31,099

4.7%

-35.7%

EPS（yen）

627.71

ー

-208.06

ROE

17.8%

ー

-7.3pt

Annual dividend

Total

140

ー

ー



（yen）

interim

60

ー

10



year-end

80

ー

-10

Exchange rate

yen / US$

150.77

ー

ー

Forecasts

profit margin

550,000

20,000

3.6%

57,500

5,000

8.7%

3,500

500

14.3%

34,000

3,000

8.8%

645,000

28,500

4.4%

FY2026/3 FY2027/3

profit

(million yen) Results

margin

YoY

Electronic Component

Information Equipment

Software

Others

Total

Net sales 568,834



Segment income 19,304 3.4%

Net sales 54,182



Segment income 4,444 8.2%

Net sales 3,307



Segment income 365 11.1%

Net sales 32,617



Segment income 3,487 10.7%

Net sales 658,941



Segment income 27,824 4.2%

Note: Figures of each segment income are not inter-segment adjusted.

Total amount is inter-segment adjusted (operating income).

-3.3%



3.6%

6.1%



12.5%

5.8%



36.7%

4.2%



-14.0%

-2.1%



2.4%

1