Kaga Electronics Co., Ltd.TSE: 8154

Earnings Presentation FY2026/3 Q3

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FY2026/March Q3 (April-December) Earnings Presentation KAGA ELECTRONICS CO., LTD.

2023 - 2025

2021 - 2025



TSE Prime Market 8154 February 12, 2026

  • FY2026/3 Q3（９months） P- 2～

    Summary/Financial Highlights/Results by Segment・Company

  • FY2026/3 Q3（３months） P- 10～

    Financial Highlights/Results by Segment・Company

  • Balance Sheet P- 13～

    Summary/Balance Sheet Main Items

  • Forecasts for FY2026/3 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（９months , ３months）/

    Latest 5 years Financial Trends/Exchange Rate/FOREX Sensitivity

    (billion yen)

    Net Sales

    Operating income

    Net income

    Q3 Results

    445.4

    19.4

    24.3

    YoY

    +49.2 （＋12.4%）

    +1.3 （＋7.7%）

    +11.5 （＋91.2%）

    Results for FY2026/3 Q3

    （Apr. - Dec.）

  • Net sales and income at all levels of profit, through profit attributable to owners of parent, increased year on year.

  • Net sales : Electronic components (EMS business), information equipment (PC and software product sales), and others (amusement equipment sales) businesses all delivered

    robust performance. The consolidation of Kyoei Sangyo commenced from Q2 (Jul.-Sep.).

  • Operating income : Higher gross profit, driven by increased net sales and an improved gross profit margin from a better sales mix, led to year-on-year growth.

    FY2026/3

    earnings forecasts

  • Net income : Around 7.6 billion yen gain on bargain purchase was recognized upon the consolidation of Kyoei Sangyo.

    (billion yen) Net Sales Operating income Net income

    Revised forecasts 620.0 27.0 28.5

    vs. previous forecasts YoY

    +25.0 （ +4.2%）

    +72.2 （＋13.2%）

    +1.5 （ +5.9％）

    +3.3 （＋14.4%）

    ＋2.5 （ ＋9.6%）

    ＋11.4 （＋66.8%）

  • Reflecting steady progress through Q3 and recent spot demand, we have revised the forecast upward for the third time this fiscal year

  • We have begun responding to the tight supply-demand situation for some semiconductor products, and this revision reflects only the figures finalized in January sales

    Shareholder Return

  • Following the earnings revision, the year-end dividend has been increased by 10 yen to 70 yen, bringing the annual dividend to 130 yen per share (up 20 yen from the dividend paid in the previous fiscal year)

*A two-for-one stock split was executed in Oct. 2024. Up 20 yen from the previous fiscal year is calculated after adjustment for the stock split.

Q3 Results

（Apr. - Dec.）

Forecasts

（Announced on Nov. 6, 2025）

（million yen）

FY2025/3

Composition Ratio

FY2026/3

Composition Ratio

YoY

12.4%

FY2026/3 Composition Progress rate

Ratio

595,000 100.0% 74.9%

Net Sales

396,243

100.0%

445,475

100.0%

Gross Profit

52,190

13.2%

59,961

13.5%

14.9%

ー

ー

ー

SG&A

34,134

8.6%

40,511

9.1%

18.7%

ー

ー

ー

Operating income

18,056

4.6%

19,449

4.4%

7.7%

25,500

4.3%

76.3%

Ordinary income

18,379

4.6%

20,766

4.7%

13.0%

25,500

4.3%

81.4%

Profit attibutable to

owners of parent

12,714

3.2%

24,308

5.5%

91.2%

26,000

4.4%

93.5%

EPS（yen）

241.97

ー

485.11

ー

100.5%

524.78

ー

ー

Exchange rate

yen / US$

152.57

ー

148.74

ー

ー

140.00

ー

ー

Note: 1. The effect of exchange rates on the conversion into yen is approximately -4,046 million yen on net sales and -74 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.

Q3 Results

（million yen）

FY2025/3

profit margin

FY2026/3

profit margin

YoY

Electronic Component

Net sales

346,212

383,892

10.9%

Segment

income

13,568

3.9%

13,768

3.6%

1.5%

Information Equipment

Net sales

26,953

33,652

24.9%

Segment

income

1,953

7.2%

2,499

7.4%

28.0%

Software

Net sales

2,070

2,525

22.0%

Segment

income

308

14.9%

233

9.3%

-24.2%

Others

Net sales

21,006

25,404

20.9%

Segment

income

2,097

10.0%

2,747

10.8%

31.0%

Total

Net sales

396,243

445,475

12.4%

Segment

income

18,056

4.6%

19,449

4.4%

7.7%

（Apr. - Dec.）

Forecasts

（Announced on Nov. 6, 2025）

FY2026/3 profit Progress rate

margin

516,500

74.3%

18,500

3.6%

74.4%

45,000

74.8%

3,500

7.8%

71.4%

3,500

72.2%

500

14.3%

46.8%

30,000

84.7%

3,000

10.0%

91.6%

595,000

74.9%

25,500

4.3%

76.3%

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

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

Q3 Results

（Apr. - Dec.）

（million yen）

FY2025/3

Composition Ratio

FY2026/3

Composition Ratio

YoY

Kaga Electronics

Net sales

228,980

100.0%

254,117

100.0%

11.0%

Gross Profit

36,362

15.9%

40,194

15.8%

10.5%

Operating income

15,295

6.7%

16,517

6.5%

8.0%

Kaga FEI

Net sales

145,563

100.0%

146,722

100.0%

0.8%

Gross Profit

13,118

9.0%

13,532

9.2%

3.2%

Operating income

1,473

1.0%

1,880

1.3%

27.6%

Excel

Net sales

21,699

100.0%

19,108

100.0%

-11.9%

Gross Profit

2,677

12.3%

2,483

13.0%

-7.2%

Operating income

1,120

5.2%

977

5.1%

-12.7%

Kyoei Sangyo

Net sales

ー

ー

25,526

100.0%

ー

Gross Profit

ー

ー

3,811

14.9%

ー

Operating income

ー

ー

18

0.1%

ー

Total

Net sales

396,243

100.0%

445,475

100.0%

12.4%

Gross Profit

52,190

13.2%

59,961

13.5%

14.9%

Operating income

18,056

4.6%

19,449

4.4%

7.7%

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.

N売et上sa高les

Operating income

Components

+37.7

Equipment

+6.7

+0.4

+4.4

445.4 396.2

Kyoei Sangyo

+25.5

amusement equipment

+6.3

Sales Increase

JPY 49.2 bn

（of which, impact of exchange rates - 4.0 bn ）



Electric

Information

Software Others

（billion yen）

Gross Profit +7.8

（billion yen）

Kyoei Sangyo (Excluding Kyoei Sangyo)

Personnel expenses Packing and freightage

Expenses

Promotion expenses



Others

-3.8

-0.8

-0.4

-0.5

-0.9

18.0

+6.5 +1.3 -6.4

Sales mix

19.4

（Improvement in gross profit margin）

SG&A

Sales Volume

（"-" figures for

SG&A expenses indicate increase in expenses ）

Income Increase

JPY 1.4 bn

（of which, impact of exchange rates - 0.07 bn ）

FY25/3

Q3 Result

FY26/3

Q3 Result

FY25/3

Q3 Result

FY26/3

Q3 Result

N売et上sa高les

Oper営at業ing利in益come

（billion yen） （billion yen）

Electronics Kaga FEI

Kaga

Sangyo

+25.5

445.4

+25.1

+1.1

Excel

-2.5

419.9 396.2

Sales Increase

JPY 23.7 bn

Sales Increase

JPY 49.2 bn



Kyoei

18.0

Kaga Electronics

+1.2

Kaga FEI

Excel

+0.4 -0.1 19.3

Kyoei Sangyo

+0.0219.4

Income Increase

JPY 1.3 bn

Income Increase

JPY 1.4 bn



FY25/3

Q3 Result

Excluding Kyoei Sangyo

FY26/3

Q3 Result

FY25/3

Q3 Result

Excluding Kyoei Sangyo

FY26/3

Q3 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

346,212

+37,679

10.9%

Segment income

13,568

+199

1.5%

Profit margin

3.9%

-0.3pt

3.6%

13,768

383,892



（million yen） FY2025/3

YoY

（billion yen）

115.2 114.7 111.3

114.5

120.3

126.6

116.4

131.3 136.1

FY24/3

Q3 Q4

FY25/3

Q1 Q2 Q3 Q4

FY26/3

Q1 Q2 Q3

Net sales/Segment income

Main factors behind increase/decrease

（million yen）

Net Sales Segment income

Profit margin

Components

（+）Kyoei Sangyo was consolidated from Q2 (Jul.-Sep.)

（+）Sign of easing in inventory adjustments

383,892

sales business （ー）Tight supply-demand balance and soaring prices in certain semiconductor products

346,212

13,568

13,768

3.6%

3.9%



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

FY25/3

Q3 Results

FY26/3

Q3 Results

EMS

Business

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

（+）Sign of recovery in office equipment sector

（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

26,953

+6,698

24.9%

Segment income

1,953

+546

28.0%

Profit margin

7.2%

+0.2pt

7.4%

2,499

33,652



（million yen） FY2025/3

YoY

12.1

12.0

9.5

10.6

8.0

8.3

9.4

14.0

15.6

（billion yen）

FY24/3

Q3 Q4

FY25/3

Q1 Q2 Q3 Q4

FY26/3

Q1 Q2 Q3

Net sales/Segment income

Main factors behind increase/decrease

26,953

1,953

2,499

7.2%

7.4%



（million yen）

FY25/3

Q3 Results

Net Sales Segment income

Profit margin

33,652

FY26/3

Q3 Results

PC sales business

Electrical and telecommunication equipment installation business

（+）Strong sales of PCs for educational institutions for the GIGA School program

（+）Strong performance in new AI PCs for mass retailers

（+）Strong sales of new security software for mobile devices As a result, net sales and income both increased year-on-year

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

（+）Increased orders received for electric facility (electricity substations, solar panels) work

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

9

Q3 Results

（Oct. - Dec.）

Q2 Results

（Jul. - Sep.）

Q3 Results

（Oct. - Dec.）

（million yen）

FY2025/3

Composition Ratio

FY2026/3

Composition Ratio

FY2026/3

Composition Ratio

YoY

QoQ

Net Sales

137,178

100.0%

150,872

100.0%

156,516

100.0%

14.1%

3.7%

Gross Profit

18,056

13.2%

21,104

14.0%

20,416

13.0%

13.1%

-3.3%

SG&A

11,502

8.4%

14,539

9.6%

14,016

9.0%

21.9%

-3.6%

Operating income

6,554

4.8%

6,564

4.4%

6,400

4.1%

-2.4%

-2.5%

Ordinary income

7,101

5.2%

7,200

4.8%

7,323

4.7%

3.1%

1.7%

Profit attibutable to

owners of parent

4,773

3.5%

10,419

6.9%

9,275

5.9%

94.3%

-11.0%

EPS（yen）

90.82

ー

207.91

ー

194.61

ー

ー

ー

Exchange rate

yen / US$

152.57

ー

146.04

ー

148.74

ー

ー

ー

Note: 1. The effect of exchange rates on the conversion into yen is approximately -1,636 million yen on net sales and -37 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.

Q3 Results

（Oct. - Dec.）

Q2 Results

（Jul. - Sep.）

Q3 Results

（Oct. - Dec.）

（million yen）

FY2025/3

profit

FY2026/3

profit

FY2026/3

profit margin

YoY

QoQ

margin

margin

Electronic

Net sales

120,345

131,332

136,103

13.1%

3.6%

Component

Segment

income

4,888

4.1%

4,740

3.6%

4,800

3.5%

-1.8%

1.3%

Information

Net sales

8,320

9,454

12,080

45.2%

27.8%

Equipment

Segment

income

561

6.7%

795

8.4%

883

7.3%

57.3%

11.0%

Software

Net sales

599

1,087

846

41.4%

-22.1%

Segment

income

52

8.7%

207

19.1%

68

8.1%

31.8%

-67.0%

Others

Net sales

7,913

8,997

7,485

-5.4%

-16.8%

Segment

income

1,002

12.7%

760

8.5%

624

8.3%

-37.7%

-17.9%

Total

Net sales

137,178

150,872

156,516

14.1%

3.7%

Segment

income

6,554

4.8%

6,564

4.4%

6,400

4.1%

-2.4%

-2.5%

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

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

Q3 Results

（Oct. - Dec.）

Q2 Results

（Jul. - Sep.）

Q3 Results

（Oct. - Dec.）

（million yen）

FY2025/3

Composition Ratio

FY2026/3

Composition Ratio

FY2026/3

Composition Ratio

YoY

QoQ

Kaga Electronics

Net sales

80,826

100.0%

82,227

100.0%

89,259

100.0%

10.4%

8.6%

Gross Profit

12,676

15.7%

13,652

16.6%

13,247

14.8%

4.5%

-3.0%

Operating income

5,605

6.9%

5,322

6.5%

5,396

6.0%

-3.7%

1.4%

Kaga FEI

Net sales

48,779

100.0%

49,108

100.0%

48,779

100.0%

-0.0%

-0.7%

Gross Profit

4,439

9.1%

4,546

9.3%

4,658

9.5%

4.9%

2.5%

Operating income

481

1.0%

655

1.3%

857

1.8%

78.1%

30.9%

Excel

Net sales

7,572

100.0%

6,408

100.0%

6,079

100.0%

-19.7%

-5.1%

Gross Profit

941

12.4%

857

13.4%

812

13.4%

-13.8%

-5.3%

Operating income

427

5.6%

369

5.8%

330

5.4%

-22.6%

-10.5%

Kyoei Sangyo

Net sales

ー

ー

13,128

100.0%

12,398

100.0%

ー

-5.6%

Gross Profit

ー

ー

2,058

15.7%

1,753

14.1%

ー

-14.8%

Operating income

ー

ー

187

1.4%

-169

ー

ー

ー

Total

Net sales

137,178

100.0%

150,872

100.0%

156,516

100.0%

14.1%

3.7%

Gross Profit

18,056

13.2%

21,104

14.0%

20,416

13.0%

13.1%

-3.3%

Operating income

6,554

4.8%

6,564

4.4%

6,400

4.1%

-2.4%

-2.5%

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.



LIABILITIES

Current liabilities

117,704

142,428

+24,723

Notes and accounts payable -trade

73,340

84,313

+10,973

Short-term loans payable

14,890

29,583

+14,692

Current portion of bonds payable

5,000

200

-4,800

Other

24,473

28,331

+3,857

Non-current liabilities

21,587

26,043

+4,455

Bonds payable

5,000

5,300

+300

Long-term loans payable

5,500

6,887

+1,387

Other

11,087

13,855

+2,768

Total liabilities

139,292

168,472

+29,179

Summary of Balance Sheet

(million yen)

2025/3

2025/12

Change from end of FY2025/3

(million yen)

2025/3

2025/12

Change from end of FY2025/3

ASSETS

Current assets

257,164

286,963

+29,798

Cash and deposits

80,188

82,068

+1,879

Notes and accounts receivable -trade

114,139

118,417

+4,278

Inventories

51,774

74,852

+23,077

Other

11,061

11,624

+562

Non-current assets

48,507

56,208

+7,700

Property, plant and equipment

28,445

31,082

+2,636

Buildings and structures

9,839

11,843

+2,003

Machinery, equipment and vehicles

11,034

11,439

+404

Tools, furniture and fixtures

1,217

1,273

+55

Land

5,940

6,167

+226

Construction in progress

413

359

-53

NET ASSETS

Intangible assets

1,738

1,956

+217

Shareholders' equity

142,993

147,158

+4,165

Software

1,694

1,915

+221

Capital stock

12,133

12,133

-

Other

44

40

-3

Capital surplus

14,885

14,767

-118

Total investments and other assets

18,323

23,169

+4,845

Retained earnings

121,553

130,165

+8,611

Investment securities

12,556

15,562

+3,006

Treasury shares

-5,579

-9,908

-4,328

Distressed receivables

4,815

4,846

+31

Total accumulated other comprehensive income

23,225

27,545

+4,319

Allowance for doubtful accounts

-4,873

-4,969

-95

Non-controlling interests

160

△ 3

-164

Other

5,825

7,730

+1,904

Total net assets

166,379

174,699

+8,320

Total assets

305,671

343,171

+37,499

Total liabilities and net assets

305,671

343,171

+37,499

Total assets

Total liabilities and net assets

Current assets Non-current assets Current ratio

214.3% 218.5%

（million yen）

201.5%

Total liabilities Total net assets Debt ratio

8.5%

83.8%



8

（million yen）

Main balance sheet changes

  • Current assets

    (＋) 19,579 million yen increase in merchandise and finished goods

  • Non-current assets

    (＋) 2,636 million yen increase in property, plant and equipment

    (＋) 3,006 million yen increase in investment securities

  • Liabilities

    (＋) 10,973 million yen increase in notes and accounts payable -trade

    (＋) 14,692 million yen increase in short-term loans payable

  • Net assets

(＋) 8,611 million yen increase in retained earnings

(＋) 3,053 million yen increase in

foreign currency translation adjustment

(ー) 4,328 million yen decrease in treasury shares

96.4%



343,171

307,898

305,671

260,801

257,164

286,963

+29,798



+37,499

343,171

307,898

305,671

144,469

139,292

168,472

+29,179

163,428

166,379

174,699

+8,320



+37,499

47,096



48,507



56,208

+7,700

2024/12

2025/3

2025/12

2024/12

2025/3

2025/12

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

Inventories

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

77.5days

72.3days

60.7days

62.5days

45.4days

34.5days

46.2days

40.6days

36.4days

25.6days

74,852



65.1days

76.1days 73.1days





58.0days 58.5days

111,734

114,139

118,417

+4,278

80,882

73,340

84,313

+10,973



+23,077

65,348

26,081

+2,950

25,973

51,774

23,130

39,374

48,770

+20,127

28,643



Inventories

  • Consolidated

  • vs end of FY2025/3：

＋23.0bn, ＋11.7days

  • Trading business

  • vs end of FY2025/3：

＋20.1bn, +15.0days

of which, Kyoei Sangyo +7.3bn

  • Manufacturing business

  • vs end of FY2025/3：

＋2.9bn, +1.8days Inventory value increased

slightly along with higher net sales in the EMS business

2024/12 2025/3 2025/12

Note：Inventory turnover＝Inventories ÷ Net Sales × 275

2024/12 2025/3 2025/12

Notes:1. A/R turnover＝Notes and A/R ÷ Net sales × 275

  1. A/P turnover＝Notes and A/P ÷ Total purchase of goods × 275

  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 and deposits Interest bearing debts D/E ratio



Net D/E ratio

（million yen）

0.21times 0.20times 0.26times



80,188

82,068

+1,879

72,493

45,528

+12,032

34,302

33,496



-0.23times -0.28times -0.21times

2024/12 2025/3 2025/12

Main balance sheet changes

  • Interest bearing debts

(＋) 14,692 million yen increase in short-term loans payable

(＋) 1,387 million yen increase in long-term loans payable

(＋) 4,800 million yen decrease in current portion of bonds 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

Forecasts for FY2026/3

Previous Forecasts

（Announced on Nov. 6, 2025）

Revised Forecasts

（Announced on Feb. 12, 2026）

Composition Ratio

595,000

620,000

100.0%

25,500

27,000

4.4%

25,500

28,000

4.5%

26,000

28,500

4.6%

524.78

575.24

ー

15.0%

16.5%

ー

120

130

ー

60

60

ー

60

70

ー

140.00

140.00

ー

FY2025/3 FY2026/3

(million yen) Results Composition Ratio

vs. previous YoY forecasts

Net Sales

547,779

100.0%

4.2%

13.2%

Operating income

23,601

4.3%

5.9%

14.4%

Ordinary income

22,593

4.1%

9.8%

23.9%

Profit attibutable to owners of parent

17,083

3.1%

9.6%

66.8%

EPS（yen）(*)

325.08

ー

50.46

250.16

ROE

10.8%

ー

1.5pt

5.7pt

Annual dividend

(*)

Total

110

ー

10

20

（yen）

interim

55

ー

0

5

year-end

55

ー

10

15

Exchange rate

yen / US$

152.58

ー

ー

ー

Note: While a two-for-one stock split of the Company's common stock is planned effective Oct. 1,2024,

The amounts indicated for EPS and annual dividend take account of the impact of the said stock split even prior to the split date.

Previous Forecasts

（Announced on Nov. 6, 2025）

Revised Forecasts

（Announced on Feb. 12, 2026）

Profit margin

516,500

541,500

18,500

20,000

3.7%

45,000

45,000

3,500

3,500

7.8%

3,500

3,500

500

500

14.3%

30,000

30,000

3,000

3,000

10.0%

595,000

620,000

25,500

27,000

4.4%

FY2025/3 FY2026/3

(million yen) Results Profit margin

vs. previous forecasts

YoY

Electronic Component

Information Equipment

Software

Others

Total

Net sales 472,910



Segment income 16,927 3.6%

Net sales 42,652



Segment income 3,307 7.8%

Net sales 3,387



Segment income 509 15.1%

Net sales 28,829



Segment income 2,707 9.4%

Net sales 547,779



Segment income 23,601 4.3%

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

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

4.8% 14.5%



8.1% 18.2%

0.0% 5.5%



0.0% 5.8%

0.0% 3.3%



0.0% -1.9%

0.0% 4.1%



0.0% 10.8%

4.2% 13.2%



5.9% 14.4%

1