Kaga Electronics Co., Ltd. TSE:8154

Kaga Electronics : Financial Results Briefing Material FY2026/3 H1

Published

Source: MarketScreener



FY2026/March H1 (April-September) Financial Results Briefing Material KAGA ELECTRONICS CO., LTD.

2023 - 2025

2021 - 2025



TSE Prime Market 8154 November 27, 2025


  • FY2026/March H1 Consolidated Financial Results P- 2～

    FY2026/3 H1

    Summary/Financial Highlights/Results by Segment・Company Balance Sheet/Cash flows

    Forecasts for FY2026/3 Shareholder Returns

  • Management Topics P- 23～

    Key Message for FY2026 H1 Results

    EMS Business - Construction of Third Factory in Thailand Production Equipment Developed In-House

    Progress of Making Kyoei Sangyo a Consolidated Subsidiary

    Kyoei Sangyo's Strengths and Uniqueness

  • Reference P- 29～

    (billion yen)

    Net Sales

    Operating income

    Net income

    H1 Results

    288.9

    13.0

    15.0

    YoY

    +29.9

    +1.5

    +7.0

    Results for FY2026/3 H1

    （April - September）

  • All items, from net sales to net income, increased year on year. The upward momentum continues.

  • Net sales : Electronic components (EMS business), information equipment (PC and software product sales), and others (amusement equipment sales) business all maintained robust performance, contributing to a year-on-year increase in net sales. In addition, Kyoei Sangyo was consolidated from Q2 (Jul.-Sep.).

  • Operating income : The increase in gross profit, attributable to higher net sales and improved income margin, exceeded the increase in SG&A expenses that resulted from increased sales and corporate acquisition, leading to a year-on-year increase in operating income

    FY2026/3

    earnings forecast

  • While corporate acquisition contributed to revenue growth, increase in both net sales and income were achieved even excluding the impact of the acquisition.

    (billion yen)

    Net Sales

    Operating income

    Net income

    Revised forecasts

    595.0

    25.5

    26.0

    vs. previous forecasts

    +21.0

    +1.5

    +1.8

    YoY

    +47.2

    +1.8

    +8.9

  • In light of solid performance progress made through H1, an upward forecast revision was made for the second time this fiscal year, across all levels from net sales to net income.

  • Net income incorporates 7.2 billion yen in gain on bargain purchase associated with the acquisition.

    Shareholder Return

  • Maintaining the previous forecast of 120 yen per share in annual dividend, consisting of an interim and year-end dividend of 60 yen each (a 10 yen increase from the previous fiscal year)

*A two-for-one stock split was executed in October 2024. Up 10 yen from the previous fiscal year is calculated

after adjustment for the stock split.

H1 Results

（April - September）

Forecasts

（Announced on August 7, 2025）

（million yen）

FY2025/3

Composition Ratio

FY2026/3

Composition Ratio

YoY

11.5%

FY2026/3 Composition Progress rate

Ratio

574,000 100.0% 50.3%

Net Sales

259,064

100.0%

288,959

100.0%

Gross Profit

34,133

13.2%

39,544

13.7%

15.9%

ー

ー

ー

SG&A

22,631

8.7%

26,495

9.2%

17.1%

ー

ー

ー

Operating income

11,501

4.4%

13,049

4.5%

13.5%

24,000

4.2%

54.4%

Ordinary income

11,278

4.4%

13,443

4.7%

19.2%

23,800

4.1%

56.5%

Profit attibutable to

owners of parent

7,941

3.1%

15,033

5.2%

89.3%

24,200

4.2%

62.1%

EPS（yen）

151.15

ー

293.86

ー

94.4%

488.45

ー

ー

Exchange rate

yen / US$

152.63

ー

146.04

ー

ー

140.00

ー

ー

Note: 1. The effect of exchange rates on the conversion into yen is approximately -4,606 million yen on net sales and -102 million yen on operating income.

2. The Company conducted a two-for-one stock split of its common stock effective October 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.

H1 Results

（million yen）

FY2025/3

profit margin

FY2026/3

profit margin

YoY

Electronic Component

Net sales

225,866

247,788

9.7%

Segment

income

8,679

3.8%

8,967

3.6%

3.3%

Information Equipment

Net sales

18,633

21,571

15.8%

Segment

income

1,392

7.5%

1,616

7.5%

16.1%

Software

Net sales

1,471

1,679

14.1%

Segment

income

256

17.4%

165

9.8%

-35.6%

Others

Net sales

13,093

17,919

36.9%

Segment

income

1,094

8.4%

2,122

11.8%

94.0%

Total

Net sales

259,064

288,959

11.5%

Segment

income

11,501

4.4%

13,049

4.5%

13.5%

（April - September）

Forecasts

（Announced on August 7, 2025）

FY2026/3 profit Progress rate

margin

501,000

49.5%

17,500

3.5%

51.2%

45,000

47.9%

3,500

7.8%

46.2%

3,000

56.0%

500

16.7%

33.1%

25,000

71.7%

2,500

10.0%

84.9%

574,000

50.3%

24,000

4.2%

54.4%

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

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

H1 Results

（April - September）

（million yen）

FY2025/3

Composition Ratio

FY2026/3

Composition Ratio

YoY

Kaga Electronics

Net sales

148,154

100.0%

164,858

100.0%

11.3%

Gross Profit

23,685

16.0%

26,947

16.3%

13.8%

Operating income

9,689

6.5%

11,121

6.7%

14.8%

Kaga FEI

Net sales

96,783

100.0%

97,943

100.0%

1.2%

Gross Profit

8,678

9.0%

8,873

9.1%

2.2%

Operating income

991

1.0%

1,022

1.0%

3.1%

Excel

Net sales

14,127

100.0%

13,028

100.0%

-7.8%

Gross Profit

1,735

12.3%

1,670

12.8%

-3.7%

Operating income

693

4.9%

647

5.0%

-6.7%

Kyoei Sangyo

Net sales

ー

ー

13,128

100.0%

ー

Gross Profit

ー

ー

2,058

15.7%

ー

Operating income

ー

ー

187

1.4%

ー

Total

Net sales

259,064

100.0%

288,959

100.0%

11.5%

Gross Profit

34,133

13.2%

39,544

13.7%

15.9%

Operating income

11,501

4.4%

13,049

4.5%

13.5%

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 July 18, 2025.

N売et上sa高les

Oper営at業ing利in益come

Components

+21.9

Equipment

+2.9

+0.2

+4.8

288.9

259.0

EMS

Around +11.8

Electric Components

+10.4

amusement equipment around +6.4

Sales Increase

JPY 29.9 bn

（of which, impact of exchange rates - 4.6 bn ）



Electric

Information

Software Others

（billion yen）

Gross Profit +5.4

（billion yen）

+1.4

-0.2

-3.6

Personnel expenses

-1.7

+3.9

Litigation expenses

11.5

Sales mix

（Improvement in gross profit margin）

13.0

Others

Sales Volume

SG&A -3.8

（"-" figures for SG&A expenses indicate increase

in expenses ）

Income Increase

JPY 1.5 bn

（of which, impact of exchange rates - 0.1 bn ）

Packing and freightage

expenses

-0.5



FY25/3

H1 Result

FY26/3

H1 Result

FY25/3

H1 Result

FY26/3

H1 Result

N売et上sa高les

Oper営at業ing利in益come

Electronics Kaga FEI

Kaga

Sangyo

+13.1

288.9

+16.7

+1.1

259.0

Excel

-1.0

275.8

Sales Increase:

JPY 16.8 bn

Sales Increase:

JPY 29.9 bn



（billion yen） Kyoei

Kaga

Kaga FEI Excel Kyoei

（billion yen）

+1.4

+0.03

-0.04

12.8

+0.2

13.0

11.5

Income Increase

JPY 1.3 bn

Income Increase

JPY 1.5 bn



Electronics Sangyo

FY25/3

H1 Result

Excluding Kyoei Sangyo

FY26/3

H1 Result

FY25/3

H1 Result

Excluding Kyoei Sangyo

FY26/3

H1 Result

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

（million yen）

FY2025/3

FY2026/3

YoY

Net Sales

225,866

247,788

21,922

9.7%

Segment income

8,679

8,967

288

3.3%

Profit margin

3.8%

3.6%

-0.2pt

150,000

125,000

100,000

75,000

50,000

FY24/3

Q2 Q3 Q4

FY25/3

Q1 Q2 Q3 Q4

FY26/3

Q1 Q2

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.)

（+）Expand sales of new products

225,866 247,788 8,679 8,967

3.6%

3.8%



sales business （ー）Prolonged inventory adjustment at some customers

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

（+）Robust sales to medical and industrial equipment sectors

（+）Continued recovery trend in sales to air-conditioning

FY25/3

H1 Results

FY26/3

H1 Results

EMS

Business

equipment sector

（ー）Demand decrease at some customers of the automotive sector and office equipment

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

（million yen）

FY2025/3

FY2026/3

YoY

Net Sales

18,633

21,571

2,938

15.8%

Segment income

1,392

1,616

224

16.1%

Profit margin

7.5%

7.5%

+0.0pt

20,000

15,000

10,000

5,000

0

FY24/3

Q2 Q3 Q4

FY25/3

Q1 Q2 Q3 Q4

FY26/3

Q1 Q2

Net sales/Segment income

Main factors behind increase/decrease

（million yen）

Net Sales
Segment income

（+）Strong sales of PCs for educational institutions amid the season of high demand for newly enrolled students

18,633 1,392

7.5%

1,616

7.5%



21,571

Profit margin

PC sales business

Electrical and

（+）Recovery of sales of PCs for mass retailers due to expansion of product lines by a major PC supplier

（+）Strong sales of the comparatively high-margin security software products

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

（+）Strong performance of LED installation for major convenience store chain

telecommunication（+）Increased orders received for electric facility (electricity

FY25/3

H1 Results

FY26/3

H1 Resulets

equipment installation business

substations, solar panels) work

（ー）Increase in SG&A expenses due to bolstering of construction personnel as an advance investment

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