Kaga Electronics Co., Ltd. TSE:8154
Kaga Electronics : Financial Results for the FY2026/3 H1 Director, Senior Executive Officer, Head of Administration Headquarters Yasuhiro Ishihara
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
Consolidated Financial Results Director Senior Executive Officer Head of Administration Headquarters Yasuhiro Ishihara
(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）
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）
（+）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