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Kokusai Electric (6525) investor relations material
Kokusai Electric Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q1 FY2026 revenue and profit declined year-over-year and sequentially, mainly due to normalized equipment shipments to China after a prior period spike, but results were in line with internal plans and advanced device equipment sales remained strong.
The semiconductor device market saw robust capital investment in high-performance Logic and DRAM for generative AI, with NAND investment resuming, while demand for consumer, automotive, and industrial equipment remained sluggish.
Basic earnings per share for Q1 FY2026 declined to ¥29.08 from ¥56.76 year-over-year.
No change to the full-year earnings forecast; revenue growth is anticipated in the second half, especially in equipment sales.
Financial highlights
Q1 FY2026 revenue was ¥51,789 million, down 20.6% year-over-year; gross profit margin was 42.9%, down 2.1 points year-over-year but up 0.3 points from the previous full year.
Adjusted operating profit fell 43.8% year-over-year to ¥10,902 million; adjusted net income dropped 47% to ¥7,598 million.
Equipment sales dropped 28% and service sales declined 6% year-over-year; NAND sales surged 116%, DRAM sales fell 73%, and logic/foundry dropped 8%.
R&D expenses for Q1 were JPY 3.9 billion (7.4% of sales), up 15% year-over-year; capital expenditures for Q1 were JPY 2.3 billion, down 79.5% year-over-year.
Net cash provided by operating activities was ¥4,923 million, up from ¥4,073 million year-over-year.
Outlook and guidance
Full-year FY2026 revenue forecast is ¥244,000 million, up 2.1% year-over-year; adjusted operating profit expected to decrease 4.4% year-over-year due to higher SG&A from upfront investments.
Gross profit margin forecasted at 42.8% (+0.2 points year-over-year); adjusted net income projected at ¥40,100 million (-5.2% year-over-year).
Sales and profit are expected to be second-half weighted; shipment forecast accuracy for H2 will improve by end of H1.
NAND revenue forecast to grow 2.8x year-over-year, DRAM to fall 35% year-over-year, logic/foundry to decline slightly; SiC/GaN power devices to grow 50% year-over-year.
Dividend forecast for FY2026 is ¥37.00 per share, unchanged from previous guidance.
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