Anritsu (6754) Q2 2026 earnings summary

Executive summary

• Revenue for FY2025 2Q declined 3% year-over-year to ¥51.7 billion, while operating profit rose 41% to ¥5.0 billion and net profit increased 70% to ¥3.8 billion.

• Orders grew 2.9% year-over-year to ¥55,030 million, with notable strength in T&M and PQA segments.

• Comprehensive income surged to ¥4.5 billion from ¥0.3 billion year-over-year.

• Market recovery in smartphones, 5G, IoT, and data center infrastructure supported business, but US tariff policies impacted some segments.

Financial highlights

• Operating margin improved, with 2Q margins: T&M 16.3%, PQA 11.5%, Environmental Measurement 14.2%.

• Free cash flow for FY2025 2Q was ¥7.1 billion, with cash at period end at ¥54.6 billion.

• Profit before tax: ¥5,356 million (up 58.4% year-over-year).

• Basic earnings per share: ¥29.74 (up from ¥16.98 year-over-year).

Outlook and guidance

• Full-year FY2025 guidance remains unchanged: revenue forecast at ¥123.0 billion (+9% YoY), operating profit at ¥15.0 billion (+24% YoY), and net profit at ¥11.0 billion (+19% YoY).

• Annual dividend forecast: ¥40 per share.

• T&M segment expected to drive profit growth, with a 43% YoY increase in operating profit forecast.