Buffalo (6676) Q2 2026 earnings summary

Executive summary

• H1 net sales were ¥60,102m, down 18.7% YoY; on an IT-only comparable basis, revenue rose 15.5%, while operating profit increased 84.4% to ¥5,548m and profit attributable to owners of parent rose 137.6% to ¥4,616m.

• The Shimadaya spin-off ended the food business’s contribution after H1 FY Mar 2025; stronger IT-related earnings prompted an upward revision to full-year forecasts.

• Comprehensive income rose 169.1% YoY to ¥4,913m.

Financial highlights

• H1 ordinary profit was ¥5,643m, up from ¥3,203m; gross profit was ¥17,708m, down from ¥19,010m.

• Basic earnings per share for H1 were ¥347.12, up from ¥120.83 YoY.

• Excluding the food business from both periods, H1 operating profit rose 1,361.3% to ¥5.5bn, ordinary profit rose 1,117.3% to ¥5.6bn, and net income was ¥4.6bn versus ¥0.02bn.

• PC peripheral operating profit improved to ¥3.1bn from a ¥0.7bn loss, supported by prior price increases, favorable FX versus assumptions and product-cost reductions.

Outlook and guidance

• FY Mar 2026 forecasts were raised to revenue ¥112bn from ¥106bn, operating profit ¥7.7bn from ¥4.5bn, ordinary profit ¥8.3bn from ¥4.5bn and net income ¥6.5bn from ¥3.2bn.

• Full-year forecasts imply YoY changes of -21.8% in sales, -13.5% in operating profit, -8.1% in ordinary profit and +8.2% in profit attributable to owners of parent.

• H1 progress against revised forecasts was 53.7% for revenue, 72.1% for operating profit, 68.0% for ordinary profit and 71.0% for net income.

• FY EPS is forecast at ¥511.96; H1 average FX was ¥145.42/$ and the H2 planning rate is ¥155/$, with exchange reservations used to mitigate sharp fluctuations and no long-term forward contracts.