FUJIFILM (4901) Q2 2025 earnings summary

Executive summary

• Q2 FY2024 revenue reached a record ¥765.7 billion, up 5.2% year-over-year, driven by strong Electronics and Imaging sales and favorable exchange rates.

• H1 FY2024 revenue rose 9.1% to ¥1,514.7 billion, with growth in medical systems, semiconductor materials, and imaging.

• Operating income hit a record ¥73.4 billion in Q2 and ¥135.6 billion for H1, up 0.1% and 8.0% year-over-year, respectively.

• Net income attributable to FUJIFILM Holdings fell 16.2% in Q2 to ¥49.6 billion and 2.9% in H1 to ¥110.3 billion, mainly due to higher non-operating expenses and lower securities gains.

• Overseas revenue accounted for 66.7% of H1 revenue, with notable growth in Asia and Europe.

Financial highlights

• Q2 FY2024 EPS was ¥41.17, down from ¥49.14 in Q2 FY2023; H1 EPS was ¥91.61, reflecting a 3-for-1 stock split.

• Gross margin for Q2 was 6.5%, and for H1 was 41.0%; operating margin was 9.6% in Q2 and 9.0% in H1.

• Adjusted free cash flow for H1 FY2024 was negative ¥70.2 billion, reflecting increased capital expenditures and business investments.

• Total assets increased to ¥4,894.0 billion, with an equity ratio of 64.5%.

Outlook and guidance

• Full-year FY2024 guidance maintained: revenue ¥3,150.0 billion, operating income ¥315.0 billion, net income ¥250.0 billion.

• Guidance reflects increased non-operating expenses, including FX and investment security valuation losses.

• Projected full-year EPS is ¥207.50; ROE and ROIC are forecast at 7.8% and 5.4%, respectively.

• Annual dividend planned at ¥60 per share, marking 15 consecutive years of increases and reflecting the stock split.

• Segment forecasts: Electronics and Imaging revised upward, Business Innovation revised downward due to OEM inventory adjustments.