FUJIFILM (4901) Q2 2027 earnings summary

Executive summary

• Q2 FY2027 revenue, operating income and net income attributable to shareholders reached second-quarter records; growth was led by Healthcare endoscopes, Electronics and Imaging, with favorable FX.

• H1 revenue rose 8.8% to ¥1,711.5bn, while operating income fell 10.9% to ¥141.2bn and attributable net income fell 12.5% to ¥105.2bn, pressured by Bio CDMO fixed costs, Business Innovation costs and raw-material prices.

Financial highlights

• Q2 revenue was ¥885.0bn (+7.6% YoY), operating income ¥90.0bn (+8.2%), income before taxes ¥90.2bn (+0.3%) and attributable net income ¥67.8bn (+2.0%); EPS was ¥56.70 versus ¥55.15.

• H1 gross profit was ¥691.5bn (+7.2%); income before taxes was ¥142.3bn (-12.1%) and EPS was ¥87.94 versus ¥99.79.

• H1 operating income included U.S. tariff refunds of ¥6.0bn net of customer returns and other offsets; Q2 included ¥5.0bn on the same basis.

• H1 overseas revenue rose 15.2% to ¥1,178.2bn, or 68.8% of total; Japan revenue declined 3.0% to ¥533.4bn.

Outlook and guidance

• FY2027 revenue forecast increased 0.8% to a record ¥3,590bn, reflecting Medical Systems and Semiconductor Materials; operating income remains ¥365bn.

• FY2027 income before taxes is forecast at ¥375bn, attributable net income at ¥280bn and EPS at ¥234.10; ROE is 7.8% and ROIC 5.6%.

• Revised segment revenue forecasts: Healthcare ¥1,190.0bn, Electronics ¥535.0bn, Business Innovation ¥1,185.0bn and Imaging ¥680.0bn.

• Electronics profit growth is expected to be offset partly by lower Business Innovation gross profit; rising semiconductor-memory and IT-component prices are forecast to reduce results by ¥25.0bn, with pricing and alternative sourcing as mitigations.

• Assumed exchange rates are ¥157/US$ and ¥180/€; forecasts may differ materially from actual results.