GS Yuasa (6674) Q2 2026 earnings summary

Executive summary

• Net sales rose to ¥272,151 million for the six months ended September 30, 2025, up 2.9% year-over-year, with growth in industrial batteries, power supplies, and automotive lithium-ion batteries.

• Operating profit increased 19.1% to ¥18,722 million, and profit attributable to owners of parent grew 11.2% to ¥10,465 million, aided by gains on asset sales despite higher income taxes.

• Comprehensive income surged 57.4% year-over-year to ¥16,569 million.

• Net sales for FY2025 Q2 were ¥140.3 billion, up 2.4% year-over-year and 6.4% sequentially.

• Profit attributable to owners fell 14.9% year-over-year to ¥3.9 billion in Q2, with margin declining to 2.8%.

Financial highlights

• Gross profit improved to ¥64,081 million from ¥60,041 million year-over-year.

• Basic earnings per share increased to ¥104.33 from ¥93.81 year-over-year.

• Cash and cash equivalents at period end decreased 37.4% to ¥35,495 million.

• Net cash provided by operating activities was ¥14,564 million, up from ¥5,052 million a year earlier.

• Depreciation (excluding goodwill) was ¥6.2 billion, up ¥0.5 billion year-over-year.

Outlook and guidance

• Full-year net sales forecast is ¥600,000 million, up 3.4% year-over-year.

• Operating profit is projected at ¥51,000 million (+1.9%), and profit attributable to owners of parent at ¥33,000 million (+8.5%).

• Domestic automotive production recovered from prior plant shutdowns.

• Infrastructure demand remains steady, with renewable energy demand growing.

• No revisions have been made to the previously announced earnings or dividend forecasts.