JVCKENWOOD (6632) Q1 2026 earnings summary

Executive summary

• Q1 revenue declined 8.6% year-over-year to ¥80.2 billion, mainly due to U.S. tariffs and component shortages, but results were in line with expectations.

• Core operating income dropped 48.9% year-over-year to ¥3.1 billion, reflecting lower sales and ongoing cost pressures.

• Profit attributable to owners fell 37.4% year-over-year to ¥3.4 billion.

• Production in the Communications Systems Business normalized in the latter half of the quarter.

• M&T improved core operating income from price pass-through in the Aftermarket Business despite lower sales.

Financial highlights

• Q1 revenue was ¥80.2 billion, down 8.6% year-over-year; core operating income was ¥3.1 billion, down 48.9%.

• Operating profit fell 27.7% to ¥4.4 billion; profit attributable to owners was ¥3.4 billion, down 37.4%.

• EBITDA for Q1 was ¥9.4 billion, a 19.1% decrease year-over-year.

• Basic earnings per share was ¥23.38, down from ¥36.50 in the prior year.

• Total assets as of June 30, 2025, were ¥306.3 billion, down ¥7.0 billion from March 31, 2025.

Outlook and guidance

• No revision to the full-year forecast; Q1 progress was in line with initial expectations despite headwinds.

• Full-year revenue forecast is ¥358.0 billion, with core operating income of ¥20.0 billion and profit attributable to owners at ¥14.0 billion.

• Production and sales in the Communications Systems Business expected to recover from Q2 as supply shortages ease, but U.S. tariff impact remains uncertain.

• No revisions to previously announced earnings or dividend forecasts.