Maruwa Co. (5344) Q2 2026 earnings summary

Executive summary

• Net sales for FY2025 1H were ¥33,115 million, down 4.9% year-over-year; operating profit fell 15.2% to ¥10,843 million; net profit decreased 13.9% to ¥7,413 million.

• Market conditions were mixed: telecommunication and high-tech segments remained strong, while automobile and semiconductor segments were weaker but are expected to recover in 3Q.

• Full-year outlook anticipates a recovery in automobile and semiconductor segments and accelerated growth in telecommunication, targeting record-high results in 4Q.

Financial highlights

• Operating profit margin for FY2025 1H was 32.7%, down from 36.7% in the previous year.

• Ordinary profit for FY2025 1H was ¥11,123 million, down 7.4% year-over-year.

• Gross profit for the first half was ¥17,088 million, down from ¥18,720 million year-over-year.

• Comprehensive income for the period was ¥8,090 million, down 12.8% year-over-year.

• Basic earnings per share for the period was ¥600.78, compared to ¥684.12 in the prior year.

Outlook and guidance

• Full-year FY2025 net sales forecast is ¥75,100 million (+4.5% YoY); operating profit forecast is ¥27,000 million (+0.3% YoY).

• Annual dividend planned at ¥102 per share, an increase of ¥8 from the previous year, marking 13 consecutive years of increases.

• Medium-term plan targets ¥100 billion in net sales by fiscal year ending March 2029.

• Assumed exchange rate for the year is 144 yen per U.S. dollar.

• 2H growth expected to accelerate, with both revenue and profit increases anticipated.