Maxell (6810) Q1 2026 earnings summary

Executive summary

• Q1 FY2026 net sales fell 3.6% YoY to ¥30,270m and operating profit fell 15.1% to ¥1,984m; primary batteries and industrial materials grew while several businesses weakened.

• Results were generally in line with plan despite yen strength and softer rechargeable battery, semiconductor-related, and health and beauty care sales.

Financial highlights

• Ordinary profit was ¥2,016m (-33.4% YoY) and profit attributable to owners of parent was ¥1,593m (-27.8%); foreign-exchange gains and losses affected profit comparisons.

• Gross profit was ¥7,715m versus ¥8,057m; SG&A expenses were ¥5,731m versus ¥5,721m.

• Comprehensive income was ¥1,369m, down 72.0% YoY; EPS was ¥36.94 versus ¥48.34.

Outlook and guidance

• FY2026 forecast remains unchanged: sales ¥136,500m, operating profit ¥10,000m, parent-attributable profit ¥7,000m and EPS ¥162.32; Q1 achieved 22% and 20% of sales and operating-profit forecasts.

• Semiconductor-related product recovery is expected from Q3 or later; semiconductor DMS is expected to recover fully from 2H, though delays remain possible.

• Semiconductor-process tape sales slowed temporarily in 1H, with recovery expected in 2H; coated separator sales are expected to expand further, particularly in HEV applications.

• U.S.-affected sales are forecast at 15%; responses include passing additional tariff effects into selling prices and shifting some production from China to Japan.

• FY segment sales forecasts: Energy ¥40,300m, Functional Materials ¥34,300m, Optics & Systems ¥42,300m and Value Co-Creation Businesses ¥19,600m.