Maxell (6810) Q2 2026 earnings summary

Executive summary

• H1 FY2026 net sales rose 2.4% YoY to ¥64,659 million; operating profit increased 21.0% to ¥5,055 million and profit attributable to owners of parent rose 37.2% to ¥4,234 million.

• Results exceeded plan, supported by primary batteries and licensing revenue recognized earlier than expected; full-year forecasts were maintained.

Financial highlights

• Gross profit was ¥16,901 million versus ¥16,095 million YoY; SG&A declined to ¥11,846 million from ¥11,918 million.

• Ordinary profit rose 32.1% to ¥5,107 million; profit before income taxes was ¥4,899 million versus ¥3,710 million.

• Sales growth and licensing revenue outweighed higher fixed costs and yen appreciation; lower raw-material costs and foreign-exchange-linked price changes also affected results.

Outlook and guidance

• FY2026 forecast remains net sales of ¥136,500 million, operating profit of ¥10,000 million, profit attributable to owners of parent of ¥7,000 million, and EPS of ¥162.29; H1 progress was 47% for sales and 51% for operating profit.

• Primary-battery performance is expected to remain steady; semiconductor-related recovery is delayed, with tapes expected to recover in H2 and full-scale semiconductor DMS recovery expected in FY2026 or later.

• Forecasts factor in U.S. tariff measures and potential global-market slowdown; FY2026 segment forecasts are Energy ¥40,300 million sales/¥1,800 million operating profit, Functional Materials ¥34,300 million/¥1,900 million, Optics & Systems ¥42,300 million/¥5,000 million, and Value Co-Creation Businesses ¥19,600 million/¥1,300 million.