Meidensha (6508) Q2 2026 earnings summary

Executive summary

• Net sales for the six months ended September 30, 2025, rose 9.2% year-over-year to ¥131,142 million, with operating income up 46.3% to ¥2,792 million and ordinary income up 82.1% to ¥3,174 million.

• Net income attributable to owners of the parent decreased 3.2% year-over-year to ¥2,026 million, while comprehensive income surged to ¥7,866 million from a loss in the prior year.

• Net sales and operating income reached record highs in 1H FY2025, with operating profit achieved for the second consecutive year.

• Demand for heavy electrical products and systems remained steady, supported by infrastructure and renewable energy investments.

• Operating income and net sales improved year-over-year, while orders declined compared to the same period last year.

Financial highlights

• Net sales increased by ¥11.0 billion year-over-year to ¥131.1 billion.

• Operating income rose by ¥0.8 billion year-over-year to ¥2.7 billion.

• Net income attributable to owners of the parent was ¥2.0 billion, down ¥68 million year-over-year.

• Total assets as of September 30, 2025, were ¥328,991 million, down ¥12,355 million from March 31, 2025.

• Equity ratio improved to 43.3% from 40.7% at the previous fiscal year-end.

Outlook and guidance

• Full-year operating income forecast revised upward to ¥22.5 billion, up ¥2.5 billion from initial projection.

• Full-year net sales forecast revised down to ¥330,000 million due to weaker demand in EV and Electronics Products.

• Net income attributable to owners of the parent for the full year is forecast at ¥16,500 million, with basic net income per share projected at ¥363.72.

• Stronger performance expected in Power T&D and Field Service Engineering segments.

• Assumed exchange rate revised from $1=¥140 to $1=¥145.