Musashi (7521) Q2 2026 earnings summary

Executive summary

• Consolidated net sales for the first half of FY2026 rose 20.2% year-over-year to ¥19,932 million, with operating income up 288.2% to ¥2,359 million and ordinary income up 21.7% to ¥2,389 million.

• Net income attributable to shareholders decreased 15.4% year-over-year to ¥1,273 million, impacted by a ¥213 million impairment loss at a consolidated subsidiary.

• All major business segments except printing systems and paper products saw solid or improved performance, with notable growth in election systems and financial equipment.

Financial highlights

• Segment sales: Information/Printing/Industrial Systems down 4.4%, Financial/General/Election Systems up 131.9%, Paper/Paper Processed Goods down 6.1%.

• Gross profit rose to ¥5,882 million from ¥4,078 million year-over-year.

• Operating profit margin improved significantly, especially in Financial/General/Election Systems (31.8%).

• Standalone results: Net sales up 25.2% year-over-year, operating income up 387.1%, net income up 264.5%.

• Total assets increased to ¥50,303 million, and net assets to ¥35,258 million, with an equity ratio of 70.1%.

Outlook and guidance

• Full-year consolidated sales forecast at ¥37,373 million, nearly flat year-over-year.

• Operating income expected to decrease 19.9% to ¥2,687 million, net income to fall 57.2% to ¥1,468 million.

• No changes to previously announced earnings or dividend forecasts.

• Election Systems segment expects record annual sales due to increased standardization demand.