NS Solutions (2327) Q2 2027 earnings summary

Executive summary

• Record first-half revenue, operating profit and parent-attributable profit, supported by robust demand and stronger gross margin.

• Full-year operating profit forecast raised ¥0.5bn to ¥49.0bn; annual dividend outlook increased ¥4 to ¥89 per share from ¥85.

Financial highlights

• First-half revenue ¥198,978m, up 11.6% YoY; gross profit ¥53,873m, up from ¥46,132m; gross margin 27.1%, up 1.2pt.

• Operating profit ¥23,209m, up 27.0%; operating margin 11.7%, up 1.4pt; profit before tax ¥23,728m, up 25.9%.

• Profit attributable to owners of parent rose 23.7% to ¥14,857m; basic EPS was ¥81.19.

• Operating cash flow was ¥31,235m; cash and cash equivalents were ¥127,368m at September 30, 2026.

Outlook and guidance

• Full-year revenue forecast ¥419,000m (+9.9%); operating profit ¥49,000m (+10.8%), raised ¥500m from the July forecast.

• Forecast parent-attributable profit ¥32,400m, basic EPS ¥177.06; annual dividend forecast ¥89 per share and payout ratio 50.3%.

• Second-half outlook: revenue ¥220.0bn, gross profit ¥59.1bn and operating profit ¥25.8bn; earnings are typically weighted to the second half.

• FY2027 MTP targets: revenue ¥450.0bn, operating profit ¥60.0bn, operating margin 13%, ROE ~13% and TAM revenue mix ~75%.