Panasonic (6752) Q2 2027 earnings summary

Executive summary

• Q2 profit reached a record second-quarter high across all segments, supported by AI infrastructure demand, sales growth, restructuring benefits, rationalization and pricing actions.

• Stronger-than-expected AI and data-center demand prompted another FY2027 outlook increase; the FY2029 AOP target is expected to be reached two years early.

Financial highlights

• Q2 sales rose 8% YoY to ¥2,073.6bn; adjusted operating profit was ¥213.2bn, 236% YoY, and operating profit was ¥180.7bn, 231% YoY.

• Q2 attributable net profit was ¥141.8bn, 200% YoY; EBITDA was ¥283.9bn, 156% YoY.

• H1 sales were ¥4,092.5bn, up 7.1% YoY; operating profit was ¥363.2bn, up 120.1%, and attributable net profit was ¥277.0bn, up 94.5%.

• H1 operating cash flow was ¥323.1bn, investing cash outflow ¥239.7bn and financing cash outflow ¥87.6bn; period-end cash was ¥761.5bn.

Outlook and guidance

• FY2027 sales forecast rose ¥600bn to ¥8,400bn; adjusted operating profit increased ¥130bn to ¥780bn and operating profit rose ¥120bn to ¥710bn.

• FY2027 attributable net profit forecast rose ¥90bn to ¥540bn; EPS is ¥231.26, ROE 10.0% and EBITDA ¥1,140bn.

• FY2029 AI-infrastructure-related sales target rose to ¥1.6tn, including ¥1.0tn from Energy and ¥600bn from Industry; the over-¥750bn AOP goal is targeted two years early.

• Q2 AI-related Industry sales were ¥88.6bn, 1.6x YoY; the FY2027 forecast rose ¥50bn to ¥360bn.

• Annual dividend forecast is ¥70 per share, up ¥30 YoY; forecast payout ratio is 30.3%.