Panasonic (6752) Q4 2026 earnings summary

Executive summary

• FY3/26 sales declined 5% YoY to ¥8,048.7B, mainly due to deconsolidation of Automotive and Housing, despite growth in Connect, Electric Works, Energy, and Industry segments.

• Adjusted operating profit and net profit fell, impacted by one-time restructuring expenses, inflation, and strategic investments.

• Major organizational restructuring included the dissolution of Panasonic Corporation and establishment of three new operating companies.

• FY3/27 is forecasted to have lower sales (mainly from deconsolidation and FX), but higher profits across all segments, with real-term sales growth expected.

• Share transfer of Panasonic Housing Solutions Co., Ltd. to YKK Corporation completed, resulting in deconsolidation.

Financial highlights

• FY3/26 sales: ¥8,048.7B (down 5% YoY); adjusted operating profit: ¥447.4B (down 4% YoY); net profit: ¥189.5B (down 48% YoY); EPS: ¥81.19.

• EBITDA for FY3/26: ¥658.1B (8.2% of sales); ROE: 3.8%; operating profit margin: 2.9%.

• FY3/27 forecast: sales ¥7,600.0B (down 6% YoY), adjusted operating profit ¥600.0B (+34% YoY), net profit ¥420.0B (+122% YoY), EPS ¥179.89, ROE 8.0%.

• Annual dividend for FY3/26 set at ¥40/share, forecasted to rise to ¥54/share in FY3/27.

• Free cash flow was positive at ¥16.9B, an improvement of ¥80.7B YoY.

Outlook and guidance

• FY3/27 expects profit growth in all segments, driven by higher sales in AI infrastructure, restructuring effects, and the absence of one-time expenses.

• Negative impacts of ¥30B from Middle East instability and memory price hikes are factored into forecasts.

• Real-term sales growth anticipated in all segments, despite headline sales decline due to deconsolidation and FX.

• Dividend payout ratio target remains at approximately 30% of consolidated net profit.

• Forward-looking statements are subject to significant uncertainties and actual results may differ materially.