TDK (6762) Q2 2027 earnings summary

Executive summary

• H1 FY27 net sales reached a first-half record of ¥1,560,579m, up 31.9% YoY; operating profit rose 41.0% to ¥208,156m and net profit attributable to owners rose 58.4% to ¥176,421m.

• AI data-center demand and yen depreciation supported growth despite lower-than-expected ICT-device production.

• FY27 sales, profit and dividend forecasts were raised following H1 results above the April 2026 outlook; AI ecosystem growth is ahead of initial expectations.

Financial highlights

• H1 profit before tax was ¥213,082m; basic EPS was ¥92.94 versus ¥58.70 a year earlier.

• H1 operating margin was 13.3%, versus 12.5% a year earlier; gross margin was 31.4%, versus 32.5%.

• Q2 net sales rose 26.6% YoY to ¥819,574m; operating profit increased 33.6% to ¥121,846m, with a 14.9% margin.

• H1 operating-profit increase of ¥60.5bn included ¥50.7bn from sales changes and ¥19.9bn from restructuring benefits, partly offset by ¥24.3bn from lower prior-year one-time gains and expenses.

Outlook and guidance

• FY27 forecast: net sales ¥3,050bn, operating profit ¥365bn, profit before tax ¥370bn and net profit attributable to owners ¥280bn.

• FY27 forecast operating margin is 12.0%, ROIC 9.7% and EPS ¥147.50; annual dividend forecast increased to ¥50 per share from ¥40.

• Q3 sales outlook versus Q2: Passive Components +1% to +4%; Sensor Application Products -10% to -7%; Magnetic Application Products -3% to 0%; Energy Application Products -7% to -4%.

• FY27 forecast assumes USD/JPY 157 and EUR/JPY 182; Q3 onward projections use ¥155/$ and ¥180/€.