Ushio (6925) Q2 2027 earnings summary

Executive summary

• H1 FY2027 net sales rose 27.2% YoY to ¥103,538 million; operating profit increased 143.8% to ¥9,788 million, and parent-attributable profit reached ¥5,367 million.

• Generative-AI-related demand, the acquired ams-OSRAM light-source business, improved product mix and structural reforms supported growth.

Financial highlights

• Gross profit was ¥39,990 million vs. ¥29,627 million; SG&A was ¥30,201 million vs. ¥25,612 million.

• Ordinary profit increased 92.2% to ¥9,674 million; basic EPS was ¥67.59 vs. ¥2.77.

• Comprehensive income rose to ¥28,259 million from ¥4,439 million, including ¥24,767 million in valuation gains on available-for-sale securities.

Outlook and guidance

• FY2027 guidance: net sales ¥220,000 million, operating profit ¥18,000 million, ordinary profit ¥18,000 million and parent-attributable profit ¥12,000 million; forecasts were revised Nov. 6.

• Forecast YoY growth is 22.8% for sales, 50.5% for operating profit, 34.9% for ordinary profit and 50.1% for parent-attributable profit; EPS forecast is ¥151.16.

• Annual dividend forecast remains ¥70 per share.

• H2 lithography sales are expected to increase, but Q4-concentrated orders may slip into the next period; EUV revenue is expected to decline as the business winds down.

• Forecasts assume USD/JPY 155 and EUR/JPY 180 for the full year; Q3 onward assumptions are ¥150/$ and ¥175/€.