Yamaura (1780) Q2 2027 earnings summary

Executive summary

• H1 FY2027 orders received rose 6.4% YoY to ¥18,214m; net sales fell 4.8% to ¥18,230m, operating profit fell 4.2% to ¥1,951m, and parent net income fell 8.6% to ¥1,436m.

• Results exceeded initial expectations; construction efficiency and cost controls lifted gross profit despite lower sales and inflationary pressure.

• Comprehensive income was ¥1,621m, down 8.8% YoY.

Financial highlights

• Gross profit rose to ¥3,436m from ¥3,419m; SG&A increased to ¥1,485m from ¥1,382m, and gross margin improved 1.0 percentage point YoY.

• Ordinary profit fell 9.4% YoY to ¥2,099m; profit before income taxes was ¥2,094m versus ¥2,317m.

• Operating cash flow was ¥5,341m provided, versus ¥2,762m used a year earlier; investing cash flow was ¥1,356m used.

Outlook and guidance

• FY2027 forecasts were raised to net sales of ¥42,800m (+5.6%), operating profit of ¥4,400m (+3.3%), ordinary profit of ¥4,600m (+0.7%), and parent net income of ¥3,000m (-5.2%).

• Net sales and operating profit are forecast to exceed FY2026 records; net income is expected to be slightly below the prior year, while the FY2027 mid-term plan sales target of ¥41,300m is expected to be exceeded one year early.

• Forecast EPS is ¥158.50; full-year dividend forecast is ¥36 per share, including ¥17 at the second-quarter end and ¥19 at year-end.

• Full-year earnings forecasts were revised from the May 13, 2026 announcement; further revisions may follow if business trends warrant.