YASKAWA Electric (6506) Q2 2026 earnings summary

Executive summary

• Revenue for FY2025 1H was nearly flat year-over-year at ¥260.2bn (-0.5%), exceeding expectations due to effective conversion of new orders into revenue, with operating profit up 1.8% and profit attributable to owners of parent up 2.2%.

• Comprehensive income surged 133.8% year-over-year, driven by improved exchange differences and fair value gains.

• Orders in 2Q grew 6% YoY and 5% QoQ, mainly from System Engineering.

• Upward revision to full-year forecasts reflects stronger-than-expected first-half results and resilient demand in key markets.

Financial highlights

• Operating profit for the first half rose to ¥23.3bn (+1.8% YoY), profit before tax increased to ¥25.2bn (+3.2% YoY), and profit attributable to owners was ¥18.2bn (+2.2% YoY).

• Basic earnings per share for the half-year was ¥70.36, up from ¥68.29 a year earlier.

• Total assets increased to ¥765.9bn as of August 31, 2025, with equity attributable to owners at ¥447.0bn.

• Net cash provided by operating activities was ¥15.8bn, down from ¥23.1bn in the prior year.

• Revenue increased in Japan, China, and other Asian countries, but declined in the Americas and Europe.

Outlook and guidance

• Full-year revenue forecast revised upward to ¥525.0bn (from ¥515.0bn), with operating profit expected at ¥48.0bn (+11.6% vs. previous forecast).

• Full-year profit before tax expected at ¥50.5bn, profit attributable to owners at ¥37.0bn, both down over 35% YoY due to high prior-year base.

• Annual dividend forecast maintained at ¥68 per share.

• Uncertainty remains due to U.S. tariff policies and geopolitical risks.