Hamamatsu Photonics (6965) investor relations material

Executive summary

• First half FY2026 sales rose 5.4% year-over-year to ¥112.4 billion, driven by demand in semiconductor and industrial equipment fields.

• Operating profit declined 7.0% to ¥10.0 billion, while ordinary profit increased 2.9% to ¥12.5 billion year-over-year.

• Net profit attributable to owners of parent fell 7.2% to ¥9.2 billion.

• Comprehensive income surged 53.4% year-over-year to ¥19.3 billion, reflecting strong foreign currency translation gains.

• Q2 saw both sales and operating profit increase year-over-year and sequentially, driven by strong industrial demand and recovery in medical-bio.

Financial highlights

• Gross profit for 1H FY2026 was ¥54.2 billion (48.2% margin), up from ¥52.6 billion (49.3%) in 1H FY2025.

• EBITDA for 1H FY2026 was ¥21.0 billion, down 1.7% year-over-year.

• Net profit for 1H FY2026 was ¥9.2 billion, down 7.2% year-over-year.

• Total assets rose to ¥486.2 billion, up ¥31.2 billion from the previous fiscal year-end.

• Cash and cash equivalents increased by ¥13.9 billion to ¥99.96 billion at period-end.

Outlook and guidance

• Full-year sales forecast raised to ¥232.0 billion (+9.4% year-over-year), operating profit to ¥20.0 billion (+23.7%), and net profit to ¥16.4 billion (+15.5%).

• Ordinary profit forecast for FY2026 is ¥23.5 billion (+25.0%).

• Earnings per share for the full year projected at ¥56.33.

• Assumes continued strong investment in generative AI and robust industrial orders, offsetting geopolitical and logistics risks.

• Higher R&D and SG&A expenses expected in the second half.