Fuji Electric (6504) Q4 2026 earnings summary

Executive summary

• Achieved record highs in net sales (¥1,227.6B), operating profit (¥136.6B), ordinary profit (¥139.3B), and profit attributable to owners of parent (¥98.0B) for FY2025, surpassing medium-term plan targets a year early.

• Growth was driven by strong performance in Energy and Industry segments, favorable foreign exchange, robust demand for FA and ED&C components, and productivity improvements.

• Business mix shifted, with Plant Systems/Energy increasing to 58% of net sales and generating 70% of profit in FY2025.

• FY2026/2027 projections indicate continued record highs for key financial metrics, aligned with medium-term targets.

• Growth supported by capital investment in power, manufacturing, and data centers, as well as supply chain resilience initiatives.

Financial highlights

• Net sales: ¥1,227.6B (+9.3% YoY); operating profit: ¥136.6B (+16.1% YoY); ordinary profit: ¥139.3B (+17.3% YoY); profit attributable to owners of parent: ¥98.0B (+6.3% YoY).

• Operating profit ratio improved from 8.6% in FY2023 to 13.3% in FY2025, reaching 11.1% for FY2025.

• Net sales, operating profit, and profit attributable to owners of parent have set new records annually since FY2020.

• Comprehensive income: ¥139.8B (+50.2% YoY); net assets: ¥842.9B; equity ratio: 56.9%.

• Free cash flow: ¥51.0B (down ¥30.6B YoY); cash and cash equivalents at year-end: ¥69.9B.

Outlook and guidance

• FY2027 forecast: Net sales ¥1,275.0B (+3.9% YoY), operating profit ¥142.5B (+4.3% YoY), ordinary profit ¥143.0B (+2.6% YoY), profit attributable to owners of parent ¥105.0B (+7.1% YoY), profit per share ¥712.36.

• FY2026/2027 targets project ROE at 12.8% and ROIC at 12.6%, maintaining alignment with medium-term goals.

• Continued focus on expanding production capacity in Energy and R&D investment in Semiconductors.

• Management aims to finish the current plan strongly and prepare for a new medium-term plan starting FY2027.

• Interim dividend for FY2027 set at ¥107 per share; year-end dividend yet to be determined.