Rigaku (268A) Q2 2026 earnings summary

Executive summary

• Revenue for 1H FY26 was ¥39.565bn, down 2.9% YoY, with operating profit at ¥2.579bn, down 54.9% YoY, and net profit at ¥1.628bn, down 56.9% YoY.

• 2Q FY26 revenue grew 7.4% YoY to ¥21.6bn, with orders up over 50% YoY, driven by strong semiconductor process control instruments performance.

• Multipurpose Analytical Instruments saw a slower recovery, with 2Q revenue down 6.1% YoY and 1H revenue down 17.1% YoY.

• Strategic investments continued, impacting operating profit, but are expected to support margin recovery as volumes and prices rise in 2H.

• The company exceeded expectations in the semiconductor segment and anticipates significant order growth in the near term.

Financial highlights

• 2Q FY26 revenue: ¥21.6bn (+7.4% YoY); gross profit: ¥11.9bn (+7.0% YoY); operating profit: ¥1.9bn (-32.4% YoY); net profit: ¥1.2bn (-30.2% YoY); EBITDA: ¥3.3bn (-18.4% YoY).

• 1H FY26 revenue: ¥39.565bn (-2.9% YoY); gross profit: ¥21.671bn (-4.6% YoY); operating profit: ¥2.579bn (-54.9% YoY); net profit: ¥1.628bn (-56.9% YoY); EBITDA: ¥5.3bn (-33.9% YoY).

• Basic earnings per share for 1H FY26 was ¥7.20, compared to ¥16.71 in the prior year.

• Interim dividend of ¥9.50 per share resolved.

• Total assets increased to ¥187.646bn, and total equity rose to ¥89.193bn as of June 30, 2026.

Outlook and guidance

• FY26 revenue forecast unchanged at ¥101.0bn (+7.2% YoY); operating profit forecast at ¥19.4bn (+16.1% YoY); net profit forecast at ¥12.5bn (+9.6% YoY).

• Basic earnings per share for the full year is forecast at ¥55.27.

• Dividend forecast for 2026 is ¥19.00 per share, up from ¥18.80 in 2025.

• Multipurpose Analytical Instruments expected to grow 4%, while Semiconductor Process Control Instruments are forecast to grow 21% for the year.

• Gross margin improvement is a key 2H priority; limited impact expected from Middle East tensions.