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Mitsubishi Electric (6503) investor relations material

Mitsubishi Electric Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary31 Oct, 2025

Executive summary

  • H1 FY26 revenue reached ¥2,732.5 billion, up ¥88.9 billion year-over-year, and operating profit was ¥224.33 billion, both record highs, driven by strong Infrastructure sales, improved pricing, and a one-time gain from a subsidiary share transfer.

  • Despite a stronger yen, profitability improved due to higher sales, cost reductions, and efficiency improvements.

  • Net profit attributable to stockholders rose 60% year-over-year to ¥189.4 billion.

  • Interim dividend increased to ¥25 per share (+¥5 YoY), with a planned annual dividend of ¥55 and a year-end forecast of ¥30 per share.

  • Gains from transfer of subsidiary shares contributed to profit growth.

Financial highlights

  • Operating profit margin improved by 1.5 percentage points to 8.2%, and net profit margin rose to 7.4% year-over-year.

  • Cost of sales ratio improved to 68.3%, a 1.0 point improvement year-over-year.

  • Free cash flow for H1 FY26 was ¥297.9 billion, nearly doubling year-over-year, supported by higher operating cash flow and asset sales.

  • Cash and cash equivalents at period end: ¥862.8 billion (+¥108.3 billion YoY).

  • SG&A expenses rose by ¥27.1 billion due to higher personnel and R&D costs.

Outlook and guidance

  • Full-year FY26 revenue forecast raised to ¥5,670.0 billion (up ¥270.0 billion from previous), with operating profit guidance unchanged at ¥430.0 billion.

  • Net profit attributable to stockholders forecast at ¥370.0 billion (+¥30.0 billion from previous).

  • Segment forecasts revised upward for Infrastructure, Industry and Mobility, and Semiconductors & Devices due to higher volumes and favorable FX.

Why is full-year corporate OP loss doubling?
What caused the sharp drop in financial expenses?
Explain H1 FX revenue impact vs. full-year forecast.
How do retirement costs impact full-year OP?
Life segment: Why profit down despite revenue up?
How did FX impact H1 vs. full-year outlook?
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Frequently asked questions

Mitsubishi Electric Corporation develops, manufactures, distributes, and sells electrical and electronic equipment worldwide. It operates through three segments: Automation Systems, Industrial Equipment & Machinery, and Smart Community Residential Solutions. The company offers communications equipment, industrial robots, solar panels, electric vehicles, elevators and escalators, air conditioners, building automation systems, satellite navigation systems, printing machines, power generation plants and equipment, and compressors.

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