Shimadzu (7701) investor relations material

Executive summary

• Achieved record-high Q3 sales of ¥142.4B (+7% YoY) and operating profit of ¥18.7B (+11% YoY), with both metrics increasing year-over-year for the quarter.

• Nine-month (Apr–Dec) sales reached ¥398.7B (+4% YoY) and operating income ¥50.2B (+7% YoY); profit attributable to owners of parent up 8.1% to ¥39.1B.

• Growth was driven by strong performance in Analytical & Measuring Instruments, Medical Systems, and Aircraft Equipment, offsetting a decline in Industrial Machinery.

Financial highlights

• Q3 operating margin improved to 13.1% (+0.5pt YoY); ordinary income up 4% YoY to ¥21.6B; net profit attributable to owners up 4% YoY to ¥15.5B.

• Gross profit for nine months increased to ¥179.3B; comprehensive income surged 38.9% YoY to ¥52.9B.

• Total assets as of Dec 31, 2025, were ¥690.6B, up ¥18.4B from March 2025; net assets increased to ¥531.5B, with an equity-to-asset ratio of 77.0%.

• CAPEX for Q3 was ¥5.0B, and R&D expenses were ¥7.0B; capital equipment investment for nine months was ¥16.9B.

Outlook and guidance

• Full-year sales forecast revised upward to ¥555.0B (+3% YoY) due to yen depreciation; operating profit guidance unchanged at ¥72.0B (+0.4% YoY) as higher M&A and R&D costs offset sales gains.

• Full-year profit attributable to owners of parent forecast at ¥54.0B.

• Segment guidance: AMI sales revised up, OP down; MED, IM, and AE sales and OP all revised up on FX and market recovery.

• Full-year FX assumptions: ¥150/USD, ¥174/EUR.

• The outlook remains cautious due to global economic uncertainties, including U.S. tariff policies and weak demand in China.