Rigaku (268A) Q1 2026 earnings summary

Executive summary

• 1Q FY26 results exceeded expectations, driven by strong semiconductor process control instruments performance and a steady order pipeline (+11% YoY), despite a transitional quarter and ongoing U.S. policy impacts.

• Revenue for Q1 2026 was ¥17,933 million, down 13.0% year-over-year, with operating profit at ¥630 million, down 77.8% year-over-year, and profit attributable to owners of parent at ¥329 million, down 82.8% year-over-year.

• Multipurpose analytical instruments saw a 27.7% revenue drop due to ongoing US policy impacts, while components and services revenue rose 13.2% year-over-year.

• Strategic capital and business alliance with Onto Innovation to accelerate growth in semiconductor process control, with Onto acquiring 27% of shares in 2H 2026.

• The company maintained expense control while investing strategically, especially in R&D.

Financial highlights

• 1Q FY26 revenue: JPY 17.9Bn (-13.0% YoY); operating profit: JPY 0.6Bn (-77.8% YoY); net profit: JPY 0.3Bn (-82.8% YoY); EBITDA: JPY 2.0Bn (-49.6% YoY).

• Gross profit for Q1 2026 was ¥9,758 million, down from ¥11,590 million in Q1 2025.

• Basic earnings per share for Q1 2026 was ¥1.46, compared to ¥8.52 in Q1 2025.

• Total assets as of March 31, 2026 were ¥182,465 million, down ¥2,744 million from December 31, 2025.

• Total equity was ¥87,428 million, with an equity ratio of 47.9%.

Outlook and guidance

• FY26 revenue forecast: JPY 101.0Bn (+7.2% YoY); operating profit: JPY 19.4Bn (+16.1% YoY); net profit: JPY 12.5Bn (+9.6% YoY); EBITDA: JPY 25.3Bn (+15.8% YoY).

• Dividend forecast for FY2026 is ¥19.00 per share, up from ¥18.80 in FY2025.

• Strategy focuses on expanding gross profit margin and absorbing higher SG&A and R&D expenses.

• Semiconductor process control instruments expected to drive +21% effective growth; multipurpose analytical instruments to see +4% growth, offsetting academia declines with industrial expansion.

• Profit attributable to owners of parent is projected at ¥12,500 million, up 9.6% year-over-year, with basic EPS of ¥55.27.