Shimadzu (7701) Q2 2026 earnings summary

Executive summary

• Achieved record-high H1 FY2025 sales of ¥256.3B (+2% YoY) and operating profit of ¥31.6B (+4% YoY), with profit attributable to owners at ¥23.6B (+10.9% YoY), despite global economic uncertainties and yen appreciation.

• Comprehensive income surged 124.9% YoY to ¥27,694M, reflecting strong core business performance and improved FX translation.

• Upward revision to full-year forecast: sales of ¥545.0B (+1.1% YoY), operating profit of ¥72.0B (+0.4% YoY), and profit attributable to owners at ¥54.0B.

• Growth driven by Analytical & Measuring Instruments (AMI) and Aircraft Equipment (AE); Medical Systems (MED) and Industrial Machinery (IM) saw declines.

Financial highlights

• Net sales: ¥256.3B (+2% YoY); Operating income: ¥31.6B (+4% YoY); Operating margin: 12.3% (+0.3pt YoY); profit attributable to owners: ¥23.6B (+11% YoY).

• Gross profit increased to ¥115.8B from ¥108.9B YoY, with improved gross margin.

• Basic EPS rose to ¥81.79 from ¥72.38 YoY.

• R&D expenses: ¥14.3B; CAPEX: ¥11.9B (+7.4% YoY); Depreciation: ¥9.9B.

• Q2 (Jul–Sep) net sales: ¥138.0B (+3% YoY); OP: ¥19.4B (+1% YoY).

Outlook and guidance

• Full-year sales forecast raised to ¥545.0B (+¥30.0B vs. initial); OP to ¥72.0B (+¥14.0B vs. initial); basic EPS forecasted at ¥186.89.

• AMI expected to achieve record sales for the sixth consecutive year; MED and IM forecasted to remain sluggish except in Asia.

• Dividend per share forecast raised to ¥67.00 for FY ending March 2026.

• Tariff and FX impacts revised downward, with remaining negative effects expected in H2.