Worth reading
67In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
145
¥100 million (year-on-year increase in interim revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationSecond quarter (interim period) of the fiscal year ending March 202710 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales1,838 Hundreds of millions of yen+8.5%
Operating profit115 Hundreds of millions of yen+19.2%
Ordinary income120 Hundreds of millions of yen+16.2%
Net income82 Hundreds of millions of yen+9.5%
Gross Profit Margin32.3
Operating profit margin6.3
Results for the three months of the current quarter
Revenue
950 Hundreds of millions of yen
Business profit
59 Hundreds of millions of yen
Full-year earnings forecast
Revenue
3,760 Hundreds of millions of yen
Business profit
223 Hundreds of millions of yen
Operating profit
195 Hundreds of millions of yen
Pretax profit
197 Hundreds of millions of yen
Profit for the period attributable to owners of the parent
147 Hundreds of millions of yen
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Interim revenue exceeded expectations, while business profit fell short of expectations excluding US tariff refundsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Interim-period operating profit
Impact of foreign-exchange hedging-15
Impact of soaring component prices, including memory-42
Benefit from passing through higher prices37
Increase in fixed costs-58
Higher sales, improved profit margins and other factors74
U.S. tariff refunds43
Full-year operating profit
Impact of foreign-exchange hedging-21
Impact of soaring component prices, including memory-116
Benefit from passing through higher prices111
Increase in fixed costs-79
Reduction in provision for losses from exited businesses4
Revenue growth and margin improvement71
U.S. tariff refunds45
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Foreign-exchange rates used in earnings forecasts
US$1155
€1180
New initiatives
- Review of the sales and marketing structure in North America
- Addition of the VP8000 Slim model (shipments scheduled for spring 2027)
- Beginning to accept orders for VP8000 Viking Connect
- Strengthening orders for hybrid projects through ESChat PMI
- Withdrawal from the healthcare business and end of production
- Optimization of staffing structures at the Malaysia and Indonesia plants
Key KPIsA metric the company considers important as a management benchmark.
EBITDA
232 Hundreds of millions of yen+19.0%
EBITDA margin
12.6 %+1.1%
ROE
10 %
Net debt-to-equity ratio
-0.01 times
Equity ratio attributable to owners of the parent
42.1 %
Orders received and order backlog for the North American public safety marketLackluster trend
Segment results
S&S
Revenue
404 Hundreds of millions of yen-7.6%
Business profit
55 Hundreds of millions of yen+7.4%
M&T
Revenue
1,076 Hundreds of millions of yen+12.8%
Business profit
30 Hundreds of millions of yen+16.8%
ES
Revenue
313 Hundreds of millions of yen+20.8%
Business profit
38 Hundreds of millions of yen+618.6%
Other
Revenue
45 Hundreds of millions of yen+5.5%
Business profit
0 Hundreds of millions of yen-93.1%
Orders received and order backlog
Amounts are shown in a graph, but the figures are Not disclosedCapital expenditures
¥82 100 million cumulative first and second quarters
Annual Dividend
20 Yen per share
Interim Dividend10
Year-end dividend10
Acquisition of treasury shares
Number of shares acquired3 million shares
Acquisition priceApproximately ¥3.0 billion
PeriodAugust 2026 to October 2026
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Second quarter (interim period) of the fiscal year ending March 2027 |
| Net Sales | 1,838 Hundreds of millions of yen (YoY +8.5%) |
| Operating profit | 115 Hundreds of millions of yen (YoY +19.2%) |
| Ordinary income | 120 Hundreds of millions of yen (YoY +16.2%) |
| Net income | 82 Hundreds of millions of yen (YoY +9.5%) |
| Gross Profit Margin | 32.3 |
| Operating profit margin | 6.3 |
| Results for the three months of the current quarter | Revenue 950 Hundreds of millions of yen / Business profit 59 Hundreds of millions of yen |
| Full-year earnings forecast | Revenue 3,760 Hundreds of millions of yen / Business profit 223 Hundreds of millions of yen / Operating profit 195 Hundreds of millions of yen / Pretax profit 197 Hundreds of millions of yen / Profit for the period attributable to owners of the parent 147 Hundreds of millions of yen |
| Self-assessment against the plan | Interim revenue exceeded expectations, while business profit fell short of expectations excluding US tariff refunds |
| Segment results | S&S Revenue 404 Hundreds of millions of yen (YoY -7.6%) / Business profit 55 Hundreds of millions of yen (YoY +7.4%) / M&T Revenue 1,076 Hundreds of millions of yen (YoY +12.8%) / Business profit 30 Hundreds of millions of yen (YoY +16.8%) / ES Revenue 313 Hundreds of millions of yen (YoY +20.8%) / Business profit 38 Hundreds of millions of yen (YoY +618.6%) / Other Revenue 45 Hundreds of millions of yen (YoY +5.5%) / Business profit 0 Hundreds of millions of yen (YoY -93.1%) |
| Breakdown of Factors Affecting the Change | Interim-period operating profit Impact of foreign-exchange hedging -15 / Impact of soaring component prices, including memory -42 / Benefit from passing through higher prices 37 / Increase in fixed costs -58 / Higher sales, improved profit margins and other factors 74 / U.S. tariff refunds 43 / Full-year operating profit Impact of foreign-exchange hedging -21 / Impact of soaring component prices, including memory -116 / Benefit from passing through higher prices 111 / Increase in fixed costs -79 / Reduction in provision for losses from exited businesses 4 / Revenue growth and margin improvement 71 / U.S. tariff refunds 45 |
| Key KPIs | EBITDA 232 Hundreds of millions of yen (YoY +19.0%) / EBITDA margin 12.6 % (YoY +1.1%) / ROE 10 % / Net debt-to-equity ratio -0.01 times / Equity ratio attributable to owners of the parent 42.1 % / Orders received and order backlog for the North American public safety market Lackluster trend |
| Assumptions Underlying the Business Outlook | Foreign-exchange rates used in earnings forecasts US$1 155 / €1 180 |
| Annual Dividend | 20 Yen per share |
| Acquisition of treasury shares | Number of shares acquired 3 million shares / Acquisition price Approximately ¥3.0 billion / Period August 2026 to October 2026 |
| Capital expenditures | ¥82 100 million (cumulative first and second quarters) |
| Orders received and order backlog | Amounts are shown in a graph, but the figures are Not disclosed |
| New initiatives | Review of the sales and marketing structure in North America, Addition of the VP8000 Slim model (shipments scheduled for spring 2027), Beginning to accept orders for VP8000 Viking Connect, Strengthening orders for hybrid projects through ESChat PMI, Withdrawal from the healthcare business and end of production, Optimization of staffing structures at the Malaysia and Indonesia plants |
Items this document does not state (11)
Selling, general and administrative expensesProgress against full-year forecastUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsPayout ratioMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In the interim period, increased sales of M&T domestic products, strong performance by ES Entertainment, the weaker yen and US tariff refunds contributed to higher revenue and profit. Meanwhile, the full-year forecast was revised due to the continued surge in prices for components such as memory at M&T and the expected decline in sales of S&S wireless systems to the North American public safety market.
How to read this page
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