Worth reading
81Important
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
8.1
¥100 million (year-on-year increase in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFirst quarter of the fiscal year ending March 202714 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥22,922 million+4.4%
Operating profit¥1,813 million+79.6%
Net income¥1,180 million+237.2%
Operating profit margin7.9 %
Results for the three months of the current quarterNet sales: ¥22,922 million; operating income: ¥1,813 million; net income: ¥1,180 million (Q1 standalone)
Full-year earnings forecast
Net Sales
¥101,000 million
Operating profit
¥8,100 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Consolidated revenue22.7%
Consolidated operating profit22.4%
Domestic measurement and control business net sales21.9%
Domestic measurement and control business operating income24.9%
Overseas measurement and control business net sales24.1%
Overseas measurement and control business operating income16.4%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Expected to track in line with the initial outlook (GX services and Europe)Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Consolidated operating profit
Revenue up+¥1.49 billion
Improving Profitability+¥150 million
Growth investments and other investments-¥340 million
Higher raw material and component prices-¥520 million
Foreign exchange+¥20 million
Operating profit in Japan
Revenue up+¥1.05 billion
Improving Profitability+¥210 million
Growth investments and other investments-¥290 million
Higher raw material and component prices-¥480 million
Overseas operating profit
Lower sales-¥60 million
Improving Profitability+¥440 million
Growth investments and other investments-¥50 million
Higher raw material and component prices-¥40 million
Foreign exchange+¥20 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate¥155.00/USD
Legacy meter replacement ratio
202615 %
202724 %
202824 %
202920 %
203016 %
NEOS sales ratioApproximately 40% for FY2026 as a whole
New initiatives
- Introduction of a Shareholder Benefit Program
- Exploring entry into the US market and conducting demonstration projects with multiple power companies
- Moving overseas production functions to an EMS partner to adopt an asset-light model
- Preparing to launch a new service combining AI and battery storage
- Launch of the next-generation NEOS smart meter
Key KPIsA metric the company considers important as a management benchmark.
- IR/SR meetings156 timesYear on year against the same period last yearUp from 64 meetings in FY2023
- Cost of shareholders’ equity6.8～8.0
- Equity ratio58.6 %Year on year against the same period last year+1.7 percentage points from 56.9% at the end of the previous fiscal year
- CCC123 daysYear on year against the same period last yearShortened from 129 days in FY2023
- ROE target10 %
Segment results
Domestic measurement and control business
Net Sales
¥14,251 million+6.3%
Operating profit
¥1,295 million+60.9%
Overseas measurement and control business
Net Sales
¥8,596 million+1.7%
Operating profit
¥458 million+200.1%
Real Estate Business
Net Sales
¥74 million-27.2%
Operating profit
¥59 million-11.8%
Medium-term management plan targets
ROERecovery to 10% and further improvement
Cost of shareholders’ equity6.8～8.0%
Financial targets
ROERecovery to 10% and further improvement
DOE3%
Payout ratio30%
Cost of shareholders’ equity6.8～8.0%
Market Size / Share
Number of US regional power utilitiesApproximately 3,000 companies
US market sizeApproximately 10 times the size of Australia
Domestic smart metersTop-share supplier
Number of employees
Number of Employees4,500 or more at Cicor
Capital expenditures
¥590 million Q1 actual) / ¥4,700 million (full-year outlook
Annual Dividend
Regular dividend¥39
Special dividend¥10
Annual total¥49
Interim¥29
End of period¥20
Payout ratio
Approximately 30% (the higher of a 3% DOE and 30%)Acquisition of treasury shares
Number of shares acquiredUp to 1.5 million shares
Total acquisition priceUp to ¥2.5 billion
Acquisition periodFebruary–September 2026
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | ¥22,922 million (YoY +4.4%) |
| Operating profit | ¥1,813 million (YoY +79.6%) |
| Net income | ¥1,180 million (YoY +237.2%) |
| Operating profit margin | 7.9 % |
| Results for the three months of the current quarter | Net sales: ¥22,922 million; operating income: ¥1,813 million; net income: ¥1,180 million (Q1 standalone) |
| Full-year earnings forecast | Net Sales ¥101,000 million / Operating profit ¥8,100 million / Ordinary income Not disclosed / Net income Not disclosed |
| Progress against full-year forecast | Consolidated revenue 22.7% / Consolidated operating profit 22.4% / Domestic measurement and control business net sales 21.9% / Domestic measurement and control business operating income 24.9% / Overseas measurement and control business net sales 24.1% / Overseas measurement and control business operating income 16.4% |
| Self-assessment against the plan | Expected to track in line with the initial outlook (GX services and Europe) |
| Segment results | Domestic measurement and control business Net Sales ¥14,251 million (YoY +6.3%) / Operating profit ¥1,295 million (YoY +60.9%) / Overseas measurement and control business Net Sales ¥8,596 million (YoY +1.7%) / Operating profit ¥458 million (YoY +200.1%) / Real Estate Business Net Sales ¥74 million (YoY -27.2%) / Operating profit ¥59 million (YoY -11.8%) |
| Breakdown of Factors Affecting the Change | Consolidated operating profit Revenue up +¥1.49 billion / Improving Profitability +¥150 million / Growth investments and other investments -¥340 million / Higher raw material and component prices -¥520 million / Foreign exchange +¥20 million / Operating profit in Japan Revenue up +¥1.05 billion / Improving Profitability +¥210 million / Growth investments and other investments -¥290 million / Higher raw material and component prices -¥480 million / Overseas operating profit Lower sales -¥60 million / Improving Profitability +¥440 million / Growth investments and other investments -¥50 million / Higher raw material and component prices -¥40 million / Foreign exchange +¥20 million |
| Key KPIs | IR/SR meetings 156 times, Cost of shareholders’ equity 6.8～8.0, Equity ratio 58.6 %, CCC 123 days, ROE target 10 % |
| Number of employees | Number of Employees 4,500 or more at Cicor / Change during the period Not disclosed |
| Assumptions Underlying the Business Outlook | Exchange rate ¥155.00/USD / Legacy meter replacement ratio 2026 15 % / 2027 24 % / 2028 24 % / 2029 20 % / 2030 16 % / NEOS sales ratio Approximately 40% for FY2026 as a whole |
| Medium-term management plan targets | ROE Recovery to 10% and further improvement / Cost of shareholders’ equity 6.8～8.0% / Target fiscal year Not disclosed |
| Financial targets | ROE Recovery to 10% and further improvement / DOE 3% / Payout ratio 30% / Cost of shareholders’ equity 6.8～8.0% |
| Annual Dividend | Regular dividend ¥39 / Special dividend ¥10 / Annual total ¥49 / Interim ¥29 / End of period ¥20 |
| Payout ratio | Approximately 30% (the higher of a 3% DOE and 30%) |
| Acquisition of treasury shares | Number of shares acquired Up to 1.5 million shares / Total acquisition price Up to ¥2.5 billion / Acquisition period February–September 2026 |
| Capital expenditures | ¥590 million (Q1 actual) / ¥4,700 million (full-year outlook) |
| Market Size / Share | Number of US regional power utilities Approximately 3,000 companies / US market size Approximately 10 times the size of Australia / Domestic smart meters Top-share supplier |
| New initiatives | Introduction of a Shareholder Benefit Program, Exploring entry into the US market and conducting demonstration projects with multiple power companies, Moving overseas production functions to an EMS partner to adopt an asset-light model, Preparing to launch a new service combining AI and battery storage, Launch of the next-generation NEOS smart meter |
Items this document does not state (8)
Ordinary incomeGross Profit MarginSelling, general and administrative expensesUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookOrders received and order backlogKey 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 Japan, increased shipments of second-generation smart meters and improved profitability contributed to higher earnings. Overseas, stepped-up cost reductions in the UK and revenue from remaining contracts in the Middle East and Africa were also earnings drivers. Negative factors included higher raw material and component prices, costs related to exploring entry into the US market, and lower revenue in parts of Oceania and the UK.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
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