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Results presentation materials6787Meiko Electronics Co.,Ltd.Electric Appliances & Precision Instruments

H1 FY2026 Earnings Presentation Materials

In H1 FY2026, revenue was ¥165.8 billion and operating profit was ¥17.5 billion, with both revenue and operating profit slightly exceeding plan. The full-year forecast was raised to revenue of ¥380 billion and operating profit of ¥48 billion, reflecting sales price revisions in response to higher material prices and increased orders.

Worth reading
59In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
61
¥100 million (year-on-year increase in operating profit in H1 FY2026)
Wording
Conditional
How definitive the wording is.

Contents of this document

Results presentation materialsFirst half of fiscal 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,658 billions+48.7%
Operating profit¥175 billions+53.2%
Ordinary income¥143 billions+25.6%
Net income¥110 billions+16.7%
Operating profit margin10.6 %
Full-year earnings forecast
Net Sales
¥3,800 billions
Operating profit
¥480 billions
Ordinary income
¥450 billions
Net income for the current fiscal year
¥340 billions
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue and operating profit came in slightly above plan
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Sales price revisions in response to higher material prices
  • Revenue and profit growth from increased orders

The company identifies the factors but does not state the amount attributable to each one.

Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate
150 JPY/USD
New initiatives
  • Revision to the FY2026 full-year forecast
  • Expansion of the fourth Vietnam plant and mass production of AI boards
  • Expansion of the Hoa Binh plant and mass production of optical transceivers
  • Construction of the third Quang Minh plant
  • Establishment of the Yen Quang plant and consideration of a second plant
  • Strengthening of the domestic business through UMJ M&A
Key KPIsA metric the company considers important as a management benchmark.
  • Global printed circuit board market size¥16 trillion → ¥21 trillion
  • Global printed circuit board market CAGR12 %
  • CAGR of the AI server market98 %
  • CAGR of the satellite communications market78 %
  • CAGR of the smartphone market34 %
Segment results
  • Circuit boards
    Net Sales¥1,354 billions
    Year-on-year revenue47.2
    Operating profit¥159 billions
    Year-on-year operating profit growth59
  • Electronic Equipment
    Net Sales¥304 billions
    Year-on-year revenue55.9
    Operating profit¥16 billions
    Year-on-year operating profit growth14.3
Medium-term management plan targets
FY2028
Net Sales
¥6,600 billions
Operating profit
¥1,000 billions
Operating profit margin
15.2 %
Financial targets
Equity ratio
FY2026 forecast32.9 %
FY2028 forecast38 %
Debt-to-equity ratio
FY2026 forecast1.3
FY2028 forecast0.8
ROE
FY2026 forecast19.7 %
FY2028 forecast27.9 %
ROIC
FY2026 forecast11.6 %
FY2028 forecast16.4 %
Market Size / Share
Global PCB market¥16 trillion in 2025, ¥21 trillion in 2030
Market CAGR12%
Number of employees
Number of EmployeesApproximately 230 people (UMJ)
Capital expenditures
¥950 100 million revised FY2026 forecast
Contents of this document
ItemDetails
Document typeResults presentation materials
Fiscal Period CoveredFirst half of fiscal 2026
Net Sales¥1,658 billions (YoY +48.7%)
Operating profit¥175 billions (YoY +53.2%)
Ordinary income¥143 billions (YoY +25.6%)
Net income¥110 billions (YoY +16.7%)
Operating profit margin10.6 %
Full-year earnings forecastNet Sales ¥3,800 billions / Operating profit ¥480 billions / Ordinary income ¥450 billions / Net income for the current fiscal year ¥340 billions
Self-assessment against the planRevenue and operating profit came in slightly above plan
Segment resultsSegment Circuit boards / Net Sales ¥1,354 billions / Year-on-year revenue 47.2 / Operating profit ¥159 billions / Year-on-year operating profit growth 59, Segment Electronic Equipment / Net Sales ¥304 billions / Year-on-year revenue 55.9 / Operating profit ¥16 billions / Year-on-year operating profit growth 14.3
Breakdown of Factors Affecting the ChangeFactors Sales price revisions in response to higher material prices / Amount Not disclosed, Factors Revenue and profit growth from increased orders / Amount Not disclosed
Key KPIsIndicator name Global printed circuit board market size / Value ¥16 trillion → ¥21 trillion / Year on year against the same period last year Not disclosed, Indicator name Global printed circuit board market CAGR / Value 12 % / Year on year against the same period last year Not disclosed, Indicator name CAGR of the AI server market / Value 98 % / Year on year against the same period last year Not disclosed, Indicator name CAGR of the satellite communications market / Value 78 % / Year on year against the same period last year Not disclosed, Indicator name CAGR of the smartphone market / Value 34 % / Year on year against the same period last year Not disclosed
Number of employeesNumber of Employees Approximately 230 people (UMJ) / Change during the period Not disclosed / Hiring plan Not disclosed
Assumptions Underlying the Business OutlookExchange rate 150 JPY/USD
Medium-term management plan targetsFY2028 Net Sales ¥6,600 billions / Operating profit ¥1,000 billions / Operating profit margin 15.2 %
Financial targetsEquity ratio FY2026 forecast 32.9 % / FY2028 forecast 38 % / Debt-to-equity ratio FY2026 forecast 1.3 / FY2028 forecast 0.8 / ROE FY2026 forecast 19.7 % / FY2028 forecast 27.9 % / ROIC FY2026 forecast 11.6 % / FY2028 forecast 16.4 %
Capital expenditures¥950 100 million (revised FY2026 forecast)
Market Size / ShareGlobal PCB market ¥16 trillion in 2025, ¥21 trillion in 2030 / Market CAGR 12%
New initiativesRevision to the FY2026 full-year forecast, Expansion of the fourth Vietnam plant and mass production of AI boards, Expansion of the Hoa Binh plant and mass production of optical transceivers, Construction of the third Quang Minh plant, Establishment of the Yen Quang plant and consideration of a second plant, Strengthening of the domestic business through UMJ M&A
Items this document does not state (12)
Gross Profit MarginSelling, general and administrative expensesThree months of the current quarterProgress against full-year forecastUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookAnnual DividendPayout ratioAcquisition of treasury sharesOrders 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.

The company cited "sales price revisions in response to higher material prices" and "revenue and profit growth from increased orders" as reasons for revising its full-year forecast. It also stated that production of smartphones for North America, AI servers and optical transceivers will begin in the second half.

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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
H1 FY2026 Earnings Presentation Materials | Meiko Electronics Co.,Ltd. (6787) timely disclosure | Komori