Worth reading
74In 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
-784
¥ million (year-on-year change in operating profit, Q3 cumulative)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentation materialsQ3 FY202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥68,088 million +7.9%Q3 cumulative
Operating profit¥12,602 million -5.9%Q3 cumulative
Ordinary income¥12,605 million -6.4%Q3 cumulative
Net income¥9,668 million -3.9%Q3 cumulative
Gross Profit Margin42.5 %
Operating profit margin18.5 %
Selling, general and administrative expenses¥16,308 million Q3 cumulative
Results for the three months of the current quarter
Net Sales
¥24,807 million+16.0%
Gross profit
¥10,779 million+14.8%
Operating profit
¥4,912 million+17.4%
Ordinary income
¥4,864 million+15.8%
Net income
¥3,470 million
Operating profit margin
19.8 %
yoy_change_points0.2
Full-year earnings forecast
Net Sales
¥93,000 million
Operating profit
¥18,500 million
Ordinary income
¥18,500 million
Net income
¥13,690 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The surveillance & FA-related business and the mobility & healthcare and other businesses are tracking above planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Foreign exchange impact¥1,460 million
- Increase in gross profit from higher sales¥370 million
- Refund of U.S. tariffs¥520 million
- Impact of U.S. tariffs¥-200 million
- Increase in R&D expenses¥-250 million
- Increase in SG&A expenses excluding R&D¥-610 million
- Deterioration in gross margin due to product mix and other factors¥-2,074 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- ¥159.16full-year planAssumptionsUSD/JPY
- ¥182.31full-year planAssumptionsEUR/JPY
New initiatives
- Entry into the laser welding processing solutions field
- Investment in Light Touch Technology Co., Ltd.
- Practical application and commercialization of technologies related to non-invasive blood glucose sensors
- Practical application of metasurface near-infrared light sources
- Launch of 11 new own-brand models
- Formulation of the next medium-term management plan, Value Up29
- Expansion of growth investments, including R&D, capital expenditure and M&A
Key KPIsA metric the company considers important as a management benchmark.
- Interchangeable-lens camera units-11 % year-on-year, Q3 cumulativeYear on year against the same period last year-11.0%
- Interchangeable-lens camera sales value0 % year-on-year, Q3 cumulativeYear on year against the same period last year0.0%
- Interchangeable-lens lens units-7 % year-on-year, Q3 cumulativeYear on year against the same period last year-7.0%
- Interchangeable-lens sales value3 % year-on-year, Q3 cumulativeYear on year against the same period last year+3.0%
- Surveillance & FA total units128 10,000 units Q3 cumulativeYear on year against the same period last year+35.9%
- Number of new products launched annually11 Model
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Net sales¥264 100 million Q3 cumulativeBusinessPhoto-related business: own brandYear on year against the same period last year+2.1%
- Volume34 10,000 units Q3 cumulativeBusinessPhoto-related business: own brandYear on year against the same period last year-4.7%
- Net sales¥181 100 million Q3 cumulativeBusinessPhoto-related business: OEMYear on year against the same period last year-5.8%
- Volume49 10,000 units Q3 cumulativeBusinessPhoto-related business: OEMYear on year against the same period last year-17.6%
- Net sales¥11,753 million Q3 cumulativeBusinessSurveillance & factory automation businessYear on year against the same period last year+30.0%
- Volume128 10,000 units Q3 cumulativeBusinessSurveillance & factory automation businessYear on year against the same period last year+35.9%
Segment results
Photography-related business
Net Sales
¥44,541 million -1.3%Q3 cumulative
Operating profit
¥10,439 million -15.3%Q3 cumulative
Surveillance & factory automation business
Net Sales
¥11,753 million +30.0%Q3 cumulative
Operating profit
¥1,618 million +29.4%Q3 cumulative
Mobility & Healthcare and Other Businesses
Net Sales
¥11,793 million +31.7%Q3 cumulative
Operating profit
¥2,841 million +37.7%Q3 cumulative
Medium-term management plan targets
Next Medium-Term Management PlanValue Up29 (2027–2029)
2029 revenue¥120 billion or more
2029 operating profit¥25 billion or more
ROE20% or higher
Revenue from new businessesAt least ¥20 billion
Additional returnApproximately ¥18 billion
vs. 2025 actuals
ROE14.0%
Operating profit¥16.6 billion
Financial targets
ROE
2029 target20% or higher
2025 actual14.0%
Equity ratio
2029 benchmarkApproximately 75%
2025 actual81%
Capital expenditures
¥200 100 million next medium-term management plan period
Annual Dividend
2026
Annual dividend per share¥51
2027 onwardA payout ratio of 60% or DOE of 8%, whichever is higher, as a guideline
Payout ratio
60% in 2026, and from 2027 onward, the higher of 60% or DOE of 8%Acquisition of treasury shares
Considering additional shareholder returns of approximately ¥18 billion through the end of the next medium-term management plan period, through share buybacks and dividends| Item | Details |
|---|---|
| Document type | Earnings presentation materials |
| Fiscal Period Covered | Q3 FY2026 |
| Net Sales | ¥68,088 million (Q3 cumulative) (YoY +7.9%) |
| Operating profit | ¥12,602 million (Q3 cumulative) (YoY -5.9%) |
| Ordinary income | ¥12,605 million (Q3 cumulative) (YoY -6.4%) |
| Net income | ¥9,668 million (Q3 cumulative) (YoY -3.9%) |
| Gross Profit Margin | 42.5 % |
| Operating profit margin | 18.5 % |
| Selling, general and administrative expenses | ¥16,308 million (Q3 cumulative) |
| Results for the three months of the current quarter | Net Sales ¥24,807 million (YoY +16.0%) / Gross profit ¥10,779 million (YoY +14.8%) / Operating profit ¥4,912 million (YoY +17.4%) / Ordinary income ¥4,864 million (YoY +15.8%) / Net income ¥3,470 million / Operating profit margin 19.8 % |
| Full-year earnings forecast | Net Sales ¥93,000 million / Operating profit ¥18,500 million / Ordinary income ¥18,500 million / Net income ¥13,690 million |
| Self-assessment against the plan | The surveillance & FA-related business and the mobility & healthcare and other businesses are tracking above plan |
| Segment results | Photography-related business Net Sales ¥44,541 million (Q3 cumulative) (YoY -1.3%) / Operating profit ¥10,439 million (Q3 cumulative) (YoY -15.3%) / Surveillance & factory automation business Net Sales ¥11,753 million (Q3 cumulative) (YoY +30.0%) / Operating profit ¥1,618 million (Q3 cumulative) (YoY +29.4%) / Mobility & Healthcare and Other Businesses Net Sales ¥11,793 million (Q3 cumulative) (YoY +31.7%) / Operating profit ¥2,841 million (Q3 cumulative) (YoY +37.7%) |
| Breakdown of Factors Affecting the Change | Factors Foreign exchange impact / Amount ¥1,460 million, Factors Increase in gross profit from higher sales / Amount ¥370 million, Factors Refund of U.S. tariffs / Amount ¥520 million, Factors Impact of U.S. tariffs / Amount ¥-200 million, Factors Increase in R&D expenses / Amount ¥-250 million, Factors Increase in SG&A expenses excluding R&D / Amount ¥-610 million, Factors Deterioration in gross margin due to product mix and other factors / Amount ¥-2,074 million |
| Key KPIs | Indicator name Interchangeable-lens camera units / Value -11 % (year-on-year, Q3 cumulative) / Year on year against the same period last year -11 % (year-on-year, Q3 cumulative), Indicator name Interchangeable-lens camera sales value / Value 0 % (year-on-year, Q3 cumulative) / Year on year against the same period last year 0 % (year-on-year, Q3 cumulative), Indicator name Interchangeable-lens lens units / Value -7 % (year-on-year, Q3 cumulative) / Year on year against the same period last year -7 % (year-on-year, Q3 cumulative), Indicator name Interchangeable-lens sales value / Value 3 % (year-on-year, Q3 cumulative) / Year on year against the same period last year 3 % (year-on-year, Q3 cumulative), Indicator name Surveillance & FA total units / Value 128 10,000 units (Q3 cumulative) / Year on year against the same period last year 35.9 10,000 units (Q3 cumulative), Indicator name Number of new products launched annually / Value 11 Model / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Business Photo-related business: own brand / Indicator Net sales / Value ¥264 100 million (Q3 cumulative) / Year on year against the same period last year ¥2.1 100 million (Q3 cumulative), Business Photo-related business: own brand / Indicator Volume / Value 34 10,000 units (Q3 cumulative) / Year on year against the same period last year -4.7 10,000 units (Q3 cumulative), Business Photo-related business: OEM / Indicator Net sales / Value ¥181 100 million (Q3 cumulative) / Year on year against the same period last year ¥-5.8 100 million (Q3 cumulative), Business Photo-related business: OEM / Indicator Volume / Value 49 10,000 units (Q3 cumulative) / Year on year against the same period last year -17.6 10,000 units (Q3 cumulative), Business Surveillance & factory automation business / Indicator Net sales / Value ¥11,753 million (Q3 cumulative) / Year on year against the same period last year ¥30 million (Q3 cumulative), Business Surveillance & factory automation business / Indicator Volume / Value 128 10,000 units (Q3 cumulative) / Year on year against the same period last year 35.9 10,000 units (Q3 cumulative) |
| Assumptions Underlying the Business Outlook | Assumptions USD/JPY / Value ¥159.16 (full-year plan), Assumptions EUR/JPY / Value ¥182.31 (full-year plan) |
| Medium-term management plan targets | Next Medium-Term Management Plan Value Up29 (2027–2029) / 2029 revenue ¥120 billion or more / 2029 operating profit ¥25 billion or more / ROE 20% or higher / Revenue from new businesses At least ¥20 billion / Additional return Approximately ¥18 billion / vs. 2025 actuals ROE 14.0% / Operating profit ¥16.6 billion |
| Financial targets | ROE 2029 target 20% or higher / 2025 actual 14.0% / Equity ratio 2029 benchmark Approximately 75% / 2025 actual 81% |
| Annual Dividend | 2026 Annual dividend per share ¥51 / Breakdown Not disclosed / 2027 onward A payout ratio of 60% or DOE of 8%, whichever is higher, as a guideline |
| Payout ratio | 60% in 2026, and from 2027 onward, the higher of 60% or DOE of 8% |
| Acquisition of treasury shares | Considering additional shareholder returns of approximately ¥18 billion through the end of the next medium-term management plan period, through share buybacks and dividends |
| Capital expenditures | ¥200 100 million (next medium-term management plan period) |
| New initiatives | Entry into the laser welding processing solutions field, Investment in Light Touch Technology Co., Ltd., Practical application and commercialization of technologies related to non-invasive blood glucose sensors, Practical application of metasurface near-infrared light sources, Launch of 11 new own-brand models, Formulation of the next medium-term management plan, Value Up29, Expansion of growth investments, including R&D, capital expenditure and M&A |
Items this document does not state (7)
Progress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookOrders received and order backlogMarket 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.On a cumulative basis, the decline in operating profit was attributable to lower revenue in the high-margin photo-related business, a deterioration in the gross margin due to the product mix and other factors, higher raw material, utility and logistics costs, increased R&D expenses, and higher SG&A expenses resulting from rising personnel costs. Meanwhile, substantial revenue growth in the surveillance & FA-related business and the mobility & healthcare and other businesses supported overall revenue growth.
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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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.