Aisin's sales grew in the six months to September 2026, but its profit did not. The auto-parts supplier reported revenue of ¥2.65tn, up 7.3% from ¥2.47tn a year earlier, while operating profit fell 16.3% to ¥80.4bn. It also lowered its profit forecast for the year to March 2027.
A weaker yen lifted sales, not margins
Aisin said customer vehicle production and powertrain unit sales fell over the half, and that a weaker yen more than made up the difference in revenue. Pretax profit fell 17.4% to ¥87.9bn. Profit attributable to owners of the parent fell 28.9% to ¥49.7bn.
The company listed its own offsets: the weaker yen, plus additional rationalisation and cost cuts to cope with changes in the auto market. Against them it set higher material prices, which it ties to the Middle East situation, and costs from the Kumamoto earthquake, both of which it describes as special factors. The earnings summary does not quantify either item.
The income statement shows the squeeze. Gross profit edged up to ¥280.6bn from ¥278.0bn, while selling, general and administrative expenses rose to ¥209.7bn from ¥187.5bn.
China and Europe drag, North America and India hold
Regional results were uneven. China and Europe are where volumes fell, and where profit suffered most.
| Segment | Sales | Sales change | Operating profit | Profit change |
|---|---|---|---|---|
| Japan | ¥1.6551tn | +6.4% | ¥22.7bn | -10.6% |
| North America | ¥670.2bn | +17.7% | ¥11.9bn | +41.4% |
| Europe | ¥120.1bn | -16.4% | Loss of ¥2.0bn | From ¥3.4bn profit |
| China | ¥267.5bn | -9.3% | ¥7.4bn | -63.4% |
| ASEAN and India | ¥335.1bn | +19.7% | ¥36.8bn | +9.2% |
In China, Aisin said lower customer production and powertrain unit sales cut revenue, and cost-structure improvements did not offset that. In Europe, falling revenue and higher production-preparation costs produced an operating loss. In Japan, higher customer production and the weaker yen lifted sales, but material prices and one-off costs pulled operating profit down. North America gained from higher hybrid transmission output, more powertrain unit sales and progress in recovering tariff costs, even with higher material prices.
The guidance cut
Aisin now expects full-year operating profit of ¥215.0bn, pretax profit of ¥225.0bn and profit attributable to owners of the parent of ¥135.0bn. All three are lowered from the forecast it published on 28 April 2026. It left revenue unchanged at ¥5.25tn. The company cited a decline in powertrain unit sales centred on China and changes in assumptions such as exchange rates; the new assumptions are ¥157 to the dollar and ¥23.3 to the yuan. The summary does not give the April figures it replaces. Against the previous year, the new forecast implies operating profit down 6.0% and net profit down 21.4%.
Shareholder payouts are unchanged. The interim dividend is ¥35 a share, and Aisin forecasts a full-year ¥75 with a ¥40 year-end payment. The dividend forecast was not revised. The company spent ¥64.1bn on share buybacks in the half, and its shares in issue fell to 726.0mn from 759.0mn at the end of the previous fiscal year.
The interim summary is not subject to auditor review, and Aisin warns that actual results could differ significantly from its forecasts because of business conditions and currency moves. Aisin said it planned to hold an analyst briefing on 29 October 2026.