Fujifilm Holdings sold more and earned less in the six months to September 2026. Sales rose 8.8% to ¥1.71tn, but operating profit fell 10.9% to ¥141.2bn and profit attributable to shareholders fell 12.5% to ¥105.2bn, according to its interim earnings report.
Healthcare: sales up, profit nearly gone
Healthcare sales rose 11.0% to ¥554.1bn, yet segment operating profit fell 85.8% to ¥3.4bn from ¥23.7bn a year earlier. Fujifilm cites higher fixed costs in its bio-CDMO business (contract development and manufacturing of biopharmaceuticals), one-off costs in Business Innovation and higher raw-material prices as the drags on group operating profit.
Within bio-CDMO, Fujifilm says its small and mid-sized facilities were hit by a voluntary production halt tied to its response to a regulatory inspection. Operations had resumed as of the end of September 2026. The report does not name the regulator, say how much capacity was affected or put a figure on the halt, and it does not describe the inspection's outcome. Large facilities more than made up the sales: the Denmark site ran well and the North Carolina site, opened in the previous fiscal year, expanded output, so bio-CDMO sales rose overall.
Electronics and imaging carry the top line
Electronics sales rose 23.9% to ¥259.6bn and operating profit rose 51.3% to ¥63.5bn. Fujifilm attributes this to demand for advanced semiconductor materials tied to AI chips, including copper-wiring CMP slurries, NTI developer and advanced packaging material. A new building at its Oita plant began operating in August 2026 and is meant to triple post-CMP cleaner capacity. In September it signed a memorandum of understanding with Tata Electronics Private Limited on a semiconductor-materials supply chain in India, with a planned staged investment of about 8bn rupees (about ¥13bn). That is an agreement in principle, not a finished plant.
Imaging sales rose 13.6% to ¥331.1bn and operating profit rose 16.2% to ¥93.5bn, led by instax instant cameras and film, where Fujifilm also added production capacity.
Business Innovation turns to a loss
Business Innovation, the office-equipment and services segment, posted an operating loss of ¥0.6bn against a ¥31.4bn profit a year earlier, on sales down 1.0% to ¥566.7bn. Fujifilm attributes part of the swing to one-time costs aimed at strengthening the business's structure. In August 2026 it said it had begun considering strategic options for the segment, including a partial spin-off. In September it also announced the transfer of printing-plate production and sales outside Japan, the US, Canada and Mexico to a China-based maker.
Guidance: sales raised, profit held
For the year to March 2027 Fujifilm raised its sales forecast by 0.8% to ¥3.59tn, citing medical systems and semiconductor materials. It left operating profit at ¥365.0bn and net profit at ¥280.0bn, so the extra sales are not expected to add earnings. Management points to electronics profit gains offset by lower gross profit from Business Innovation's falling sales. The interim dividend is ¥37.50 a share and the full-year forecast is ¥75.00.