Hitachi raised its forecast for full-year profit attributable to owners to ¥920bn from ¥900bn on 28 October, even as first-half profit on the same measure fell 11.9% to ¥416.6bn from ¥472.9bn. The operating lines moved the other way.
Operating profit up, net profit down
Revenue for the six months to September 2026 rose 17.3% to ¥5.61tn. Adjusted operating profit, which is revenue less cost of sales and selling and administrative expenses, rose 26.6% to ¥643.3bn. Adjusted EBITA, which adds back amortisation of intangibles recognised in acquisitions, rose 24.5% to ¥699.7bn, a 12.5% margin against 11.7% a year earlier. Pretax profit still fell 7.4% to ¥629.9bn.
Last year's base shows up in the presentation. Gains and losses from business reorganisations were a ¥95.9bn gain in the first half of last year and a ¥0.2bn loss this year. For the second quarter alone, profit attributable of ¥227.1bn was down ¥53.4bn. The presentation says that figure carries a ¥91.7bn drag from last year's sale of an air-conditioning joint venture, and that excluding it profit rose ¥38.3bn.
Energy leads the guidance raise
Hitachi raised full-year revenue by ¥300bn to ¥12tn, led by its digital systems and services (DSS) and connective industries (CI) sectors. It raised full-year Adjusted EBITA by ¥40bn to ¥1.56tn, led by Energy and CI. Energy's Adjusted EBITA forecast rose ¥33bn to ¥609bn, and CI's rose ¥5bn.
| Metric | Previous | Revised |
|---|---|---|
| Revenue | ¥11.7tn | ¥12.0tn |
| Adjusted EBITA | ¥1.52tn | ¥1.56tn |
| Profit attributable to owners | ¥900bn | ¥920bn |
| Basic EPS | ¥201.14 | ¥206.41 |
Energy's first-half revenue rose 32% to ¥1.87tn at a 14.7% margin, up 250 basis points. The presentation credits several large HVDC projects in Europe and data-centre demand, and puts Hitachi Energy's order backlog at ¥10.5tn. The raise is not all Energy. DSS had its full-year revenue forecast lifted by ¥70bn with Adjusted EBITA unchanged, after a ¥9bn second-quarter hit from cost increases on some domestic projects. The Adjusted EBITA margin guide stays at 13.0%, and Hitachi says it is still watching how geopolitical risk and higher interest rates affect orders and customer demand.
Dividend, buybacks and Astemo
The board lifted the interim dividend to ¥32 a share from the ¥28 forecast published on 27 April, against ¥23 a year earlier. The total is ¥142.6bn, with an effective date of 27 November. The earnings release says the year-end dividend forecast is undecided. Cash spent on share buybacks in the half was ¥290.3bn, which the presentation puts at 52% progress. (Earlier Tokyo Brief coverage)
On 1 October Hitachi completed the sale of part of its Astemo stake to Honda under an agreement signed on 16 December 2025, for ¥152.3bn. Its holding fell to 19.0% from 40.0%, and Astemo stopped being an equity-method affiliate. The results note says the effect on this year's profit attributable is not material. The interim results summary is not subject to review by an auditor.