Macnica Holdings raised its forecast for the year to March 2027 on 2 November. It now expects revenue of ¥1.67tn, operating profit of ¥67.5bn and net profit of ¥46.0bn, against May forecasts of ¥1.3tn, ¥52.0bn and ¥32.0bn. The increases are 28.4% for revenue, 29.8% for operating profit and 43.7% for net profit, and each is measured against the company's own earlier plan, not against last year's results.
Chips carry the revision
Macnica says AI-related demand is leading the market and that semiconductor demand is holding up across a wide range of markets. Its presentation lifts the semiconductor segment's revenue forecast to ¥1.443tn from ¥1.088tn and its operating profit forecast to ¥56.5bn from ¥37.5bn. The first half supports the direction. Semiconductor sales were ¥721.3bn, up 46.7%, and segment operating profit was ¥29.3bn, up 117.1%. The company says industrial-equipment demand recovered broadly and that automotive inventory adjustments have ended. Its presentation puts semiconductor sales to industrial-equipment customers up 83%.
| Segment | May forecast | Revised forecast |
|---|---|---|
| Consolidated | 52.0 | 67.5 |
| Semiconductors | 37.5 | 56.5 |
| Cybersecurity | 20.1 | 19.0 |
| CPS Solutions | Loss of 5.6 | Loss of 8.0 |
Cybersecurity: more sales, less profit
The cybersecurity segment is not a clean win. Macnica raised its revenue forecast to ¥216.0bn from ¥196.0bn but cut its operating profit forecast to ¥19.0bn from ¥20.1bn. First-half sales rose 31.2% to ¥105.9bn and operating profit rose 14.8% to ¥8.9bn, on endpoint security, cloud and SASE products. The presentation gives no reason for the lower profit target.
The CPS shortfall
The weak spot is the CPS Solutions segment, which includes Macnica's autonomous-bus business. It lost ¥4.6bn in the first half, against a ¥3.7bn loss a year earlier, on revenue of ¥4.1bn. Macnica says its Navya Mobility SAS subsidiary sold fewer finished vehicles externally than planned, so costs were booked ahead of sales revenue. A customer also cancelled a vehicle development programme that the original plan had counted on. The company's own autonomous EV bus received Level 4 operating approval on public roads in Hitachiota, Ibaraki Prefecture, in March 2026. Even so, customers' adoption cycles at local governments are lengthening.
Macnica now expects second-half revenue and profit in the smart-city and mobility area of CPS Solutions to fall short of its original plan. Its full-year targets for the segment are revenue of ¥11.0bn, down from ¥16.0bn, and an operating loss of ¥8.0bn, wider than the earlier ¥5.6bn.
Cash and shareholder returns
Growth is consuming cash. Operating cash flow was an outflow of ¥32.6bn in the first half, which Macnica attributes mainly to higher receivables and inventories, and short-term borrowings rose ¥40.1bn to ¥115.9bn.
Shareholders are being paid regardless. The interim dividend is ¥45 a share against a ¥40 forecast, and the full-year dividend forecast is ¥90, up from ¥80. Macnica also authorised buying back up to 1.6 million shares, 0.89% of shares outstanding excluding treasury stock, for up to ¥5bn through market purchases on the Tokyo Stock Exchange between 4 November and 21 December 2026. The ¥257.56 full-year earnings-per-share forecast does not include the effect of those purchases.