Yaskawa Electric sold more and earned less in the six months to 31 August 2026. Sales rose 9.8% to ¥285.6bn, while operating profit fell 5.5% to ¥22.06bn from ¥23.33bn a year earlier, according to the company's interim earnings release under IFRS. Profit attributable to owners of the parent rose 4.1% to ¥18.99bn.
Demand up, profit down
Yaskawa said capital-spending demand, led by data-centre and semiconductor-related investment driven by AI, stayed strong, and that general-industry automation demand held firm. Sales growth came mainly from the motion control segment.
Operating profit moved the other way. The company blamed the impact of a core-system migration on production and shipments, higher indirect costs and a temporary charge for restructuring in Europe. The release does not quantify how much each factor cost. The migration was meant to strengthen the group's management base, Yaskawa said.
Segments pull in different directions
Motion control sales rose 21.7% to ¥137.3bn and operating profit rose 32.8% to ¥15.97bn, which Yaskawa attributed to higher sales despite the migration's effect on production and shipments. Systems engineering, which includes port-crane-related sales, grew 11.2% to ¥20.78bn, and operating profit rose 79.5% to ¥3.48bn on higher sales and better project margins.
Robots were the weak spot. Sales fell 0.7% to ¥118.4bn: growth in the Americas and China, where semiconductor robots sold well, was outweighed by lower sales in Japan after the migration. Operating profit fell 43.3% to ¥5.97bn on lower sales and the European restructuring charge. The small other segment, which includes logistics services, saw sales fall 3.5% and operating profit fall 38.5% to ¥575mn.
Guidance: more sales, less operating profit
Yaskawa raised its forecast for the year to February 2027 sales to ¥600bn from the ¥580bn it set on 10 April, and cut its operating profit forecast to ¥57.5bn from ¥60bn. Pre-tax profit and profit attributable to owners of the parent each rise ¥500mn, to ¥65.5bn and ¥47.5bn.
| Measure | April forecast | Revised forecast | Prior-year actual |
|---|---|---|---|
| Sales | ¥580.0bn | ¥600.0bn | ¥542.1bn |
| Operating profit | ¥60.0bn | ¥57.5bn | ¥47.3bn |
| Pre-tax profit | ¥65.0bn | ¥65.5bn | ¥49.6bn |
| Net profit | ¥47.0bn | ¥47.5bn | ¥35.2bn |
The company tied the revision to a weaker yen, which it expects to lift sales, and to the migration's effect on first-half production and shipments. For September to February it now assumes ¥155 to the dollar (previously ¥145), ¥180 to the euro (¥170), ¥22.00 to the yuan (¥20.50) and ¥0.107 to the won (¥0.105). The annual dividend forecast is unchanged at ¥72, with a ¥36 interim payout.
The interim release is not subject to auditor review, and Yaskawa notes that actual results may differ materially from its forecasts. It is due to brief analysts and institutional investors on 13 October.