Yaskawa Electric Corporation (TSE: 6506) reported consolidated results for the first quarter of the fiscal year ending February 28, 2027 (Q1 FY2/2027), covering March 1 to May 31, 2026, under IFRS. Revenue rose 10.6% year on year to ¥138,982 million from ¥125,642 million, but operating profit fell 19.2% to ¥8,486 million from ¥10,503 million as cost and product-mix pressures squeezed margins. Profit before tax slipped 13.6% to ¥8,506 million, profit for the period declined 23.2% to ¥5,602 million, and profit attributable to owners of the parent fell 21.7% to ¥5,445 million from ¥6,952 million. Basic earnings per share came to ¥21.00 versus ¥26.81 a year earlier (diluted ¥20.97). Comprehensive income, by contrast, surged 229.2% to ¥10,599 million on favourable currency-translation and other items.
Top-line growth outpaces profit
The quarter captured the central tension in Yaskawa's results: solid demand lifted the top line by double digits across its motion-control and robotics franchises — AC servo motors, inverter drives and industrial robots — yet the operating margin compressed to 6.1% from 8.4% a year earlier. Rising costs, an unfavourable product and regional mix, and continued investment weighed on profitability even as volumes and revenue expanded. The shallower fall in profit before tax (down only 13.6% against the 19.2% drop at the operating line) reflects a smaller drag below the operating line, helped by favourable financial and foreign-exchange items.
Balance sheet stays sturdy
Total assets stood at ¥824,555 million and total equity at ¥495,038 million, with equity attributable to owners of the parent of ¥485,057 million. The equity-to-assets ratio was a robust 58.8%, underlining a conservatively financed balance sheet that gives the company ample room to keep investing through the soft patch.
Dividend raised to ¥72
Yaskawa lifted its full-year dividend forecast to ¥72.00 per share — an interim payout of ¥36.00 plus a year-end payout of ¥36.00 — up from ¥68.00 in FY2/2026. The increase signals management's confidence in the full-year trajectory despite the softer first quarter.
Bullish full-year guidance kept intact
Crucially, management reaffirmed a strongly positive full-year outlook. For FY2/2027 it guides revenue of ¥580,000 million (+7.0%), operating profit of ¥60,000 million (+26.8%), profit before tax of ¥65,000 million (+31.1%) and profit attributable to owners of the parent of ¥47,000 million (+33.4%), with EPS of ¥181.21. Against a first quarter that delivered only ¥8,486 million of operating profit, the ¥60,000 million full-year target implies a substantial recovery over the remaining three quarters — a bet that mix, pricing and cost actions turn the profit trend around even as the top line keeps growing.
| Metric | Q1 FY2/2027 | Q1 FY2/2026 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 138,982 | 125,642 | +10.6% |
| Operating profit (¥ million) | 8,486 | 10,503 | -19.2% |
| Profit before tax (¥ million) | 8,506 | 9,849 | -13.6% |
| Profit for the period (¥ million) | 5,602 | 7,291 | -23.2% |
| Profit attrib. to owners (¥ million) | 5,445 | 6,952 | -21.7% |
| Basic EPS (¥) | 21.00 | 26.81 | -21.7% |
| Equity ratio | 58.8% | — | — |
| Annual dividend (¥) | 72.00 | 68.00 | +5.9% |
| FY2/2027 operating profit guidance (¥ million) | 60,000 | — | +26.8% |
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