Amiya H1 Operating Profit Rises 31% as It Buys a Router Maker, Issues ¥1.5 Billion of Bonds and Lifts the Dividend

Ransomware demand carries both segments

Amiya Co., Ltd. (TSE: 4258) published consolidated interim results for FY12/2026 on August 12, 2026, covering January 1 to June 30, 2026 under Japanese GAAP. Revenue rose 23.7% to ¥3,397 million, operating profit 31.3% to ¥638 million, ordinary profit 32.3% to ¥633 million and net profit attributable to shareholders 33.8% to ¥435 million, for earnings per share of ¥52.47 against ¥39.57.

Two market forces sit behind that. Cyber attacks and ransomware damage keep pushing Japanese companies toward zero-trust architectures and supply-chain risk management, and the government is building out a security-clearance and rating framework that standardises and makes visible the level of protection a company maintains. Alongside that, the weak yen has made competing foreign products expensive, which the company says has raised the importance of domestically built alternatives.

Data security widens its margin

Data security revenue rose 27.7% to ¥1,429 million and segment profit 51.5% to ¥681 million — profit growing at nearly twice the rate of revenue. Orders came heavily from large manufacturers and large IT companies, mostly for economic-security, internal-control and supply-chain-audit purposes, which is the kind of deployment customers do not cancel: churn stayed low and the revenue base is correspondingly stable. New orders also began arriving from energy and defence, sectors the company had not previously served.

Network All Cloud, and the SASE push

Network security revenue rose 20.9% to ¥1,967 million, but segment profit only 7.7% to ¥494 million — the company is spending on promotion into the SASE market, which it expects to expand quickly. Network All Cloud, which takes over a customer's entire network operation, traded firmly, with demand strongest among mid-sized manufacturers running plants across several sites who would rather outsource network operation and management wholesale. A large capital-alliance partner also widened the sales channel.

Buying its own hardware supplier

On June 30, 2026 Amiya acquired 97.84% of Ampere Inc., a maker of industrial and IT equipment, for ¥538 million in cash, generating provisional goodwill of ¥280 million; advisory and related costs were ¥2.7 million. The reason is specific: its fully managed SASE service, Verona, had depended on imported routers, exposing it to overseas inflation, a weak yen and delivery delays outside its control. Owning the manufacturer is meant to lower procurement cost and secure supply. Because the acquisition date is the last day of the half, only Ampere's balance sheet is consolidated — none of its trading is in these numbers.

The balance sheet changed shape

Total assets rose ¥1,979 million to ¥8,919 million: cash up ¥392 million, raw materials and supplies up ¥405 million, merchandise up ¥195 million, other current assets up ¥257 million and goodwill up ¥273 million, mostly reflecting the acquisition. Liabilities rose ¥2,456 million to ¥6,563 million, of which a ¥1,500 million bond issue and a ¥929 million increase in contract liabilities from steady ALog software subscriptions. Net assets fell ¥477 million to ¥2,356 million: the ¥435 million profit was outweighed by ¥134 million of dividends and ¥837 million of treasury-share purchases. The equity ratio therefore dropped to 26.2% from 40.8%. Operating cash flow was an inflow of ¥496 million, investing an outflow of ¥365 million on the subsidiary purchase, and financing an inflow of ¥156 million on the bond; cash ended at ¥4,837 million, ¥287 million higher.

A dividend policy change, and another buyback

Amiya left the earnings guidance published on February 12, 2026 unchanged — full-year revenue of ¥7,002 million (+18.0%), operating profit of ¥1,200 million (+14.1%), ordinary profit of ¥1,188 million (+13.3%) and net profit of ¥850 million (+13.3%), for earnings per share of ¥101.75 — but revised the dividend. Alongside a change of dividend policy announced the same day, the annual forecast rises to ¥20.00 from ¥15.73, all at the year end. The half has delivered 49% of the revenue target and 53% of the operating-profit target.

On the same day the board also approved a further buyback: up to 185,000 shares, 2.10% of shares outstanding excluding treasury, on August 13, 2026 through the Tokyo Stock Exchange's off-auction ToSTNeT-3 facility. Part of the stock acquired is earmarked for delivery on conversion of the first unsecured convertible bonds and exercise of the third share warrants issued in the third-party allotment announced on February 12, 2026. As of July 31, 2026 the company held 596,774 treasury shares against 8,233,626 shares outstanding excluding treasury.

JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.