Yaskawa Electric (6506.T): Conf. Call Takeaways: Reconfirming the current status of ERP-related impact and path forward; maintain Buy

Research evidence excerpt

Yaskawa Electric (6506.T): Conf. Call Takeaways: Reconfirming the current status of ERP-related impact and path forward; maintain Buy

Equity Research

23 July 2026 | 4:08PM JST

Yaskawa Electric (6506.T): Conf. Call Takeaways: Reconfirming the

current status of ERP-related impact and path forward; maintain Buy

During the morning session on July 23, we hosted a conference call for domestic and Yuichiro Isayama

+81(3)4587-9806 |

foreign investors with Yaskawa Electric’s Ayano Motonaga, Section Manager, Investor yuichiro.isayama@gs.com

Goldman Sachs Japan Co., Ltd.

and Shareholder Relations Section, Corporate Communications Department. Since

Takeru Adachi

the discovery of the ERP-related impact, investor interest has been very high in the +81(3)4587-4067 |

company’s execution trends and the speed of problem resolution. Against this takeru.adachi@gs.comGoldman Sachs Japan Co., Ltd.

backdrop, our overall impression of the call, in which the company candidly Takato Enoki

explained the current situation, was positive. We reiterate our Buy rating on the stock +81(3)4587-1739takato.enoki@gs.com|

(on CL). Within, we highlight company comments/our views that we believe warrant Goldman Sachs Japan Co., Ltd.

Huattention. Chie +81(3)4587-6330 | chie.hu@gs.com

Current production utilization and normalization outlook: Recovering from a May

trough; preparing to increase output toward 2H recovery

Yaskawa Electric renewed its ERP system during the Golden Week holiday period in

May. It conducted simulations and testing in advance and made thorough

preparations for the transition, which itself proceeded smoothly. However, issues

subsequently emerged during execution. The ERP transition substantially changed

work processes and data-entry methods. On-site operations were unable to adapt