FANUC: In-line results and broad strength

Research evidence excerpt

FANUC: In-line results and broad strength

3 August 2026

Jay Huang, Ph.D.

+852 2123 2631

Asian Industrial Technology jay.huang@bernsteinsg.com

FANUC Corp Weibin Liang, Ph.D.

+852 2123 2666

Rating weibin.liang@bernsteinsg.com

Outperform Elsa Fu

Price Target +852 2123 2617

elsa.fu@bernsteinsg.com

6954.JP 7,200.00 JPY (7,000.00 OLD)

FANUC's 1Q FY3/27 revenue was broadly in line with consensus and slightly above our

Close Date 31 Jul 2026

expectations (Exhibit 2). Backed by solid results and strong order momentum, FANUC

6954.JP Close Price (JPY) 7,135.00

modestly revised up its FY3/2027 guidance (Exhibit 3). While input costs continue to rise,

Price Target (JPY) 7,200.00

FANUC expects to offset the majority of impact through price adjustment.

Upside/(Downside) 1%

Order growth accelerated further (+37% YoY, Exhibit 14 to Exhibit 16) and significantly 52-Week Range 8,880.00/4,056.00

outpaced revenue growth, particularly in the FA segment (+64% YoY) and the Robomachine JPL 2,603.61

segment (+98% YoY). In addition to a broad-based cyclical recovery, customers placing FYE Mar

orders in advance to secure supply amid extended lead times arising from component Div Yield 1.5%

shortages was another key driver for the spike of orders in the FA and Robomachine Market Cap (JPY) (B) 7,008.51

segments. Through proactive procurement efforts and looking for alternatives, FANUC EV (JPY) (B) 6,280.33

expects lead times to gradually normalize over the next one to two quarters. This may Performance YTD 1M 6M 12M

mean peak order level is already seen. Growth in the robot segment temporarily moderated Absolute (%) 17.3 (3.8) 13.8 63.2

(revenue/orders: +18.7% YoY/+8.1% YoY), partly due to an exceptionally strong demand in JPL (%) 18.0 (1.9) 10.3 38.2

the Americas last quarter.