Fujitsu (6702) Holds IR Day 2026; reasonable roadmap for longer - term growth

Research evidence excerpt

J P M O R G A N

Asia Pacific Equity Research

16 September 2026

Fujitsu (6702)

Holds IR Day 2026; reasonable roadmap for longerterm growth

Fujitsu held its IR Day 2026 on September 16. It presented strategies focused on

creating business via service solutions and technology as foundations for the

targets outlined in the longer-term business vision for 2035 released in May (EPS

CAGR above 15% and ROE above 20% by FY2035). In service solutions, Fujitsu

discussed its positioning and the potential for AI transformation demand to

contribute to sales growth through improved development efficiency (higher

turnover). We think its approach seems reasonable. While it is too early to factor

in technology-driven business creation due to a long timeframe, we think it could

attract more attention based on the sales targets presented for Fujitsu-Monaka and

AI servers as key focus areas. We have a neutral impression overall. The stock

market’s excessive concerns about the domestic IT services industry appear to be

easing, and if Fujitsu can confirm progress on the strategies presented today via

quarterly results and other means, we think it could have large scope for rerating.

Service solutions sales growth: For Fujitsu-Uvance (about 30% of sales),

Fujitsu aims to expand business by combining its own capabilities (consulting

+ forward deployed engineers), applications/industry-specific agents, and

technology platforms (sovereign cloud, proprietary AI platforms, and multiple

AI agents) to achieve AI transformation at customers. It mainly targets five key

industries (public sector, finance, defense, manufacturing, retail). It targets

modernization (over 10% of sales) to grow at a CAGR above +10% by

FY2030. Fujitsu expects modernization sales for its own legacy platforms to

peak in FY2028 but to maintain growth by capturing modernization demand

from open systems and other companies’ legacy systems.

Productivity improvement: Improve gross margin by more than 2ppt/

year: AI-driven delivery and value pricing are key factors for improving

productivity. Fujitsu envisions three levels for using AI in systems

development: (1) generative AI prompt-based interactive development; (2)

…