Yaskawa Electric (6506): 1Q results: Solid orders offset by weaker-than-expected profitability

研报英文原文证据摘录

Yaskawa Electric (6506): 1Q results: Solid orders offset by weaker-than-expected profitability

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Yaskawa Electric (6506)

1Q results: Solid orders offset by weaker-

than-expected profitability

Reiterate Rating: NEUTRAL | PO: 7,300 JPY | Price: 6,972 JPY

10 July 2026

Results first impression: Negative Equity

Our impression of Yaskawa’s 1Q results is negative. 1Q operating profit (OP) came in at

¥8.5bn, well below our estimate of ¥16.6bn and the Bloomberg consensus of ¥14.5bn. Kenjin Hotta >>

Research Analyst

While the miss was partly driven by enterprise resource planning (ERP) migration BofAS Japan

disruptions (~¥2.5bn) and restructuring costs in Europe (~¥1.0bn), revenue of ¥139.0bn kenjin.hotta@bofa.com

also fell short of our forecast of ¥148.0bn. On the positive side, total orders reached Yuri Nishizaki >> Research Analyst

¥163.8bn (+8% QoQ), broadly in line with our estimate and likely ahead of investor BofAS Japan

expectations. yuri.nishizaki@bofa.com

The ERP migration led to production disruptions in both the Motion Control and Robotics

segments, resulting in nearly ¥2.5bn impact on 1Q operating profit. While management Stock Data

stated that the issues have been identified and are being addressed, we believe residual

impacts could persist into 2Q. That said, management remains confident that operations Price 6,972 JPY

will normalize by 2H, enabling production ramp-up and recovery of earnings lost in 1H. Price Objective 7,300 JPY

Date Established 1-Jul-2026

Management remained constructive on demand, with semiconductors and data centers Investment Opinion C-2-7

continuing to be key areas of strength. Order trends were particularly strong in Robotics 52-Week Range 2,824-7,915 JPY