HITACHI (6501.T) Q1 results – Positive, full-year guidance hiked from Q1

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HITACHI (6501.T) Q1 results – Positive, full-year guidance hiked from Q1

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29 Jul 2026 08:15:35 ET │ 10 pages

Hitachi (6501.T)

Q1 results – Positive, full-year guidance hiked from Q1

CITI'S TAKE

Buy Q1 adjusted OP increased 39.5% YoY to ¥294.3bn, beating the VA

consensus by 16%. Energy OP was up ¥49.3bn YoY, outperforming Price (29 Jul 26 15:30) ¥4,957.0

significantly, with CI and Mobility also exceeding expectations. Versus Target price ¥6,500.0

internal plans, adjusted EBITA beat by c¥50bn, comprising forex +¥14bn, Expected share price return 31.1%

unrealized Middle East risk +¥13bn, and business scale effects etc. Expected dividend yield 1.2%

+¥23bn. Full-year adjusted OP guidance was raised ¥93bn to ¥1,408bn, Expected total return 32.3%

exceeding the VA consensus of ¥1,380bn. Main factors behind the uplift

Market Cap ¥22,156,115M include forex +¥55.5bn, business scale etc. +¥50bn, and growth

US$135,226M investment -¥17bn.

Implications — We view today’s release positively, as we believe it demonstrates

Hitachi’s earnings renewed growth capabilities. We expect the shares to react Masahiro ShibanoAC

favorably to Q1 results and the unexpected full-year guidance hike. In the growth- +81-3-6776-4641

driving energy segment, capacity expansion through capex and headcount masahiro.shibano@citi.com

increases, combined with production efficiency improvements including AI

utilization, appear to be fueling stronger-than-expected sales and profit Takero Fujiwara

growth. We believe this will help lift consensus estimates. For DSS, domestic IT +81-3-6776-4642

earnings reassuringly show solid orders and revenue, while GlobalLogic recorded a takero.fujiwara@citi.com

YoY revenue decline in Q1, which raises concerns about the full-year guidance for