Komatsu Ltd. · TSE:6301
Komatsu — 1H FY2026 Earnings Presentation
52 slides from Komatsu's earnings presentation, Oct 29, 2026
Slide 1: Business Results for Three and Six Months Ended September 30, 2026
Business Results for Three and Six Months Ended September 30, 2026 October 29, 2026 Komatsu Ltd. Participants Takuya Imayoshi President and Representative Director CEO Hiroshi Hosotani Executive Officer CFO Kiyoshi Hishinuma Executive Officer GM, Business Coordination Department
Slide 2: Contents
Contents Ⅰ. Business Results for Three and Six Months Ended September 30, 2026 <PP3-17> PP4-5 : Highlights, Segment Sales and Profits for the Second 3-Month Period of FY2026 PP6-8 : Construction, Mining & Utility Equipment: Results for the Second 3-Month Period of FY2026 PP9-10 : Highlights, Segment
Slide 3: Business Results for Three and Six Months Ended September 30, 2026
Ⅰ. Business Results for Three and Six Months Ended September 30, 2026 3
Slide 4: Highlights for the Second 3-Month Period (Jul. - Sep. 2026) of FY2026
Highlights for the Second 3-Month Period (Jul. - Sep. 2026) of FY2026 • Net sales increased by 13.6% year on year to JPY1,115.5 billion. • Operating income decreased by 1.2% year on year to JPY135.1 billion. Operating income ratio was 12.1%, down 1.8 percentage points. • Net income attributable to K
Slide 5: Segment Sales and Profits for the Second 3-Month Period of FY2026
Segment Sales and Profits for the Second 3-Month Period (Jul. - Sep. 2026) of FY2026 • Construction, Mining & Utility Equipment: Sales increased by 15.1% year on year to JPY1,032.6 billion. Segment profit decreased by 4.5% to JPY114.3 billion. • Retail Finance: Sales increased by 7.2% year on year t
Slide 6: Construction, Mining & Utility Equipment: Sales by Region, Second 3-Month Period
Construction, Mining & Utility Equipment: Sales by Region (To Outside Customers) for the Second 3-Month Period (Jul. - Sep. 2026) of FY2026 • Sales to outside customers increased by 14.9% year on year to JPY1,028.8 billion. Excluding the impact of foreign exchange rates, sales increased by 5.9% year
Slide 7: Mining: Sales by Region for the Second 3-Month Period
Mining: Sales by Region (To Outside Customers) for the Second 3-Month Period (Jul. - Sep. 2026) of FY2026 • Sales to outside customers increased by 8.5% year on year to JPY502.0 billion. Excluding the impact of foreign exchange rates, sales decreased by 1.4% year on year. • Sales increased in Latin
Slide 8: Construction: Sales by Region for the Second 3-Month Period
Construction: Sales by Region (To Outside Customers) for the Second 3-Month Period (Jul. - Sep. 2026) of FY2026 • Sales to outside customers increased by 21.9% year on year to JPY526.8 billion. Excluding the impact of foreign exchange rates, sales increased by 13.7% year on year. • Sales increased i
Slide 9: Highlights for 1H FY2026 (Apr. – Sep.)
Highlights for 1H FY2026 (Apr. – Sep.) • Net sales increased by 14.1% year on year to JPY2,158.6 billion. • Operating income increased by 3.5% year on year to JPY286.6 billion. Operating income ratio was 13.3%, down 1.3 percentage points. • Net income attributable to Komatsu Ltd. increased by 9.2% y
Slide 10: Segment Sales and Profits for 1H FY2026 (Apr. – Sep.)
Segment Sales and Profits for 1H FY2026 (Apr. – Sep.) • Construction, Mining & Utility Equipment: Sales increased by 14.8% year on year to JPY1,999.6 billion. Segment profit increased by 1.0% to JPY244.5 billion. • Retail Finance: Sales increased by 7.3% year on year to JPY65.4 billion. Segment prof
Slide 11: Construction, Mining & Utility Equipment: Sales by Region for 1H FY2026
Construction, Mining & Utility Equipment: Sales by Region (To Outside Customers) for 1H FY2026 (Apr. – Sep.) • Sales to outside customers increased by 14.8% year on year to JPY1,993.8 billion. Excluding the impact of foreign exchange rates, sales increased by 4.8% year on year. • Sales decreased in
Slide 12: Mining: Sales by Region for 1H FY2026
Mining: Sales by Region (To Outside Customers) for 1H FY2026 (Apr. – Sep.) • Sales to outside customers increased by 11.0% year on year to JPY964.4 billion. Excluding the impact of foreign exchange rates, sales increased by 0.2% year on year. • Sales decreased in Asia and the Middle East, but increa
Slide 13: Construction: Sales by Region for 1H FY2026
Construction: Sales by Region (To Outside Customers) for 1H FY2026 (Apr. – Sep.) • Sales to outside customers increased by 18.6% year on year to JPY1,029.4 billion. Excluding the impact of foreign exchange rates, sales increased by 9.5% year on year. • Sales increased in all regions except Japan and
Slide 14: Factors Behind Changes in Sales and Segment Profit for 1H FY2026
Construction, Mining & Utility Equipment: Factors Behind Changes in Sales and Segment Profit for 1H FY2026 (Apr. – Sep.) • Sales increased by JPY257.4 billion year on year due to the positive effects of the weaker yen, increased sales volume and improved selling prices. • Segment profit increased by
Slide 15: Retail Finance: Assets, New Contracts, and Revenues for 1H FY2026
Retail Finance: Assets, New Contracts, and Revenues for 1H FY2026 (Apr. – Sep.) • Assets increased by JPY24.6 billion from the previous fiscal year-end, due to an increase in new contracts. • New contracts increased by JPY117.4 billion year on year mainly due to increased finance penetration in Nort
Slide 16: Industrial Machinery & Others: Segment Sales and Profit for 1H FY2026
Industrial Machinery & Others: Segment Sales and Profit for 1H FY2026 (Apr. – Sep.) • Sales increased by 7.1% year on year to JPY114.5 billion. Segment profit increased by 27.0% to JPY21.1 billion. • While sales to the automotive industry decreased, sales to the semiconductor industry increased. As
Slide 17: Consolidated Balance Sheet and Free Cash Flow (FCF)
Consolidated Balance Sheet and Free Cash Flow (FCF) • Total assets increased by JPY103.2 billion from the previous fiscal year-end to JPY6,527.2 billion mainly due to increases in inventories. • Inventories increased by JPY92.8 billion from the previous fiscal year-end to JPY1,694.7 billion. Komatsu
Slide 18: Projection for FY2026 Business Results
Ⅱ. Projection for FY2026 Business Results 18
Slide 19: Outline of Projection for FY2026
Outline of Projection for FY2026 • Net sales are projected to increase by 7.7% year on year to JPY4,450.0 billion (revised upward by JPY148.0 billion from the July 2026 projection). • Operating income is projected to increase by 3.1% to JPY585.0 billion (revised upward by JPY30.0 billion from the Ju
Slide 20: Projection of Segment Sales and Profits for FY2026
Projection of Segment Sales and Profits for FY2026 • Construction, Mining & Utility Equipment: Sales are projected to increase by 8.2% year on year to JPY4,120.0 billion. Segment profit is projected to increase by 2.6% to JPY504.0 billion. • Retail Finance: Sales are projected to increase by 2.7% ye
Slide 21: Projection for Sales by Region for FY2026
Construction, Mining & Utility Equipment: Projection for Sales by Region (To Outside Customers) for FY2026 • Sales to outside customers are projected to increase by 7.8% year on year to JPY4,092.3 billion. Excluding the impact of foreign exchange rates, sales are projected to increase by 4.4% year o
Slide 22: Mining: Projection for Sales by Region for FY2026
Mining: Projection for Sales by Region (To Outside Customers) for FY2026 • Sales to outside customers are projected to increase by 4.8% year on year to JPY1,996.7 billion. Excluding the impact of foreign exchange rates, sales are projected to increase by 0.9% year on year. • Lower sales in Asia due
Slide 23: Construction: Projection for Sales by Region for FY2026
Construction: Projection for Sales by Region (To Outside Customers) for FY2026 • Sales to outside customers are projected to increase by 10.8% year on year to JPY2,095.6 billion. Excluding the impact of foreign exchange rates, sales are projected to increase by 7.9% year on year. • Despite lower sal
Slide 24: Projection for Sales of Equipment, Parts, Service, etc.
Construction, Mining & Utility Equipment: Projection for Sales of Equipment, Parts, Service, etc. (To Outside Customers) • In 2Q FY2026, parts sales increased by 11.7% year on year to JPY291.1 billion. • In FY2026, parts sales are projected to increase by 5.9% year on year to JPY1,117.7 billion (rev
Slide 25: Factors Behind Changes in Projected Sales and Segment Profit for FY2026
Construction, Mining & Utility Equipment: Factors Behind Changes in Projected Sales and Segment Profit for FY2026 • Sales are projected to increase by JPY314.0 billion year on year, reflecting the weaker yen, increased sales volume, and improved selling prices. • Segment profit is projected to incre
Slide 26: Retail Finance: Projection for Assets, New Contracts, and Revenues
Retail Finance: Projection for Assets, New Contracts, and Revenues for FY2026 • Assets are projected to increase by JPY40.0 billion from the previous fiscal year-end, due to an increase in new contracts. • New contracts are projected to increase by JPY106.5 billion year on year, reflecting higher fi
Slide 27: Industrial Machinery & Others: Projection for Segment Sales and Profit
Industrial Machinery & Others: Projection for Segment Sales and Profit for FY2026 • Sales are projected to increase by 7.9% year on year to JPY257.5 billion. Segment profit is projected to increase by 16.0% to JPY44.0 billion. • While sales to the automotive industry are expected to decrease, mainly
Slide 28: Actual and Projected Demand for Major Products
Construction, Mining & Utility Equipment: Actual and Projected Demand for 7 Major Products • In 2Q FY2026, demand increased by 6% year on year. • In FY2026, demand is projected to increase by 5% to 10% year on year (revised from the July 2026 projection). Annual demand for 7 major products Quarterly
Slide 29: Actual and Projected Demand in Major Markets: (1) North America
Construction, Mining & Utility Equipment: Actual and Projected Demand in Major Markets: (1) North America • In 2Q FY2026, demand increased by 14% year on year. Demand from the rental sector is increasing, driven by data center investment, while demand from the mining and energy sectors remains solid
Slide 30: Actual and Projected Demand in Major Markets: (2) Europe
Construction, Mining & Utility Equipment: Actual and Projected Demand in Major Markets: (2) Europe • In 2Q FY2026, demand increased by 2% year on year. • In FY2026, demand is projected to increase by 0% to 5% year on year (unchanged from the April 2026 projection). Public investment is driving deman
Slide 31: Actual and Projected Demand in Major Markets: (3) Asia
Construction, Mining & Utility Equipment: Actual and Projected Demand in Major Markets: (3) Asia • In 2Q FY2026, demand increased by 8% year on year. • In FY2026, demand is projected to remain broadly flat year on year (revised from the July 2026 projection). In Indonesia, demand from the agricultur
Slide 32: Actual and Projected Demand in Major Markets: (4) Japan
Construction, Mining & Utility Equipment: Actual and Projected Demand in Major Markets: (4) Japan • In 2Q FY2026, demand decreased by 2% year on year. Demand from both general customers and rental companies recovered gradually from the sharp decline in 1Q. • In FY2026, demand is projected to remain
Slide 33: Price Trends and Projection for Major Minerals
Construction, Mining & Utility Equipment: Price Trends and Projection for Major Minerals • Copper prices remain high on solid demand. Gold prices remain at high levels over the long term despite a temporary correction. • For iron ore and metallurgical coal, stable demand is expected, and prices are
Slide 34: Actual and Projected Demand for Mining Equipment
Construction, Mining & Utility Equipment: Actual and Projected Demand for Mining Equipment • In 2Q FY2026, demand for mining equipment increased by 5% year on year. Demand for copper mining in Latin America and gold mining in Africa and North America remains solid. • In FY2026, demand is projected t
Slide 35: Appendix
Appendix KOMATSU 35
Slide 36: Quarterly Sales and Operating Income
<Appendix> Quarterly Sales and Operating Income Industrial Machinery & Others Billions of yen Retail Finance Quarterly Sales Construction, Mining & Utility Equipment Elimination 1,147.1 1,217.3 1,115.5 1,200 1,070.1 76.0 1,043.1 972.0 1,008.2 76.9 1,023.9 33.1 923.4 959.8 989.2 909.5 982.1 61.6 1,00
Slide 37: Construction, Mining & Utility Equipment: Quarterly Sales and Segment Profit
<Appendix> Construction, Mining & Utility Equipment: Quarterly Sales and Segment Profit Billions of yen Quarterly Sales 1,000 800 600 1,049.9 1,118.0 989.4 966.9 1,032.6 918.2 894.3 935.9 918.2 897.3 945.8 400 846.9 860.7 844.9 200 0 FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4Q FY26/1Q 2Q 3Q 4
Slide 38: Quarterly Sales by Region (To Outside Customers)
<Appendix> Construction, Mining & Utility Equipment: Quarterly Sales by Region (To Outside Customers) Billions of yen 1,200 1,115.6 Japan 1,100 1,046.9 1,028.8 92.0 CIS 983.8 18.6 965.0 1,000 91.2 943.2 20.2 76.0 933.2 916.1 904.7 13.5 895.0 17.9 China 860.6 94.4 891.3 19.3 93.3 60.0 18.3 900 842.2
Slide 39: Retail Finance: Quarterly Sales and Segment Profit
<Appendix> Retail Finance: Quarterly Sales and Segment Profit Billions of yen Quarterly Sales 35 30 25 20 31.3 31.2 32.1 33.1 32.7 32.7 15 28.9 30.5 30.2 30.4 30.5 27.2 22.9 24.6 10 5 0 FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4Q FY26/1Q 2Q 3Q 4Q Exchange rates 23/1Q 23/2Q 23/3Q 23/4Q 24/1Q 2
Slide 40: Industrial Machinery & Others: Quarterly Sales and Segment Profit
<Appendix> Industrial Machinery & Others: Quarterly Sales and Segment Profit Billions of yen Quarterly Sales 80 60 40 76.9 76.0 64.1 63.5 61.6 51.2 55.8 52.9 46.5 45.5 49.9 20 40.5 44.6 43.5 0 FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4Q FY26/1Q 2Q 3Q 4Q Exchange rates 23/1Q 23/2Q 23/3Q 23/4Q
Slide 41: Actual and Projected Demand and Sales for Mining Equipment
<Appendix> Construction, Mining & Utility Equipment: Actual and Projected Demand and Sales for Mining Equipment Annual demand for mining equipment Annual sales of mining equipment (incl. parts and service) North America Latin America North America Latin America Europe, Africa and Middle East Oceania
Slide 42: Annual Sales of Equipment, Parts, Service, etc. (To Outside Customers)
<Appendix> Annual Sales of Equipment, Parts, Service, etc. (To Outside Customers) (Mining and Construction Equipment) *Aftermarket (AM): Parts + Service, etc. Billions of AM Billions of AM yen Mining Equipment ratio yen Construction Equipment ratio Annual Sales Annual Sales 2,500 2,500 66% 69% 72% 6
Slide 43: Quarterly Sales of Equipment, Parts, Service, etc. (To Outside Customers)
<Appendix> Quarterly Sales of Equipment, Parts, Service, etc. (To Outside Customers) (Mining and Construction Equipment) *Aftermarket (AM): Parts + Service, etc. Billions of Mining Equipment AM Billions of Construction Equipment AM yen ratio yen ratio Quarterly Sales Quarterly Sales 100% 100% 800 70
Slide 44: Komtrax: Average Operating Hours per Month
<Appendix> Komtrax: Average Operating Hours per Month Japan Y-o-Y Europe Y-o-Y growth growth Hours rate Hours Operating hours Y-o-Y change(%) rate 250 Operating hours Y-o-Y change(%) 250 9% 12% 15% 15% 200 200 6% 6% 7% 5% 4% 3% 0% 4% 3% 3% 1% 1% 1% 3% 1% 0% 1% 1% 0% 0% 150 -1% -1% 150 -1% -1% -3% -1
Slide 45: Book-to-Bill Ratio for Mining Equipment (6 Months)
<Appendix> Book-to-Bill Ratio for Mining Equipment (6 Months) 300% Komatsu America Orders received/Sales Index Avg. orders in value for 6 months/Avg. factory shipment in value for 6 months (Mining eqpt) 250% 200% 730E, 830E, 860E 930E, 960E, 980E 150% 100% 50% 0% 250% KMC (Mining eqpt) 200% < Surfac
Slide 46: Book-to-Bill Ratio for Mining Equipment (6 Months)
<Appendix> Book-to-Bill Ratio for Mining Equipment (6 Months) Avg. orders in value for 6 months/Avg. factory shipment in value for 6 months 400% Komatsu Germany 350% Orders received/Sales Index (Mining eqpt) 300% 250% PC3000, PC4000 200% PC5500, PC7000 PC8000, PC9000 150% 100% 50% 0% -50% -100% Koma
Slide 47: Accelerating autonomous construction through physical AI and Smart Construction
- Accelerating autonomous construction through the integration of physical AI and Smart Construction - Komatsu and AIM Intelligent Machines enter Strategic Partnership for autonomous operation of bulldozers and hydraulic excavators • Komatsu and its subsidiary EARTHBRAIN Ltd. have entered into a str
Slide 48: Komatsu and Atlassian Williams F1 Team renew global partnership
Komatsu and Atlassian Williams F1 Team renew award-winning global partnership with expanded technical collaboration • Komatsu and Atlassian Williams F1 Team have extended their award-winning, global partnership. • Komatsu and Williams will further deepen their technical collaboration, with Komatsu e
Slide 49: Komatsu launches PC75-10M0 7-ton-class hydraulic excavator for Southeast Asia
- Leveraging development, production and procurement capabilities in India to meet jobsite needs across Southeast Asia – Komatsu launches PC75-10M0 7-ton-class hydraulic excavator for Southeast Asian markets • Komatsu has begun sales of the PC75-10M0, a 7-ton-class hydraulic excavator for Southeast
Slide 50: Komatsu launches PC200-11M2 and PC210-11M2 hydraulic excavators
- PC200-11M2 and PC210-11M2 expand the lineup to meet diverse customer and jobsite needs - Komatsu launches two new 20-ton-class hydraulic excavators for Asia and other emerging markets • Komatsu has launched the PC200-11M2 and PC210-11M2 hydraulic excavators for Asia and other emerging markets, wit
Slide 51: Komatsu issues Komatsu Report 2026
Komatsu issues Komatsu Report 2026 • Komatsu issued the integrated report, Komatsu Report 2026, in September. • This report reviews the first year of the Strategic Growth Plan (SGP), “Driving value with ambition” (FY2025-FY2027), and introduces initiatives aimed at enhancing corporate value over the
Slide 52: IR Reference Information Links
IR Reference Information Links Investor relations https://www.komatsu.jp/en/ir Strategic Growth Plan https://www.komatsu.jp/en/newsroom/2025/20250428_2 Komatsu Report (Integrated Report) https://www.komatsu.jp/en/ir/library/annual IR-Day https://www.komatsu.jp/en/ir/library/results/2025 Cautionary S