Panasonic Holdings Corporation · TSE:6752
Panasonic — Q2 2027 Earnings Presentation
42 slides from Panasonic's earnings presentation, Oct 30, 2026
Slide 1: Fiscal 2027 Second Quarter Financial Results
Fiscal 2027 Second Quarter Financial Results October 30, 2026 Panasonic Holdings Corporation Notes: 1. This is an English translation from the original presentation in Japanese. 2. In this presentation, “Fiscal 2026” or “FY3/26” refers to the year ended March 31, 2026. In addition, “Fiscal 2027” or
Slide 2: Summary of FY3/27 2Q Financial Results
Summary of FY3/27 2Q Financial Results • Growth accelerated in AI infrastructure-related and adjacent businesses due to stronger-than-expected demand from data centers • Restructuring effects from initiatives implemented in FY3/26, sales growth, rationalization, and pricing initiatives, etc. contrib
Slide 3: Fiscal 2027 Full-year Financial Forecast
Fiscal 2027 Second Quarter Financial Results Fiscal 2027 Full-year Financial Forecast
Slide 4: FY3/27 2Q Financial Results
FY3/27 2Q Financial Results (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures FY3/27 2Q FY3/26 2Q YoY Results Results (year-on-year) 108% +149.8 Sales 2,073.6 1,923.8 (103%)*4 (+56.3)*4 Adjusted operating profit*1 213.2 90.4 236% +122.8 (% to sal
Slide 5: FY3/27 2Q Results by Segment
FY3/27 2Q Results by Segment (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Adjusted Other YoY OP EBITDA*1 Sales OP YoY income/ YoY YoY YoY (excl. FX) (%) (%) (%) loss 113% 29.9 32.6 54.7 Connect 368.9 +10.4 2.7 -0.9 +9.5 +10.9 (107%) 8.1% 8.8
Slide 6: FY3/27 2Q Sales Analysis by Segment
FY3/27 2Q Sales Analysis by Segment • Overall sales increased due to higher sales in Connect, Electric Works, HVAC & CC, Energy and Industry (yen: billions) +38.2 +38.0 2,073.6 +44.3 +93.5 +26.7 +32.1 -18.7 1,923.8 +21.8 Industrial / Industry In-vehicle Consumer, Smart Life -126.1 Effect of Electric
Slide 7: FY3/27 2Q Adjusted Operating Profit Analysis by Segment
FY3/27 2Q Adjusted Operating Profit Analysis by Segment • Adjusted OP increased in all segments, particularly for Energy and Industry (yen: billions) +27.1 +11.7 213.2 +39.1 +16.5 -5.6 Smart Life +12.1 +11.5 Industrial / Industry Effect of 90.4 +10.4 In-vehicle Consumer, exchange HVAC & CC others ra
Slide 8: FY3/27 2Q Operating Profit Analysis (by Factor)
FY3/27 2Q Operating Profit Analysis (by Factor) • OP increased due to increased sales in real terms, restructuring effects, price revisions and rationalization, etc. Effect of Price revisions, exchange US tariffs Other (yen: billions) rationalization, Fixed rates +21.6 income/loss Sales etc. increas
Slide 9: FY3/27 1H Cash Flows and Cash Positions
FY3/27 1H Cash Flows and Cash Positions • Operating CF increased YoY due to monetization of US IRA tax credit (direct pay) recorded in FY3/27 1Q Cash Flows Gross cash & interest-bearing debt / Net cash (yen: billions) (yen: billions) Gross cash*2 323.1 *1 -239.7 298.4 846.5 848.0 83.4 Net cash Bonds
Slide 10: Fiscal 2027 Full-year Financial Forecast
Fiscal 2027 Second Quarter Financial Results Fiscal 2027 Full-year Financial Forecast
Slide 11: FY3/27 Full-year Forecast
FY3/27 Full-year Forecast (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures FY3/27 (e) FY3/27 (e) FY3/26 YoY Revised amount (year-on-year) (Oct. 30, 2026) (July 30, 2026) Results Sales 8,400.0 7,800.0 +600.0 8,048.7 104% +351.3 (103%)*6 (+231.3)*
Slide 12: FY3/27 Full-year Forecast by Segment
FY3/27 Full-year Forecast by Segment (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Adjusted Other YoY Revised Revised Revised OP Revised EBITDA*1 Revised Sales OP YoY income/ YoY YoY YoY (excl. FX) amount (%) amount amount (%) amount (%) Amou
Slide 13: FY3/27 Full-year Operating Profit Forecast Analysis (by Factor)
FY3/27 Full-year Operating Profit Forecast Analysis (by Factor) *1: Expenses related to past manufacturing- process issues in In-vehicle batteries Sales Effect of Absence of Middle East increase/ Fixed Raw materials, Price revisions, US one-time situation & Other decrease in logistics rationalizatio
Slide 14: Industry: AI-related Businesses
Industry: AI-related Businesses Full-year forecast revised upward due to acceleration of stronger-than-expected growth in AI-related businesses Making investments to expand production capacity ahead of schedule to meet strong demand Press release (Published on Oct. 30, 2026): Panasonic Industry
Slide 15: Energy: Industrial / Consumer (For Data Centers)
Energy: Industrial / Consumer (For Data Centers) • Expansion of BBU supply capability and CBU mass-production preparations are progressing as planned Sales for data centers*1 Key Initiatives Underlined text：Updates since the FY3/27 1Q financial results announcement (July 30, 2026) Strengthening supp
Slide 16: AI Infrastructure-Related Businesses FY3/29
AI Infrastructure-Related Businesses FY3/29 AI infrastructure-related businesses: Sales expected to reach 1.6 trillion yen in FY3/29, driven by stronger-than-expected business growth Energy: Maintaining current growth trajectory Industry: Extended reference adoption in GPU-related applications,
Slide 17: Energy: In-vehicle
Energy: In-vehicle US EV sales on a recovery trend from FY3/26; FY3/27 full-year sales forecast remains unchanged from FY3/26 level In-vehicle battery sales volume at North American plants increased from FY3/27 1Q, driven by higher production in Kansas. Improved utilization expected at both Kans
Slide 18: Progress in Business Portfolio Management in FY3/27
Progress in Business Portfolio Management in FY3/27 • Steady progress in Business Portfolio Management at Panasonic Holdings Corporation Entered into a share transfer agreement with Makita Corporation on March 24, 2026, Power tool business to transfer all shares of the relevant business. The require
Slide 19: Shareholder Return
Shareholder Return Interim dividend: Determined at 27 yen per share (+7 yen YoY), same amount as initial forecast Annual dividend forecast: Revised upward to be 70 yen per share (+30 yen YoY) from initial forecast of 54 yen per share Interim Dividend Annual Dividend (Determined) (Forecast) Payou
Slide 20: Panasonic Group
Panasonic Group
Slide 21: Disclaimer Regarding Forward-looking Statements
Disclaimer Regarding Forward-looking Statements This presentation includes forward-looking statements about Panasonic Holdings Corporation (the "Company") and its Group companies (the "Panasonic Group"). To the extent that statements in this presentation do not relate to historical or current facts,
Slide 22: Reference: FY3/27 1H Results
Reference: FY3/27 1H Results (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures YoY FY3/27 1H FY3/26 1H (year-on-year) 107% +272.0 Sales 4,092.5 3,820.5 (101%)*4 (+52.5)*4 Adjusted operating profit*1 399.6 181.9 220% +217.7 (% to sales) (9.8%) (4.
Slide 23: Reference: FY3/27 Financial Results/Forecast (1H/2H/Full-Year)
Reference: FY3/27 Financial Results/Forecast (1H/2H/Full-Year) (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures 1H Full-year 2H (e) results forecast 107% 102% 104% Sales 4,092.5 4,307.5 8,400.0 +272.0 +79.3 +351.3 Adjusted operating profit*1 399
Slide 24: Reference: FY3/27 Results/Forecast by Segment (1H/2H/Full-Year)
Reference: FY3/27 Financial Results/Forecast by Segment（1H/2H/Full-Year) (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures 1H 2H (e) Full-year forecast Adjusted Adjusted Adjusted Sales YoY OP YoY Sales YoY OP YoY Sales YoY OP YoY (% to sales) (%
Slide 25: Reference: Impact of US Tariffs and Refund Status
Reference: Impact of US Tariffs and Refund Status Recorded 14.7 billion yen of US tariff refunds in FY3/27 2Q Combined with imposed US tariffs, net impact in FY3/27 2Q was 6.8 billion yen Full-year forecast has been revised, reflecting status of imposed tariffs and refunds ■ Breakdown of impac
Slide 26: Impact of US IRA Tax Credit (Section 45X) on Financial Results
Reference: Impact of US IRA Tax Credit (Section 45X) on Financial Results Among monetization methods of “Deductible tax credit,” “Refundable tax credit (direct pay)” and “Transferable tax credit,” assuming to elect “Refundable tax credit (direct pay)” for FY3/27 Half of total tax credit amount r
Slide 27: Reference: Overview of US Inflation Reduction Act (IRA) Section 45X
Reference: Overview of US Inflation Reduction Act (IRA) With the enactment of the US OBBBA in July 2025, Section 30D was terminated on September 30, 2025 As for Section 45X, a stricter PFE (Prohibited Foreign Entity) eligibility requirement for FEOCs (Foreign Entities of Concern) will be impleme
Slide 28: Progress in Developing Production Capabilities in Energy
Reference: Progress in Developing Production Capabilities in Energy • Flexibly build production capacity in response to customer demand • Utilize production facilities for data center (DC) applications in response to strong demand Battery cell Factory Production capabilities Status In-vehicle As of
Slide 29: Reference: Product Deployment Areas in AI Data Centers
Reference: Product Deployment Areas in AI Data Centers Energy Products Industry Products Data Centers AI Server Systems PSU *1 Server Boards Package Power Distribution 48V 12 or 5V ≦ 1V Equipment AC/DC DC/DC DC/DC GPU UPS CPU * Power Supply Unit Conductive Polymer Capacitors Peripheral Equipment (Wi
Slide 30: FY3/27 2Q Segment Information: Connect
Reference: FY3/27 2Q Segment Information Connect Overview Sales increased: Higher sales of Process Automation (e.g., mounting YoY % figures represent the year-on-year change relative to the previous year's figures machines) capturing demand for ICT including AI servers, Avionics and Blue (yen: billi
Slide 31: Reference: Blue Yonder's KPIs
Reference: Blue Yonder’s KPIs Connect • Continued YoY growth for all key SaaS KPIs (SaaS sales, RPO, SaaS ARR and SaaS NRR) Sales / Adjusted OP (Stand-alone) RPO (Remaining Performance Obligation) Continued growth in SaaS sales Up 21% YoY, but slightly down vs. Q1 due to the timing shift of larg
Slide 32: Reference: FY3/27 1H Results for Blue Yonder
Reference: FY3/27 1H Results for Blue Yonder Connect • Adjusted operating profit increased in FY3/27 1H due to higher sales and lower strategic investments ■ Blue Yonder Stand-Alone Basis （US$: millions） FY3/27 FY3/26 FY3/27 Previous Revised FY3/26 YoY Revised forecast forecast YoY 1H 1H (Oct. 30, 2
Slide 33: FY3/27 2Q Segment Information: Electric Works
Reference: FY3/27 2Q Segment Information Electric Works Overview YoY % figures represent the year-on-year change relative to the previous year's figures Sales increased: Higher sales of electrical construction materials supported by steady demand in Japan and growth in overseas markets (e.g., India)
Slide 34: FY3/27 2Q Segment Information: HVAC & CC
Reference: FY3/27 2Q Segment Information HVAC & CC Sales increased overall: Overview YoY % figures represent the year-on-year change relative to the previous year's figures HVAC: Increased due to higher sales of room air-conditioners (e.g., Japan, (yen: billions) FY3/27 2Q YoY (year-on-year) Asia an
Slide 35: FY3/27 2Q Segment Information: Energy
Reference: FY3/27 2Q Segment Information Energy Sales increased (In-vehicle): Higher sales at North American factories (increased Overview YoY % figures represent the year-on-year change relative to the previous year's figures production at Kansas factory), etc. (yen: billions) FY3/27 2Q YoY (year-o
Slide 36: FY3/27 2Q Segment Information: Industry
Reference: FY3/27 2Q Segment Information Industry Overview YoY % figures represent the year-on-year change relative to the previous year's figures Sales increased: Higher sales of products for AI related infrastructure (capacitors, multi-layer circuit board materials), and FA equipment (servo motors
Slide 37: Voluntarily Disclosed Businesses: Electronic Devices
Reference: Situation of Voluntarily Disclosed Businesses (FY3/27 2Q) Industry Sales and profit increased, driven by favorable demand for conductive polymer Electronic capacitors for AI infrastructure applications Devices Expanded production capacity for conductive polymer capacitors ahead of sch
Slide 38: Electronic Devices: BB ratio of capacitors
Reference: Situation of Voluntarily Disclosed Businesses (FY3/27 2Q) Industry Electronic Devices: BB ratio* of capacitors *BB ratio: book-to-bill ratio • Sales of conductive polymer capacitors continued to increase, driven by AI demand • Expand production capacity ahead of schedule to meet rapidly i
Slide 39: Voluntarily Disclosed Businesses: FA Solutions
Reference: Situation of Voluntarily Disclosed Businesses (FY3/27 2Q) Industry Improvement in adjusted operating profit margin due to strong demand for semiconductor FA manufacturing equipment and continued business structure enhancement Solutions Expanding production capacity to steadily meet gr
Slide 40: Voluntarily Disclosed Businesses: Electronic Materials
Reference: Situation of Voluntarily Disclosed Businesses (FY3/27 2Q) Industry Continued trend of sales and profit growth, supported by growing demand for Electronic AI infrastructure applications Materials Making investments to strengthen supply capacity in response to continued demand growth an
Slide 41: FY3/27 2Q Segment Information: Smart Life
Reference: FY3/27 2Q Segment Information Smart Life Sales decreased： Lower overseas sales (e.g., China: weak demand for Overview YoY % figures represent the year-on-year change relative to the previous year's figures large-sized appliances; Europe: lower sales of AVC), despite steady sales in (yen:
Slide 42: Reference: FY3/27 List of Voluntarily Disclosed Businesses
Reference: FY3/27 List of Voluntarily Disclosed Businesses Note: Sales and adjusted operating profit of the businesses shown with both underline and bold are disclosed in the Supplemental Financial Data Businesses with Sales Disclosed Major Business Divisions, etc. • Avionics : Panasonic Avionics Co