• Tracking in line, monitoring developments – Q1-3 FY3/26 results were broadly in line, with the core Device Business Unit (BU) driving both sales and earnings growth, although profitability softened modestly. Overall earnings visibility is mixed; industrial equipment and auto sectors are showing signs of demand momentum for the Device BU, while heightened competition lowered returns in the System BU’s Eco-solutions sub-segment in the supply–demand adjustment market. The company is approaching the final year of its current Medium-Term management Plan in FY3/27, and visibility on the outlook is still developing, given 1) limited time remaining to conduct targeted M&A activity, and 2) sales mix improvements yet to materialize from the IT&SIer and the to-be-established Engineering Business Units.
