Interim report
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GS Yuasa Corporation Consolidated Earnings Report for the Three Months ended June 30 , 2026 ( Japanese GAAP ) August 5 , 2026 Stock listing : Tokyo Stock Exchange Securities code : 6674 URL : https://www.gs-yuasa.com/en/ Representative : Takashi Abe , President and CEO Information contact : Hiroaki Matsushima Tel : + 81-75-312-1211 Director and CFO Scheduled dates Scheduled date to commence dividend payments : Supplementary materials to earnings report available : Earnings presentation held : Yes Yes ( targeted at institutional investors and analysts ) ( Amounts rounded down to the nearest million yen ) 1. Consolidated Financial Results for the Three Months ended June 30 , 2026 ( April 1 , 2026 to June 30 , 2026 ) ( 1 ) Consolidated Operating Results ( Percentages indicate year - on - year changes ) Profit attributable to Net sales Operating profit Ordinary profit owners of parent million yen % million yen % million yen % million yen % Three Months ended 141,734 7.5 11,578 39.3 12,099 42.8 7,558 15.7 June 30 , 2026 Three Months ended 131,879 3.4 8,313 34.4 8,474 26.7 6,530 36.4 June 30 , 2025 Note : Comprehensive income : Three Months ended June 30 , 2026 : Three Months ended June 30 , 2025 : ¥ 7,309 million , 34.4 % ¥ 5,440 million , ( 58.3 ) % Basic earnings per share yen Diluted earnings per share yen 75.34 Three Months ended June 30 , 2026 Three Months ended June 30 , 2025 ( 2 ) Consolidated Financial Position 65.11 Total assets Net assets million yen As of June 30 , 2026 As of March 31 , 2026 Reference : Total equity : 750,397 740,985 As of June 30 , 2026 : As of March 31 , 2026 : ¥ 393,821 million ¥ 394,663 million million yen 439,492 444,098 Equity ratio % 52.5 53.3 1
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2 2. Dividends Dividend per share End-Q1 End-Q2 End-Q3 Year-end Total yen yen yen yen yen Year ended March 31, 2026 – 30.00 – 60.00 90.00 Year ending March 31, 2027 – Year ending March 31, 2027 (forecast) 30.00 – 68.00 98.00 Note: No revision has been made to the latest dividends forecast. 3. Earnings Forecast for the Year ending March 31, 2027 (April 1, 2026 to March 31, 2027) (Percentages indicate year -on-year changes) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share million yen % million yen % million yen % million yen % yen Six months ending September 30, 2026 309,000 13.5 19,000 1.5 16,000 (7.4) 9,000 (14.0) 89.72 Year ending March 31, 2027 660,000 8.4 60,000 (0.3) 56,000 (3.8) 36,000 (14.0) 358.88 Note: The latest earnings forecast has been revised. For details, please refer to the “ Notice Regarding Revision to Earnings Forecast for the Six Months Ending September 30, 2026 and the Full Year Ending March 31, 2027” released today ( August 5, 2026).
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3 *Notes (1) Significant changes in the scope of consolidation during the period: Yes Excluded: 1 company ( Inci GS Yuasa Aku Sanayi ve Ticaret Anonim Sirketi ) (2) Use of accounting procedures specific to preparation of quarterly consolidated financial statements: Yes (3) Changes in accounting policy, changes in accounting estimates, and retrospective restatement 1) Changes in accordance with revisions to accounting and other standards: None 2) Changes other than 1) above: None 3) Changes in accounting estimates: None 4) Retrospective restatement: None (4) Number of shares issued (common stock) As of June 30, 2026 As of March 31, 2026 1) Number of shares issued (including treasury shares) 100,446,442 100,446,442 2) Number of treasury shares 127,186 126,959 Three Months ended June 30, 2026 Three Months ended June 30, 2025 3) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) 100,319,427 100,301,745 *Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit firm: None *Appropriate Use of Earnings Forecast and Other Important Information The above forecasts are based on the assumptions of management in light of information available as of the release date of this report. GS Yuasa Corporation makes no assurances as to the actual results, which may differ from forecasts due to various factor s such as changes in the business environment.
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4 4. Qualitative Information on Operating Results, etc. (1) Operating Results 1) Overview In the first three months of the fiscal year ending March 31, 2027, the global economy as a whole has continued to show moderate recovery, supported by the expansion of AI -related demand and the resilient growth of the U.S. economy. However, the outlook re mains uncertain mainly due to rising geopolitical risks, including the situation in the Middle East, uncertainties in U.S. trade policies, and fluctuations in financial and capital markets. In this economic environment, the GS Yuasa Group’s consolidated net sales for the first three months of the fiscal year ending March 31, 2027 totaled ¥141,734 million, up ¥9,855 million or 7.5%, from the same period of the previous fiscal year. This increa se in Group sales mainly reflects an increase in sales in the Mobility business. In line with this, operating profit came to ¥11,578 million, up ¥3,264 million or 39.3% from the same period of the previous fiscal year. Ordinary profit came to ¥12,099 million, up ¥3,625 million or 42.8% from the same period of the previous fiscal year, due to an increase in operating profit. Profit attributable to owners of parent came to ¥7,558 million, up ¥1,027 million or 15.7% from the same period of the previous fiscal year. 2) Business Segment Results The segment categories have been revised from the first quarter of the fiscal year ending March 31, 2027, and the comparison and analysis are based on the revised categories. In addition, in order to properly manage the performance of the Group, we have changed the segment profit from operating profit before amortization of goodwill to operating profit. For details, please refer to “5. Consolidated Financial Statements and Notes, (3) Notes on the Consolidated Financial Statements (Notes on segment and other information).” Mobility (Lead-acid Batteries (Japan)) Net sales in Japan totaled ¥24,502 million, a year -on-year increase of ¥2,124 million or 9.5%, due to the increase in sales volume and the revision of sales prices. Segment profit came to ¥2,423 million, up ¥750 million or 44.9% from the same period of the previous fiscal year. (Lead-acid Batteries (Overseas)) Overseas net sales totaled ¥57,773 million, a year -on-year increase of ¥6,326 million or 12.3%, due to the increase in sales volume in Europe and Southeast Asia and the impact of the weaker yen. Segment profit came to ¥7,233 million, up ¥3,399 million or 8 8.7% from the same period of the previous fiscal year. (Lithium-ion Batteries) Net sales in the lithium -ion batteries segment totaled ¥21,515 million, a year -on-year increase of ¥2,139 million or 11.0%, mainly due to an increase in sales volume of lithium -ion batteries for hybrid vehicles. Segment profit came to ¥795 million, an impr ovement of ¥829 million compared to the same period of the previous fiscal year. Public Infrastructure (Industrial Batteries and Power Supplies) Net sales in the industrial batteries and power supplies segment totaled ¥32,248 million, a year -on- year decrease of ¥977 million or 2.9%, due to a decline in orders for emergency power supply systems. As a result, segment profit came to ¥980 million, down ¥1,565 million or 61.5% from the same period of the previous fiscal year.
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5 (Aviation, Space and Defense) Net sales in the aviation, space and defense segment totaled ¥4,953 million, a year -on-year increase of ¥121 million or 2.5%, despite a decrease in sales prices of lithium -ion batteries for submarines, mainly due to an increase in orders for special batter ies for defense. Segment profit came to ¥623 million, down ¥132 million or 17.5% from the same period of the previous fiscal year. (2) Financial Condition Total assets amounted to ¥750,397 million, an increase of ¥9,412 million from the end of the previous fiscal year. This mainly reflects an increase in inventories and construction in progress, despite the collection of trade receivables. Liabilities increased to ¥310,904 million, up ¥14,017 million from the end of the previous fiscal year. This mainly reflects an increase in commercial papers, despite decreases in borrowings, accounts payable - other, and income taxes payable. Net assets totaled ¥439,492 million, a decrease of ¥4,605 million from the end of the previous fiscal year. This mainly reflects outflows from dividends paid and a decrease in foreign currency translation adjustment, despite an increase due to the recordin g of profit attributable to owners of parent.
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6 5. Consolidated Financial Statements and Notes (1) Consolidated Balance Sheets (Millions of yen) As of March 31, 2026 As of June 30, 2026 Amount Amount Assets Current assets Cash and deposits 36,747 37,880 Notes and accounts receivable - trade, and contract assets 111,560 90,577 Electronically recorded monetary claims - operating 7,347 4,706 Merchandise and finished goods 73,883 82,647 Work in process 27,378 27,872 Raw materials and supplies 38,831 41,059 Other 17,932 23,732 Allowance for doubtful accounts (505) (174) Total current assets 313,176 308,301 Non-current assets Property, plant and equipment Buildings and structures, net 70,275 66,918 Machinery, equipment and vehicles , net 66,316 59,460 Land 40,525 33,267 Leased assets, net 387 468 Right-of-use assets, net 9,463 9,058 Construction in progress 58,606 90,444 Other, net 9,470 9,020 Total property, plant and equipment 255,045 268,639 Intangible assets Goodwill 485 – Leased assets 292 257 Other 3,743 2,154 Total intangible assets 4,520 2,412 Investments and other assets Investment securities 79,005 80,813 Retirement benefit asset 75,132 75,393 Deferred tax assets 4,651 4,624 Lease receivables 3,127 3,485 Other 6,668 7,068 Allowance for doubtful accounts (341) (340) Total investments and other assets 168,242 171,045 Total non-current assets 427,808 442,096 Total assets 740,985 750,397
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7 (Millions of yen) As of March 31, 2026 As of June 30, 2026 Amount Amount Liabilities Current liabilities Notes and accounts payable - trade 49,240 46,870 Electronically recorded obligations - operating 24,696 22,171 Short-term borrowings 38,226 25,242 Commercial papers – 50,000 Accounts payable - other 18,510 12,512 Income taxes payable 9,169 4,232 Electronically recorded obligations - facilities 3,028 4,548 Provision for bonuses for directors (and other officers) 269 269 Provision for loss on liquidation of subsidiaries and associates 3,318 – Other 37,223 36,582 Total current liabilities 183,683 202,430 Non-current liabilities Bonds payable 20,000 20,000 Long-term borrowings 29,600 29,050 Lease liabilities 11,495 11,642 Deferred tax liabilities 36,748 33,187 Deferred tax liabilities for land revaluation 800 800 Provision for retirement benefits for directors (and other officers) 43 45 Retirement benefit liability 6,016 5,541 Long-term income taxes payable 309 – Other 8,188 8,205 Total non-current liabilities 113,203 108,474 Total liabilities 296,886 310,904 Net assets Shareholders’ equity Share capital 52,841 52,841 Capital surplus 72,975 72,975 Retained earnings 186,794 188,326 Treasury shares (330) (332) Total shareholders’ equity 312,281 313,811 Accumulated other comprehensive income Valuation difference on available -for-sale securities 16,900 19,901 Deferred gains or losses on hedges (48) 25 Revaluation reserve for land 1,771 1,771 Foreign currency translation adjustment 34,294 29,641 Remeasurements of defined benefit plans 29,464 28,669 Total accumulated other comprehensive income 82,382 80,010 Non-controlling interests 49,434 45,671 Total net assets 444,098 439,492 Total liabilities and net assets 740,985 750,397
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8 (2) Consolidated Statements of Income and Comprehensive Income Consolidated Statements of Income (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Amount Amount Net sales 131,879 141,734 Cost of sales 100,627 105,386 Gross profit 31,251 36,348 Selling, general and administrative expenses 22,938 24,769 Operating profit 8,313 11,578 Non-operating income Interest and dividend income 661 787 Share of profit of entities accounted for using equity method 328 460 Foreign exchange gains 165 – Gain on net monetary position 382 – Other 527 648 Total non-operating income 2,065 1,897 Non-operating expenses Interest expenses 1,387 431 Foreign exchange losses – 103 Loss on sale of receivables 241 131 Other 275 709 Total non-operating expenses 1,905 1,376 Ordinary profit 8,474 12,099 Extraordinary income Gain on sale of non -current assets 1,559 4 Gain on receipt of national subsidies 214 41 Total extraordinary income 1,773 46 Extraordinary losses Loss on retirement of non -current assets 56 68 Loss on sale of non-current assets 6 0 Provision for special suspense account for tax purpose reduction entry 197 38 Total extraordinary losses 259 106 Profit before income taxes 9,988 12,039 Income taxes 2,350 2,240 Profit 7,637 9,799 Profit attributable to non -controlling interests 1,107 2,240 Profit attributable to owners of parent 6,530 7,558
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9 Consolidated Statements of Comprehensive Income (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Amount Amount Profit 7,637 9,799 Other comprehensive income Valuation difference on available-for-sale securities (213) 2,915 Deferred gains or losses on hedges 286 73 Foreign currency translation adjustment 577 (3,385) Remeasurements of defined benefit plans , net of tax (557) (794) Share of other comprehensive income of entities accounted for using equity method (2,289) (1,298) Total other comprehensive income (2,196) (2,489) Comprehensive income 5,440 7,309 Comprehensive income attributable to Comprehensive income attributable to owners of parent 4,343 5,185 Comprehensive income attributable to non - controlling interests 1,097 2,124
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10 (3) Notes on the Consolidated Financial Statements (Use of accounting procedures specific to preparation of quarterly consolidated financial statements) (Tax expense calculation) The Company calculates tax expenses by rationally estimating its effective tax rate after application of tax effect accounting to profit before income taxes for the current fiscal year, which includes the first quarter ended June 30, 2026, and multiplying profit before income taxes by said estimated effective tax rate. However, in cases where calculations using said estimated effective tax rate yield a result that is notably lacking rationality, tax expenses are calculated using the statutory effective tax rate.
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11 (Notes on segment and other information) Segment information I. Three months ended June 30, 2025 (April 1 to June 30, 2025) 1. Net sales and profit/loss by reportable segment (Millions of yen) Reportable segment Mobility Lead-acid Batteries (Japan) Lead-acid Batteries (Overseas) Lithium-ion Batteries Subtotal Net sales Revenues from external customers 22,377 51,446 19,375 93,200 Transactions with other segments 422 806 2,185 3,414 Total 22,800 52,253 21,560 96,614 Segment profit (loss) 1,673 3,834 (34) 5,472 (Millions of yen) Reportable segment Other (Note) 1 Total Adjustments (Note) 2 Amounts recorded in consolidated financial statements Public Infrastructure Total Industrial Batteries and Power Supplies Aviation, Space and Defense Subtotal Net sales Revenues from external customers 33,225 4,832 38,057 131,258 533 131,791 87 131,879 Transactions with other segments 972 30 1,003 4,417 240 4,657 (4,657) – Total 34,198 4,862 39,060 135,675 773 136,448 (4,569) 131,879 Segment profit (loss) 2,545 756 3,301 8,774 104 8,879 (566) 8,313 Notes: 1. “Other” comprises businesses that are not included in any of the reportable segments such as membrane products business. 2. Adjustments are as follows: (1) Revenues from external customers of ¥87 million are mainly from real estate lease revenue . (2) Adjustment for segment profit (loss) was ¥( 566) million, which includes ¥(183) million elimination of inter-segment transactions and ¥( 382) million of unallocated corporate revenues and expenses. The unallocated corporate revenues mainly consist of royalty revenue from Group companies, and the unallocated corporate expenses mainly comprise general and administrative expenses that are not attributable to reportable segments.
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12 II. Three months ended June 30, 2026 (April 1 to June 30, 2026) 1. Net sales and profit/loss by reportable segment (Millions of yen) Reportable segment Mobility Lead-acid Batteries (Japan) Lead-acid Batteries (Overseas) Lithium-ion Batteries Subtotal Net sales Revenues from external customers 24,502 57,773 21,515 103,791 Transactions with other segments 442 604 2,163 3,209 Total 24,945 58,377 23,678 107,001 Segment profit 2,423 7,233 795 10,452 (Millions of yen) Reportable segment Other (Note) 1 Total Adjustments (Note) 2 Amounts recorded in consolidated financial statements Public Infrastructure Total Industrial Batteries and Power Supplies Aviation, Space and Defense Subtotal Net sales Revenues from external customers 32,248 4,953 37,201 140,992 670 141,663 71 141,734 Transactions with other segments 1,027 12 1,040 4,250 306 4,556 (4,556) – Total 33,275 4,966 38,242 145,243 977 146,220 (4,485) 141,734 Segment profit 980 623 1,604 12,056 182 12,239 (660) 11,578 Notes: 1. “Other” comprises businesses that are not included in any of the reportable segments such as membrane products business. 2. Adjustments are as follows: (1) Revenues from external customers of ¥71 million are mainly from real estate lease revenue . (2) Adjustment for segment profit (loss) was ¥(660) million, which includes ¥(89) million elimination of inter-segment transactions and ¥(570) million of unallocated corporate revenues and expenses. The unallocated corporate revenues mainly consist of royalty revenue from Group companies, and the unallocated corporate expenses mainly comprise general and administrative expenses that are not attributable to reportable segments. 2. Changes in reportable segments, etc. (Changes in segment categories, etc.) Previously, the Group’s reportable segments were divided into five segments: “Automotive Batteries-Japan,” “Automotive Batteries -Overseas,” “Industrial Batteries and Power Supplies,”
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13 “Automotive Lithium -ion Batteries,” and “Other.” However, effective from the first quarter of the fiscal year ending March 31, 2027, we have changed them to six segments: “Lead -acid Batteries (Japan),” “Lead-acid Batteries (Overseas),” “Lithium-ion Batteries,” “Industrial Batteries and Power Supplies,” “Aviation, Space and Defense,” and “Other.” This change aims to improve the disclosure level by separating the “Aviation, Space and Defense” business, which was previously included in “Other,” into an independent segment, as it is one of the priority investment areas. In addition, we aim to clarify business strategy and profit structure by reclassifying the overseas business for industrial use, which was previously partially included in “Automotive Batteries (Overseas),” into “Industrial Batteries and Power Supplies” in the field of Public Infrastruc ture. Segment information for the three months ended June 30, 2025 period is presented according to the revised reportable segments. (Change in measurement method) Effective from the first quarter of the fiscal year ending March 31, 2027, in order to properly manage the performance of the Group, we have changed segment profit from operating profit before amortization of goodwill to operating profit. Segment information for the three months ended June 30, 2025 is presented based on the revised measurement method. Due to this change, segment profit for the three months ended June 30, 2025 for “Lead-acid Batteries (Japan)” decreased by ¥29 million, and segment profit for the three months ended June 30, 2025 for “Lead-acid Batteries (Overseas)” decreased by ¥146 million. (Note on significant change in shareholders’ equity) Not applicable (Note on the going-concern assumption) Not applicable (Note on statements of cash flows) Quarterly consolidated statements of cash flows have not been prepared for the first three months of the fiscal year ending March 31, 2027. Depreciation (including amortization related to intangible assets excluding goodwill) and amortization of goodwill f or the first three months of the respective fiscal years are as follows. (Millions of yen) Three months ended June 30, 2025 (April 1 to June 30, 2025) Three months ended June 30, 2026 (April 1 to June 30, 2026) Depreciation 5,964 6,661 Amortization of goodwill 99 –
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14 6. Supplementary Information Quarterly profit/loss Fiscal year ending March 31, 2027 (April 1, 2026 to March 31, 2027) (Millions of yen) Q1 (Apr. – Jun.) Q2 (Jul. – Sep.) Q3 (Oct. – Dec.) Q4 (Jan. – Mar.) Q2 YTD (Apr. – Sep.) Q3 YTD (Apr. – Dec.) Full year Net sales 141,734 – – – – – – Operating profit 11,578 – – – – – – Ordinary profit 12,099 – – – – – – Profit attributable to owners of parent 7,558 – – – – – – Fiscal year ended March 31, 2026 (April 1, 2025 to March 31, 2026) (Millions of yen) Q1 (Apr. – Jun.) Q2 (Jul. – Sep.) Q3 (Oct. – Dec.) Q4 (Jan. – Mar.) Q2 YTD (Apr. – Sep.) Q3 YTD (Apr. – Dec.) Full year Net sales 131,879 140,272 160,832 176,011 272,151 432,983 608,995 Operating profit 8,313 10,409 19,249 22,200 18,722 37,971 60,172 Ordinary profit 8,474 8,808 19,501 21,444 17,283 36,784 58,229 Profit attributable to owners of parent 6,530 3,935 11,606 19,791 10,465 22,071 41,863 Fiscal year ended March 31, 2025 (April 1, 2024 to March 31, 2025) (Millions of yen) Q1 (Apr. – Jun.) Q2 (Jul. – Sep.) Q3 (Oct. – Dec.) Q4 (Jan. – Mar.) Q2 YTD (Apr. – Sep.) Q3 YTD (Apr. – Dec.) Full year Net sales 127,583 136,921 162,309 153,524 264,505 426,815 580,340 Operating profit 6,184 9,538 16,052 18,253 15,722 31,775 50,028 Ordinary profit 6,686 7,792 14,240 17,625 14,479 28,720 46,345 Profit attributable to owners of parent 4,785 4,623 8,985 12,022 9,409 18,394 30,416 Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024) (Millions of yen) Q1 (Apr. – Jun.) Q2 (Jul. – Sep.) Q3 (Oct. – Dec.) Q4 (Jan. – Mar.) Q2 YTD (Apr. – Sep.) Q3 YTD (Apr. – Dec.) Full year Net sales 120,540 136,264 154,786 151,305 256,805 411,591 562,897 Operating profit 4,836 7,838 16,704 12,216 12,674 29,379 41,595 Ordinary profit 4,935 7,057 16,964 15,023 11,993 28,958 43,981 Profit attributable to owners of parent 1,649 4,308 11,783 14,322 5,958 17,741 32,064 Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023) (Millions of yen) Q1 (Apr. – Jun.) Q2 (Jul. – Sep.) Q3 (Oct. – Dec.) Q4 (Jan. – Mar.) Q2 YTD (Apr. – Sep.) Q3 YTD (Apr. – Dec.) Full year Net sales 111,429 123,794 139,655 142,854 235,224 374,880 517,735 Operating profit 3,570 4,653 10,770 12,505 8,224 18,994 31,500 Ordinary profit 2,246 3,769 10,048 8,150 6,015 16,063 24,213 Profit attributable to owners of parent 612 1,100 6,135 6,076 1,713 7,849 13,925