Panasonic Raises Annual Operating Profit Forecast to ¥780 Billion After First-Half Surge
Key Facts
Panasonic raised its adjusted operating profit forecast for the fiscal year ending March 31, 2027, to ¥780 billion, after recording ¥363.229 billion in the six months ended September 30, 2026. The Japanese group said net profit attributable to its shareholders reached ¥276.953 billion in the first half, up 94.5% year on year. Consolidated sales totaled ¥4.09252 trillion, up 7.1% from the same period a year earlier. The annual forecast revision followed strong half-year results that included improvements in sales and operating profit. The company also raised its forecast for the Energy segment, which benefited from vehicle battery sales and energy storage solutions for data centers.
Consolidated operating profit rose from ¥164.996 billion in the six months ended September 30, 2025, to ¥363.229 billion in the corresponding period of 2026. Sales increased from ¥3.820476 trillion to ¥4.09252 trillion. Half-year operating profit thus exceeded the full-year total for the previous fiscal year, which was ¥236.4 billion for the year ended March 31, 2026. Second-quarter results showed the Energy segment contributing to the improvement, with operating profit of ¥55.6 billion, an annual increase of ¥54.4 billion. Segment sales were ¥331.9 billion, equivalent to 146% of their level in the same quarter a year earlier.
Panasonic attributed the improvement in its energy business to several factors in its battery operations, including higher sales from North American plants, the impact of U.S. tariffs, and a larger tax credit under the Inflation Reduction Act as sales grew. The company said sales of energy storage systems for data centers also supported its industrial and consumer energy businesses. This detail indicates that the segment's growth does not depend solely on vehicle batteries, but also includes energy solutions linked to the expansion of data centers. In July, the company said demand for products adjacent to data centers, such as component mounting machines, motors and sensors, was not temporary and that it expected it to continue over the medium to long term. It also said at the time that targeted sales of energy storage systems for fiscal 2027 were ¥550 billion, equivalent to about 1.7 times the previous year's results.
The group raised its fiscal 2027 forecasts to sales of ¥8.4 trillion, operating profit of ¥710 billion and net profit attributable to shareholders of ¥540 billion. The revisions represent increases of ¥600 billion for sales, ¥120 billion for operating profit and ¥90 billion for net profit compared with the forecasts issued on July 30, 2026. For the Energy segment, Panasonic raised its operating profit forecast to ¥166 billion, up ¥18 billion from its July estimate. The higher forecasts reflect the company's improved assessment of full-year performance following the half-year results, alongside growth in sales of energy storage solutions for data centers. In July, the company said the impact of restructuring was expected to reach about ¥100 billion for the fiscal year, with most of that impact realized by the third quarter.
In vehicle batteries, Panasonic said sales from its North American plants rose compared with the first quarter, driven by higher production in Kansas, and that it was targeting annual sales volume of 46 gigawatt-hours. In July, the company had acknowledged unexpected operational issues during the startup of its Kansas plant, saying customer demand remained strong and that it was working to accelerate production ramp-up and recover its sales plan. In energy storage, the group expects sales of ¥550 billion for its Data Center Energy Solutions unit in the fiscal year ending March 31, 2027, equivalent to 1.7 times the previous fiscal year's results. Commercial production began at the second battery-cell plant in Mexico in September 2026, while the company plans to start commercial production at the third plant during fiscal 2028. These steps link the growth outlook to plans to increase production capacity in North America and Mexico.
Panasonic is scheduled to report its half-year results on November 11, 2026, with dividends to be paid on November 30. These dates will provide a subsequent official update on the company's first-half results and dividends. This follows figures reported through September 30 showing higher sales and profits and prompting the group to raise its annual estimates. Energy operations, including vehicle batteries and energy storage systems for data centers, remain among the main drivers of the revised outlook. The company has placed the start of commercial production at its third plant in Mexico within its fiscal 2028 plans.