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NTN Corporation's earnings presentation for the first half (Q2 cumulative) of the fiscal year ending March 2027 (FY2026, April 2026 to March 2027), dated November 5, 2026. It is a Japanese-language deck published on TDnet (Tokyo Stock Exchange timely disclosure) under securities code 6472. It covers H1 results (net sales ¥413.6 billion (4,136 億円), operating profit ¥17.4 billion at a 4.2% margin), a raised full-year sales forecast of 8,250 億円 with operating profit held at 330 億円 after absorbing 44 億円 of integration costs for the business combination with Nippon Seiko (日本精工), segment results for Bearings & Others and CVJ & Axle, and progress on the final phase of the DRIVE NTN100 mid-term plan.
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NTN Corporation's earnings presentation for the first half (Q2 cumulative) of the fiscal year ending March 2027 (FY2026, April 2026 to March 2027), dated November 5, 2026. It is a Japanese-language deck published on TDnet (Tokyo Stock Exchange timely disclosure) under securities code 6472. It covers H1 results (net sales ¥413.6 billion (4,136 億円), operating profit ¥17.4 billion at a 4.2% margin), a raised full-year sales forecast of 8,250 億円 with operating profit held at 330 億円 after absorbing 44 億円 of integration costs for the business combination with Nippon Seiko (日本精工), segment results for Bearings & Others and CVJ & Axle, and progress on the final phase of the DRIVE NTN100 mid-term plan.
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Cover slide for the second-quarter earnings presentation for the fiscal year ending March 2027, dated 2026.11.5 and issued by NTN Corporation. The tagline 'Make the world NAMERAKA' appears with the NTN logo. The mid-term plan name 'DRIVE NTN100 Final' is spelled out as Digitalization, Resources, Innovation, Variable cost reformation and Efficiency improvement.
Full-bleed image of a silver humanoid robot on the right; left side holds the Japanese title, a large gold 'DRIVE NTN100 Final' wordmark, the date and company name.
Table of contents with two sections: I. Earnings highlights and progress of 'DRIVE NTN100' Final; II. Q2 results for the fiscal year ending March 2027 and full-year outlook. Section I is highlighted as the current section.
Minimal agenda slide with two numbered lines on a light grey background, the active section in dark text and the other greyed out.
Headline: higher sales and profit year on year, driven by price improvements, cost cuts from structural reform and the weak yen. Sales rose to 4,136 億円 (+113; ex-FX △3.4%) as end of mass-production programs in the Americas and Europe for autos was offset by higher industrial volume and FX. Operating profit 174 億円 (+45, margin 4.2%, +1.0pt), ordinary profit 122 億円 (+35), net profit attributable to owners 55 億円 (+24). FX: USD 159.3 yen (+13.3), EUR 184.3 yen (+16.2). Inventories 2,377 億円 (△82 versus end of March), capex 144 億円 (+13), free cash flow 247 億円 (+104). Prior-year full-year actuals shown for reference: sales 8,263, operating profit 310 (3.8%).
Blue headline banner, three bullet points, then a comparison table with prior-year H1 and full-year columns in light blue and current H1 actuals and YoY change in dark blue.
Sales forecast raised by 150 億円 to 8,250 億円 on higher volumes and the H1 FX benefit. Operating profit is held at 330 億円 (margin 4.0%): growth, pricing and FX would have lifted it (a 4.5% margin is cited), but 44 億円 of business-integration costs with Nippon Seiko (日本精工) were built in. Extraordinary items unchanged at +60 億円 as structural reform proceeds to plan. Ordinary profit 210 億円, net profit 150 億円 (+21 YoY). Dividend unchanged at 13 yen per share for the year (interim 6.5 yen, year-end 6.5 yen). FX assumptions USD 154.7 yen and EUR 179.6 yen (previous 152.3 / 177.6). Inventories 2,250 億円 (previous 2,200), capex 360 億円, free cash flow 360 億円.
Headline banner, four bullets with underlined key phrases, and a wide table comparing prior-year actuals, H1 actuals, the new forecast, the previous forecast and the differences.
Bearings & Others: H1 sales 1,793 億円 (43.4%), H2 forecast 1,852, full year 3,645 (previous 3,570); operating profit H1 65 (3.6%), H2 85 (4.6%), full year 149 (4.1%, previous 145). CVJ & Axle: H1 sales 2,343 (56.6%), H2 2,262, full year 4,605 (previous 4,530); operating profit H1 109 (4.6%), H2 72 (3.2%), full year 181 (3.9%, previous 185). Total sales 8,250 and operating profit 330 (4.0%). Bridge charts show sales +150 億円 (+75 from each segment) and operating profit ±0 億円 (+4 Bearings, -4 CVJ & Axle).
Segment table across the top (H1 actual, H2 forecast, full-year forecast, previous forecast) with two small waterfall charts below for sales and operating profit.
Half-year sales trend 1,677 (FY25 H1), 1,812 (FY25 H2), 1,793 (FY26 H1) and 1,852 forecast for FY26 H2; operating margin 2.7%, 4.2%, 3.6% and a forecast 4.6% (5.5% excluding integration costs). Demand arrows by industry for FY24 vs FY25 vs FY26: construction machinery up on AI and data-center investment; aerospace flat at a high level; agricultural machinery stalled by weak US large models; reducers up on robots and automation; rail strongly up mainly overseas; machine tools strongly up on AI, data-center and semiconductor investment; wind power down after the US special demand ended; automotive down on weaker Europe and China. AI and data-center demand: construction equipment for DC build-out, machine tools and semiconductor equipment, and fluid dynamic bearings for notebook PC cooling fan motors and server HDDs, where NTN cites a global share above 40% (company estimate).
Left: bar chart of half-year sales with a margin line overlay. Right: industry table with icons and arrow ratings, then an AI/data-center section with photos of a server hall, a notebook fan motor and bearing parts.
Half-year sales 2,346 (FY25 H1), 2,429 (FY25 H2), 2,343 (FY26 H1) and 2,262 forecast for FY26 H2; operating margin 3.5%, 4.3%, 4.6% and a forecast 3.2% (4.1% excluding integration costs). H1 sales fell YoY as mass-production programs ended in the Americas and Europe and Japanese automakers struggled in China; H2 is also expected to fall despite recovering Japanese demand and strong US hybrid (HEV) volume. Profit drivers: fixed-cost optimization from structural reform and lower variable costs from design and procurement reform, offset in H2 by lower volume, delayed recovery of US tariffs and integration costs. Strategy: counter-offensive in growth and advantaged markets (India, Japan, US), cost competitiveness, new products, and a vehicle vibration prediction model combining CVJ analysis with transfer-path analysis.
Left: half-year sales bars with margin lines. Right: business overview bullets, a strategy section and an illustration of vibration transfer from the CVJ through the e-Axle and suspension to the cabin.
H1 structural reform costs 24 億円 and benefits 24 億円, on plan. Costs and benefits by year: FY2024 costs 189, benefits 21; FY2025 costs 114, cumulative benefits 53 (21 + 32); FY2026 cost outlook 47 with 24 incurred in H1, and a cumulative benefit outlook of 104 (21 + 32 + 51) with 24 achieved in H1. H1 actions: reorganizing CVJ and bearing operations centered on the Americas and Europe; H2 plan continues the reorganization of CVJ, axle and bearing operations in those regions.
Clustered bar chart of costs (yellow) and benefits (blue stacked) by fiscal year, with the FY2026 group boxed in red dashes; text panel on the right for H1 results and H2 plan.
Aftermarket sales grew from 1,389 億円 (FY2023) to 1,467 (FY2024), 1,540 (FY2025) and a forecast 1,614 (FY2026); share of sales rising from 16.6% to 17.8%, 18.6% and 19.6%. Initiatives: the FIRST quick-delivery inventory system rolled out to all sales companies in Japan and overseas, stocking about 4,000+ fast-moving part numbers and about 700 semi-standard items; 42 new distributors expected in FY2026, with share gains at major US distributors and new distributors in Latin America, ASEAN and China; more business with large automotive repair buying groups; exhibiting at Automechanika Frankfurt 2026; ODM sourcing for commodity, price-competitive items and aftermarket-specific products such as a spherical roller bearing; and one-stop sales from OEM to aftermarket for construction machinery, machine tools and MRO.
Left: bar chart of aftermarket sales with share-of-sales line. Right: four blue-headed sections with bullets, a trade-show booth rendering and a bearing photo.
Long-life technology: a high-speed, heavy-cutting cylindrical roller bearing for machine-tool spindles switches from air-oil to grease lubrication, saving energy and maintenance, with more than 25x the life under grease lubrication and 30% higher speed capability. SP-1 high-speed, long-life grease for machine tools reaches a dmn value of 2.3 million (30% higher than conventional) and 8x the life. Condition monitoring: the sensor-equipped 'talking bearing' is 40%+ smaller than the 2022 prototype and doubled the overhaul interval in test marketing; a condition monitoring system (CMS) for industrial equipment collects and analyzes vibration data and works with other makers' bearings; orders have started for a spindle bearing unit with a built-in sensor.
Two-column layout: left 'long-life technology' with bar charts comparing conventional and new products plus grease photos; right 'condition monitoring / non-stop technology' with product photos.
Agenda slide repeated as a divider with Section II, Q2 results for the fiscal year ending March 2027 and full-year outlook, now highlighted.
Same two-line agenda layout as page 2 with the second item active.
Prior-year H1 / H2 / full year versus current H1 and full-year forecast. Sales 4,023 / 4,241 / 8,263 versus H1 4,136 and forecast 8,250 (YoY +113: ex-FX △147, FX +260). Operating profit 129 / 182 / 310 versus 174 (4.2%) and 330 (4.0%) (YoY +45: ex-FX +3, FX +42). Ordinary profit 87 / 148 / 235 versus 122 and 210. Extraordinary items △4 / △79 / △83 versus △17 and +60. Net profit 31 / 98 / 129 versus 55 and 150. Inventories 2,377 (△82 from end-March: △52 ex-FX, △30 FX), free cash flow 247 versus 360 forecast. FX H2 of the prior year USD 155.4 / EUR 181.5. Annual dividend 13.0 yen (6.5 interim, 6.5 year-end). Previous forecast shown for reference.
Dense financial table with grey prior-year columns, blue current-year columns (H1 boxed in red), a change block split into total, ex-FX and FX, and a reference column for the previous forecast.
Operating profit rises from 129 億円 to 174 億円 (+45). Positive factors total 121: selling price +40, structural reform benefits +24, variable costs +15 (cost reductions +42, cost increases △27), FX +42. Negative factors total △76: volume and other △61, labor and expenses △9 (labor △12, expenses +7, integration costs △4), tariff impact △6. Tariff table: tariff costs △31 to △50, recovery 21 to 34 (price pass-through 34, refunds to customers △57, government refunds 57), net P&L impact △10 to △16. Sales bridge 4,023 to 4,136 (+113): FX +260, price +40, tariff pass-through △45, volume △142.
Waterfall chart with dark-blue positive and light-blue negative bars, callout boxes for sub-components, an inset tariff table and a sales-bridge table along the bottom.
Operating profit forecast unchanged at 330 億円. Positive factors 72: volume and other +35, selling price +18, FX +19, structural reform 0. Negative factors △72: labor and expenses △32 (labor +7, expenses +6, integration costs △44), variable costs △28 (cost reductions ±0, cost increases △28), tariff impact △13. Tariff table: tariff costs △140 to △96, recovery 149 to 92 (pass-through 149 to 76, refunds to customers △64, government refunds 80), net impact 9 to △4. Sales bridge 8,100 to 8,250 (+150): FX +159, price +18, tariff pass-through △137, volume +110.
Same waterfall design as page 13, starting and ending at 330, with callouts, a tariff table and a sales bridge row.
Japan: H1 1,085 億円 (+31), full-year forecast 2,240 (previous 2,255). Americas: H1 1,318 (△6; ex-FX △127, FX +121), forecast 2,590 (previous 2,505). Europe: H1 939 (+35; ex-FX △44, FX +79), forecast 1,875 (previous 1,845). Asia & others: H1 794 (+54; ex-FX △6, FX +60), forecast 1,545 (previous 1,495). Total H1 4,136 (+113; ex-FX △147, FX +260), forecast 8,250 (previous 8,100). Prior year full-year: Japan 2,164, Americas 2,625, Europe 1,936, Asia & others 1,539.
Regional table with prior-year H1, H2 and full year, current H1 (red outline) and full-year forecast, the YoY change split into ex-FX and FX, and the previous forecast for reference.
Bearings & Others: sales 1,677 / 1,812 / 3,489 in the prior year versus H1 1,793 (+116; ex-FX 16, FX 101) and forecast 3,645; operating profit 46 (2.7%) / 77 (4.2%) / 123 (3.5%) versus 65 (3.6%, +0.9pt) and 149 (4.1%). CVJ & Axle: sales 2,346 / 2,429 / 4,775 versus 2,343 (△3; ex-FX △163, FX 159) and 4,605; operating profit 83 (3.5%) / 105 (4.3%) / 188 (3.9%) versus 109 (4.6%, +1.1pt) and 181 (3.9%). Totals: sales 4,136 and 8,250; operating profit 174 (4.2%) and 330 (4.0%). Previous forecasts: Bearings 3,570 / 145, CVJ & Axle 4,530 / 185.
Segment table in the same column structure as pages 12 and 15, with sales and operating profit blocks and margin rows in parentheses.
Quarterly sales for FY3/2026 Q1 to Q4 and FY3/2027 Q1 to Q2: 1,990, 2,032, 2,011, 2,230, 2,123, 2,013 億円. Bearings & Others 830, 847, 842, 971, 900, 893; CVJ & Axle 1,161, 1,185, 1,169, 1,259, 1,223, 1,120. Aftermarket sales 352, 384, 379, 425, 396, 392 億円. Quarterly operating profit 70, 59, 64, 117, 83, 91; Bearings & Others 23, 23, 22, 55, 30, 35 (margins 2.7%, 2.7%, 2.6%, 5.7%, 3.3%, 3.9%); CVJ & Axle 47, 36, 43, 62, 53, 55 (4.1%, 3.0%, 3.6%, 4.9%, 4.4%, 4.9%).
Two stacked bar charts side by side (sales, operating profit) with margin lines on the profit chart, the latest quarter boxed in red, and an aftermarket sales row beneath.
Regional segment sales before inter-segment eliminations: FY3/2026 H1 Japan 1,728, Americas 1,329, Europe 924, Asia & others 812; FY3/2026 H2 1,793 / 1,307 / 1,050 / 865; FY3/2027 H1 1,771 / 1,320 / 960 / 861. Operating profit: FY3/2026 H1 Japan 19 (1.1%), Americas 30 (2.2%), Europe △12 (△1.3%), Asia & others 83 (10.2%); H2 Japan 73 (4.1%), Americas 25 (1.9%), Europe 1 (0.1%), Asia & others 93 (10.7%); FY3/2027 H1 Japan 72 (4.1%), Americas 18 (1.4%), Europe △9 (△0.9%), Asia & others 87 (10.1%). Footnote: figures are before eliminations and do not match consolidated totals.
Two stacked bar charts (sales and operating profit) by half-year with regional margin lines, H1 periods boxed in red dashes, and a footnote.
Inventories 2,444 億円 at March 2025 (Japan 760, overseas 1,683), 2,459 at March 2026 (713 / 1,745), 2,377 at September 2026 (731 / 1,645) and a forecast 2,250 at March 2027 (690 / 1,560). Inventory turnover 3.4, 3.4, 3.5 and a forecast 3.7 times.
Stacked bar chart of Japan and overseas inventories with a turnover line, the September 2026 actual boxed in red and the forecast bar in dashed outline; data table below.
Capex: FY3/2026 H1 130 億円 (Japan 43, overseas 87), FY3/2026 full year 325 (133 / 192), FY3/2027 H1 144 (74 / 70, +13 YoY) and full-year forecast 360 (200 / 160). Depreciation: 199 (82 / 118), 405 (163 / 242), 198 (81 / 117, △1) and forecast 390 (170 / 220). Footnote: intangible asset investment is additional, 15 億円 in H1 and 45 億円 forecast for the full year.
Paired stacked bars for capex and depreciation by period, the current H1 boxed in red, the forecast in dashed outline, and a table and footnote below.
Interest-bearing debt 3,540 億円 at March 2025 (Japan 2,936, overseas 604), 3,192 at March 2026 (2,552 / 640), 2,774 at September 2026 (2,245 / 529) and a forecast 2,750 at March 2027 (2,250 / 500). Net interest-bearing debt 2,263, 1,879, 1,683 and 1,637. Net D/E ratio 1.0, 0.6, 0.6 and 0.6; adjusted net D/E 0.8, 0.5, 0.5 and 0.5. Footnote: the adjustment treats 50% of hybrid financing as equity.
Stacked bars of debt by Japan and overseas with two D/E ratio lines, the September 2026 actual boxed in red and the forecast dashed; table and footnote below.
Operating cash flow 289 億円 (FY3/2026 H1), 572 (FY3/2026), 419 (FY3/2027 H1, +130) and forecast 630. Investing cash flow △146, △263, △172 (△26) and △270. Free cash flow 143, 309, 247 (+104) and 360. Financing cash flow △77, △353, △464 (△388) and △520. FX translation and other 23, 80, △4 and △40. Net change in cash 89, 35, △222 (△310) and △200.
Cash-flow table on top with the current H1 column outlined in red, and a grouped bar chart of operating, investing and free cash flow below with the forecast bars dashed.
NTN logo with a disclaimer: the materials, presentation and Q&A contain forecasts and business strategies based on management's judgment from currently available information; they do not guarantee future performance, and actual results may differ due to demand changes, FX, interest rates, contingent liabilities and other factors.
White slide with a centered blue NTN logo and two bullet disclaimer lines at the bottom.
Các câu hỏi phổ biến về slide này và nội dung trình bày cơ bản.
The original is a Japanese-language earnings presentation (決算説明会資料) that NTN Corporation (TSE: 6472) published on TDnet, the Tokyo Stock Exchange's timely disclosure system, on November 5, 2026. All page summaries here are in English, with yen amounts kept in the company's units of 億円 (100 million yen).
The cover calls it the second quarter of the fiscal year ending March 2027 (2027年3月期). NTN's fiscal year runs from April to March, and the deck itself refers to this year as FY2026, so H1 covers April to September 2026.
Net sales were 4,136 億円 (+113 YoY), operating profit 174 億円 (4.2% margin, +45), ordinary profit 122 億円 and net profit attributable to owners 55 億円 (+24). Excluding FX, sales fell 3.4%, because the weaker yen (USD 159.3, EUR 184.3) added about 260 億円.
Yes. Sales guidance was raised by 150 億円 to 8,250 億円, but operating profit stayed at 330 億円 and net profit at 150 億円, because the company built in 44 億円 of integration costs for its business combination with Nippon Seiko. The annual dividend forecast is unchanged at 13 yen per share.
Pages 13 and 14 include a tariff ledger. For H1, tariff costs were 50 億円, offset by 34 億円 of price pass-through and 57 億円 of government refunds less 57 億円 returned to customers, for a net impact of △16 億円 (△6 versus the prior year). The full-year forecast assumes a net impact of △4 億円.
Page 6 credits AI and data-center investment with stronger demand for construction machinery, machine tools and semiconductor equipment bearings. It also names fluid dynamic bearings for notebook PC cooling fan motors and server HDDs, where NTN estimates its global share at over 40%.
H1 reform costs and benefits were both 24 億円, in line with the plan. For FY2026 the company expects 47 億円 of costs and a cumulative annual benefit of 104 億円, following reorganization of CVJ, axle and bearing operations in the Americas and Europe.
Yes. The gallery page provides the original PDF and an editable PowerPoint conversion, and you can view all 23 pages online. The PowerPoint is converted from the PDF, so check the tables and Japanese text before you reuse them.
Original Japanese-language PDF filed by NTN Corporation (code 6472).
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