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Earnings Forecast

July 29, 2026
(JPY B)

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FY2025 FY2026 Forecast vs. FY2025 Forecast as of April Change
Results 1H 2H FY Change (%)
Q1 Results Q2
Sales 1,128.6 367.5 434.5 802.0 912.0 1,714.0 +585.4 +51.9% 1,420.0 +294.0
Operating Income 499.1 190.0 224.5 414.5 431.5 846.0 +346.9 +69.5% 627.5 +218.5
Operating Margin 44.2% 51.7% 51.7% 51.7% 47.3% 49.4% +5.2pts 44.2% +5.2pts
Income Before Tax 516.7 234.1 224.9 459.0 432.0 891.0 +374.3 +72.4% 629.0 +262.0
Net Income 375.4 174.8 163.2 338.0 322.0 660.0 +284.6 +75.8% 465.5 +194.5
Net Income Margin 33.3% 47.6% 37.6% 42.1% 35.3% 38.5% +5.2pts 32.8% +5.7pts
Basic EPS (JPY)*1 515.15 241.27 225.45 466.87 444.77 911.64 +396.49 +77.0% 641.61 +270.03
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R&D Expenses 78.1 21.5 28.5 50.0 60.0 110.0 +31.9 +40.8% 100.0 +10.0
Capital Expenditure 34.3 11.0 11.2 22.2 27.8 50.0 +15.7 +45.8% 45.0 +5.0
Depreciation & Amortization 25.6 7.2 7.5 14.7 16.3 31.0 +5.4 +21.1% 29.5 +1.5
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Exchange Rate (JPY)*2 1 US$ 150 159 150 154 150 152 JPY 2 Depreciation 150 JPY 2 Depreciation
1 Euro 173 185 170 177 170 174 JPY 1 Depreciation 170 JPY 4 Depreciation
  1. Basic earnings per share in forecast is calculated deeming the average number of outstanding shares as the number of issued and outstanding shares as of June 30th, 2026 excluding the number of treasury shares as of June 30th, 2026
  2. Our latest forecast for the impact of exchange rate fluctuations on FY2026 operating income is plus JPY 5.3 billion per 1 yen of JPY depreciation vs USD, and minus JPY 0.4 billion per 1 yen of JPY depreciation vs. the Euro

Looking at Advantest's business environment going forward, in CY2026, the semiconductor market is expected to surpass USD 1 trillion, with AI-related semiconductors continuing to drive growth. Advantest also expects the semiconductor tester market to reach its largest-ever size, driven by rising production volumes and increasing complexity of AI-related semiconductors. In particular, test demand for inference AI semiconductors is expected to significantly exceed Advantest's projections as of April 2026. As the market grows rapidly, Advantest is expanding production capacity ahead of schedule.

Based on this outlook and the progress made for the three-month period ended June 30, 2026, Advantest has increased its full-year consolidated forecast for the current fiscal year from the forecast provided as of April 2026 as follows: sales forecast (Y) 1,714.0 billion from (Y) 1,420.0 billion; operating income (Y) 846.0 billion from (Y) 627.5 billion; income before income taxes (Y) 891.0 billion from (Y) 629.0 billion; net income (Y) 660.0 billion from (Y) 465.5 billion, respectively. This forecast is based on exchange rate assumptions of 1 USD to 150 JPY and 1 EUR to 170 JPY for the nine months from the second quarter of the consolidated fiscal year.

While Advantest anticipates that the current situation in the Middle East will lead to increases in certain costs, including logistics expenses, the direct impact on our business and earnings is expected to be limited at this time.

Meanwhile, demand for key components such as memory semiconductors continues to exceed supply as AI investment expands across industries. Advantest remains focused on strengthening supply chain resilience to capture further growth opportunities.

Advantest will closely monitor changes in the external environment and respond expeditiously and with agility. At the same time, Advantest will strive to expand the value it provides to stakeholders over the mid/long-term by pursuing the measures set out in the Third Mid-term Management Plan.

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