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Earnings Forecast

October 28, 2026
(JPY B)

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FY25 FY26 Forecast vs. FY25 Forecast as of July Change
Results 1H
Results		 2H FY Change (%)
Q1 Q2
Sales 1,128.6 367.5 477.7 845.2 1,017.8 1,863.0 +734.4 +65.1% 1,714.0 +149.0
Operating Income 499.1 190.0 266.8 456.8 510.2 967.0 +467.9 +93.7% 846.0 +121.0
Operating Margin 44.2% 51.7% 55.9% 54.0% 50.1% 51.9% +7.7pts 49.4% +2.5pts
Income Before Tax 516.7 234.1 276.2 510.2 511.3 1,021.5 +504.8 +97.7% 891.0 +130.5
Net Income 375.4 174.8 193.3 368.1 373.4 741.5 +366.1 +97.5% 660.0 +81.5
Net Income Margin 33.3% 47.6% 40.5% 43.5% 36.7% 39.8% +6.5pts 38.5% +1.3pts
Basic EPS (JPY)*1 515.15 241.27 267.75 508.99 517.23 1,027.08 +511.93 +99.4% 911.64 +115.44
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R&D Expenses 78.1 21.5 23.4 44.9 69.1 114.0 +35.9 +46.0% 110.0 +4.0
Capital Expenditure 34.3 11.0 12.1 23.0 37.0 60.0 +25.7 +74.9% 50.0 +10.0
Depreciation & Amortization 25.6 7.2 7.4 14.6 16.9 31.5 +5.9 +23.0% 31.0 +0.5
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Exchange Rate (JPY)*2 1 US$ 150 159 161 160 150 155 JPY 5 Depreciation 152 JPY 3 Depreciation
1 Euro 173 185 185 185 170 177 JPY 4 Depreciation 174 JPY 3 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 September 30th, 2026 excluding the number of treasury shares as of September 30th, 2026
  2. Our latest forecast for the impact of exchange rate fluctuations on FY26 operating income is plus JPY 5.8 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, the semiconductor market is expected to achieve strong year-on-year growth in CY2026, driven by high-performance semiconductors for AI applications amid expanding AI-related investments. Advantest also expects the semiconductor tester market to reach a new record high in CY2026, particularly as inference AI evolves, driven by rising production volumes and increasing complexity of related high-performance semiconductors.

Based on this outlook and the progress made in the six-month period ended September 30, 2026, Advantest has increased its full-year consolidated forecast for the current fiscal year from the forecast provided as of July 2026 as follows: net sales forecast of (Y) 1,863.0 billion from (Y) 1,714.0 billion; operating income of (Y) 967.0 billion from (Y) 846.0 billion; income before income taxes of (Y) 1,021.5 billion from (Y) 891.0 billion; net income of (Y) 741.5 billion from (Y) 660.0 billion, respectively. This forecast is based on exchange rate assumptions of 1 USD to 150 JPY and 1 EUR to 170 JPY for the second half of the current 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 investments expand across industries. Advantest will accelerate efforts to expand production capacity while remaining 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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