Panasonic Energy Unit Posts 55.6 Billion Yen Q2 Profit, Lifts Full-Year Forecast 16%

Panasonic Holdings reported a surge in Q2 operating profit at its energy unit to 55.6 billion yen, driven by higher sales of EV batteries and data centre storage systems. The company raised the unit's full-year profit forecast by 16 per cent to 198 billion yen and lifted its group operating profit f

TOKYO: Panasonic Holdings said on Friday that operating profit at its energy unit surged to 55.6 billion yen (S$352 million) in the second quarter from 1.2 billion yen a year earlier. The increase was boosted by higher sales of in-vehicle batteries and data centre energy storage systems.

The company raised the unit's full-year profit forecast for the year ending March 2027 by 16 per cent to 198 billion yen from 171 billion yen previously. Panasonic makes batteries for Tesla and other electric vehicle manufacturers.

Panasonic also lifted its group operating profit forecast for the period by 120 billion yen, or 20 per cent, to 710 billion yen, in part due to stronger-than-expected growth in its AI-related businesses. The company said the unit's quarterly operating profit grew on the back of higher sales of EV batteries in North America and data centre energy storage systems.

Demand from strategic customers for in-vehicle batteries continued to significantly outperform the overall market, Panasonic added.