Beat on Q4 Sales and Forecast
Q4 sales of JPY 105.2 billion, up JPY 6.1 billion Q-on-Q (≈+6.2% from JPY 99.1b). Sales overshot forecast by JPY 5.0 billion due to late arrival of goods and positive FX.
Full-Year Operating Profit and EBITDA Resilience
Full-year sales of JPY 409.6 billion with operating profit of JPY 1.3 billion (in the black on an annual basis). EBITDA for the year was JPY 112.4 billion and largely unchanged YoY, demonstrating cash-earnings resilience.
Strong Operating Cash Flow
Operating cash flow for the year was positive JPY 100.0 billion, enabling the company to fund investments and maintain liquidity despite reported losses.
Material CapEx Reduction
Total CapEx fell to JPY 79.9 billion in 2025 from JPY 214.9 billion in 2024, a YoY reduction of JPY 135.0 billion (≈-62.8%), lowering near-term cash investment requirements.
Balance Sheet and Capital Metrics Stable
Total assets JPY 1,127.9 billion (down JPY 44.7b), liabilities JPY 480.2 billion (down JPY 35.2b). Equity-to-asset ratio remained healthy at 51.3% and gross D/E ratio was 0.61x.
Operational Wins and Customer Recognition
Leading-edge 300mm products highly rated by customers; company has received TSMC recognition for 12 consecutive years. Management highlights modernization plans and new plant capacity to meet leading-edge demand.
Maintained Dividend Policy
Despite a loss periods, fiscal year-end dividend set at JPY 10 per share, reflecting free cash flow considerations, cash position and significant retained earnings.