Worth reading
84Important
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Mixed performance
Direction inferred from the company’s description.Scale
2596
¥ million (year-on-year change in net sales)Wording
Definitive
How definitive the wording is.Contents of this document
Presentation materials for financial resultsSecond quarter of the fiscal year ending December 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥40,595 million+6.8%
Operating profit¥7,735 million+8.9%
Ordinary income¥9,016 million+26.0%
Net income¥4,149 million +9.2%interim net income attributable to owners of the parent
Selling, general and administrative expenses¥5,015 million; SG&A expense ratio to net sales: 12.4%
Gross Profit Margin31.4%, an improvement of approximately 0.8 percentage points year on year (gross profit of ¥12,750 million ÷ net sales of ¥40,595 million)
Operating profit margin19.1%, an improvement of 0.4 percentage points year on year
Results for the three months of the current quarterThe presentation includes standalone quarterly graphs by segment. The wafer reclamation business reported net sales of ¥7,246 million and operating profit of ¥2,710 million; the prime wafer business reported net sales of ¥7,550 million and operating profit of ¥1,911 million; and the semiconductor-related equipment and materials business reported net sales of ¥7,258 million and operating profit of ¥173 million.
Full-year earnings forecastNet sales of ¥84,000 million, operating profit of ¥15,400 million, ordinary profit of ¥17,200 million, and net income attributable to owners of the parent of ¥10,000 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
First-half plan achievedBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Government subsidy income: ¥704 million → ¥737 million; foreign exchange gains: ¥0 million → ¥421 million; foreign exchange losses: ¥822 million → ¥0 million; equity-method investment losses: ¥505 million → ¥416 million; Sanbongi plant maintenance expenses: approximately ¥239 million higher than in the year-earlier period.
New initiatives
The company plans to make 2026–2028 a period of concentrated investment, including large-scale investment in reclaimed wafer plants, capacity expansion at the Sanbongi No. 7 and No. 8 plants and the Tainan No. 2 plant, M&A from 2027 onward, investment in new businesses, and expanded IR activities.Key KPIsA metric the company considers important as a management benchmark.
Approximately 31% global share of the 12-inch reclaimed wafer market; record monthly production of 270,000 8-inch wafers; planned reclaimed wafer production capacity of approximately 1.19 million wafers per month by 2028; GRITEK target of a 20% share of China's 8-inch wafer market; target of a 7% share of China's 12-inch wafer market.Unit price and quantity metricsThese figures show sales broken down by price and volume.
In the wafer reclamation business, price revisions for specific customers and higher production volumes; in the prime wafer business, higher sales volumes and average selling prices broadly unchanged from the previous quarter; in RSPDH, lower production volumes.Segment results
Wafer reclamation business: net sales of ¥14,284 million (+6.8% year on year) and operating profit of ¥5,069 million (+6.9%). Prime wafer manufacturing and sales business: net sales of ¥13,902 million (+39.0%) and operating profit of ¥3,240 million (+39.1%). Semiconductor-related equipment and materials business: net sales of ¥13,642 million (−12.1%) and operating profit of ¥413 million (−54.6%).Medium-term management plan targets
For 2026: net sales of ¥84,000 million, operating profit of ¥15,400 million, ordinary profit of ¥17,200 million, and net income attributable to owners of the parent of ¥10,000 million. For 2028: net sales of ¥115,000 million, operating profit of ¥19,000 million, ordinary profit of ¥20,000 million, and net income attributable to owners of the parent of ¥13,000 million. ROIC of at least 11% and ROE of at least 13%.Financial targets
ROIC of at least 11% and ROE of at least 13% (2026–2028 plan). Actual results for 2025 were ROIC of 10.8% and ROE of 12.5%.Market Size / Share
Approximately 31% global share of the reclaimed wafer market. The global semiconductor market is expected to reach US$1 trillion in 2029, while the silicon wafer market is expected to exceed ¥2 trillion.Number of stores and locations
Manufacturing sites are located in Miyagi, Ibaraki, and Fukushima prefectures, Taiwan, and China. Number of openings and closures during the period: Not disclosed.Capital expenditures
¥405 100 million capital investment in reclaimed wafer plants, 2026–2028 plan
Annual Dividend
Planned annual dividend of ¥55 per share for FY2026. Breakdown between the interim and year-end dividends: Not disclosed.Payout ratio
Payout ratio of 12.8% for FY2025; forecast total payout ratio of 14.6% for FY2026.| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | ¥40,595 million (YoY +6.8%) |
| Operating profit | ¥7,735 million (YoY +8.9%) |
| Ordinary income | ¥9,016 million (YoY +26.0%) |
| Net income | ¥4,149 million (interim net income attributable to owners of the parent) (YoY +9.2%) |
| Gross Profit Margin | 31.4%, an improvement of approximately 0.8 percentage points year on year (gross profit of ¥12,750 million ÷ net sales of ¥40,595 million) |
| Operating profit margin | 19.1%, an improvement of 0.4 percentage points year on year |
| Selling, general and administrative expenses | ¥5,015 million; SG&A expense ratio to net sales: 12.4% |
| Results for the three months of the current quarter | The presentation includes standalone quarterly graphs by segment. The wafer reclamation business reported net sales of ¥7,246 million and operating profit of ¥2,710 million; the prime wafer business reported net sales of ¥7,550 million and operating profit of ¥1,911 million; and the semiconductor-related equipment and materials business reported net sales of ¥7,258 million and operating profit of ¥173 million. |
| Full-year earnings forecast | Net sales of ¥84,000 million, operating profit of ¥15,400 million, ordinary profit of ¥17,200 million, and net income attributable to owners of the parent of ¥10,000 million |
| Self-assessment against the plan | First-half plan achieved |
| Segment results | Wafer reclamation business: net sales of ¥14,284 million (+6.8% year on year) and operating profit of ¥5,069 million (+6.9%). Prime wafer manufacturing and sales business: net sales of ¥13,902 million (+39.0%) and operating profit of ¥3,240 million (+39.1%). Semiconductor-related equipment and materials business: net sales of ¥13,642 million (−12.1%) and operating profit of ¥413 million (−54.6%). |
| Breakdown of Factors Affecting the Change | Government subsidy income: ¥704 million → ¥737 million; foreign exchange gains: ¥0 million → ¥421 million; foreign exchange losses: ¥822 million → ¥0 million; equity-method investment losses: ¥505 million → ¥416 million; Sanbongi plant maintenance expenses: approximately ¥239 million higher than in the year-earlier period. |
| Key KPIs | Approximately 31% global share of the 12-inch reclaimed wafer market; record monthly production of 270,000 8-inch wafers; planned reclaimed wafer production capacity of approximately 1.19 million wafers per month by 2028; GRITEK target of a 20% share of China's 8-inch wafer market; target of a 7% share of China's 12-inch wafer market. |
| Unit price and quantity metrics | In the wafer reclamation business, price revisions for specific customers and higher production volumes; in the prime wafer business, higher sales volumes and average selling prices broadly unchanged from the previous quarter; in RSPDH, lower production volumes. |
| Number of stores and locations | Manufacturing sites are located in Miyagi, Ibaraki, and Fukushima prefectures, Taiwan, and China. Number of openings and closures during the period: Not disclosed. |
| Medium-term management plan targets | For 2026: net sales of ¥84,000 million, operating profit of ¥15,400 million, ordinary profit of ¥17,200 million, and net income attributable to owners of the parent of ¥10,000 million. For 2028: net sales of ¥115,000 million, operating profit of ¥19,000 million, ordinary profit of ¥20,000 million, and net income attributable to owners of the parent of ¥13,000 million. ROIC of at least 11% and ROE of at least 13%. |
| Financial targets | ROIC of at least 11% and ROE of at least 13% (2026–2028 plan). Actual results for 2025 were ROIC of 10.8% and ROE of 12.5%. |
| Annual Dividend | Planned annual dividend of ¥55 per share for FY2026. Breakdown between the interim and year-end dividends: Not disclosed. |
| Payout ratio | Payout ratio of 12.8% for FY2025; forecast total payout ratio of 14.6% for FY2026. |
| Capital expenditures | ¥405 100 million (capital investment in reclaimed wafer plants, 2026–2028 plan) |
| Market Size / Share | Approximately 31% global share of the reclaimed wafer market. The global semiconductor market is expected to reach US$1 trillion in 2029, while the silicon wafer market is expected to exceed ¥2 trillion. |
| New initiatives | The company plans to make 2026–2028 a period of concentrated investment, including large-scale investment in reclaimed wafer plants, capacity expansion at the Sanbongi No. 7 and No. 8 plants and the Tainan No. 2 plant, M&A from 2027 onward, investment in new businesses, and expanded IR activities. |
Items this document does not state (7)
Progress against full-year forecastNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookAcquisition of treasury sharesOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Strong performance in wafer-related operations, higher production and sales volumes driven by investments in capacity expansion, price revisions for specific customers, the acquisition of new customers, and expanding demand contributed to higher sales and profit. Meanwhile, RSPDH reduced production in line with its plan, while the trading company business and DG Technologies remained generally sluggish.
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