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Earnings presentation materials3445RS Technologies Co.,Ltd.Construction and Materials

Financial Results Presentation for the Third Quarter of the Fiscal Year Ending December 2026

In the third quarter of the fiscal year ending December 2026, revenue, operating income, ordinary income and net income all exceeded the same period of the previous year. The company left its full-year earnings forecast unchanged and stated that it would continue growth investment, primarily in its wafer reclamation and prime wafer businesses, while proceeding with capital investment and business expansion.

Worth reading
80Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
6438
¥ million (year-on-year change in net sales)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentation materialsQ3 FY202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥65,021 million+11.0%
Operating profit¥12,599 million+13.9%
Ordinary income¥13,276 million+10.5%
Net income¥7,917 million +18.7%profit attributable to owners of the parent
Operating profit margin19.4
Selling, general and administrative expenses¥7,582 million
Results for the three months of the current quarterQuarterly results graphs are provided by segment. Monthly sales of 8-inch prime wafers exceeded a record high of 280,000 wafers. Other consolidated profit and loss figures for the quarter alone: Not disclosed
Full-year earnings forecast
Net Sales
¥84,000 million
Operating profit
¥15,400 million
Ordinary income
¥17,200 million
Net income attributable to owners of the parent
¥10,000 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress toward achieving the plan
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Subsidy income (from the government to GRITEK)
    Year-earlier period¥1,152 million
    Current year¥882 million
  • Foreign Exchange Gains
    Year-earlier period¥0 million
    Current year¥21 million
  • Foreign exchange losses
    Year-earlier period¥462 million
    Current year¥0 million
  • Equity-method investment loss (SGRS, China 12-inch business)
    Year-earlier period¥780 million
    Current year¥996 million
  • Gain on recognition of negative goodwill
    Year-earlier period¥367 million
    Current year¥1,585 million
New initiatives
  • Expansion of production capacity at the Sanbongi No. 7 and No. 8 plants, Tainan plant and China plant
  • Reorganisation of the GRITEK Group targeted for completion by the end of 2027
  • Start of mass production and sales of Epi wafers for power devices at the Epi House in Anhui Province
  • Establishment of a production capacity of 300,000 8-inch prime wafers per month during 2026
  • Manufacture of 8-inch and 12-inch ingots at the Inner Mongolia monocrystalline plant from 2028
  • M&A targeting the semiconductor, energy and new businesses
Key KPIsA metric the company considers important as a management benchmark.
  • 8-inch prime wafer sales volumeMore than 280,000 wafers per month
  • 12-inch reclaimed wafer production capacity119 10,000 wafers/month 2028 plan
  • Global market share of the wafer reclamation business31 ％
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Sales VolumesIncreased
    BusinessWafer reclamation business
  • Average ticketIncrease of several percentage points
    BusinessWafer reclamation business
  • Sales VolumesMore than 280,000 wafers per month
    Business8-inch prime wafers
Segment results
  • Wafer reclamation business
    Net Sales¥21,861 million
    Year-on-year revenue growth7.1
    Operating profit¥7,668 million
    Year-on-year change in operating profit3.3
  • Prime Wafer Manufacturing and Sales Business
    Net Sales¥22,842 million
    Year-on-year revenue growth49.8
    Operating profit¥5,235 million
    Year-on-year change in operating profit58
  • Semiconductor-related equipment, materials and other businesses
    Net Sales¥21,969 million
    Year-on-year revenue growth-9.5
    Operating profit¥1,182 million
    Year-on-year change in operating profit-27.2
  • Other, adjustments
    Net Sales¥-1,652 million
    Operating profit¥-1,486 million
Medium-term management plan targets
  • Target fiscal yearFY2028 December
    Net Sales¥115,000 million
  • Target fiscal yearFY2028 December
    Operating profit¥19,000 million
  • Target fiscal year2026–2028
    ROICAt least 11%
  • Target fiscal year2026–2028
    ROEAt least 13%
Financial targets
ROICAt least 11% (2026–2028 plan)
ROEAt least 13% (2026–2028 plan)
WACC9.0％
Cost of equity10.5％
Market Size / Share
  • Global market share of the wafer reclamation business31 ％
  • Global semiconductor market sizeUS$1 trillion in 2029
  • Target share of the China 12-inch market7 ％
Capital expenditures
  • ¥405 100 million 2026–2028, reclaimed wafer plant capital investment
  • ¥38 100 million 8-inch prime wafer capital investment
  • ¥40 100 million capital investment in self-consumption solar power generation facilities
  • ¥60 100 million capital investment in the energy business
Annual Dividend
FY2026 Forecast
Annual dividend per share¥55 per share
FY2025 Results
Annual dividend per share¥45 per share
Payout ratio
FY2025: 12.8%. The FY2026 total payout ratio is shown as 14.6%, the current forecast.
Contents of this document
ItemDetails
Document typeEarnings presentation materials
Fiscal Period CoveredQ3 FY2026
Net Sales¥65,021 million (YoY +11.0%)
Operating profit¥12,599 million (YoY +13.9%)
Ordinary income¥13,276 million (YoY +10.5%)
Net income¥7,917 million (profit attributable to owners of the parent) (YoY +18.7%)
Operating profit margin19.4
Selling, general and administrative expenses¥7,582 million
Results for the three months of the current quarterQuarterly results graphs are provided by segment. Monthly sales of 8-inch prime wafers exceeded a record high of 280,000 wafers. Other consolidated profit and loss figures for the quarter alone: Not disclosed
Full-year earnings forecastNet Sales ¥84,000 million / Operating profit ¥15,400 million / Ordinary income ¥17,200 million / Net income attributable to owners of the parent ¥10,000 million
Self-assessment against the planProgress toward achieving the plan
Segment resultsSegment Wafer reclamation business / Net Sales ¥21,861 million / Year-on-year revenue growth 7.1 / Operating profit ¥7,668 million / Year-on-year change in operating profit 3.3, Segment Prime Wafer Manufacturing and Sales Business / Net Sales ¥22,842 million / Year-on-year revenue growth 49.8 / Operating profit ¥5,235 million / Year-on-year change in operating profit 58, Segment Semiconductor-related equipment, materials and other businesses / Net Sales ¥21,969 million / Year-on-year revenue growth -9.5 / Operating profit ¥1,182 million / Year-on-year change in operating profit -27.2, Segment Other, adjustments / Net Sales ¥-1,652 million / Operating profit ¥-1,486 million
Breakdown of Factors Affecting the ChangeFactors Subsidy income (from the government to GRITEK) / Year-earlier period ¥1,152 million / Current year ¥882 million, Factors Foreign Exchange Gains / Year-earlier period ¥0 million / Current year ¥21 million, Factors Foreign exchange losses / Year-earlier period ¥462 million / Current year ¥0 million, Factors Equity-method investment loss (SGRS, China 12-inch business) / Year-earlier period ¥780 million / Current year ¥996 million, Factors Gain on recognition of negative goodwill / Year-earlier period ¥367 million / Current year ¥1,585 million
Key KPIsIndicator name 8-inch prime wafer sales volume / Value More than 280,000 wafers per month / Year on year against the same period last year Not disclosed, Indicator name 12-inch reclaimed wafer production capacity / Value 119 10,000 wafers/month (2028 plan) / Year on year against the same period last year Not disclosed, Indicator name Global market share of the wafer reclamation business / Value 31 ％ / Year on year against the same period last year Not disclosed
Unit price and quantity metricsBusiness Wafer reclamation business / Indicator Sales Volumes / Value Increased, Business Wafer reclamation business / Indicator Average ticket / Value Increase of several percentage points, Business 8-inch prime wafers / Indicator Sales Volumes / Value More than 280,000 wafers per month
Medium-term management plan targetsTarget fiscal year FY2028 December / Net Sales ¥115,000 million, Target fiscal year FY2028 December / Operating profit ¥19,000 million, Target fiscal year 2026–2028 / ROIC At least 11%, Target fiscal year 2026–2028 / ROE At least 13%
Financial targetsROIC At least 11% (2026–2028 plan) / ROE At least 13% (2026–2028 plan) / WACC 9.0％ / Cost of equity 10.5％
Annual DividendFY2026 Forecast Annual dividend per share ¥55 per share / Interim Not disclosed / End of period Not disclosed / FY2025 Results Annual dividend per share ¥45 per share
Payout ratioFY2025: 12.8%. The FY2026 total payout ratio is shown as 14.6%, the current forecast.
Capital expenditures¥405 100 million (2026–2028, reclaimed wafer plant capital investment), ¥38 100 million (8-inch prime wafer capital investment), ¥40 100 million (capital investment in self-consumption solar power generation facilities), ¥60 100 million (capital investment in the energy business)
Market Size / ShareItem Global market share of the wafer reclamation business / Value 31 ％, Item Global semiconductor market size / Value US$1 trillion in 2029, Item Target share of the China 12-inch market / Value 7 ％
New initiativesExpansion of production capacity at the Sanbongi No. 7 and No. 8 plants, Tainan plant and China plant, Reorganisation of the GRITEK Group targeted for completion by the end of 2027, Start of mass production and sales of Epi wafers for power devices at the Epi House in Anhui Province, Establishment of a production capacity of 300,000 8-inch prime wafers per month during 2026, Manufacture of 8-inch and 12-inch ingots at the Inner Mongolia monocrystalline plant from 2028, M&A targeting the semiconductor, energy and new businesses
Items this document does not state (9)
Gross Profit MarginProgress against full-year forecastNumber of stores and locationsNumber 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.

In the wafer reclamation business, continued high utilisation and increased sales volume contributed to results. In the prime wafer business, increased sales volume and a higher proportion of value-added products, driven by expanding demand and capital investment, were contributing factors. In the semiconductor-related equipment and materials business, reduced production at RSPDH led to lower revenue and profit, while the energy business recorded higher revenue and a narrower operating loss.

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