Worth reading
48Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
2100
¥ million (increase in full-year operating income forecast)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFirst quarter of the fiscal year ending March 20278 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥39,019 million+18.0%
Operating profit¥10,505 million+49.0%
Ordinary income¥11,220 million+69.0%
Net income¥7,500 million+62.0%
Operating profit margin27 %
Results for the three months of the current quarter
Net Sales
¥39,019 million
Operating profit
¥10,505 million
Electronics business net sales
¥28,049 million
Pharmaceutical business net sales
¥9,203 million
ICT&S business revenue
¥1,766 million
Full-year earnings forecast
Net Sales
¥149,100 million
Operating profit
¥36,400 million
Ordinary income
¥36,300 million
Profit attributable to owners of the parent
¥25,400 million
EBITDA
¥45,300 million
Electronics business net sales
¥105,000 million
Electronics business operating income
¥33,400 million
Pharmaceutical business net sales
¥37,500 million
Pharmaceutical business operating income
¥4,000 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Consolidated operating profit31
Consolidated ordinary income34
Profit attributable to owners of the parent31
EBITDA29
Electronics business net sales27
Electronics business operating income31
Electronics business EBITDA30
Pharmaceutical business net sales25
Pharmaceutical business operating income19
Pharmaceutical business EBITDA22
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The Electronics business outperformed expectations in the first quarterBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Yen depreciation
- Higher sales volume of materials for PKG substrates
- Higher sales volume of materials for rigid substrates
- Lower sales volume of display-related materials
- Price revisions for selected products
- Lower sales volume due to reduced demand in the pharmaceutical manufacturing and marketing business
- Increase in contracted volumes from existing customers
- Changes in product mix
The company identifies the factors but does not state the amount attributable to each one.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
JPY/USD exchange rate
First-quarter results160.5 JPY/USD
Forecast from the second quarter onward150 JPY/USD
New initiatives
- Hole-filling ink for next-generation high-speed communications substrates received the 22nd JPCA Encouragement Award
- Sponsorship of the e-sports tournament “Street Fighter League: JAPAN 2026”
Key KPIsA metric the company considers important as a management benchmark.
- EBITDA¥12,680 millionYear on year against the same period last year+38.0%
- Consolidated EBITDA margin32 %
- Electronics business operating margin35 %
- Pharmaceuticals business operating margin8 %
- CAGR of shipments in the high-multilayer substrate market for servers6.5 %
Segment results
Electronics business
Net Sales
¥28,049 million+26.0%
Operating profit
¥9,761 million+57.0%
EBITDA
¥10,725 million+51.0%
Pharmaceuticals
Net Sales
¥9,203 million-2.0%
Operating profit
¥772 million-44.0%
EBITDA
¥1,739 million-26.0%
ICT&S business
Net Sales
¥1,766 million+16.0%
Operating profit
¥135 million
Financial targets
Equity ratio
At March 2026 year-end57.3 %
End-Jun 2659.6 %
Market Size / Share
Shipments in the high-multilayer substrate market for serversTrend from actual results in 2024 through the forecast for 2031
Shipment volume CAGR6.5 %
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | ¥39,019 million (YoY +18.0%) |
| Operating profit | ¥10,505 million (YoY +49.0%) |
| Ordinary income | ¥11,220 million (YoY +69.0%) |
| Net income | ¥7,500 million (YoY +62.0%) |
| Operating profit margin | 27 % |
| Results for the three months of the current quarter | Net Sales ¥39,019 million / Operating profit ¥10,505 million / Electronics business net sales ¥28,049 million / Pharmaceutical business net sales ¥9,203 million / ICT&S business revenue ¥1,766 million |
| Full-year earnings forecast | Net Sales ¥149,100 million / Operating profit ¥36,400 million / Ordinary income ¥36,300 million / Profit attributable to owners of the parent ¥25,400 million / EBITDA ¥45,300 million / Electronics business net sales ¥105,000 million / Electronics business operating income ¥33,400 million / Pharmaceutical business net sales ¥37,500 million / Pharmaceutical business operating income ¥4,000 million |
| Progress against full-year forecast | Consolidated revenue Not disclosed / Consolidated operating profit 31 / Consolidated ordinary income 34 / Profit attributable to owners of the parent 31 / EBITDA 29 / Electronics business net sales 27 / Electronics business operating income 31 / Electronics business EBITDA 30 / Pharmaceutical business net sales 25 / Pharmaceutical business operating income 19 / Pharmaceutical business EBITDA 22 |
| Self-assessment against the plan | The Electronics business outperformed expectations in the first quarter |
| Segment results | Electronics business Net Sales ¥28,049 million (YoY +26.0%) / Operating profit ¥9,761 million (YoY +57.0%) / EBITDA ¥10,725 million (YoY +51.0%) / Pharmaceuticals Net Sales ¥9,203 million (YoY -2.0%) / Operating profit ¥772 million (YoY -44.0%) / EBITDA ¥1,739 million (YoY -26.0%) / ICT&S business Net Sales ¥1,766 million (YoY +16.0%) / Operating profit ¥135 million |
| Breakdown of Factors Affecting the Change | Factors Yen depreciation / Amount Not disclosed, Factors Higher sales volume of materials for PKG substrates / Amount Not disclosed, Factors Higher sales volume of materials for rigid substrates / Amount Not disclosed, Factors Lower sales volume of display-related materials / Amount Not disclosed, Factors Price revisions for selected products / Amount Not disclosed, Factors Lower sales volume due to reduced demand in the pharmaceutical manufacturing and marketing business / Amount Not disclosed, Factors Increase in contracted volumes from existing customers / Amount Not disclosed, Factors Changes in product mix / Amount Not disclosed |
| Key KPIs | Indicator name EBITDA / Value ¥12,680 million / Year on year against the same period last year ¥38 million, Indicator name Consolidated EBITDA margin / Value 32 % / Year on year against the same period last year Not disclosed, Indicator name Electronics business operating margin / Value 35 % / Year on year against the same period last year Not disclosed, Indicator name Pharmaceuticals business operating margin / Value 8 % / Year on year against the same period last year Not disclosed, Indicator name CAGR of shipments in the high-multilayer substrate market for servers / Value 6.5 % / Year on year against the same period last year Not disclosed |
| Assumptions Underlying the Business Outlook | JPY/USD exchange rate First-quarter results 160.5 JPY/USD / Forecast from the second quarter onward 150 JPY/USD |
| Financial targets | Equity ratio At March 2026 year-end 57.3 % / End-Jun 26 59.6 % |
| Market Size / Share | Shipments in the high-multilayer substrate market for servers Trend from actual results in 2024 through the forecast for 2031 / Shipment volume CAGR 6.5 % |
| New initiatives | Hole-filling ink for next-generation high-speed communications substrates received the 22nd JPCA Encouragement Award, Sponsorship of the e-sports tournament “Street Fighter League: JAPAN 2026” |
Items this document does not state (13)
Gross Profit MarginSelling, general and administrative expensesUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders 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.The Electronics business performed above expectations in the first quarter, and expenses related to special employee benefits were recorded as an extraordinary loss in the first quarter. In the Electronics business, revenue increased due to the weaker yen, higher sales volumes of materials for PKG substrates and rigid substrates, and price revisions. In the Pharmaceuticals business, lower sales volumes resulting from reduced demand in the pharmaceutical manufacturing and marketing business led to lower revenue.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.