Worth reading
66In focus
Scored from 5 of 6 sectionsDirection
Improvement
Direction inferred from the company’s description.Scale
1695
Millions of yen (year-on-year increase in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsSecond quarter (interim period) of the fiscal year ending December 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥12,594 million+34.2%
Operating profit¥4,135 million+69.4%
Ordinary income¥4,305 million+72.6%
Net income¥3,039 million+60.5%
Selling, general and administrative expenses¥3,868 million
Gross Profit Margin
Rate63.6%
Year-on-year change (points)Up 1.8 percentage points from 61.8% in the year-earlier period
Operating profit margin
Rate32.8%
Year-on-year change (points)Up 6.8 percentage points from 26.0% in the year-earlier period
Results for the three months of the current quarter
Net Sales
¥6,465 million
Operating profit
¥2,055 million
Operating profit margin31.8%
Full-year earnings forecast
Net Sales
¥25,800 million
Operating profit
¥8,300 million
Ordinary income
¥8,500 million
Net income
¥6,000 million
Earnings per share
¥328.58
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。
Net Sales48.8%
Operating profit49.8%
Ordinary income50.7%
Net income50.7%
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net Sales
Adhesion promoters2,265
Etchants276
Other Chemicals67
Machinery sales41
Materials sales-223
Other sales1
Foreign exchange impact777
Operating profit
Chemical product sales and volume1,237
Chemical product gross profit margin432
Machinery sales9
Machinery gross profit margin-10
Materials and other sales-94
Materials and other gross profit margin-31
Foreign exchange effects (gross profit)656
Selling, general and administrative expenses-320
Foreign exchange effects (SG&A expenses)-185
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate
NTD4.96
RMB22.58
THB4.93
EUR183.65
USD156.45
Business EnvironmentDemand is expected to expand on the back of semiconductor demand, growth in PKG substrates, and increasing integration density and operating frequencies.
New initiatives
- Construction of a new Kitakyushu Plant, scheduled to begin operations in December 2026, with maximum production capacity of 2,500 tonnes per month
- Expansion of roughening-free technologies, including the AP series for semiconductor package substrates
- Application of AP technology to high-frequency PCB substrates and uses related to generative AI and data centers
Key KPIsA metric the company considers important as a management benchmark.
- Shipment volume26,798 tonYear on year against the same period last yearUp 21.9% year on year
- Overseas revenue ratio67.7 %Year on year against the same period last yearUp from 65.3% in the same period of the previous year
- Overseas sales ratio including sales to overseas customers82.7 %Year on year against the same period last year81.2% in the same period of the previous year
- ROE9.1 %Year on year against the same period last year7.0% in the year-earlier period
Medium-term management plan targets
Phase2Phase 2: Cash allocation plan for the cumulative period from 2025 to 2027
Operating cash flow¥18.2–18.8 billion (before deducting research and development expenses)
Growth capital expenditure¥4,000 million
Maintenance and renewal capital expenditure¥4,000 million
Research and development¥5,200 million
Dividend¥5,300–5,400 million
Financial targets
ROE target13〜16%
Actual ROE9.1%
Number of employees
Number of Employees508 consolidated, 292 non-consolidated
As ofAs of 31 December 2025
Capital expenditures
¥3,985 million forecast for the fiscal year ending December 2026
Annual Dividend
Forecast for the fiscal year ending December 2026
Annual¥110 per share
Interim¥55 per share
End of period¥55 per share
Payout ratio
PolicyConsolidated payout ratio of at least 35%
DOE4.0% or more
Forecast for the fiscal year ending December 202633.5%
Acquisition of treasury shares
PolicyTo be conducted flexibly as appropriate
Actual results
¥1,292 million
Period2025
| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | Second quarter (interim period) of the fiscal year ending December 2026 |
| Net Sales | ¥12,594 million (YoY +34.2%) |
| Operating profit | ¥4,135 million (YoY +69.4%) |
| Ordinary income | ¥4,305 million (YoY +72.6%) |
| Net income | ¥3,039 million (YoY +60.5%) |
| Gross Profit Margin | Rate 63.6% / Year-on-year change (points) Up 1.8 percentage points from 61.8% in the year-earlier period |
| Operating profit margin | Rate 32.8% / Year-on-year change (points) Up 6.8 percentage points from 26.0% in the year-earlier period |
| Selling, general and administrative expenses | ¥3,868 million |
| Results for the three months of the current quarter | Net Sales ¥6,465 million / Operating profit ¥2,055 million / Operating profit margin 31.8% |
| Full-year earnings forecast | Net Sales ¥25,800 million / Operating profit ¥8,300 million / Ordinary income ¥8,500 million / Net income ¥6,000 million / Earnings per share ¥328.58 |
| Progress against full-year forecast | Net Sales 48.8% / Operating profit 49.8% / Ordinary income 50.7% / Net income 50.7% |
| Breakdown of Factors Affecting the Change | Net Sales Adhesion promoters 2,265 / Etchants 276 / Other Chemicals 67 / Machinery sales 41 / Materials sales -223 / Other sales 1 / Foreign exchange impact 777 / Operating profit Chemical product sales and volume 1,237 / Chemical product gross profit margin 432 / Machinery sales 9 / Machinery gross profit margin -10 / Materials and other sales -94 / Materials and other gross profit margin -31 / Foreign exchange effects (gross profit) 656 / Selling, general and administrative expenses -320 / Foreign exchange effects (SG&A expenses) -185 |
| Key KPIs | Indicator name Shipment volume / Value 26,798 ton / Year on year against the same period last year Up 21.9% year on year, Indicator name Overseas revenue ratio / Value 67.7 % / Year on year against the same period last year Up from 65.3% in the same period of the previous year, Indicator name Overseas sales ratio including sales to overseas customers / Value 82.7 % / Year on year against the same period last year 81.2% in the same period of the previous year, Indicator name ROE / Value 9.1 % / Year on year against the same period last year 7.0% in the year-earlier period |
| Number of employees | Number of Employees 508 consolidated, 292 non-consolidated / As of As of 31 December 2025 |
| Assumptions Underlying the Business Outlook | Exchange rate NTD 4.96 / RMB 22.58 / THB 4.93 / EUR 183.65 / USD 156.45 / Business Environment Demand is expected to expand on the back of semiconductor demand, growth in PKG substrates, and increasing integration density and operating frequencies. |
| Medium-term management plan targets | Phase2 Phase 2: Cash allocation plan for the cumulative period from 2025 to 2027 / Operating cash flow ¥18.2–18.8 billion (before deducting research and development expenses) / Growth capital expenditure ¥4,000 million / Maintenance and renewal capital expenditure ¥4,000 million / Research and development ¥5,200 million / Dividend ¥5,300–5,400 million |
| Financial targets | ROE target 13〜16% / Actual ROE 9.1% |
| Annual Dividend | Forecast for the fiscal year ending December 2026 Annual ¥110 per share / Interim ¥55 per share / End of period ¥55 per share |
| Payout ratio | Policy Consolidated payout ratio of at least 35% / DOE 4.0% or more / Forecast for the fiscal year ending December 2026 33.5% |
| Acquisition of treasury shares | Policy To be conducted flexibly as appropriate / Actual results Period ¥2025 million / Amount ¥1,292 million |
| Capital expenditures | ¥3,985 million (forecast for the fiscal year ending December 2026) |
| New initiatives | Construction of a new Kitakyushu Plant, scheduled to begin operations in December 2026, with maximum production capacity of 2,500 tonnes per month, Expansion of roughening-free technologies, including the AP series for semiconductor package substrates, Application of AP technology to high-frequency PCB substrates and uses related to generative AI and data centers |
Items this document does not state (8)
Self-assessment against the planSegment resultsUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookOrders received and order backlogMarket Size / ShareKey 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.Higher sales and volumes of chemical products, an improvement in the gross profit margin on chemical products, and foreign exchange effects lifted operating profit. Selling, general and administrative expenses were a negative factor. Net sales increased as a result of higher sales of adhesion promoters, etchants and other chemical products, as well as foreign exchange effects.
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.