Worth reading
61In focus
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
250
¥100 million (maximum amount under the share repurchase policy for the fiscal years ending December 2026 through December 2028)Wording
Conditional
How definitive the wording is.Contents of this document
Medium-Term Management Plan PresentationFiscal year ending March 2026 and the fiscal year ending December 2026 onward12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥288,933 million
Operating profit¥27,561 million
Ordinary income¥26,063 million
Net income¥14,886 million
Selling, general and administrative expenses¥13,691 million; selling, general and administrative expense ratio to revenue: not_disclosed
Operating profit margin9.5%; year-on-year change: Not disclosed
Results for the three months of the current quarter
Net Sales
¥77,287 million
Operating profit
¥5,721 million
Ordinary income
¥6,426 million
Net income
¥4,740 million
Full-year earnings forecast
Net Sales
¥350,000 million
Operating profit
¥38,000 million
Ordinary income
¥36,000 million
Net income
¥23,000 million
Capital expenditures
¥65,000 million
Depreciation and amortization
¥32,172 million
EBITDA
¥70,172 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Profit growth was sluggish due mainly to an increase in inventory write-downs at a new plant. Amounts by factor: Not disclosed
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
US dollar: ¥150.0; Chinese yuan: ¥21.00. The assumptions also include investment in generative AI, growth in the WFE market, and expectations for a correction and recovery in the EV marketNew initiatives
Change of fiscal year-end from March to December, construction of a second plant in Kulim, Malaysia, construction of a new plant in Beijing, a share repurchase policy, and adoption of DOEKey KPIsA metric the company considers important as a management benchmark.
ROE 6.0%, ROIC 3.2%, equity ratio 38.9%, EBITDA ¥54,988 millionSegment results
Only net sales are shown: Semiconductor and other equipment-related ¥185,139 million, Electronic Devices ¥57,584 million, Automotive-related ¥29,245 million, and Other related businesses ¥16,964 million. Segment profit: Not disclosedMedium-term management plan targets
Fiscal year ending December 2028: net sales ¥450,000 million, operating profit ¥57,000 million, operating margin 12.7%, net income ¥38,000 million, ROE 11.0%, ROIC 7.0%, equity ratio 40.0%, capital expenditures ¥40,000 millionFinancial targets
Fiscal year ending December 2028: ROE 11.0%, ROIC 7.0%, equity ratio 40.0%Number of stores and locations
A list of locations is provided, but the number at the end of the period and the number of openings and closures during the period are Not disclosedCapital expenditures
¥54,600 million actual for the fiscal year ending March 2026; forecast for the fiscal year ending December 2026: ¥65,000 million
Annual Dividend
Fiscal year ending December 2026: ¥200 per share (ordinary dividend ¥150, special dividend ¥50)Payout ratio
Fiscal year ending December 2026: payout ratio 46.8%; targets a total payout ratio of 50%; DOE floor of 3.5%Acquisition of treasury shares
Share repurchase policy for the fiscal years ending December 2026 through December 2028, with a maximum amount of ¥25 billion| Item | Details |
|---|---|
| Document type | Medium-Term Management Plan Presentation |
| Fiscal Period Covered | Fiscal year ending March 2026 and the fiscal year ending December 2026 onward |
| Net Sales | ¥288,933 million |
| Operating profit | ¥27,561 million |
| Ordinary income | ¥26,063 million |
| Net income | ¥14,886 million |
| Operating profit margin | 9.5%; year-on-year change: Not disclosed |
| Selling, general and administrative expenses | ¥13,691 million; selling, general and administrative expense ratio to revenue: not_disclosed |
| Results for the three months of the current quarter | Net Sales ¥77,287 million / Operating profit ¥5,721 million / Ordinary income ¥6,426 million / Net income ¥4,740 million |
| Full-year earnings forecast | Net Sales ¥350,000 million / Operating profit ¥38,000 million / Ordinary income ¥36,000 million / Net income ¥23,000 million / Capital expenditures ¥65,000 million / Depreciation and amortization ¥32,172 million / EBITDA ¥70,172 million |
| Segment results | Only net sales are shown: Semiconductor and other equipment-related ¥185,139 million, Electronic Devices ¥57,584 million, Automotive-related ¥29,245 million, and Other related businesses ¥16,964 million. Segment profit: Not disclosed |
| Breakdown of Factors Affecting the Change | Profit growth was sluggish due mainly to an increase in inventory write-downs at a new plant. Amounts by factor: Not disclosed |
| Key KPIs | ROE 6.0%, ROIC 3.2%, equity ratio 38.9%, EBITDA ¥54,988 million |
| Number of stores and locations | A list of locations is provided, but the number at the end of the period and the number of openings and closures during the period are Not disclosed |
| Assumptions Underlying the Business Outlook | US dollar: ¥150.0; Chinese yuan: ¥21.00. The assumptions also include investment in generative AI, growth in the WFE market, and expectations for a correction and recovery in the EV market |
| Medium-term management plan targets | Fiscal year ending December 2028: net sales ¥450,000 million, operating profit ¥57,000 million, operating margin 12.7%, net income ¥38,000 million, ROE 11.0%, ROIC 7.0%, equity ratio 40.0%, capital expenditures ¥40,000 million |
| Financial targets | Fiscal year ending December 2028: ROE 11.0%, ROIC 7.0%, equity ratio 40.0% |
| Annual Dividend | Fiscal year ending December 2026: ¥200 per share (ordinary dividend ¥150, special dividend ¥50) |
| Payout ratio | Fiscal year ending December 2026: payout ratio 46.8%; targets a total payout ratio of 50%; DOE floor of 3.5% |
| Acquisition of treasury shares | Share repurchase policy for the fiscal years ending December 2026 through December 2028, with a maximum amount of ¥25 billion |
| Capital expenditures | ¥54,600 million (actual for the fiscal year ending March 2026; forecast for the fiscal year ending December 2026: ¥65,000 million) |
| New initiatives | Change of fiscal year-end from March to December, construction of a second plant in Kulim, Malaysia, construction of a new plant in Beijing, a share repurchase policy, and adoption of DOE |
Items this document does not state (9)
Gross Profit MarginProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of employeesRisk 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.The plan reflects external factors including investment in generative AI, growth in the front-end semiconductor manufacturing equipment market, and expectations for a correction and recovery in the EV market. Internal factors reflected include higher utilization of existing plants and increased depreciation and start-up costs associated with expanding mass production outside China. In response to increasing semiconductor demand and customer requests for higher production, the plan also incorporates expanded production capacity in Malaysia and China.
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.
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.