Dexerials (4980) Q2 2025 earnings summary

Executive summary

• Sales and profits rose year-over-year for both the six-month and three-month periods, even after excluding the impact of discontinued phosphor films.

• Net sales for the six months ended September 30, 2024, rose 20.2% year-over-year to ¥59,635 million, with profit attributable to owners of parent up 52.5% to ¥15,856 million.

• Strong performance in anti-reflection films for automotive and global expansion of Particle-arrayed Anisotropic Conductive Films (ACF).

• Transitioned to IFRS from April 1, 2023, with reconciliations provided for key financials and equity.

• Business results were in line with expectations, with no changes to the annual earnings forecast or dividend plan.

Financial highlights

• FY24H1 net sales: ¥59,635 million, up 20.2% year-over-year (+12.5% excluding FX effects).

• Business profit: ¥22,320 million, up 38.2% year-over-year (+17.8% excluding FX effects).

• Net profit attributable to owners: ¥15,856 million, up 52.5% year-over-year.

• EBITDA: ¥25,564 million, up 35.9% year-over-year; EBITDA margin improved to 42.9%.

• Basic EPS for the period was ¥92.27 (post-stock split), up from ¥59.73 a year earlier.

Outlook and guidance

• FY24 full-year net sales forecast: ¥107,000 million, up ¥1,802 million from FY23.

• Business profit forecast: ¥33,500 million; net profit forecast: ¥23,000 million.

• No change to annual earnings forecast, assumed FX rate for H2 (140 JPY/USD), or annual dividend.

• Annual dividend expected at ¥52 per share (interim ¥78 pre-split, year-end ¥26 post-split).

• Basic EPS forecast for FY2025 is ¥132.20 (post-stock split).