Ibiden (4062) Q4 2026 earnings summary

Executive summary

• FY2025 net sales rose to JPY 480 billion, up 13% year-over-year, with operating profit at JPY 69.7 billion (up 30%) and net profit at JPY 71.6 billion (up 89%), driven by electronics growth and strategic stock sales.

• Electronics segment sales increased 23% to JPY 243.3 billion, with operating profit up 69% to JPY 45.2 billion, while ceramics declined due to weak automotive and EV demand.

• Comprehensive income surged to JPY 67,077 million, and a 2-for-1 stock split was implemented effective January 1, 2026.

• FY2026 forecasts net sales of JPY 500 billion, operating profit of JPY 90 billion, and net profit of JPY 65 billion, with electronics expected to drive growth.

• Midterm target for FY2030: net sales JPY 1 trillion, operating profit JPY 300 billion (OP margin 30%).

Financial highlights

• FY2025 net sales: JPY 480 billion; operating profit: JPY 69.7 billion; net profit: JPY 71.6 billion; gross profit: JPY 131.7 billion.

• Operating profit margin improved to 14.5%, net profit margin to 14.9%, and gross margin increased.

• Basic earnings per share rose to JPY 228.16; return on equity improved to 12.2%.

• Gains from sale of cross-shareholdings contributed JPY 34.5 billion after-tax.

• Cash and cash equivalents at year-end declined to JPY 292.9 billion.

Outlook and guidance

• FY2026 forecast: net sales JPY 500 billion, operating profit JPY 90 billion, net profit JPY 65 billion, basic EPS JPY 207.70.

• Electronics segment expected to drive growth, with capacity ramp-up and higher value AI-related products.

• Ceramics segment expected to decline further in FY2026.

• FX assumptions: JPY 150/USD and JPY 180/EUR.

• Midterm plan targets JPY 1 trillion in net sales and JPY 300 billion in operating profit (30% OPM) by FY2030.