Rigaku (268A) Q4 2025 earnings summary

Executive summary

• FY2025 revenue grew 4% year-over-year to JPY 94.1 Bn, driven by strong Q4 performance in Semiconductor Process Control Instruments and analytical instruments, with full-year revenue in line with forecasts.

• Adjusted EBITDA and Adjusted Profit improved in Q4 but declined for the full year due to strategic investments in manufacturing, R&D, and an unfavorable product/region mix.

• Multipurpose Analytical Instruments met revenue expectations despite market headwinds, while Semiconductor Process Control Instruments saw 19% annual growth from demand for advanced technology.

• Operating profit declined 9.0% year-over-year to JPY 16.7 Bn, mainly due to changes in sales mix and lower high-margin EUV sales.

• Strategic investments focused on AI and data center-related applications continued.

Financial highlights

• FY2025 revenue: JPY 94.1 Bn (+4% YoY); Adjusted EBITDA: JPY 21.7 Bn (23.0% margin); Adjusted Profit: JPY 12.7 Bn (13.5% margin).

• Q4 revenue reached a record high, with significant improvement in Adjusted EBITDA and Adjusted Profit.

• Adjusted ROE for FY2025 was 14.9%; return on equity attributable to owners of parent was 13.4%.

• Dividend per share for FY2025 was JPY 18.8, with a 30% payout ratio policy maintained.

• Total assets increased to JPY 185.2 Bn, with an equity ratio of 47.7%.

Outlook and guidance

• FY2026 revenue forecast: JPY 101.0 Bn (+7.2% YoY); Adjusted EBITDA: JPY 25.3 Bn (25.1% margin); Adjusted Profit: JPY 13.9 Bn (13.8% margin).

• FY2026 operating profit forecast: JPY 19.4 Bn (+16.1% YoY); profit attributable to owners of parent: JPY 12.5 Bn (+9.6%).

• Semiconductor Process Control Instruments expected to drive 21% revenue growth, with new products and higher AI application share.

• Multipurpose Analytical Instruments forecasted to grow 4% globally, with industrial applications offsetting academia weakness.

• Dividend per share forecast for FY2026 is JPY 19.0.