TOWA (6315) Q4 2025 earnings summary

Executive summary

• FY2024 net sales reached ¥53.47 billion, up 6% year-over-year, with operating profit up 2.5% and net profit up 26%, driven by strong demand in China and Southeast Asia for semiconductor equipment despite global uncertainties.

• Orders were strong in the first half, led by China, but slowed in the second half due to economic trends and U.S. trade policy uncertainty.

• SG&A expenses rose due to higher personnel and R&D costs, but were offset by increased sales and a reversal of valuation loss.

Financial highlights

• Net sales: ¥53.47 billion (+6% YoY); operating profit: ¥8.88 billion (+2.5% YoY); net profit: ¥8.12 billion (+26% YoY); ordinary profit: ¥9.4 billion (+3.5% YoY).

• Operating margin decreased slightly to 16.6% from 17.2% year-over-year.

• Basic earnings per share was ¥108.28, up from ¥85.90, reflecting a 3:1 stock split effective October 1, 2024.

• Comprehensive income fell to ¥3,924 million from ¥12,325 million due to negative other comprehensive income items.

• Net assets increased to ¥61,386 million, with an equity ratio of 73.8%.

Outlook and guidance

• FY2025 forecast: net sales ¥56.0 billion (+4.7% YoY), operating profit ¥9.8 billion (+10.4% YoY), ordinary profit ¥9.8 billion (+4.3% YoY), net profit ¥6.86 billion (−15.5% YoY).

• Operating margin expected to improve to 17.5% in FY2025.

• Market recovery anticipated in the second half of FY2025, with first half characterized by cautious investment due to U.S. trade policy uncertainty.