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Hamamatsu Photonics (6965) investor relations material
Hamamatsu Photonics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Nov, 2025
Executive summary
FY25 sales rose 4.0% year-over-year to ¥212.0 billion, driven by strong demand in the semiconductor and analytical instrument sectors, while medical-bio instrument sales declined; however, operating profit dropped 49.7% to ¥16.1 billion and net profit fell 43.5% to ¥14.2 billion due to increased expenses from M&A and business expansion.
Growth in net sales was offset by significant declines in profitability across all major profit lines.
FY26 sales are projected to grow 4.7% to ¥222.0 billion, with operating profit expected to rise 6.4% to ¥17.2 billion as sales growth offsets higher SG&A and R&D expenses.
The mid-term plan targets sales of ¥262.0 billion by FY28, focusing on semiconductor, quantum, and security markets.
Financial highlights
FY25 gross profit margin declined to 47.8% from 50.9% in FY24; operating profit margin decreased to 7.6% from 15.7%.
EBITDA fell 22.8% year-over-year to ¥38.5 billion.
Net profit decreased 43.5% year-over-year to ¥14.2 billion; earnings per share fell to ¥47.32 from ¥81.19.
FY26 forecasts: gross profit of ¥106.2 billion (47.8% margin), EBITDA of ¥39.9 billion, net profit of ¥14.3 billion.
Return on equity dropped to 4.4% from 7.7% year-over-year.
Outlook and guidance
FY26 expects continued sales growth in the semiconductor industry and a recovery in medical-bio instruments; guidance projects net sales of ¥222.0 billion (+4.7%), operating profit of ¥17.2 billion (+6.4%), and net profit of ¥14.3 billion (+0.7%).
Mid-term plan (FY28) aims for a 3-year CAGR of 7.3% in sales, with operating profit margin improving to 12.8%.
Depreciation expenses are expected to peak in FY27.
Annual dividend forecast maintained at ¥38 per share.
Laser segment's operating loss drivers
Impact of new DOE policy on shareholder returns
Mitigation strategies for geopolitical risks
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Next Hamamatsu Photonics earnings date
Q1 20265 Feb, 2026
Next Hamamatsu Photonics earnings date
Q1 20265 Feb, 2026
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Frequently asked questions
Hamamatsu Photonics K.K is a Japanese company specializing in the development of optical and electronic components. Its product portfolio includes photomultiplier tubes, imaging devices, light sources, opto-semiconductors, and imaging and analyzing systems. These products find application across various industries, including scientific research, medical, and industrial fields. The company is headquartered in Hamamatsu, Shizuoka, Japan, and its shares are listed on the Tokyo Stock Exchange.
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