INFRONEER Holdings (5076) investor relations material

Executive summary

• H1 FY2027 net sales rose 55.7% YoY to ¥660.8bn; business profit increased 63.7% to ¥39.9bn and net income attributable to owners rose 168.4% to ¥65.9bn.

• Net sales, business profit, EBITDA and net income reached records since the holdings’ establishment; FY2027 guidance was raised to ¥1,422.0bn net sales and ¥92.7bn business profit.

Financial highlights

• Gross profit rose to ¥98.1bn from ¥59.7bn; operating profit was ¥39.5bn, up 66.6% YoY, and profit before tax was ¥97.1bn, up 177.5%.

• EBITDA increased ¥22.7bn YoY to ¥66.0bn; net income rose ¥41.3bn to ¥65.9bn.

• Financial income was ¥64.9bn, up ¥50.6bn YoY, including a ¥61.7bn fair-value gain on the TB Investment Limited Partnership.

• Operating cash flow was ¥1.4bn versus ¥66.8bn; investing outflow was ¥97.6bn and financing outflow was ¥34.0bn.

Outlook and guidance

• FY2027 forecasts: net sales ¥1,422.0bn, business profit ¥92.7bn, EBITDA ¥143.9bn, operating profit ¥90.8bn, profit before tax ¥116.6bn and net income attributable to owners ¥82.2bn.

• Forecast basic EPS is ¥291.65; calculation assumes 47.8m shares issued in the October offering and up to 7.2m additional shares from the third-party allotment.

• FY2027 common-share dividend remains ¥132/share, comprising ¥65 interim and ¥67 year-end; the shareholder-return policy targets a payout ratio of at least 40% and a minimum dividend of ¥90/share.

• Year-end forecast includes a ¥34.9bn valuation gain, based on KIOXIA Holdings’ November 10 closing price of ¥9,068 and current assumptions for Toshiba’s business plan.