JEOL (6951) Q4 2025 earnings summary

Executive summary

• FY2024 saw record net sales of ¥196.7B (+12.8% YoY) and operating profit of ¥35.5B (+28.9% YoY), driven by strong Scientific/Metrology Instruments and Industrial Equipment performance, aided by yen depreciation.

• All FY22–24 medium-term plan targets were exceeded, with significant outperformance in net sales, operating profit, and ROE.

• Profit attributable to owners of parent declined 13.9% YoY to ¥18.7B, with comprehensive income dropping to ¥16.8B.

• FY2025/FY2026 is forecasted to see a decline in sales (¥181B, -8.0% YoY) and operating profit (¥24B, -32.4% YoY) due to slow recovery in multi-beam mask writer markets and yen appreciation.

• Cash and cash equivalents at period end increased to ¥34.6B, with strong operating cash flow of ¥23.1B.

Financial highlights

• FY2024 net sales: ¥196.7B (+12.8% YoY); operating profit: ¥35.5B (+28.9% YoY); ordinary profit: ¥34.4B (+14.7% YoY); net profit: ¥18.7B.

• Gross margin improved to 47.0% in FY2024; operating margin rose to 18.0% from 15.8% in FY2023.

• R&D expenses rose to ¥12.0B, reflecting continued investment in innovation.

• Net assets grew to ¥136.7B, with an equity-to-asset ratio of 61.4%.

• Cash flows from investing activities improved, with outflows reduced to ¥855M from ¥18.0B.

Outlook and guidance

• FY2025/FY2026 expects lower sales and profit due to market headwinds in multi-beam mask writers and currency effects; Scientific/Metrology Instruments expected to maintain sales, while Industrial Equipment awaits market recovery.

• Medium-term plan (FY25–29) targets net sales of ¥225B, operating profit of ¥45B (20% margin), and ROE/ROIC of 15%+ by FY2029.

• Dividend forecast for FY2026 maintained at ¥106 per share.

• Focus on semiconductors and life sciences as growth pillars, with strategic investments and global expansion.