Lasertec (6920) Q4 2025 earnings summary

Executive summary

• Achieved record highs in net sales and profits for FY2025, with net sales up 17.8% YoY to JPY 251.5 billion and strong growth in AI-related semiconductor applications and services.

• Operating income rose 51.0% YoY to JPY 122.8 billion; net income increased 43.3% YoY to JPY 84.7 billion.

• Orders dropped 61.4% YoY to JPY 105.2 billion, mainly due to sluggish ACTIS series orders.

• FY2026 outlook projects a notable decrease in sales and profits, reflecting lower order volumes and global uncertainty.

• Management anticipates medium- to long-term growth in the semiconductor equipment market despite near-term headwinds.

Financial highlights

• FY2025 net sales rose 17.8% YoY to JPY 251.5 billion; operating income up 51.0% to JPY 122.8 billion.

• Net income increased 43.3% YoY to JPY 84.7 billion; gross profit margin improved to 59.0%.

• Orders dropped 61.4% YoY to JPY 105.2 billion; backlog at JPY 315.9 billion.

• Cash and cash equivalents at year-end were JPY 86.1 billion, up JPY 47.9 billion from the previous year.

• Dividend per share for FY2025 was JPY 329, with a 35.1% payout ratio.

Outlook and guidance

• FY2026 net sales forecasted at JPY 200.0 billion, down 20.5% YoY; operating income expected to fall 30.8% to JPY 85.0 billion.

• Net income projected at JPY 60.0 billion, a 29.1% YoY decrease; R&D expenses to rise 11.3% to JPY 13.0 billion.

• Dividend for FY2026 forecasted at JPY 329 per share, with a higher payout ratio of 49.5% due to lower earnings.

• Share buyback of up to JPY 12 billion (1.1% of shares) planned between August and December 2025.

• Management expects continued uncertainty due to geopolitical risks and economic policy impacts.