Nitto Boseki (3110) Q2 2026 earnings summary

Executive summary

• Net sales for the first half of FY2025 rose to ¥57,412 million, up 8.2% year-over-year, with operating profit up 28.7% to ¥9,454 million and net profit up 27.1% to ¥6,878 million, driven by strong Special Glass and electronic materials demand for AI servers and semiconductor substrates.

• Full-year forecasts for operating profit, ordinary profit, and net profit were revised upward, with profit attributable to owners of parent now expected at ¥37,500 million, a 192.1% increase year-over-year, due to extraordinary income from asset sales.

Financial highlights

• Net sales for 1H FY2025 rose to ¥57.4B, up ¥4.4B year-over-year; operating profit increased to ¥9.5B, up ¥2.1B; ordinary profit reached ¥9,159 million (up 18.6% year-over-year).

• Net profit for 1H FY2025 reached ¥6.9B, up ¥1.5B year-over-year; EBITDA for 1H FY2025 was ¥13.9B, with an EBITDA margin of 24.1%.

• Full-year FY2025 net sales forecast revised to ¥120.0B, operating profit to ¥19.0B, and net profit to ¥37.5B; basic earnings per share for the full year forecasted at ¥1,030.04.

• Basic earnings per share increased to ¥188.94 from ¥148.63 year-over-year.

• Comprehensive income for the period was ¥9,697 million, up 22.9% year-over-year.

Outlook and guidance

• Full-year outlook anticipates higher sales and profits, supported by robust Special Glass and electronic materials demand and extraordinary income from asset sales.

• Net profit forecast includes a significant gain from the sale of non-current assets.

• Dividend policy targets at least ¥55 per share, with a planned annual dividend of ¥114 per share for FY2025.

• Basic earnings per share for the full year forecasted at ¥1,030.04.