Nitto Boseki (3110) Q4 2025 earnings summary

Executive summary

• FY2024 net sales rose 16.9% year-over-year to ¥109 billion, driven by strong specialty glass demand for AI servers and semiconductors, with operating profit nearly doubling to ¥16.4 billion.

• All major business segments reported increased sales, with Electronic Materials showing the most substantial profit growth.

• The company launched a new Medium-Term Management Plan (FY2024–2027) targeting global niche leadership in Environment/Energy, Digital Society, and Health/Safety/Security.

Financial highlights

• Net sales reached ¥109.0 billion, up 16.9% year-over-year; operating profit rose to ¥16.4 billion, up 96.1%.

• Net profit increased 76.0% to ¥12.8 billion; EBITDA reached ¥24.4 billion, up 56.8% year-over-year.

• Ordinary profit rose 80.1% to ¥17.6 billion; ROS improved to 15.1% from 9.0% the previous year.

• Basic earnings per share increased to ¥352.61; equity-to-asset ratio improved to 58.1%.

• Cash and cash equivalents at period-end increased by ¥4,869 million to ¥28,387 million.

Outlook and guidance

• FY2025/2026 forecasts: net sales ¥120 billion, operating profit ¥17 billion, net profit ¥13 billion, and EBITDA ¥26.5 billion.

• Interim dividend of ¥27.50 per share planned; full-year dividend yet to be determined.

• Strong demand for specialty glass, especially for data centers and network applications, is expected to continue.

• Risks include global economic slowdown, currency volatility, and prolonged weakness in China.

• Capital investment and R&D spending will focus on expanding specialty glass production and next-generation product development.