Nitto Boseki (3110) Q4 2025 earnings summary

Executive summary

• FY2024 saw significant year-on-year growth in sales and profits, driven by strong demand for Special Glass and Electronic Materials, especially for AI servers and semiconductor applications.

• 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 rose to ¥109.0B, up 16.9% year-over-year; operating profit nearly doubled to ¥16.4B, up 96.1%.

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

• Ordinary profit rose 80.1% year-over-year to ¥17.6B; basic earnings per share increased to ¥352.61.

• ROS improved to 15.1% from 9.0% the previous year; equity-to-asset ratio improved to 58.1%.

• Cash and cash equivalents at period-end increased by ¥4.87B to ¥28.39B.

Outlook and guidance

• FY2025/2026 forecasts further growth: net sales of ¥120.0B, operating profit of ¥17.0B, and net profit of ¥13.0B.

• Robust demand for Special Glass expected to continue, especially for data centers and network equipment, but overall outlook is uncertain due to potential recession risks and U.S. tariff policies.

• Electronic Materials segment projected to lead growth, with stable profitability in Medical and moderate gains in other segments.

• Interim dividend of ¥27.50 per share planned; annual dividend to be decided.