Nitto Boseki (3110) Q4 2026 earnings summary

Executive summary

• FY2025 net sales rose 8.4% year-over-year to ¥118.2B, with operating profit up 26.6% to ¥20.8B and net profit surging 225.4% to ¥41.8B, driven by robust demand for Special Glass and Electronic Materials, especially for AI server-related products.

• Extraordinary income from the sale of non-current assets and investment securities significantly boosted net profit and cash position.

• Performance targets in the Medium-Term Management Plan were achieved ahead of schedule, prompting upward revisions for FY2027.

Financial highlights

• FY2025 net sales reached ¥118.2B (+8.4%), operating profit ¥20.8B (+26.6%), and EBITDA ¥30.1B (+23.5%), with an EBITDA margin of 25.5%.

• Net profit surged 225.4% to ¥41.8B, reflecting extraordinary gains from asset sales.

• ROS improved to 17.6% from 15.1% year-over-year.

• Equity-to-asset ratio increased to 61.3%, and net assets per share rose to ¥4,768.45.

Outlook and guidance

• FY2026/FY2027 forecasts project net sales of ¥137.0B (+15.9%) and operating profit of ¥26.0B (+24.9%), with net profit forecast at ¥17.0B due to the absence of extraordinary gains.

• EBITDA is expected to reach ¥37.6B, with a margin of 27.4%.

• Continued robust demand for Special Glass, especially for AI, semiconductor, and data center applications, underpins growth expectations.

• Capital investment planned to increase to ¥45.0B.