RS Technologies (3445) Q2 2025 earnings summary

Executive summary

• H1 FY2025 net sales rose 26.4% YoY to ¥37,999M and operating income rose 16.8% to ¥7,103M; ordinary income fell 9.4% and net profit attributable to owners fell 0.9%.

• Reclaimed-wafer demand and semiconductor-related businesses supported growth; capacity increases are expected to contribute from H2.

Financial highlights

• H1 gross profit was ¥11,620M (+27.0% YoY), SG&A was ¥4,516M (+47.3%), and EPS was ¥143.79, down 1.1%.

• Ordinary income was ¥7,157M, down 9.4%; net profit attributable to owners was ¥3,800M, down 0.9%.

• Foreign-exchange losses were ¥822M versus none in the prior-year period; subsidy income increased to ¥704M from ¥607M.

• Comprehensive loss was ¥1,709M, including a negative ¥6,475M foreign currency translation adjustment.

Segment performance

• Reclaimed wafers: H1 sales ¥13,371M (+21.2%), operating income ¥4,742M (+12.1%), and margin 35.5% (-2.9pt); Japan and Taiwan plants operated at full capacity.

• Prime wafers: sales ¥9,998M (-1.1%), operating income ¥2,330M (+5.6%), and margin 23.3% (+1.5pt); China power-wafer demand supported volumes despite lower unit prices.

• Semiconductor-related equipment and materials: sales ¥15,528M (+65.1%), operating income ¥909M (+100.2%), mainly reflecting RSPDH's contribution.