RS Technologies (3445) Q3 2025 earnings summary

Executive summary

• 9M 2025 sales rose 31.5% YoY, with operating profit up 14.4% and parent profit up 19.2%; reclaimed wafers and equipment and materials growth outweighed prime wafer weakness.

• FY2025 forecasts were unchanged; medium-term plans combine capacity expansion, investment and M&A with FY2027 growth targets.

Financial highlights

• 9M net sales were ¥58,583 million, up 31.5% YoY; gross profit was ¥18,008 million, up 26.1%, and operating income was ¥11,062 million, up 14.4%.

• Ordinary income rose 8.5% to ¥12,018 million; profit attributable to owners of the parent increased 19.2% to ¥6,669 million.

• Basic EPS was ¥252.22, versus ¥212.16 in 9M 2024; diluted EPS was ¥251.19, versus ¥210.95.

• Subsidy income to GRITEK was ¥1,152 million versus ¥861 million YoY; foreign exchange loss was ¥462 million versus ¥42 million, improving from ¥822 million in Q2.

• Profit was ¥9,029 million, including ¥2,360 million attributable to non-controlling interests; comprehensive income fell 48.7% to ¥5,355 million.

Outlook and guidance

• FY2025 forecast: sales ¥75,000 million, operating income ¥15,100 million, ordinary income ¥16,600 million and parent profit ¥8,760 million; forecasts were unchanged.

• FY2025 forecast growth: sales +26.7%, operating profit +15.2%, ordinary profit +5.9% and parent profit -7.3%; forecast basic EPS is ¥331.56.

• Medium-term plan targets FY2027 sales of ¥100,000 million, operating income of ¥21,900 million and net profit of ¥12,700 million.

• FY2025–2027 targets include ROIC above 13% and ROE above 14%; reclaimed wafer capacity is planned to exceed 1 million wafers per month by 2027, with 8-inch prime wafer capacity above 300,000 per month.

• 12-inch prime wafer capacity is planned to reach 300,000 per month after 2027; investment timing depends on market trends in China.