RS Technologies (3445) Q4 2025 earnings summary

Executive summary

• FY2025 sales reached a record ¥76,707M, up 29.6% YoY; operating income rose 8.9% to ¥14,281M and ordinary income rose 6.2% to ¥16,635M.

• Net income attributable to parent owners fell 1.6% to ¥9,297M; excluding negative goodwill recorded in both years, it increased ¥984M YoY.

• Reclaimed wafer plants in Sanbongi and Tainan ran at full capacity amid favorable demand; Sanbongi Plant 7’s restart was brought forward.

• Five-year CAGR was 22% for sales and 20% for operating income.

Financial highlights

• Gross profit rose 21.7% to ¥23,585M from ¥19,380M; SG&A increased to ¥9,303M from ¥6,271M, outpacing sales growth.

• Ordinary income was ¥16,635M, up 6.2%; profit before income taxes was ¥16,868M versus ¥17,168M.

• Basic EPS was ¥351.40 versus ¥358.21; comprehensive income declined 19.4% to ¥17,470M from ¥21,666M.

• GRITEK subsidy income increased from ¥1.1B to ¥2.1B; FX gains fell from ¥726M to zero, while FX losses were ¥88M versus zero.

• Share of losses from equity-method entities increased to ¥1,082M from ¥685M; SGRS’s 12-inch prime wafer investment loss rose to ¥1B.

Outlook and guidance

• FY2026 forecast: sales ¥84,000M, operating income ¥15,400M, ordinary income ¥17,200M and parent profit ¥10,000M; basic EPS forecast is ¥376.54.

• FY2028 targets: sales ¥115,000M, operating income ¥19,000M, ordinary income ¥20,000M and net profit ¥13,000M; operating margin forecast declines from 18.3% in FY2026 to 16.5% in FY2028.

• FY2026–FY2028 targets include ROIC above 11% and ROE above 13%; growth from 2027 onward is expected to include M&A.

• Reclaimed wafer capacity is planned to reach 1.19M wafers/month by 2028; 8-inch prime wafer capacity is planned to rise to 300K/month in 2026.

• FY2026 annual dividend forecast is ¥55/share, up from ¥45/share in FY2025; buybacks may be considered based on share price, cash and investment progress.