ULVAC (6728) Q1 2025 earnings summary

Executive summary

• Net sales rose 10.9% year-over-year to ¥61.0 billion, with operating profit more than doubling to ¥5.8 billion and profit attributable to owners of parent surging 228.8% to ¥3.7 billion, driven by a strong order backlog despite a 34.7% decline in orders received.

• Gross profit margin improved to 31.3% from 27.7% YoY, and operating profit margin rose to 9.4% from 5.1% YoY.

• Q1 results were largely in line with the plan, with expectations for increased orders in Q2 due to large OLED orders and a recovery in semiconductor investment.

• The global economy showed gradual recovery, but uncertainty increased due to concerns over overseas economic downturns and global monetary tightening.

Financial highlights

• Orders received in Q1 FY25/6 were ¥50.9 billion, down 34.7% YoY.

• Net sales reached ¥61.0 billion, up 10.9% YoY.

• Gross profit was ¥19.1 billion, up 25.3% YoY; operating profit was ¥5.8 billion, up 103.7% YoY.

• Profit attributable to owners of parent was ¥3.7 billion, up 228.8% YoY.

• Basic earnings per share was ¥75.72, up from ¥23.04 a year earlier.

Outlook and guidance

• Full-year FY25/6 forecast: orders received ¥270.0 billion (+5% YoY), net sales ¥275.0 billion (+5% YoY), operating profit ¥34.5 billion (+16% YoY), and profit attributable to owners ¥23.0 billion (+14% YoY); EPS ¥466.82.

• Dividend per share forecast to increase from ¥144 to ¥164.

• No change to the FY25/6 annual plan; orders expected to rise in Q2 with large OLED deals and semiconductor investment recovery.

• Management cautions that actual results may differ due to global economic and market uncertainties, including exchange rate fluctuations.