ULVAC (6728) Q2 2025 earnings summary

Executive summary

• Net sales for H1 FY2025/6 rose 12% year-over-year to ¥134.9 billion, with operating profit up 49% to ¥15.3 billion and profit attributable to owners of parent up 51% to ¥10.4 billion.

• Orders received declined 13% year-over-year to ¥116.4 billion, mainly due to short-term demand adjustments in power devices, batteries, and key markets.

• Gross profit for Q2 reached a record high since listing, and basic EPS rose to ¥211.33 from ¥139.25 year-over-year.

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

Financial highlights

• Gross profit increased 21% year-over-year to ¥42.9 billion, with gross margin improving to 31.8%.

• Operating profit margin rose to 11.4%, and profit attributable to owners of parent to net sales ratio reached 7.7%.

• Basic earnings per share increased to ¥211.33.

• Cash on hand at Q2 was ¥94.0 billion; cash and cash equivalents at period-end were ¥82.4 billion.

• Operating cash flow was ¥12.8 billion, investing cash flow outflow ¥5.3 billion, and financing cash flow outflow ¥8.5 billion.

Outlook and guidance

• Full-year forecast for FY2025/6 remains unchanged: net sales ¥275 billion (+5% YoY), operating profit ¥34.5 billion (+16%), profit attributable to owners of parent ¥23.0 billion (+14%), and basic EPS ¥466.78.

• Full-year orders received forecast revised down to ¥260 billion due to EV sector slowdown.

• Dividend per share forecast raised to ¥164, up ¥20 from previous year.

• Order backlog at end of Q2 stands at ¥125.5 billion, supporting stable earnings outlook.