Ushio (6925) Q2 2026 earnings summary

Executive summary

• H1 FY2025 net sales declined 4.9% YoY to ¥81.4B, operating profit fell 6.0% to ¥4.0B, and net profit dropped 89.6% to ¥0.2B, but results exceeded internal forecasts due to early DLT system sales and structural reforms.

• The global economy remained uncertain due to U.S. tariffs, Chinese trends, exchange rates, and geopolitical risks, impacting demand and investment across key markets.

• Strategic investments in DLT and lithography equipment increased as planned, with business portfolio revamp initiatives progressing.

Financial highlights

• H1 FY2025 net sales: ¥81.4B, down ¥4.2B (-4.9%) YoY; operating profit: ¥4.0B, down ¥0.2B (-6.0%) YoY; net profit: ¥0.2B, down ¥2.0B (-89.6%) YoY.

• EPS fell to ¥2.77 from ¥22.95 YoY; operating margin was 4.9%.

• Gross profit for the period was ¥29.6B, down from ¥31.0B YoY.

• Ordinary profit decreased 7.6% to ¥5.0B; comprehensive income improved to ¥4.4B from a loss of ¥4.0B a year earlier.

• Extraordinary loss of ¥4.0B from business restructuring, partially offset by ¥1.8B gain on sales of cross-shareholdings.

Outlook and guidance

• FY2025 full-year forecasts unchanged: net sales ¥170.0B, operating profit ¥10.0B (+13.3% YoY), EPS ¥79.45 (+13.1% YoY).

• Delayed full-scale ramp-up of DLT systems factored in; no additional impact from U.S. tariffs.

• Dividend forecast unchanged at ¥70/share through FY2026; ongoing share buybacks planned.