Ushio (6925) Q4 2026 earnings summary

Executive summary

• FY2025 saw higher revenue and earnings, both exceeding plan, driven by recovering demand for imaging equipment and improved profitability from business portfolio revamp.

• Net sales rose 0.9% year-over-year to ¥179,211 million, with operating profit up 35.5% to ¥11,959 million and profit attributable to owners of parent increased 17.6% to ¥7,995 million.

• Comprehensive income surged to ¥23,524 million from a loss of ¥2,764 million the previous year.

• Forward investments in lithography equipment and DLT systems expanded as planned, despite delayed earnings from advanced packaging.

• The acquisition of the OSRAM lamp business was completed, with consolidation starting and earnings contribution expected from FY2027 onward.

Financial highlights

• FY2025 net sales: ¥179.2 billion (+0.9% YoY); operating profit: ¥11.9 billion (+35.5% YoY); profit attributable to owners: ¥7.9 billion (+17.6% YoY).

• Gross profit increased to ¥65,518 million from ¥62,215 million year-over-year.

• Operating margin improved to 6.7% (+1.7pts YoY); EPS rose to ¥94.88 (+35.0% YoY); ROE reached 4.0% (adjusted 4.6%).

• Cash and cash equivalents at year-end were ¥71,868 million, up ¥11,872 million from the previous year.

• Extraordinary income: ¥10.0 billion gain on sale of investment securities; extraordinary losses: ¥6.3 billion restructuring, ¥1.3 billion impairment.

Outlook and guidance

• FY2026 forecasts: net sales ¥210.0 billion (+17.2% YoY), operating profit ¥14.0 billion (+17.1% YoY), profit attributable to owners ¥10.5 billion (+31.3% YoY), ROE 5.2%.

• Growth driven by semiconductor-related light sources, lithography equipment, and OSRAM business consolidation.

• Growth is expected in Industrial Processes and Visual Imaging, with Life Sciences and Photonics Solutions projected to remain flat in profit.

• Dividend maintained at ¥70/share; share buybacks to continue flexibly.