Avary Holding (002938) Q4 2025 earnings summary

Executive summary

• Achieved revenue of ¥39.15 billion in 2025, up 11.40% year-over-year; net profit attributable to shareholders reached ¥3.74 billion, up 3.25% year-over-year.

• Maintained industry leadership in PCB, with strong growth in AI server, automotive, and consumer electronics segments.

• Continued global capacity expansion, including major investments in China and Thailand, to support AI and high-end PCB demand.

• Proposed cash dividend of ¥10 per 10 shares, totaling ¥2.32 billion, reflecting a 100% payout ratio for the year.

Financial highlights

• Revenue: ¥39.15 billion, up 11.40% year-over-year; net profit: ¥3.74 billion, up 3.25%.

• Gross margin improved to 21.53%, up 0.74 percentage points year-over-year.

• Operating cash flow: ¥7.29 billion, up 2.87% year-over-year.

• R&D investment reached ¥2.46 billion, 6.28% of revenue, up 5.79% year-over-year.

• Total assets: ¥48.85 billion, up 9.67% from prior year-end; net assets: ¥34.14 billion, up 6.31%.

Outlook and guidance

• 2026 strategy focuses on AI-driven growth, expanding AI server and optical module capacity, and deepening global supply chain resilience.

• Plans ¥16.8 billion in capital expenditures for 2026, targeting new production bases and digital transformation.

• Expects continued robust growth in AI, automotive, and high-end PCB markets, with ongoing risk management for global uncertainties.