C.Uyemura & Co (4966) Q2 2026 earnings summary

Executive summary

• Semiconductor package substrate plating chemicals saw strong demand, especially for generative AI servers and automotive electronics, driving both sales and segment profit above the previous year’s second quarter.

• Revenue for the six months ended September 2025 rose 2.3% year-over-year to ¥41,701 million, with operating profit up 4.9% to ¥9,575 million and net profit attributable to shareholders up 2.0% to ¥6,858 million.

• Plating machinery sales slightly declined year-over-year, but higher-value semiconductor wafer plating equipment boosted segment profit.

• Plating processing for electronic circuit boards increased, with cost reductions and yield improvements contributing to higher sales and segment profit.

Financial highlights

• Consolidated net sales for Q2 were ¥41,701 million, up 2.3% year-over-year and 10.1% above forecast.

• Operating income rose to ¥9,575 million, up 4.9% year-over-year and 37.4% above forecast.

• Ordinary income was ¥9,642 million, up 33.0% from forecast but down 1.7% year-over-year.

• Net income for the period was ¥6,858 million, up 2.0% year-over-year and 30.4% above forecast.

• Comprehensive income fell 42.2% year-over-year to ¥5,922 million, reflecting currency translation losses.

Outlook and guidance

• Full-year sales forecast revised upward to ¥86,000 million (+4.1% from previous forecast, +2.6% YoY), with operating income expected at ¥19,700 million (+31.2% from previous forecast, +4.6% YoY).

• Net income forecast raised to ¥13,500 million (+29.2% from previous forecast, −4.1% YoY).

• EPS forecast for the year revised to ¥836.68.

• Dividend forecast raised to ¥280 per share for the year.

• Strong demand for wafer and package substrate plating chemicals for AI servers expected to continue.