C.Uyemura & Co (4966) Q4 2025 earnings summary

Executive summary

• Consolidated revenue for FY2025 (ending March 2025) increased 4.5% year-over-year to ¥83,845 million, with operating profit up 25.6% to ¥18,829 million and net profit up 28.9% to ¥14,078 million, driven by strong demand for plating chemicals, high value-added products, and favorable currency effects.

• Growth was supported by recovery in electronics-related demand and surface treatment materials, despite global economic uncertainties.

• Surface treatment materials saw a gradual recovery in demand, especially for package substrates, while the machinery segment declined due to a slowdown in capital investment by substrate manufacturers.

• Cost reduction and yield improvements in plating processing helped reduce segment losses despite weak demand.

Financial highlights

• Revenue rose by ¥3,589 million (+4.5%) year-over-year and exceeded forecasts by ¥2,245 million (+2.8%).

• Operating profit increased by ¥3,835 million (+25.6%) year-over-year, with a 4.0% beat versus forecast.

• Ordinary profit grew by ¥4,170 million (+26.3%) year-over-year to ¥20,041 million.

• Net profit rose by ¥3,158 million (+28.9%) year-over-year to ¥14,078 million.

• EPS was ¥872.87; net assets per share ¥6,578.64; dividend per share ¥280 (payout ratio 32.1%).

Outlook and guidance

• FY2026 guidance projects revenue of ¥82,630 million (down 1.4% year-over-year), operating profit of ¥15,010 million (down 20.3%), and net profit of ¥10,450 million (down 25.8%), reflecting a stronger yen, normalization of demand, and global economic risks.

• Surface treatment materials are expected to decline 2.4% in revenue, while machinery is forecast to rise 5.7%.

• Dividend forecast for next year is ¥230 per share.

• Sensitivity: a ¥1 change in USD/JPY impacts annual revenue by about ¥340 million and operating profit by ¥70 million.