Tamura Corporation · TSE:6768
Tamura — FY2024 Earnings Presentation
61 slides from Tamura's earnings presentation, May 14, 2025
Slide 1: Financial Results for FY2024
Security Code: 6768 Prime Market, Tokyo Stock Exchange TAMURA CORPORATION Financial Results for FY2024 May 14, 2025 Translation © TAMURA CORPORATION All Rights Reserved
Slide 2: Agenda
Agenda 1. FY2024 Financial Summary 2. FY2025 Full Year Forecast 3. The 14th Medium-term Representative director, president & COO Management Plan Mitsutaka Nakamura 4. Summary 【Appendix】 © TAMURA CORPORATION All Rights Reserved 1
Slide 3: 1. FY2024 Financial Summary
1.FY2024 Financial Summary © TAMURA CORPORATION All Rights Reserved 2
Slide 4: Consolidated Profit Statement
Consolidated Profit Statement FY2023 FY2024 FY2024 [Million yen] Actual Actual Change Change % Forecast* Sales 106,622 114,051 7,428 7.0% 112,000 Cost of Sales 77,866 83,738 5,872 7.5% - （Cost of Sales Ratio） (73.0%) (73.4%) (0.4pt) SGA 23,816 25,117 1,301 5.5% - （SGA Ratio） (22.3%) (22.0%) (▲0.3pt)
Slide 5: Key Factors Behind Full-year Performance
Key Factors Behind Full-year Performance ◆ Sales and profit increased due to strong demand for Electronic Components and Electronic Chemicals Key Factors Behind the Changes Actual YoY Change % [Million yen] (+) Positive Factors / (-) Negative Factors Sales 114,051 7,428 7.0% (+) Electronic Component
Slide 6: Full-year Performance by Business & Area
Full-year Performance by Business & Area ◆ Electronic Components and Electronic Chemicals & Soldering Systems: Sales and profit increased Information Equipment: Sales and profit decreased ◆ Europe and the Americas: Focus markets with strong sales and profit growth driven by data center demand Consol
Slide 7: Electronic Components
Sales & Profit By Business Electronic Components ◆ Sales and profit increased ◆ In Q2, the recognition of past inventory valuation losses caused a significant drop ◆ In Q3, profit increased due to temporary factors such as customer-related adjustments FY2023 FY2024 FY2024 Actual Actual YoY Forecast*
Slide 8: Electronic Components
Sales & Profit By Business Electronic Components ◆ By product, sales increased for Large transformers & reactors, Chargers, but decreased for Coils & reactors, Transformers & LED ◆ By market, sales increased in Energy and Home, but decreased in Industrial machinery FY2023 FY2024 Key Factors Behind t
Slide 9: Electronic Chemicals & Soldering Systems
Sales & Profit By Business Electronic Chemicals & Soldering Systems ◆ Sales and profit increased, supported by solid demand for electronic chemicals and the positive impact of JPY depreciation FY2023 FY2024 FY2024 Sales [100 million yen] Operating Profit [100 million yen] OP% [Million yen] Actual Ac
Slide 10: Electronic Chemicals & Soldering Systems
Sales & Profit By Business Electronic Chemicals & Soldering Systems ◆ Solder paste and solder resist: Sales increased ◆ Soldering systems: Sales decreased FY2023 FY2024 Key Factors Behind the Changes Actual Actual % YoY (+) Positive Factors / (-) Negative Factors [100 million yen] Sales by profuct 3
Slide 11: Information Equipment
Sales & Profit By Business Information Equipment ◆ Sales and profit decreased due to postponed audio equipment updates and weak capital investment demand across the broadcasting industry FY2023 FY2024 FY2024 Actual Actual YoY Forecast* Sales [100 million yen] Operating Profit [100 million yen] OP% [
Slide 12: Balance Sheet and Cash Flows as of March 2025
Balance Sheet and Cash Flows as of March 2025 ◆ Receivables increased on North America sales; net assets rose on profit growth ◆ Capex outflows increased due to new production facility for Electronic Chemical & Soldering Systems 24/3 25/3 YoY 24/3 25/3 YoY [100 million yen] Cash and bank deposit 174
Slide 13: 2. FY2025 Full Year Forecast
2. FY2025 Full Year Forecast © TAMURA CORPORATION All Rights Reserved 12
Slide 14: FY2025 Forecast
FY2025 Forecast FY2024 FY2025 [Million yen] Actual H1 Forecast H2 Forecast FY Forecast YoY Sales 114,051 55,600 56,400 112,000 ▲1.8% Operating Profit 5,195 1,700 2,900 4,600 ▲11.5% (%) (4.6%) (3.1%) (5.1%) (4.1%) (▲0.4pt) Ordinary profit 5,061 - - 4,300 ▲15.0% Net profit 2,782 - - 1,600 ▲42.5% Excha
Slide 15: Key Factors Behind Full-Year Forecast
Key Factors Behind Full-Year Forecast ◆ Sales and profit expected to decrease due to deteriorating market conditions from tariff issues and costs from efforts to improve profitability and capital efficiency Key Factors Behind the Changes Forecast YoY Change % (+) Positive Factors / (-) Negative Fact
Slide 16: FY2025 Forecast by Area
FY2025 Forecast by Area ◆ Japan: Sales and profit are expected to decrease due to business transfer & costs related to production reorganization ◆ Europe and the Americas: Sales and profit are expected to increase due to data center growth FY2024 FY2025 Key Factors Behind the Changes (+) Positive Fa
Slide 17: FY2025 Forecast by Business
FY2025 Forecast by Business ◆ Electronic Components: Solid North American data center demand; sales and profit expected to decline due to overall market weakness ◆ Electronic Chemicals & Soldering Systems: Sales increase, profit decrease expected ◆ Information Equipment: Sales increase, loss reversa
Slide 18: Forecast: Electronic Components
Forecast: Electronic Components ◆ Large transformers & reactors: Strong demand for data centers expected to continue ◆ Chargers for power tools: Decline expected due to customer outlook under tariff pressure Sales & Operating Profit FY2024 FY2025 [100 million yen] Actual Forecast % YoY 732 4.3% 768
Slide 19: Forecast: Electronic Chemicals & Soldering Systems
Forecast: Electronic Chemicals & Soldering Systems ◆ Automotive solder paste: Continued steady demand expected ◆ Soldering Systems: Flat demand on continued capital expenditures caution in Japan and overseas Sales & Operating Profit FY2024 FY2025 [100 million yen] Actual Forecast % YoY 8.9% 355 8.5%
Slide 20: Forecast: Information Equipment
Forecast: Information Equipment ◆ Sales growth and loss reversal expected in 2H on recovery in replacement demand Sales & Operating Profit 33.0 0.0 (15.2%) (Loss reversal) 28.7 13.8 26.0 5.0 (87.9%) (Return to profitability) 14.8 -0.5 7.0 (-52.7%) -1.3 -5.0 0.0% -1.8 (Increase in losses) -6.3% FY24
Slide 21: Capital Expenditure, Depreciation and R&D
Capital Expenditure, Depreciation and R&D ◆ Capital expenditure to increase significantly due to new production facility at Sayama site ◆ R&D will continue to focus on developing core technologies and products for next-generation power semiconductors FY2024 FY2025 [100 million yen] Actual Forecast Y
Slide 22: 3. The 14th Medium-term Management Plan
3.The 14th Medium-term Management Plan © TAMURA CORPORATION All Rights Reserved 21
Slide 23: The 14th Medium-term Management Plan
The 14th Medium-term Management Plan FY2026/3 - FY2028/3 © TAMURA CORPORATION All Rights Reserved 22
Slide 24: Review of 13th Plan and the 14th Plan Contents
◆Review of the 13th Medium-Term Management Plan and Business Environment ◆The 14th Medium-Term Management Plan ー Business Strategy ー Financial Strategy ー Sustainability Strategy © TAMURA CORPORATION All Rights Reserved 23
Slide 25: Results of the 13th Medium-Term Management Plan
Results of the 13th Medium-Term Management Plan Business Strategy: Growth & Efficiency FY2021 FY2024 FY2024 FY2022 FY2023 Financial Targets (Base year) Target Actual Operating Profit JPY 1.6bn JPY 4.8bn JPY 4.9bn ≥JPY 6.0bn JPY 5.2bn Financial targets significantly missed Profitability & Operating P
Slide 26: Review of the 13th Medium-Term Management Plan
Review of the 13th Medium-Term Management Plan Profitability & capital Business growth contributing Sustainability Strategy efficiency improvement to carbon neutrality • Focus on power electronics, mobility, and IoT • Energy reduction & renewable sourcing • Expand markets primarily in Europe and the
Slide 27: One TAMURA for Next 100
Overview of the 14th Medium-term Management Plan (April 2025 – March 2028) ◆ Aiming for a PBR above 1x through integrated ROE improvement across business, sustainability and financial strategies One TAMURA for Next 100 Aspiration for 2050 • Business portfolio review Profitability Business ◆ Building
Slide 28: Business Portfolio
Business Portfolio ◆ Rebuild the business portfolio by anticipating market and technological changes, aiming to enhance profitability and achieve sustainable growth. Market Growth Initiatives for Growth Develop High Growth Post-2030 Focus on core businesses and key markets Growth Expected Core Busin
Slide 29: Initiatives for Growth Key Markets
Initiatives for Growth ◆ Expand the sales of core business focus products in the clean energy-related market, mainly in Europe and the Americas ◆ Seize business opportunities in the evolution of next-generation power semiconductors, aiming to create differentiated magnetic passive devices from mater
Slide 30: Tamura's Strength in Key Markets
Tamura’s Strength in Key Markets ◆ Offering a wide range of products, from chemical materials to electronic components, to the expanding clean energy market toward a decarbonized society Key Markets Core Business Products • Devices & IoT • Solder Paste Equipment • Solder Resist • Telecommunication •
Slide 31: Expansion of Electronic Components Sales in the Data Center Market
Expansion of Electronic Components Sales in the Data Center Market ◆ Focusing on the North American market, where demand for data centers is concentrated, while also strengthening sales expansion in the ASEAN and Japanese markets. Market Size & Regional Distribution Sales Expansion Strategy for Elec
Slide 32: Photo Imageable Coverlay Coat (PICC) for Flexible PCBs Sales Expansion
Photo Imageable Coverlay Coat (PICC) for Flexible PCBs Sales Expansion ◆ Expanding PICC sales for high-density, high-functionality, and thinner flexible PCBs Features of Photo Imageable Coverlay Coat (PICC) Sales Opportunities from Technological Advancements PICC = Photo Imageable Coverlay Coat Expa
Slide 33: Development of High Heat Resistant Materials for Power Electronics
Development of High Heat Resistant Materials for Power Electronics ◆ Promoting the development of soldering materials that combine metal bonding technology and paste technology for SiC power devices, which are becoming smaller and more highly integrated Global Market for Power Semiconductors and Exp
Slide 34: Development of Composite Multilayer Substrates for Next-Generation Power Modules
Development of Composite Multilayer Substrates for Next-Generation Power Modules ◆ Integrating Electronic Component and Electronic Chemical technologies to uniquely develop high-precision, high-reliability composite multilayer substrates Prototype example of proprietary composite multilayer substrat
Slide 35: Promoting Structural Improvement
Promoting Structural Improvement ◆ Streamline and optimize existing areas of core businesses and non-core businesses, and concentrate management resources on core businesses and key markets Improving capital efficiency Improved profitability Optimizing Optimizing Inventory Optimizing Optimizing Busi
Slide 36: Group Financial Target
Group Financial Target ◆ To transform into a structure that consistently enables the allocation of management resources to key focus areas, with ROE positioned as the most important KPI The 14th Medium-term Vision Management Plan Capital Efficiency FY2024 Result FY2027 Target FY2030 ROE 4.6％ ≧8％ ≧12
Slide 37: Cash Allocation (3-Year Total)
Cash Allocation (3-Year Total) ◆ Enhancing cash generation through structural improvements. Further increasing corporate value through focused investments and enhanced shareholder returns Cash Inflows Cash Outflows Structural Improvement of capital Enhancing 14th Improvement efficiency and profitabi
Slide 38: Shareholder Returns
Shareholder Returns ◆ Dividend Policy: Strive to maintain and improve dividend stability, ensuring that annual dividends do not fall below the previous fiscal year’s level ◆ Target: Shareholder returns with a dividend on equity (DOE) ratio of 3%, with ensuring financial soundness ◆ Flexible share bu
Slide 39: Sustainability Strategy
Sustainability Strategy ◆ Materiality revised to better align with changes in the social environment and management strategy. Promoting sustainability initiatives based on materiality. ◆ Enhancing corporate governance and risk management to strengthen the foundation for growth. Materiality Major Cat
Slide 40: Corporate Governance, Compliance, and Risk Management
Corporate Governance, Compliance, and Risk Management ◆ Strengthening governance and risk management to drive corporate culture reform. Focusing on regaining trust and improving corporate value Issue discovered in FY2024* Initiatives in the 14th Medium-term Management Plan • Implementing an internal
Slide 41: 4. Summary
4. Summary © TAMURA CORPORATION All Rights Reserved 40
Slide 42: Summary
Summary 1．FY2024 Financial Summary ⁻ Sales and profit increased due to strong demand for Electronic Components and Electronic Chemicals, while both decreased for Information Equipment ⁻ By Area, Europe and the Americas: Focus markets with strong sales and profit growth driven by data center demand 2
Slide 43: Appendix
【Appendix】 © TAMURA CORPORATION All Rights Reserved 42
Slide 44: Sales and Operating Profit
Sales and Operating Profit Sales Profit [100 million yen] Sales Operating Profit OP % 140 12% 1200 120 1140 10% 1080 1066 1120 1000 100 910 8% 6.9% 886 862846 856870 883 845 842 812 796 797 738 782769 745760788 775 733 772 739 800 80 726 6% 692 5.0% 689 6.4% 4.6%4.6% 653 640652 636 4.5% 604 585 548
Slide 45: Electronic Components: Sales and Operating Profit
Electronic Components: Sales and Operating Profit Sales Operating Profit OP % Sales Profit [100 million yen] OP % 100 12.5% 800 80 768 10.0% 730 725 732 8.5% 588 593 600 556577 559 60 540 525 532 546 548 7.5% 500 497 519 509 482 5.7% 482 484 493 478 467 462 425 424 439435 5.3% 5.2% 423 414 413 390 3
Slide 46: Electronic Chemicals & FA systems: Sales and Operating Profit
Electronic Chemicals & FA systems: Sales and Operating Profit 500 Sales Operating Profit OP % 25.0% Sales Profit [100 million yen] 450 112.5 22.5% OP % 21.0% 利益 19.9% 400 100.0 （億円） 20.0% 18.0% 18.1% 17.4% 17.3% 346355 350 350 87.5 328 17.5% 315 320 305 313 312 300 300 75.0 276 281 15.0% 271 250 256
Slide 47: Information Equipment: Sales and Operating Profit
Information Equipment: Sales and Operating Profit Sales Operating Profit OP % Sales Profit [100 million yen] 100 91 40.0% OP % 83 86 79 80 80 73 30.0% 70 62 62 64 65 60 59 61 60 60 15.8% 52 53 52 55 14.0% 53 15.7% 20.0% 46 12.9% 42 41 40 42 41 9.3% 40 40 6.2% 35 34 35 33 10.0% 27 262.7%26 29 8.0% 30
Slide 48: Sales & Profit Quarterly Trend
Sales & Profit Quarterly Trend Sales Operating Profit OP% FY2020 FY2021 FY2022 FY2023 FY2024 60 10% 5.5% 6.2% 6.4% 5.6% 4.3% 5.2% 5.7% 4.5% 5.0% 3.8% 4.0% 50 2.2% 2.4% 2.8% 2.5% 2.0% 5% 0.5% 0.8% 0.7% -0.5% 289 297 302 314 40 274 270 277 280 0% 258 240 255 245 244 216 216 214 30 180 190 195 -5% 153
Slide 49: Quarterly Sales & Profit of Electronic Components
Quarterly Sales & Profit of Electronic Components Sales Operating Profit OP% FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 32 10% 6.1% 6.5% 4.5% 5.2% 5.3% 28 3.9% 3.5% 3.7% 4.1% 2.6% 5% 1.4% 1.5%1.5% 0.2%0.9% 0.5% 0.6% 0.4% 1.1% -0.2% 0.6% 0.5% 24 0.3% 212 209 -2.3% 197 203 192 0% 177 178 183 185 20 169
Slide 50: Quarterly Sales & Profit of Electronic Chemicals & Soldering Systems
Quarterly Sales & Profit of Electronic Chemicals & Soldering Systems Sales Operating Profit OP% FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 32 20% 28 11.4%11.0% 10.0% 11.1%11.5% 11.3% 10.1% 10.7% 15% 7.6% 9.2% 8.7% 9.4% 9.7% 8.7% 8.8% 7.6% 8.2% 6.3% 6.6% 6.2% 7.2% 5.8% 10% 24 4.3% 5.2% 95 5% 20 89 84
Slide 51: Quarterly Sales & Profit of Information Equipment
Quarterly Sales & Profit of Information Equipment Sales Operating Profit OP% FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 30.0 19.4% 31.3% 27.6%28.3% -5.6% -2.9% 16.6% 6.6% 7.8% 4.0% 12.7% 3.3% 26.0 -38.8% -20.3% 0% 22.0 -19.8% -21.1% -12.1% 18.6 -36.9% -24.8% 16.7 -67.1% -52.9% -100% 18.0 -82.7% -62.5
Slide 52: Quarterly Sales & Profit by Area
Quarterly Sales & Profit by Area Sales Operating Profit [100 million yen] 140 Japan 49 China 49 120 100 106 102 101 42 42 95 97 98 98 100 83 85 82 88 86 92 92 85 88 92 35 84 87 86 35 76 79 78 80 66 70 76 67 66 67 71 64 80 28 61 62 61 63 60 28 49 47 52 52 54 52 48 60 21 42 21 36 10.6 40 8.1 14 25 6.4
Slide 53: Cash Flow
Cash Flow 95.1 90.8 54.6 50.5 68.4 45.4 ［100 million yen］ 51.8 Cash flow 20.0 21.8 from operating 4.8 5.9 activities Cash flow ▲ 4.6 from investing ▲ 1.4 ▲ 7.7 activities ▲ 30.5 ▲ 26.4 Cash flow ▲ 26.7 from financing ▲ 49.7 ▲ 46.2 ▲ 40.1 ▲ 36.4 activities ▲ 49.5 Free cash flow ▲ 39.0 ▲ 95.7 FY2019 F
Slide 54: Sales, Gross Profit, SG & A Expenses and the Number of Employees
Sales, Gross Profit, SG & A Expenses and the Number of Employees Sales, Gross Profit, Sales GP G&A GP% G&A% SG&A Expenses 1,200 28.7% 35% 28.2% 27.0% 26.6% 1,000 25.3% 25.4% 30% 25% 800 25.3% 26.0% 23.5% 22.0% 20% 600 20.9% 1,140 1,080 1,066 22.3% 15% 400 797 883 739 10% 200 5% 225 202 212 193 223 2
Slide 55: Tamura's History
Tamura’s History Tamura Corporation founded on May 11, 1924, and celebrates its 100th anniversary this year. Starting manufacturing and sales of radios and electronic components at the time of its founding, Tamura Corporation now offers products and services that meet various market needs in three b
Slide 56: Business Domain
Business Domain Products Information Sales by Business Segment Sales: JPY 76.8bn Electronic Operating profit: JPY 3.27bn Components OP%: 4.3％ JPY 114.0bn Electronic Sales: JPY 3.46bn Chemicals/ Operating profit: JPY 3.07bn FA Systems OP%: 8.9％ Sales: JPY 2.87bn Information Operating profit: JPY ▲0.1
Slide 57: Tamura's Product Supporting Society, Industry, and Daily Life
Tamura’s Product Supporting Society, Industry, and Daily Life Tamura’s Products Supporting Society, Industry, and Daily Life © TAMURA CORPORATION All Rights Reserved 56
Slide 58: Regional overview
Regional overview Global Network Sales by region Employees by region JPY 4,330 1,140bn employees Europe and Japan China Rest of Asia ・Sales: 36.5 billion yen ・Sales: 26.3 billion yen ・Sales: 20.5 billion yen the Americas ・Sales: 30.8 billion yen ・Employees: 1,182 ・Employees: 1,654 ・Employees: 893 ・E
Slide 59: Global Network
Global Network Global Network TAMURA POWER TECHNOLOGIES TAMURA EUROPE LIMITED. DE MEXICO, S.A. DE C.V. O.S. (CZECH BRANCH) TAMURA ELECTRONICS (HUI ZHOU) CO., LTD. TAMURA CORPORATION (THAILAND) CO., LTD. TAMURA ELECTRONICS (SUZHOU) CO., LTD. OP-SEED CO., (BD) LTD. SHANGHAI XIANGLE TAMURA CORPORATION
Slide 60: Contributing to Carbon Neutrality: R&D of Gallium Oxide Power Semiconductors
Contributing to Carbon Neutrality ～R&D of Gallium Oxide Power Semiconductors ◆ Novel Crystal Technology, Inc. (NCT), established independently from our R&D department, is advancing the R&D of gallium oxide (Ga2O3) power semiconductors, expected to contribute to carbon neutrality. R&D of Gallium Oxid
Slide 61: Caution Concerning Forward-looking Statement
Caution Concerning Forward-looking Statement The forward-looking statements, including the financial results forecast shown in this document, are based on information currently available to the Company and on certain assumptions deemed to be reasonable by the Company. As such, they do not constitute