MEC Company Ltd. · TSE:4971
MEC — Q3 FYE12/2026 Earnings Presentation
37 slides from MEC's earnings presentation, Nov 11, 2026
Slide 1: Financial Results Briefing for Q3 FYE 12/2026
Financial Results Briefing for Q3 FYE 12/2026 November 11, 2026 MEC COMPANY LTD. Securities code: 4971 https://www.mec-co.com/en/ Note : This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the
Slide 2: Q3 FYE12/2026 Key Factors
Q3 FYE12/2026 Key Factors Sales: 19,730 million yen (YOY change: Up 31.6%) 1 Operating income: 6,696 million yen (YOY change: Up 57.6%) Exchange rate impact (YOY change) 2 Sales: Up 1,182 million yen, Operating income: Up 740 million yen. Chemicals 3 Sales: 19,361 million yen (YOY change: Up 33.0%)
Slide 3: Exchange Rates
Exchange Rates Unit : yen Initial Q3 Q3 1H • Overseas subsidiaries are basically forecast FYE12/2026 FYE12/2025 FYE12/2026 transactions denominated in local currency, NTD 4.95 5.00 4.75 5.01 and are affected by the yen / local currency rate when converting to yen in consolidated RMB 21.24 23.22 20.6
Slide 4: Q3 FYE12/2026 Results
Q3 FYE12/2026 Results Unit : million yen Q3 Full-year FYE12.2025 FYE12.2026 FYE12.2025 FYE12.2026 Progress ratio Progress ratio YOY YOY Results Results Results (Forcast) (%) (%) (%) (%) Net sales 14,987 71.5% 19,730 74.5% 4,743 31.6% 20,947 26,500 26.5% Chemical sales 14,559 - 19,361 - 4,802 33.0% 2
Slide 5: Net Sales YOY
Net Sales YOY 25,000 20,000 1,182 3,230 328 79 90 7 -176 Foreign exchange 15,000 Other sales Etching solution Other solution Machine sales Material sales １９，７３０ Adhesion improves １４，９８７ 10,000 5,000 (Million yen) 0 Q3 4,743million yen, Up 31.6% Q3 FYE12/2025 FYE12/2026 Financial Results Briefing for
Slide 6: Operating Income YOY
5 FYE12/2026 ６，６９６ Q3 Foreign exchange -274 （Selling、general and administrative expenses） Selling, general and -640 administrative expenses 1,014 Foreign exchange 2,448million yen, Up 57.6% （Gross profit） Financial Results Briefing for Q3 FYE12/2026 Material and -19 Other sales Gross profit Material
Slide 7: Quarterly Performance: Sales, Operating Income, Operating Margin
Quarterly Performance: Sales, Operating Income, Operating Margin (Consolidated) Net sales Operating income Operating margin 8,000 40 33.9 35.9 7,000 32.3 31.8 35 24.2 28.9 6,000 26.8.0 24.7 27.1 30 25.2 5,000 25 20.1 4,000 20 7,136 3,000 6,128 6,465 15 5,600 4,527 4,799 4,552 4,963 5,959 2,000 4,354
Slide 8: Quarterly Composition: Operating Income, SG&A, COGS
Quarterly Composition: Operating Income, SG&A, CODS (Consolidated) COGS SGA Operating income 8,000 7,000 6,000 2,560 1,500 2,055 5,000 2,079 1,806 4,000 1,286 913 1,347 1,053 1,309 1,093 2,127 1,967 2,147 3,000 1,738 1,900 1,496 1,727 1,791 1,708 1,524 1,655 2,000 1,000 2,055 2,332 2,147 2,442 2,428
Slide 9: Product-Specific Sales (Consolidated)
Quarterly Performance : Product-Specific Sales (Consolidated) Chemicals for PCBs Equipments for PCBs Materials for PCBs Other 8,000 7,000 6,000 5,000 4,000 3,000 (Million yen) 2,000 1,000 0 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 2024 2025 2026 Other 1 3 1 1 8 7 2 1 10 6 8 Materials for PCBs
Slide 10: Chemical Sales (Consolidated)
Quarterly Performance : Chemical Sales (Consolidated) Adhesion improves Etching solution Other surface processing solution （CZ、V-Bond AP etc.） （EXE、SF etc.） 8,000 7,000 264 6,000 273 1,259 235 237 223 1,184 5,000 1,073 1,133 1,056 206 211 209 182 4,000 202 974 175 1,079 935 1,115 857 871 3,000 5,434
Slide 11: Quarterly Performance: CZ Series Sales
Quarterly Performance : CZ Series Sales 8100 8101 Other CZ Other CZ contain 8201, 8401 and pre- and post-processing of CZ 5,000 4,580 4,500 4,267 3,990 4,000 3,728 3,791 1,745 3,500 3,200 1,638 2,970 2,928 2,821 1,465 3,000 2,818 1,350 1,366 2,589 2,500 1,149 1,032 1,164 1,120 1,017 2,000 866 2,099
Slide 12: Region-Specific Sales and Overseas Sales Ratio
Quarterly Performance : Region-Specific Sales and Overseas Sales Ratio 3,000 80 70 2,500 60 2,000 50 1,500 40 30 1,000 20 500 10 (Million yen) 0 0 (%) 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 2024 2025 2026 Japan 1,857 1,688 1,931 1,728 1,594 1,756 2,191 2,284 2,366 2,197 2,275 Taiwan 795 878
Slide 13: Our Future Plans
Our Future Plans 12
Slide 14: Our Future Plans: Business Environment
Our Future Plans Business environment • In the medium to long term, technological innovation is expected to advance against the backdrop of the ongoing digital revolution and the spread of technologies such as IoT, AI, 5G/6G, electrification of vehicles, and the promotion of DX and GX, and markets r
Slide 15: FYE12/2026 Full-year Forecast
FYE12/2026 Full-year Forecast FYE12/2025 FYE12/2026 Full-year Revised: August 10, 2026 Revised: November 11, 2026 Amount Profit ratio Amount Profit ratio YOY change Amount Profit ratio YOY change (million yen) (%) (million yen) (%) (%) (million yen) (%) (%) Net sales 20,947 - 25,800 - 23.2 26,500 -
Slide 16: Capital Investment, Depreciation Expenses and R&D Expenses
Capital Investment, Depreciation Expenses and R&D Expenses R&D expenses and Capital investment Depreciation expenses Ratio of consolidated sales （million yen） 減価償却費（million yen） （million yen） 3,500 10.0 3,251 8.7 9.0 3,000 8.1 （%） 2,846 7.3 8.0 2,500 6.6 7.0 For the new production base. Depreciation
Slide 17: Acquisition of Noncurrent Assets
Acquisition of Noncurrent Assets Strengthening the supply system in anticipation of future demand growth. Strengthen facilities at the Kitakyushu Factory and decide acquisition of land near the Nagaoka Factory. (Disclosed on September 30, 2026) Kitakyushu Factory : Phase 2 Construction Nagaoka Facto
Slide 18: Kitakyushu Factory
Kitakyushu Factory Strengthening the supply system in anticipation of future demand growth and BCP (business continuity planning) . Kitakyushu Factory : Phase 1 Construction Commencement of operations︓December 2026 (planned) ・Mainly chemicals used in the manufacture of package substrates ・Depreciati
Slide 19: Trends in Total Dividends, Payout Ratio, and ROE
Trends in Total Dividends, Consolidated Dividend Payout Ratio, and ROE Total dividends / Treasury stock repurchase ROE Dividends per share amount/Consolidated dividend payout ratio 36.8 36.8 35.3 32.9 27.9 17.5 17.9 13.8 55 1,292 9.6 8.9 71 （％） 899 25 25 25 *Net profit declined in FY 2024 due to 55
Slide 20: Basic Policy on Cash Allocation
Basic Policy on Cash Allocation The basic policy on cash allocation for 2030 Vision: Phase 2 (cumulative for 2025–2027) is as follows. *The size of each item is not an indicator of the amount. Cash inflow/cash on hand Cash outflow (three-year total) (three-year total) Investment allocation Capital
Slide 21: ESG Effort
ESG Effort Environment • Development of products that reduce environmental impact. • Appropriate chemical substance management. • Promotion of resource recycling. • Measures to address climate change. Social • Human capital strategy. • Utilization of diverse human resources (empowerment of women, WL
Slide 22: Our Products & PKG Substrate Trend
Our Products ＆ PKG Substrate Trend Ultra-high density Ultra-high frequency Chemical adhesion promoter Cutting-edge AP series CZ-8401 ×Chemical adhesion promoter AP series Advanced CZ-8201 CZ-8101 General-purpose CZ-8100 Financial Results Briefing for Q3 FYE12/2026 21
Slide 23: Aiming to Expand the Technical Domain
Aiming to Expand the Technical Domain Evolution of Our Company's Technology and Required Technology Ultra-high density, low signal loss, low power consumption New field（Interposer） PKGs/PCBs: ・Products︓Roughening adhesion(CZ)×Chemical adhesion(AP) Larger and with more multilayered ・Technical trend︓U
Slide 24: Aiming to Expand the Business Domain
Aiming to Expand the Business Domain Creation of new business Technical trend Electronic board Application manufacturing development of market existing technology Financial Results Briefing for Q3 FYE12/2026 23
Slide 25: Appendix
Appendix 24
Slide 26: Corporate Profile
Corporate Profile （As of December 31, 2025） Company name MEC COMPANY LTD. Head quarters 3-4-1, Kuise Minamishimmachi, Amagasaki, Hyogo location Date of establishment May 1, 1969 R&D, production and sales of chemicals, equipment and Business activities related materials used in the production of PCBs
Slide 27: MEC Sales Trend Since Foundation
MEC Sales Trend Since Foundation Uses of electronic Electronic circuit boards mainly used for circuit boards expanded to personal devices social infrastructure Net sales 5G/IoT/AI/ （Million yen） Spread of the internet autonomous driving/ 25,000 May ‘69 Started as a chemical DX/GX technology consulti
Slide 28: Process of Commercialization
Process of Commercialization From R＆D To Factory Beaker experiment ⇒ Scale-up experiment ⇒ Production line verification customers To Manufacturing ⇒ Quality inspection ⇒ Filling Financial Results Briefing for Q3 FYE12/2026 27
Slide 29: Example of Product Usage Process
Example of Product Usage Process ≪Drying≫ ≪Water rinse≫ ≪Chemical treatment≫ Financial Results Briefing for Q3 FYE12/2026 28
Slide 30: MEC's Core Technologies
MEC’s Core Technologies Creating and Fostering Value at Various Interfaces Roughen the surface, and physically improve adhesion CZ,V-Bond Pattern formation EXE Selective etching SF Treat the surface, and chemically adhesion promoter AP Financial Results Briefing for Q3 FYE12/2026 29
Slide 31: Examples of Major Chemical Applications and Final Products
Examples of Major Chemical Applications and Final Products Major chemical Characteristic Final products Super-roughening type A copper surface treatment agent that enhances Infrastructure (Generative AI, adhesive enhancement adhesion between copper and resin. 5G/6G-related, data centers, etc.) It is
Slide 32: Our Strength: Interlayer Adhesion Technology
Our Strength: Interlayer Adhesion Technology The CZ series, our main products, is used as an adhesion promoter in the parts where copper contacts with resin. It is an indispensable technology in the process of improving adhesion between the copper and the build-up resin of package substrates. Under
Slide 33: Changes in Copper Adhesion Surface Technology
Changes in Copper Adhesion Surface Technology Core Business: Package substrates CZ-8100 CZ-8101 CZ-8201 CZ-8401 × AP＊ Reduced Reduced Reduced etching volume etching volume etching volume Low signal loss Low signal loss Roughening Fine roughening Ultra-fine roughening Ultra-fine roughening Growing de
Slide 34: Cross Section Observations
Cross Section Observations Core layer XEON PKG 14 layers(6-２-6） Core layer Core layer Core i7 PKG 8 layers(3-2-3) Ryzen PKG 12 layers(5-2-5) Size(cm2) Layers XEON 27.44 14 Core i7 14.44 ８ Ryzen 7 16.00 12 Financial Results Briefing for Q3 FYE12/2026 33
Slide 35: Evolution of the PKG Substrate
Evolution of the PKG Substrate Conventional PKG substrate One PKG, One Si Die Si Die PKG Advanced PKG substrate（Chiplet, 2.X/3D） Enlarging PKG to mount multiple semiconductors ・High-density PKG ・Large-size PKG ・High multi-layer PKG EMIB/EMIB-T CoWoS-S CoWoS-R CoWoS-L (Chip on Wafer on Substrate) (Ch
Slide 36: MEC Group Equipment Capacity
MEC Group Equipment Capacity New production base (Under construction) Domestic base (Japan) Amagasaki Factory Nagaoka Factory Kitakyushu Plant Maximum capacity 900ｔ/ mo. 2,750ｔ/ mo. 2,500ｔ/mo.（Plan） MEC TAIWAN MEC SUZHOU MEC ZHUHAI Global base 1,200ｔ/ mo. 1,350ｔ/ mo. 1,000ｔ/ mo. MEC EUROPE MEC THAIL
Slide 37: Forward-looking statements
This presentation includes forward-looking statements (such as predictions and business forecasts) made on November 11, 2026. These statements are assumptions based on information available at the time, and they are subject to risks and uncertainties. Actual results or events could differ substantia