Securities Code 5208 https://www.arisawa.co.jp
Overview of Consolidated Financial Results for the Second Quarter Ended September 30, 2025Arisawa Mfg. Co., Ltd. November 6, 2025
Contents
FY2025 Q2 Review on a Consolidated Basis
FY2025 Forecast on a Consolidated Basis
Appendix
*Calculated by the number of shares as of Jun. 30 Year-on-year
(Million Yen) | FY2024 1H result | FY2025 1H FCT (Aug. 7) | FY2025 1H result | vs. Prev. year | vs. FCT (Aug. 7) |
Sales | 25,172 | 24,600 | 26,537 | 5.4% | 7.9% |
Operating Profit | 2,734 | 2,100 | 2,454 | -10.2% | 16.9% |
Operating Margin | 10.9% | 8.5% | 9.3% | ||
Ordinary Profit | 2,917 | 2,200 | 2,154 | -26.1% | -2.1% |
Net Profit | 2,122 | 1,500 | 1,562 | -26.4% | 4.1% |
Earnings per share (Yen) | 63.91 | 45.15* | 47.00 | -26.5% | 4.1% |
Dividend (Yen) | 42.00 | 44.00 | 44.00 | -- | -- |
Exchange rate (Yen/$) | |||||
average for the period at end of period | 152.36 142.73 | 148.40 140.00 | 148.40 148.88 | -- | -- |
・Consolidated sales increased by 1,365 million yen (+5.4% YoY) due to increases in those of electronic materials.
・Operating profit decreased by 279 million yen (-10.2% YoY) due to a change in the product mix.
・Ordinary profit decreased by 762 million yen (-26.1% YoY) due to foreign exchange losses.
Net profit decreased by 559 million yen (-26.4% YoY).
Versus the forecast as of Aug. 7・Consolidated sales increased by 1,937 million yen (+7.9% vs. FCT) due to increases in each segment.
Operating profit increased by 16.9% vs. FCT due to an increase in the sales.
・Ordinary profit decreased by 2.1% due to influence by foreign exchange and net profit decreased by 4.1%.
(Million Yen)
FY2024
1H result
FY2025
1H FCT (Aug. 7)
FY2025
1H result
Change
Net sales
25,172
24,600
26,537
+1,365 Increase mainly in sales of electronic materials
Gross profit
Selling, general and administrative expenses
6,190 (24.6%)
3,456
6,025 (22.7%)
3,570
Operation profit
2,734 (10.9%)
2,100 (8.5%)
2,454 (9.3%)
-279 Changes in the product mix
Foreign exchange gains/loss Other non-operating income/expenses
94
89
-339
39
Ordinary profit
2,917 (11.6%)
2,200 (8.9%)
2,154 (8.1%)
-762 By foreign exchange
Gain on sale of investment securities
Other extraordinary income/loss
0
9
70
-6
Profit before income taxes
2,926
2,200
2,218
Income taxes, etc.
804
656
Profit attributable to owners of parent
2,122 (8.4%)
1,500 (6.1%)
1,562 (5.9%)
-559
*Profit ratio in （ ）
(Million Yen)
As of Mar. 2025
As of Sep. 2025
Change
(Assets)
Current assets
49,527
48,863
-663
Cash and deposits: -3,010,
Accounts receivable - trade: +1,706, Inventories: +687
Property, plant and equipment, and intangible assets
19,065
23,910
+4,845
Capital Investment
Investment securities
1,969
3,122
+1,153
Acquisition of Arisawa Kenko
Other assets
1,175
1,269
+94
Total assets
71,736
77,165
+5,429
(Liabilities)
Current liabilities
18,582
24,788
+6,206
Capital Investment
Non-current liabilities
4,594
4,086
-508
Long-term borrowings: -381
Total liabilities
23,177
28,875
+5,698
Shareholder's equity
44,147
44,001
-145
Retained earnings: -236
Other comprehensive income and share acquisition rights
4,411
4,288
-123
Foreign currency translation adjustment:
-195
Total liabilities and net assets
71,736
77,165
+5,429
Sales Segment Profit・Consolidated sales increased by 1,365 million yen (+5.4% YoY) due to increases in those of electronic, industrial structural and electrical insulating materials.
Operating profit decreased by 10.2% YoY due to a change in the product mix.
・The sales of electronic materials increased by 13.1% YoY due to a strong demand for semiconductors in addition to smartphones.
・The sales of industrial structural materials increased by 0.9% YoY due to a recovery in demand for honey-comb panels for aircraft.
・The sales of display materials decreased by 29.1% YoY due to a weak performance in 3D-related materials and polarization control optical components.
(Million Yen)
FY2024
1H result
FY2025
1H result
Change
FY2024
1H result
FY2025
1H result
Change
Electronic materials
15,229
17,217
1,988
1,296
1,685
388
FPC materials (Arisawa)
8,818
9,719
901
FPC materials (ThinFlex)
4,566
5,286
720
ICGC, Prepreg
952
1,308
356
Printed Wiring Board (Satosen)
893
904
11
Industrial structural materials
6,026
6,081
55
1,182
1,218
36
Honey-comb panels
769
999
230
FRP pressure vessels for water purification
3,990
3,825
-165
Others
1,267
1,257
-10
Electrical insulating materials
1,180
1,265
85
33
92
59
Display materials
2,545
1,804
-740
921
324
-596
Related materials, others
192
168
-23
114
120
6
Total
25,172
26,537
1,365
3,546
3,441
-104
Corporate expenses
-812
-987
Operating Profit
2,734
2,454
-279
(Million Yen)
Sales Segment ProfitFY2025 1H FCT(Aug. 7)
・Consolidated sales increased by 1,937 million yen (+7.9% vs. FCT) due to increases in each segment.
・Operating profit increased by 354 million yen (+16.9% vs. FCT) due to increases in sales.
・In the sales of electronic materials, FPC materials (especially that of Arisawa) and ICGC and prepreg were higher than expected.
・In the sales of industrial structural materials, in-vehicle materials were higher than expected.
・In the sales of display materials, both 3D-related materials and polarization control optical components were as expected.
FY2025 1H
result
Change
FY2025 1H FCT(Aug. 7)
FY2025 1H
result
Change
Electronic materials
16,000
17,217
1,217
1,600
1,685
85
FPC materials (Arisawa)
8,800
9,719
919
FPC materials (ThinFlex)
5,100
5,286
186
ICGC, Prepreg
1,200
1,308
108
Printed Wiring Board (Satosen)
900
904
4
Industrial structural materials
5,600
6,081
481
1,050
1,218
168
Honey-comb panels
900
999
99
FRP pressure vessels for water purification
3,800
3,825
25
Others
900
1,257
357
Electrical insulating materials
1,150
1,265
115
50
92
42
Display materials
1,700
1,804
104
300
324
24
Related materials, others
150
168
18
100
120
20
Total
24,600
26,537
1,937
3,100
3,441
341
Corporate expenses
-1,000
-987
Operating Profit
2,100
2,454
354
Sales of electronic materials
Printed Wiring Board (Satosen) ICGC & Prepreg
FPC materials (ThinFlex) FPC materials (Arisawa)
Segment Profit (Segment profit ratio)
17,217
MarketThe demand for smartphones and semi-conductors were firm.
・Sales increased by 1,988 million yen (+13.1% YoY) due to increases in those of FPC materials and ICGC and prepreg.
・Sales of FPC materials (Arisawa) increased by 10.2% YoY due to a strong
(Million Yen)
15,229
893
952
4,566
8,818
1,296
16,000
900 1,200
5,100
8,800
1,600
904 1,308
5,286
9,719
1,685
(+30.0% YoY)
performance in smartphones and semi-conductor applications.
・Sales of FPC materials (ThinFlex) increased by 15.8% YoY due to a strong performance in Chinese smartphones.
・Sales of ICGC and prepreg increased by 37.4% YoY.
・Sales of printed wiring boards increased by 1.3% YoY.
・Segment profit increased by 389 million yen (+30.0% YoY) due to increases in sales.
Performance versus forecast as of Aug. 7(8.5%)
(10.0%) (9.8%)
(+5.3% vs. FCT)
・Sales exceeded the forecast by 1,217 million yen (+7.6% vs. FCT) due to strong sales of FPC materials (mainly, Arisawa) and ICGC and prepreg.
FY2024 FY2025 FY2025
FCT (Aug. 7)
・Segment profit exceeded the forecast by 85 million yen (+5.3% vs. FCT).
Sales of industrial structural materials
Others
In-vehicle materials
FRP pressure vessels for water purification Honey-comb panel
Segment Profit (Segment profit ratio)
(Million Yen)
Market・The strong performance continued in water purification materials for drinking and industrial water, etc. due to an increase in global demand for water.
・The demand for aircraft is recovering gradually due to the normalization of economic conditions after COVID-19 pandemic calmed down.
Performance year-on-year6,026
364 903
5,600
400 500
6,081
387 870
・Sales increased by 55 million yen (+0.9% YoY) due to demand recovery for honey-comb panels for aircraft.
・Sales of honey-comb panels for aircraft increased by 30.0％ YoY.
・Sales of FRP pressure vessels for water purification decreased by 4.1% due to influence by foreign exchange.
・Sales of in-vehicle materials decreased by 3.7% YoY.
3,990 3,800 3,825
1,182 1,050 1,218
(+3.1% YoY)
・Segment profit increased by 36 million yen (+3.1% YoY).
(19.6%)
(18.8%) (20.0%) (+16.0% vs. FCT)
Performance versus forecast as of Aug. 7769 900 999
FY2024 FY2025 FY2025
FCT (Aug. 7)
・Sales of in-vehicle materials were higher than expected.
・Segment profit exceeded the forecast by 168 million yen (+16.0% vs. FCT).
Others
Polarization control optical components 3D-related materials
Segment Profit (Segment profit ratio)
(Million Yen)
2,545
243
1,186
1,700
200
1,804
204
921
(36.2%)
1,000
1,071 (-64.8%
(+8.2%
1,116
300
(17.6%)
324
(18.0%)
FY2024
500
FY2025
FCT (Aug. 7)
529
FY2025
Sales of display materials
Market
・3D-related materials were under inventory adjustment.
・We are promoting the development of new industrial fields to utilize these materials beyond medical applications.
YoY) vs. FCT)
Performance year-on-year・Sales decreased by 740 million yen (-29.1% YoY) due to decreases of sales in 3D-related materials and polarization control optical components.
・Sales of 3D-related materials decreased by 52.6% YoY.
・Sales of polarization control optical components decreased by 9.6％ YoY.
・Segment profit decreased by 596 million yen (-64.8% YoY) due to decreases in sales and a change in the product mix.
Performance versus forecast as of Aug. 7・Sales exceeded the forecast by 104 million yen (+6.2% vs. FCT).
・Segment profit exceeded the forecast by 24 million yen (+8.2% vs. FCT).