Securities Code 5208 https://www.arisawa.co.jp/en/
Overview of Consolidated Financial Results for the Third Quarter Ended December 31, 2025
Arisawa Mfg. Co., Ltd. February 5, 2026
Contents
FY2025 Q3 Review on a Consolidated Basis
FY2025 Forecast on a Consolidated Basis
Appendix
(Million Yen) | FY2024 Q3 result | FY2025 Q3 result | YoY |
Sales | 37,782 | 41,262 | 9.2% |
Operating Profit | 3,812 | 4,115 | 8.0% |
Operating Margin | 10.1% | 10.0% | |
Ordinary Profit | 4,089 | 3,986 | -2.5% |
Net Profit | 3,004 | 2,977 | -0.9% |
Earnings per share(Yen) | 90.43 | 89.55 | -1.0% |
Exchange rate (Yen/$) | |||
average for the period at end of period | 151.46 158.18 | 148.08 156.56 | -- |
・Consolidated sales increased by 3,479 million yen YoY (+9.2%) due to increases in those of electronic, industrial structural, and electrical insulating materials.
・Operating profit increased by 303 million yen (+8.0%) YoY due to increases in sales.
・Ordinary profit decreased by 102 million yen YoY due to foreign exchange.
・Net profit decreased by 26 million yen YoY.
Net sales
(Million Yen)
37,782 39,600
FY2025
Q3 result
41,262Change
+3,479
Increase in sales of electronic, industrial structural, and electrical insulating materials
Gross profit
Selling, general and administrative expenses
8,932
5,120
(23.6%)
9,468 (22.9%)
5,353
Operation profit
Foreign exchange gains/loss Other non-operating income / expenses
Ordinary profit
Gain on sale of investment securities
Other extraordinary income/loss
Profit before income taxes
Income taxes, etc.
Profit attributable to owners of parent
3,812 (10.1%) 3,700 (9.3%)
183 | -172 | |||
94 | 43 | |||
4,089 | (10.8%) | 3,600 (9.1%) | 3,986 (9.7%) | -102 |
2
-1
4,090 3,600
1,086
3,004 (8.0%) 2,600 (6.6%)
4,115 (10.0%)
106
-8
4,0841,107
2,977 (7.2%)
＋303 Increase in sales
Foreign exchange loss occurred due to the appreciation of Taiwan dollar
Ordinary profit, Profit before income taxes and Profit attributable to owners of parent were below those of the previous year due to foreign exchange loss.
Sales of affiliated company stocks
-26
FY2024
Q3 result
FY2025 Q3
FCT
(Nov. 6)
As of (Million Yen) Mar. 2025 | As of Dec. 2025 | Change | |
(Assets) | |||
Current assets | 49,527 | 49,240 | -286 Cash and deposits: -5,042, accounts receivable - trade: +4,284, inventories: +408 |
Property, plant and equipment, and intangible assets | 19,065 | 23,794 | +4,728 Capital investment (mainly for Innovation Center) |
Investment securities | 1,969 | 2,671 | +702 Acquisition of Arisawa Kenko |
Other assets | 1,175 | 1,291 | +116 |
Total assets | 71,736 | 76,997 | +5,260 |
(Liabilities) | |||
Current liabilities | 18,582 | 24,412 | +5,829 Capital investment, and so on |
Non-current liabilities | 4,594 | 4,102 | -492 Long-term borrowings: -326 |
Total liabilities | 23,177 | 28,514 | +5,337 |
Shareholder's equity | 44,147 | 43,950 | -196 Retained earnings: -287 |
Other comprehensive income and share acquisition rights | 4,411 | 4,532 | ＋120 Valuation difference on available-for-sale securities: +123 |
Total net assets | 71,736 | 76,997 | +5,260 |
Sales Segment Profit
・Consolidated sales increased by 3,479 million yen YoY (+9.2%) due to increases in those of electronic, industrial structural, and electrical insulating materials.
・Sales of electronic materials increased by 12.2% YoY due to strong demand for smartphones and semiconductors.
・The sales of industrial structural materials increased by 19.2% YoY due to strong demand for interior materials for aircraft and the FRP vessels for water purification.
・The sales of display materials decreased by 27.7% YoY due to a weak performance in 3D-related materials and polarization control optical components.
・Operating profit increased by 8.0% YoY due to increases in sales.
Please refer to pp. 7 to 9 for details.
FY2024 | FY2025 | Change | FY2024 | FY2025 | Change | ||
(Million Yen) | result | result | result | result | |||
Electronic materials | 23,795 | 26,706 | 2,911 | 2,181 | 2,681 | 500 | |
FPC materials (Arisawa) | 13,446 | 14,685 | 1,239 | ||||
FPC materials (ThinFlex) | 7,475 | 8,528 | 1,053 | ||||
ICGC, Prepreg | 1,542 | 2,099 | 557 | ||||
Printed Wiring Board (Satosen) | 1,332 | 1,394 | 62 | ||||
Industrial structural materials | 8,098 | 9,650 | 1,552 | 1,412 | 2,034 | 622 | |
Honey-comb panels | 904 | 1,710 | 806 | ||||
FRP pressure vessels for water purification | 5,552 | 6,004 | 452 | ||||
Others | 1,642 | 1,936 | 294 | ||||
Electrical insulating | 1,822 | 1,909 | 87 | 101 | 183 | 82 | |
materials | |||||||
Display materials | 3,796 | 2,745 | -1,050 | 1,305 | 508 | -796 | |
Related materials, others | 271 | 250 | -21 | 157 | 172 | 15 | |
Total | 37,782 | 41,262 | 3,479 | 5,156 | 5,580 | 424 | |
Corporate expenses | -1,344 | -1,465 | |||||
Operating Profit | 3,812 | 4,115 | 303 | ||||
Printed Wiring Board (Satosen)
ICGC & Prepreg
FPC materials (ThinFlex) FPC materials (Arisawa)
Segment Profit (Segment profit ratio)
(Million Yen)
26,706
23,795
(+22.9% YoY)
FY2024
FY2025
13,446
2,181
(9.2%)
14,685
2,681
(10.0%)
7,475
1,542
8,528
1,332
2,099
1,394
Sales of electronic materials
Market
・The demand for smartphones and semi-conductors (PC, AI server, etc.) was firm.
Performance・Sales increased by 2,911 million yen (+12.2% YoY) due to increases in those of FPC materials, ICGC & Prepreg, and printed wiring boards.
・Sales of FPC materials (Arisawa) increased by 9.2% YoY due to a strong performance for smartphones and semiconductor applications.
・Sales of FPC materials (ThinFlex) increased by 14.1% YoY due to a strong sales for Chinese smartphones.
・Sales of ICGC & Prepreg increased by 36.1% YoY.
・Sales of printed wiring boards increased by 4.7% YoY.
・Segment profit increased by 500 million yen YoY due to increases in sales.
Others
In-vehicle materials
FRP pressure vessels for water purification Honey-comb panel
Segment Profit (Segment profit ratio)
9,650
(Million Yen)
8,098
(+44.1% YoY)
FY2024
FY2025
904
1,710
1,412
(17.4%)
5,552
1,071
2,034
(21.1%)
6,004
571
1,329
607
Sales of industrial structural materials
Market
・The strong performance continued in water purification materials for drinking, 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・Sales increased by 19.2% YoY due to a recovery in demand of honey-comb panels for aircraft, strong demand for FRP pressure vessel, etc.
Sales of honey-comb panels for aircraft increased by 89.1% YoY.
Sales of FRP pressure vessel for water purification increased by 8.1% YoY.
Sales of in-vehicle materials increased by 24.1% YoY.
Segment profit increased by 622 million yen YoY due to an increase in sales.
Others
Polarization control optical components 3D-related materials
Segment Profit (Segment profit ratio)
(Million Yen)
3,796
2,745
(-61.0% YoY)
FY2024
FY2025
508
(18.5%)
932
1,554
(34.4%)
1,492
321
1,305
1,895
347
Sales of display materials
Market
・3D-related materials are on the recovery trend in 2H 2025 compared to a weak performance in 1H 2025.
Performance・Sales decreased by 1,050 million yen (-27.7% YoY) due to decreases of sales in 3D-related materials and polarization control optical components.
・Sales of 3D-related materials decreased by 40.0% YoY.
・Sales of polarization control optical components decreased by 21.3% YoY.
・Segment profit decreased by 796 million yen YoY due to decreases of sales and an influence by the product mix.
FY2025 Q3 Segment Comparison (vs. FCT as of Nov. 6)
(Million Yen) | FY2025 FCT(Nov. 6) | FY2025 result | Change | FY2025 FCT(Nov. 6) | FY2025 result | Change |
Electronic materials | 25,400 | 26,706 | 1,306 | 2,500 | 2,681 | 181 |
FPC materials (Arisawa) | 13,800 | 14,685 | 885 | |||
FPC materials (ThinFlex) | 8,400 | 8,528 | 128 | |||
ICGC, Prepreg | 1,850 | 2,099 | 249 | |||
Printed Wiring Board (Satosen) | 1,350 | 1,394 | 44 | |||
Industrial structural materials | 9,450 | 9,650 | 200 | 1,950 | 2,034 | 84 |
Honey-comb panels | 1,650 | 1,710 | 60 | |||
FRP pressure vessels for water purification | 6,000 | 6,004 | 4 | |||
Others | 1,800 | 1,936 | 136 | |||
Electrical insulating materials | 1,800 | 1,909 | 109 | 120 | 183 | 63 |
Display materials | 2,700 | 2,745 | 45 | 450 | 508 | 58 |
Related materials, others | 250 | 250 | 0 | 180 | 172 | -8 |
Total | 39,600 | 41,262 | 1,662 | 5,200 | 5,580 | 380 |
Corporate expenses | -1,500 | -1,465 | ||||
Operating Profit | 3,700 | 4,115 | 415 | |||
・The sales and profit of all segments, led by electronic materials, exceeded the FCT.
In electronic materials, the sales and profit were firm due to strong demand for smartphones and semi-conductors (PC, AI server, etc.).
In industrial structural materials, the sales and profit were firm due to the strong performance of honey-comb panels for aircraft and in-vehicle.
In display materials, the sales increased due
to a trend of recovery from Oct. to Dec. 2025. The profit exceeded the FCT due to a change in the product mix.
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