Ibiden: Financial Result of FY 2025 (May 12, 2026)（PDF：1,763KB）

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Forecasts in this statement have been made based on the premise, prospect and plan of IBIDEN as of May 11th , 2026.

Actual results may widely differ from this statement due to any uncertain factor such as international economy, market competition and exchange fluctuation.

Copyright 2026 IBIDEN CO.,LTD, All rights reserved Page#2/18

[Consolidated] Results of FY2025

Copyright 2026 IBIDEN CO.,LTD, All rights reserved Page#3/18

Net Sales

(Unit: JPY 1 billion)

〔 〕 shows % compared to

the last fiscal year

Operating Profit

(Unit: JPY 1 billion)

〔 〕 shows % compared to

the last fiscal year

Net Profit

(Unit: JPY 1 billion)

14.9%

Compared to

the last fiscal year +89%

15.3%

9.1%

8.8%

63.7

37.0

0

NPM

0

FY25

Forecast

Disclosed on

Feb 3

8

45.2

46.5

2

9.1

7.6

61.0

8.0

6.5

6

6

%

14.5%

OPM

62.0

0

ult

24

Result

(Reference) Gains on the sales of

opyright 2026 IBI

DEN CO.,LTD, All

rights reserved

C Closs-shareholdings (after-tax basis)

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Forecasts of FY2026 Onwards

[Note]

Regarding Middle East risks, the impact is currently deemed minor within the identifiable scope. However, as the s ituation remains highly uncertain, these risks have not been incorporated into our performance forecasts at this time.

Copyright 2026 IBIDEN CO.,LTD, All rights reserved Page#5/18

Net Sales

(Unit: JPY 1 billion)

Operating Profit

(Unit: JPY 1 billion)

Net Profit

(Unit: JPY 1 billion)

195.5

42.2

39.7

220.7

48.1

42.9

230.0

42.0

38.0

270.0

48.0

42.0

16.7%

13.3%

32.6

29.5

16.5%

38.0

2.5

2.5

19.3%

NPM

18.9%

11.3%

10.0%

13.0%

41.6

35.0

22.1

23.0

Result Result Forecast Forecast

1st half of 2nd half of 1st half of 2nd half of

FY25 FY25 FY26 FY26

52.0

Ceramics

Others

6.5

3.5

113.5 129.8

150.0

180.0

3.2

3.8

25.4

5.7

3.8

19.8

33.0

42.0

Result

1st half

実績

下半 期

実績

上半 期

見通 し

下半 期

0

Result 1st half of FY25

Result 2nd half of FY25

Forecast 1st half of FY26

Forecast 2nd half of FY26

153

145

Exchange rate (USD)

Copyright 202

6 IBIDEN CO

.,LTD, All righ

ts reserved

178

165

Exchange rate (EUR)

0

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Net Sales

(Unit: JPY 1 billion)

〔 〕 shows % compared to

the last fiscal year

Operating Profit

(Unit: JPY 1 billion)

〔 〕 shows %

compared to

the last fiscal year

Net Profit

(Unit: JPY 1 billion)

Compared to

the last fiscal year ▲9%

90.3

82.6

243.3

480.0

90.0

80.0

310.0

500.0

90.0

80.0

330.0

[ ▲0%]

[ ▲3%]

[ +36%]

14.9%

9.0

7.6

45.2

15.0%

72.0

7.0

8.0

57.0

18.0%

90.0

9.0

6.0

75.0

NPM

15.3%

63.7

11.6%

58.0

Result

Forecast Disclosed on

Oct 31

Forecast

0

Result

Forecast Disclosed on

Oct 31

Forecast

0

Result

FY25

Forecast

FY26

FY25

149

FY26

DEN CO.,LTD, All

rights reserved

(145) 150

FY25

Exchange rate (USD)

FY26

(Reference)

opyright 2026 IBI

C 172

(165) 180

Exchange rate (EUR)

Gains on the sales of

Closs-shareholdings (after-tax basis)

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Net Sales

(Unit: JPY 1 billion)

Operating Profit

(Unit: JPY 1 billion)

330.0

310.0

Disclosed

on Oct 31 Forecast

FY26

ASP/

Product Mix

Sales

Volume Increase

Exchange Cost

Impact

Increase

Forecast FY26

Disclosed on Oct 31 FY26

OPM

Copyright 2026 IBIDEN CO.,LTD, All rights reserved Page#8/18

• We revise upward the performance targets for FY2027, the final year of the current Mid-Term Management Plan.

• With the electronics business as the core, we aim to achieve Net Sales of JPY 1 trillion and

  Operating Profit of JPY 300 billion (OPM:30%) by FY2030.

  
  
  

  Others

  over1,000.0

330.0

243.3

460.0

500.0

90.0

80.0

90.3

82.6

800.0

JPY 600

Billion

(Disclosed on Oct 30)

650.0

100.0

90.0

Net Sales

(Unit: JPY 1 billion)

10.0

110.0

100.0

Operating Profit

(Unit: JPY 1 billion)

OPM

30.0%

14.9%

34.0%

18.0%

23.1%

30.0%

Ceramics

9.1

Electronics

7.6

45.2

90.0

9.0

6.0

75.0

JPY 90

10.0

10.0

280.0

Billion

(Disclosed on Oct 30)

150.0

10.0

7.0

133.0

9

Copyright 2026 IBIDEN CO.,LTD, All rights reserved

• The reduction target for Cross -Shareholdings was achieved ahead of schedule in FY2025. (reduction rate of 81.2% based on market value at the end of FY2023)

• Growth investments will generally be funded within operating cash flow, including advances payments, to build a financial structure resilient to performance fluctuations.

  Cumulative total for FY26~28

  210.0

  8.0

  2.0

  157.3

  3.4

  7.1

  200.0

  146.8

  64.3

  4.5

  1.8

  58.1

  fore R&D expense deduction

  Growth investment

  ・Capital Investment

  ・R&D

  ・Environmental Investment

  ・Human Capital

  ・M&A

  ・VC Investment etc.

• Return to shareholders is determined based on a comprehensive assessment of earnings level, financial indicators, and stock price with the target payout ratio of 20%.

  Cash Allocation

  Capital Investment

  (Unit: JPY 1 billion)

  
  
  

  Copyright 2026 IBIDEN CO.,LTD, All rights reserved

  
  
  

  FY24

  FY25

  FY26

  FY27

  FY28

  Cash In	Cash Out
  FY26~28 ※Be

  Page#10/18

  Market Forecasts and

  Business Prospects

  
  
  
  
  

  Copyright 2026 IBIDEN CO.,LTD, All rights reserved Page#11/18

  Trends and Changes in Electronics Market
  
  

• In addition to AI GPUs with continued demand growth, demand for ASICs specialized in AI inference is expected to increase rapidly.

• As AI transitions from training to intelligence, demand for CPUs for general-purpose servers is expected to increase.

  □To enable high-speed data transmission between servers and data centers, switching ICs are

  Switching IC

  for data centers

  CPU for server Others

  CPU for server High-end

  expected to become even more high-performance.

  AI GPU/ASIC Markets

  CPU and Other Markets

  (millions of unit)

  30

  According to the information by the external research firm

  (millions of unit)

  AI GPU

CY24 CY25 CY26 CY27 CY28 CY29 CY30

30

15 15

0

Copyright 2026 IBIDEN CO.,LTD, All rights reserved Page#12/18

• As IC package substrates become larger and more multi-layered, total SAP demands are expected to exceed the industry's supply capacity.

• We will maintain our top share in the high-end market through capacity expansion focused on

  cutting-edge semiconductors.

  Capacity Expansion Plan(Index)

  SAP*Demands (Size)

  *SAP : Semi Additive Process

  *Indexed by CY24=100

  • Production load of substrate for AI server

  220

  180

  140

  119

  100

  Result

  CY24

  Result

  CY25

  Forecast Forecast Forecast

  CY26

  CY27

  CY28

  x 2.5

  x 1.8

  1.0

  (Standard)

  Production load

(Converted by SAP)

(based on customer information)

3.0

2.0

1.0

0.0

Copyright 2026 IBIDEN CO.,LTD, All rights reserved Page#13/18

• We will execute the total capital investments of JPY 500 billion, as disclosed on February 3, as planned, to respond to market and customer needs.

• While maximizing and flexibly utilizing the production capacity of our existing plants, we will proceed with the consideration of our next investments and production strategies.

  Gama Plant(Cell6)

  Ono Plant(Cell8)

  Item	Details
  Investment	About JPY 220 billion (Cell6)
  Operation Start	Sequentially commence operations from FY2027 and start mass production
  Products	High-Performance IC Package Substrate for AI ASIC

  Item	Details
  Investment	About JPY 280 billion (1/2 of Cell8)
  Operation Start	Sequentially commence operations from FY2027 and start mass production
  Products	High-Performance IC Package Substrate for AI GPU

  Page#14/1

  yright 2026 IBIDEN CO.,LTD, All rights reserved

  Prospective

  s ite

  Cell8

  (JPY 280 billion investment)

Prospective

s ite

Cop 8

• In cutting-edge products, in addition to larger s ize and more multi-layering, embedded component is progressing, and Value-added growth is anticipated.

  
  
  

• Continue to maintain the position as the top supplier by proactively developing essential elemental-technologies across all areas.

  	CY25	CY26	CY28	CY30～
  Die Size (Reticle)	3.5	5.0	7.5	9 <
  Substrate Size	80 x 80	90 x 90	110 x 110	130 x 130 <
  SAP	9-X-9	10-X-10	12-X-12	14-X-14
  Structure (2.5D)

  (Interposer)

  Power Enhancement

  Power Enhancement

  Glass Core

(Warpage Control)

(Silicon Bridge)

Power Enhancement

Power Enhancement

High Speed

+

Low Power Consumption

Optical-Electrical Conversion

Copyright 2026 IBIDEN CO.,LTD,

All rights reserved

Page#15/18

(Board-to-Board Connection) (Package-to-Package Connection) (Die-to-Die Connection)

• For ICEVs with anticipated market continuity, we continue to aim to capture demand from PHEVs and construction/agricultural machinery in emerging markets.

• For EVs , we aim to expand our business by building on our track record of adaption, including overseas.

• For Graphite products, we aim to expand our business within the growing nuclear power sector in North America, driven by increasing demand for data centers.

  Page#16/18

  Nuclear Power

  (100 GW)

  12

  According to the information

  by the external research firm

  10

  Max

  8

  6

  Min

  4

  2

  0

  1960 1970 1980 1990 2000 2010 2020 2030 2040 2050

  
  
  

  Powertrain Market

  According to the information by the external research firm

  (millions of unit)

  EV

  PHEV

  Gasoline

  Diesel・

  HV

CY22

CY25

CY27

CY30

CY35

Copyright 2026 IBIDEN CO.,LTD, All rights reserved

• In addition to our internal development, we aim for the early commercialization of new products by utilizing open innovation, including industry-academia-government collaboration and VC.

  
  
  

  R&D Expenses Trends (Res ult and Forecast)

  Percentage of

  Consolidated Sales

  7.4%

7.4% 7.2%

Research and Development Field

4.7%

5.5%

27.5

29.9

37.0

NEV

Field

・High-temperature

Insulation Material

・High-temperature Dielectric Material

EV Battery

20 19.7 20.2

Specialized Substrate Field

• Research and Development for Power Module and Robotics Field

  New Field

  • Plant Activator

    "LEAFENERGY"

  • CO2 Fixation Technology

Page#17/18

Development Activities Utilizing Open Innovation

(Creating new businesses through collaboration with

industry, academia, and government to create synergies)

＋

0 FY22 FY23 FY24 FY25 FY26

Result Result Result Result Forecast

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Return to Shareholders

• The year-end dividend for FY2025 is expected to be JPY15 per share, JPY 5 increase from the year-end dividend for FY 2024.

• The projected full-year dividend for FY2026 is expected to be JPY 35 per share (interim dividend

  of JPY 15 and the year-end dividend of JPY 20), JPY 5 increase from FY2025.

• The policy for returns to shareholders is to implement a progressive dividend (until FY2030), with a guideline of a 20% payout ratio, while considering the balance between growth

investments and financial discipline.

Dividend per Share

(Unit: JPY)

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※Prior Year Actuals: Stock-Split Adjusted Page#18/18

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