Jcu Corporation TSE:4975

JCU : Financial-Results-Briefing-Material-for-the-First-Half-of-the-Fiscal-Year-Ending-March-2026

Published November 26, 2025 at 1:12 a.m. UTC

Source: MarketScreener

‌Financial Results Briefing Material for 1H FY3/26 1

Financial Results Briefing

Material

for the First Half of the Fiscal Year Ending March 2026

JCU CORPORATION

TSE Prime (Stock Code: 4975) November 7, 2025

‌Summary of Consolidated Financial Results for 1H FY3/26

Accounting Period of 1H FY3/26

JCU (non-consolidated): April 1 to September 30, 2025

Overseas subsidiaries: January 1 to June 30, 2025

For electronic

components

Chemicals Business

China: Demand for PWBs and semiconductor package substrates for high-performance electronic devices such as smartphones and PCs remained strong, resulting in a year-over-year increase in sales of chemicals.
Taiwan: Demand for semiconductor package substrates for high-performance electronic devices such as smartphones and
servers remained strong. As a result, sales of chemicals substantially increased year over year.
South Korea: Due to the bottoming out of the semiconductor market and the progress in inventory adjustment by customers, demand for semiconductor package substrates continued a moderate recovery. As a result, sales of chemicals increased year over year.
For
decoration

Japan: Demand for chemicals declined due to changes in design trends. As a result, sales of chemicals stayed flat year over year.
Machine Business
China: Despite increases in automobile production due to the effect of various policy measures boosting demand, demand for automobile parts which is subject to our business decreased. As a result, sales of chemicals decreased year over year.
Sales increased thanks to the ordered projects progressing on schedule. However, order backlog decreased substantially due to a decline in new orders for large projects.

Financial Results Briefing Material for 1H FY3/26 2

‌Summary of Financial Results for 1H FY3/26

(Millions of yen)

	1H FY3/24	1H FY3/25	1H FY3/26
	Results	Results	Forecasts	Results	YoY % Change
Net sales	10,864	12,736	13,900	14,258	12.0%
Operating profit	3,095	4,665	5,170	5,781	23.9%
Ordinary profit	3,202	4,983	5,200	5,780	16.0%
Profit attributable to owners of parent	2,177	3,385	3,600	4,360	28.8%
Net income per share	85.04 yen	133.72 yen	144.46 yen	175.06 yen	-

Financial Results Briefing Material for 1H FY3/26 3

‌Foreign Exchange Rates

Foreign exchange sensitivity (as at the consolidated year):

Changes of about 100 million yen in consolidated operating profit with 1% change in major currency rates listed below

(Yen)

	FY3/25				FY3/26
	1Q	2Q	3Q	4Q	(Initial forecast)	1Q	2Q
Chinese yuan (CNY)	20.63	21.05	20.97	21.02	20.40	20.94	20.47
Taiwan dollar (TWD)	4.73	4.78	4.73	4.72	4.50	4.64	4.67
Korean won (KRW)	0.1117	0.1127	0.1118	0.1112	0.1090	0.1052	0.1043

Note: The average rate for the period is used to translate Chinese yuan, Taiwan dollar and Korean won, our major foreign currencies, to Japanese yen.

Financial Results Briefing Material for 1H FY3/26 4

‌Changes in Consolidated Operating Profit for 1H FY3/26

(Millions of yen)

7,000

5,781

4,665

1,044

119

(79)

6,000

Positive factors
Negative factors

237

(211)

(YoY change)

+1,116

5,000

Increase in SG&A

Increase in gross profit from the Machine Business Increase in gross profit from purchased products

Effects of exchange rates

(due to conversion from local currencies to JPY)

Increase in gross profit from chemicals Higher sales of chemicals

4,000

3,000

2,000

1,000

1H FY3/25

Operating Profit

Financial Results Briefing Material for 1H FY3/26

1H FY3/26

Operating Profit

‌Quarterly Consolidated Financial Results

2,971

2,877

2,802

2,657

1,379

FY3/24

FY3/25

FY3/26

1,716

1,995

2,288

2,669

2,978

(Millions of yen) 8,000

3,000

7,000 2,500

6,000 2,000

Operating Profit

Net sales

5,000 1,500

4,000 1,000

3,000 500

2024/3

2025/3

2026/3

2,000 0

Total Sales

Sales of Chemicals

Operating Profit

総売上高

薬品売上高

営業利益

Financial Results Briefing Material for 1H FY3/26 6

‌Quarterly Consolidated Financial Results (By Segment)

8,000

6,000

5,639

37.2

37.7

5,225

6,348

7,648

5,912

6,824

7,996 7,624

7,037 7,221

70.0

60.0

50.0

Net Sales (Millions of yen)

4,000

2,000

40.0

39.8

41.3

Operating Margin

30.0

20.0

26.4

30.4

36.1

34.7

33.8

39.1

(%)

10.0

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2024/3

2025/3

2026/3

FY3/24 FY3/25 FY3/26

0.0

薬品事業(仕入製品)

装置事業

営業利益率

薬品事業(薬品)

Chemicals Business (Chemicals) Chemicals Business (Purchased Chemicals) Machine Business Operating Margin

Financial Results Briefing Material for 1H FY3/26 7

‌Consolidated Segment Results for 1H FY3/26

(Millions of yen)

14,000

12,501

12,000

10,000

11,384

1H FY3/25

2026年3月期2Q累計

前期2Q累計

1H FY3/26

8,000

6,000

(Breakdown)

Plating machines 1,023

Plasma system 217

Solar power related 112

(Breakdown)

Plating machines 1,453

Plasma system 245

Solar power related 59

4,967

5,972

4,000

2,000

1,352

1,757

Machine

Business

172

295

薬品事業

装置事業

薬品事業

装置事業

Machine

Business

Chemicals

Business

Chemicals

Business

Net Sales

Financial Results Briefing Material for 1H FY3/26

Segment Profit (Loss)

‌Quarterly Sales of Chemicals in Japan and Overseas

(Millions of yen)

76%

78%

FY3/24

FY3/25

FY3/26

6,000

5,000

81% 84% 81% 83% 83% 84% 82% 84%

90%

80%

70%

4,000 60%

3,000

50%

40%

2,000 30%

1,000

20%

10%

2024/3

2025/3

2026/3

0 0%

Japan

Overseas

Overseas Sales Ratio

国内

海外

海外比率

Financial Results Briefing Material for 1H FY3/26 9

‌Chemicals for POP, Via Filling and Etching｜Quarterly Sales

2,980

3,008

3,164

2,676

2,769

2,768

2,503

2,308

1,694

1,395

1,130

1,197

1,282

1,096

1,122

1,129

1,152

1,027

1,056

821

533

586

595

622

621

649

731

711

686

FY3/24 FY3/25 FY3/26

2,003

(Millions of yen) 3,500

POP: Planting on Plastics, mainly for automotive components

Via Filling: Additive for copper planting for PWBs and semiconductor package substrates, mainly for smartphones and PCs Etching: Additives for PWBs and semiconductor package substrates, mainly for PCs and communication ICs

3,000

2,500

2,000

1,500

1,000

500

2024/3

2025/3

2026/3

ビアフィリング

エッチング

POP

Via Filling

Etching

Financial Results Briefing Material for 1H FY3/26 10

‌Quarterly Sales of Chemicals by Region

(Millions of yen) 4,000

3,000

2,000

1,000

2024/3

2025/3

2026/3

日本

中国

	1Q 2Q 3Q 4Q FY3/24				1Q 2Q 3Q 4Q FY3/25				1Q 2Q FY3/26
									1Q 2Q FY3/26

Japan	1,009	1,038	1,028	884	962	974	1,005	950	989	1,007
China	1,591	1,931	2,432	2,569	2,181	2,657	2,895	2,890	2,570	2,845
Taiwan	692	691	851	994	809	839	945	935	970	1,144
S. Korea	488	553	598	582	517	616	587	605	534	582
Thailand	164	166	179	191	186	154	189	186	162	217
Vietnam	111	121	142	156	127	201	149	174	155	150

台湾

韓国

タイ

ベトナム

Financial Results Briefing Material for 1H FY3/26 11

‌Quarterly Sales of Chemicals by Category

(Millions of yen) Consolidated

6,000

4,744

4,429

4,696

4,476

3,974

4,195

3,799

3,404

3,053

5,000

4,000

YoY 14%

QoQ 13%

(Chemicals for Electronic Components)

Core Products: Via filling

PWBs, connectors, surface treatment (plating) chemicals for semiconductor sector

(Chemicals for Decoration and Function)

Core Products: POP

Chemicals for decoration and rust-proofing

Surface treatment (plating) chemicals mainly for automotive components and water faucet clasps

5,034

3,000

2,000

1,000

1,454 1,343

YoY (6)%

QoQ 2%

1,189 1,255

1,156 1,187 1,188 1,212 1,085 1,111

FY3/24

FY3/25

Chemicals for Electronic Components

FY3/26

●

2024/3

2025/3

2026/3

▲ Chemicals for Decoration and Function

Financial Results Briefing Material for 1H FY3/26 12

‌Quarterly Sales of Chemicals by Region

(Millions of yen) 1,000

Japan

YoY 4%

QoQ 4%

800

604

638

584

591

623

629

627

649

574

513

600

400

200

405 400

444

370 369

349

374 376 361 357

QoQ (1)%

YoY 2%

2024/3

2025/3

2026/3

FY3/24

FY3/25

FY3/26

● Chemicals for Electronic Components

▲ Chemicals for Decoration and Function

Financial Results Briefing Material for 1H FY3/26 13

‌Quarterly Sales of Chemicals by Region

(Millions of yen) Overseas

4,114

4,121

3,682

3,805

3,848

3,390 3,207

2,766

2,449

5,000

4,000

YoY 15%

QoQ 14%

4,384

3,000

2,000

YoY (10)%

1,000

784 854

2024/3

2025/3

2026/3

FY3/24

FY3/25

FY3/26

● Chemicals for Electronic Components

▲ Chemicals for Decoration and Function

QoQ 4%

1,010	972	786	837	813	835
3Q	4Q	1Q	2Q	3Q	4Q

723 754

Financial Results Briefing Material for 1H FY3/26 14

‌Quarterly Sales of Chemicals by Region

(Millions of yen)

China

YoY 12%

2,800

2,100

2,415 2,380

QoQ 12%

2,422

2,170

2,156

1,804

1,945

1,738

1,426

1,154

YoY (9)%

1,400

QoQ 8%

651

442

492

585

445

487

477

510

411

442

700

FY3/24

FY3/25

FY3/26

2024/3

2025/3

2026/3

● Chemicals for Electronic Components

▲ Chemicals for Decoration and Function

Financial Results Briefing Material for 1H FY3/26 15

‌Quarterly Sales of Chemicals by Region

(Millions of yen) 1,400

989

939

929

967

848

807

835

689

1,200

1,000

800

Taiwan

YoY 37%

QoQ 18%

1,141

600

400

200

YoY (33)%

QoQ (33)%

3 2 3 5 1 3 5 6 3 2

FY3/24

FY3/25

FY3/26

2024/3

2025/3

2026/3

● Chemicals for Electronic Components

▲ Chemicals for Decoration and Function

Financial Results Briefing Material for 1H FY3/26 16

‌Quarterly Sales of Chemicals by Region

(Millions of yen) 700

South Korea

YoY (1)%

600

500

400

300

200

YoY (24)%

QoQ 10%

485

481

504

492

517

497

431 450

388

413

QoQ 1%

100

123

113

101

103

111

100

FY3/24

FY3/25

FY3/26

2024/3

2025/3

2026/3

● Chemicals for Electronic Components

▲ Chemicals for Decoration and Function

Financial Results Briefing Material for 1H FY3/26 17

‌Forecasts for FY3/26

(Millions of yen)

	FY3/25 Full year results	FY3/26 1H results	FY3/26 Full year forecasts	Progress rate against full-year forecast
Net sales	28,356	14,258	28,500	50.0%
Operating profit	10,513	5,781	10,700	54.0%
Ordinary profit	10,920	5,780	10,800	53.5%
Profit attributable to owners of parent	7,497	4,360	7,400	58.9%
Net income per share	297.71 yen	175.06 yen	297.45 yen	-

Financial Results Briefing Material for 1H FY3/26 18

‌Annual Sales by Business (Incl. Forecast)

30,000

Net Sales (Millions of yen)

25,000

20,000

1,345

3,194

23,120 24,866

4,796

22,319

2,936

21,192

2,035

24,256

1,307

1,435

27,137

2,608

1,718

24,860

3,178

1,429

1,783

28,356 28,500 60

4,202

2,500

1,500

Operating Margin (%)

1,709

1,324

1,092

30.1

37.1

37.5

24,500

22,445

22,809

34.2

32.3

21,512

32.1

15,000 30

28.4

28.2

10,000

9,197 20

1,472

1,656

6,070

5.7

5,000 10

18,055

18,032

18,605

18,580

19,897

2010/3

FY3/10

FY3/18

FY3/19 FY3/20

2021/3

2022/3

2023/3

FY3/21 FY3/22 FY3/23

FY3/24 FY3/25

2026/3

（予想）

FY3/26

2019/3

2020/3

2018/3

2024/3

2025/3

薬品事業(薬品)

Chemicals Business

(Chemicals)

Chemicals Business

薬品事業(仕入製品)

(Purchased Chemicals)

Machine

装置事業

Business

Other Operating Margin

その他事業

営業利益率

Businesses

(Forecast)

Financial Results Briefing Material for 1H FY3/26 19

‌Capital Expenditures, Depreciation and R&D Expenses

Capital Expenditures Depreciation R&D Expenses and R&D/Sales ratio

(Millions of yen)

9,000

6,359

1,090

431

759

FY3/22 FY3/23 FY3/24 FY3/25 FY3/26

(Forecast)

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

8,202

1,400

1,200

1,000

800

600

400

200

619

676

727

866

研究開発 比率

研究開発

1,207

1,800

1,600

1,400

1,200

1,000

800

600

400

200

10.0%

1,550

R&D/Sales ratio

1,302

1,061

962

1,058

R&D Expenses

8.0%

6.0%

4.0%

2.0%

0.0%

2022/3

2023/3

2024/3

/3 2026/3

2025

2022/

3 2023/3

2024/3 2

3 2026/3

025/

FY3/22 FY3/23 FY3/24 FY3/25 FY3/26

(Forecast)

FY3/22 FY3/23 FY3/24 FY3/25 FY3/26

2022

/3 2023/

3 2024/3

/3 2026/3

2025

(Forecast)

Financial Results Briefing Material for 1H FY3/26 20

‌FY3/26 Equity Policy

Dividends per share (Forecasts)

Interim dividend: 41 yen Year-end dividend: 41 yen

Plans to increase dividends for

16 consecutive fiscal years

Year-end

Interim

Total distribution ratio

75.9%

49.2%

50.3%

46.9%

44.1%

44.9%

45.4%

24.8%

29.7%

24.1%

+¥4

42.5

48.5

32.5

+¥2

17.5

22.5

17.5

23.5

FY3/16 FY3/17 FY3/18 FY3/19 FY3/20 FY3/21 FY3/22 FY3/23 FY3/24 FY3/25 FY3/26

Continue to make investments for sustainable growth while securing liquidity on hand and maintaining stable financial base
Continue a consistent dividend increase
Return profits to shareholders through well-timed repurchases of stock with total distribution ratio of about 50%

Basic

policy

Financial Results Briefing Material for 1H FY3/26 21

Social

Ratio of female managers (non-consolidated)

10.3% (as of end-March 2025)

ISO 9001 certified production sites in Japan and overseas

12 sites in 7 countries (as of end-March 2025)

* Japan, China, Taiwan, South Korea, Thailand, Vietnam, and Mexico

‌Efforts in Addressing ESG Challenges

JCU aims to become a global company that continues to grow in a sustainable fashion by addressing ESG challenges through its business activities.

Environment

Development of environmentally responsible

products

‒ Chromic acid-free etching process

‒ Eco-friendly chemical nickel plating process

‒ Eco-friendly decorative copper sulfate plating process

‒ Eco-friendly trivalent chromium plated product post

treatment process

CO2 emissions (non-consolidated)

CO2 830 tons of CO (as of end-March 2025)

* Down 42.7% from those in FY3/14

ESG external rating

CDP climate change 2024: received a score of B

Governance

Corporate governance structure

Number of Directors
Internal: 6, Outside: 3 (including 1 female)
Number of Audit & Supervisory Board Members Full-time: 1, Outside: 2 (including 1 female)

Financial Results Briefing Material for 1H FY3/26 22

‌Reference

Company Profile
Surface Treatment Technology in Future
Major Distribution Channels
Major Products
Usages of Chemicals and Typical Final Products

Financial Results Briefing Material for 1H FY3/26 23

‌Company Profile

Founded in	:	December 1957
Established on	:	April 1, 1968
Capital stock	:	1,281 million yen
Annual sales	:	Non-consolidated: 16.0 billion yen / Consolidated: 28.3 billion yen (For the fiscal year ended March 31, 2025)
Head office	:	TIXTOWER UENO 16F, 8-1 Higashiueno 4-chome, Taito-ku, Tokyo
Lines of business	:	Manufacturing and sale of surface treatment chemicals, surface treatment machines, and related materials
Representative Directors	:	Masashi Kimura, Chairman and CEO Akihisa Omori, President and COO
Employees	:	Non-consolidated: 242 / Consolidated: 550 (As of March 31, 2025)

ISO Certificates	ISO9001	Production Headquarters, Head Office Sales and Marketing Department, and R&D Center (JCQA-0281)
ISO Certificates	ISO14001	Production Headquarters and R&D Center (JCQA-E-0143)

Financial Results Briefing Material for 1H FY3/26 24

‌Surface Treatment Technology in Future -Electronic Components-

Target

Next-generation PKG substrate for AI accelerators, data centers, high-performance electronic devices

2.xD/3D package

RDL

PCB

Solder

•

Diversified packaging technology for high

performance

High-density mounting allows use of larger substrates

Shorter connections between chips

layer

•

〇Expected primary application Glass core substrates (FC-BGA) Glass interposers

〇Performance required by surface treatment technology

Void free

Improve via filling for thin-film layer

TGV (Through-glass via)

Glass core

Resin laye

RDL (Redistribution layer)

Resin

Cu Pillar

Hybrid bonding

Cu SiO2

bstrate

PKG

Next-generation PKG

〇Expected primary application

FO-WLP / PLP

RDL interposers

〇Performance required by surface treatment technology

Improve within wafer non-uniformity Improve via filling for thin-film layer

〇Expected primary application

Memory

〇Performance required by surface treatment technology

Higher reliability for connectivity Outstanding electrical properties

Surface treatment technology in future

Financial Results Briefing Material for 1H FY3/26 25

‌Surface Treatment Technology in Future -Decoration & Function-

Target

Automotive components (front grilles, door handles, emblems, etc.) Faucet parts (showerheads, drain plugs, etc.)

Copper sulfate

plating

Dye free

Improvement in work environment

No hexavalent chromium (Cr6+)

No PFAS

No use of harmful Cr6+
No use of harmful fluorine compounds (PFAS)

No hexavalent chromium (Cr6+)

▮No use of harmful Cr6+

▮Energy saving

Nickel plating

Chrome plating

Chemical treatment

No nitrogen

No use of nitrogen compounds subject to drainage regulations
No use of restricted substances (lead and cadmium)
Improvement in work environment

No hexavalent chromium (Cr6+)

No PFAS

No use of harmful Cr6+
No use of harmful fluorine compounds (PFAS)

Electroless plating

Catalyzation

Etching

Materials (plastics)

Process with a low

environmental impact

Processes of decorative plating on plastic

Environmentally friendly surface

treatment technology

Surface treatment technology in future

Financial Results Briefing Material for 1H FY3/26 26

‌Major Distribution Channels

Customers (sold-to)

Decoration/

Function (e.g. automobiles)

Materials (chemicals)

Manufacturing/processing/assembly

Products

JCU CORPORATION

Our overseas subsidiaries

Automobile parts manufacturers
－Tier 1, Tier 2, etc.
Specialist plating companies

Automobile manufacturers

JCU CORPORATION

Our overseas

subsidiaries

PCB/PKG substrate
manufacturers
Semiconductor manufacturers

Electronic device manufacturers

- Smartphones

－PCs

－Wearable devices

－Data centers, etc.

Electronic

components

(e.g. electronic device)

Financial Results Briefing Material for 1H FY3/26 27

‌Usages of Chemicals and Typical Final Products

Description of term

Final products

Chemicals for function/decoration

Surface treatment chemicals for decorative and function purposes such as those for providing a

metal appearance and preventing rust

Automotive parts, faucet parts, construction materials, etc.

POP (Plating on Plastics) chemicals

Chemicals for metal coating on plastics

(Examples) Etching chemicals, various kinds of plating chemicals (copper, nickel and chrome), etc.

(Automotive parts) Front grilles, emblems, etc. (Faucet parts) Showerheads, water faucet cocks, etc.

Other

Chemicals for metal coating on metallic materials such as copper and steel

(Construction materials) Screws, hinges, etc.

Chemicals for electronic

components

Plating chemicals for manufacturing PWBs, such as a circuit for electronic signals and an electrical

contact for electronic components

High-performance electronic devices, data centers and other

infrastructures, communication related components, etc.

Via filling chemicals

Chemicals used for copper plating holes (via) to create electrical connections between different layers of PCB substrates and of semiconductor package substrates and other semiconductor components

(High-performance electronic devices) Smartphones, PCs, tablets, game consoles, etc.

(Data centers and other infrastructures)

PWBs for communication servers, etc.

(Communication related components)

Base stations, in-vehicle PWBs, smart home appliances, etc.

Etching chemicals

Chemicals used to create the required patterns in PCBs and in semiconductor substrates and other semiconductor components by using a chemical reaction to remove a thin film of copper that was formed on the surface of materials used during the fabrication process

Other

Plating chemicals for connecters and lead frames

Surface treatment related equipment

Equipment designed to fully utilize the properties of chemicals used for surface treatment processes

Examples of surface treatment related equipment

Fully-automated surface treatment equipment

Fully-automated equipment from input of materials to completion of the plating process

Plasma surface treatment system Automatic analytical control systems

Peripheral equipment

Filtration machines and other peripheral equipment to be attached to surface treatment equipment

Automatic analytical control systems

Automatic management of plating solutions by analyzing concentrations of chemicals and adding chemicals when an insufficient level is detected

Plasma surface treatment system

Washing devices for PWBs as part of pre-plating processes

Financial Results Briefing Material for 1H FY3/26 28

‌This material contains current plans and forecasts of future performance of JCU CORPORATION. These plans and forecast figures are prepared by the Company based on currently available information.

This material does not give any assurance or guarantee of the Company's future financial performance and actual results may differ substantially from these plans for a number of conditions or developments in the future.

JCU CORPORATION's website

URL: https://www.jcu-i.com/

Contact: Corporate Strategy Office TEL: +81-3-6895-7004

Financial Results Briefing Material for 1H FY3/26 29