Jcu Corporation TSE:4975

JCU : Financial Results Briefing Material for the Third Quarter of the Fiscal Year Ending March 2026

Published February 26, 2026 at 4:56 a.m. UTC

Source: MarketScreener

‌Financial Results Briefing Material for 3Q FY3/26 1

Financial Results Briefing

Material

for the Third Quarter of the Fiscal Year Ending March 2026

JCU CORPORATION

TSE Prime (Stock Code: 4975) February 5, 2026

‌Summary of Consolidated Financial Results for 3Q FY3/26

Accounting Period of 3Q FY3/26

JCU (non-consolidated): April 1 to December 31, 2025

Overseas subsidiaries: January 1 to September 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.
China: Despite increases in automobile production due to the effect of various policy measures boosting demand,
demand decreased for automobile parts which is subject to our business. As a result, sales stayed flat year over year.
Machine Business
Ordered projects progressed on schedule. However, sales, order received and order backlog decreased substantially due to a decline in new orders for large projects.

Financial Results Briefing Material for 3Q FY3/26 2

‌Summary of Financial Results for 3Q FY3/26

(Millions of yen)

	Same period of previous FY (3Q FY3/25)	3Q FY3/26	YoY % Change
Net sales	20,732	21,514	3.8%
Operating profit	7,636	8,887	16.4%
Ordinary profit	7,954	9,003	13.2%
Profit attributable to owners of parent	5,487	6,578	19.9%
Net income per share	217.29 yen	264.60 yen	-

Financial Results Briefing Material for 3Q 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	3Q
Chinese yuan (CNY)	20.63	21.05	20.97	21.02	20.40	20.94	20.47	20.51
Taiwan dollar (TWD)	4.73	4.78	4.73	4.72	4.50	4.64	4.67	4.75
Korean won (KRW)	0.1117	0.1127	0.1118	0.1112	0.1090	0.1052	0.1043	0.1050

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 3Q FY3/26 4

‌Changes in Consolidated Operating Profit for 3Q FY3/26

1,601

(45)

(175)

(218)

(221)

309

7,636

8,887

Positive factors
Negative factors

(YoY change)

+1,251

(Millions of yen)

12,000

10,000

8,000

Increase in SG&A Decrease in gross profit from the Machine Business Decrease 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

6,000

4,000

2,000

3Q FY3/25

Operating Profit

Financial Results Briefing Material for 3Q FY3/26

3Q FY3/26

Operating Profit

‌Quarterly Consolidated Financial Results

(Millions of yen)

2,877

2,978

2,657

2,802

2,669

2,288

1,995

1,716

1,379

FY3/24

FY3/25

FY3/26

3,106

2,971

9,000

8,000

7,000

3,500

3,000

2,500

Net Sales

6,000

5,000

2,000

Operating Profit

1,500

4,000 1,000

3,000 500

2,000 0

Total Sales

Sales of Chemicals Operating Profit

Financial Results Briefing Material for 3Q FY3/26 6

‌Quarterly Consolidated Financial Results (By Segment)

8,000

Net Sales (Millions of yen)

6,000

4,000

5,639

5,225

6,348

36.1

7,648

34.7

5,912

6,824

39.1

7,996 7,624

37.2

37.7

7,037 7,221 7,255

39.8

41.3

42.8

70.0

60.0

Operating Margin (%)

50.0

40.0

30.0

26.4

30.4

33.8

2,000

20.0

10.0

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

FY3/24 FY3/25 FY3/26

0.0

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

Financial Results Briefing Material for 3Q FY3/26 7

‌Consolidated Segment Results for 3Q FY3/26

20,000

15,000

10,000

5,000

(Millions of yen)

20,000

19,505 17,812

3Q FY3/25

3Q FY3/26

15,000

10,000

(Breakdown)

Plating machines 2,530

Plasma system 249

Solar power related 141

(Breakdown)

Plating machines 1,692

Plasma system 240

Solar power related 76

7,904

9,321

5,000

2,920

2,008

421

298

Machine

Business

Chemicals

Business

Machine

Business

Chemicals

Business

Net Sales

Segment Profit (Loss)

Financial Results Briefing Material for 3Q FY3/26 8

‌Quarterly Sales of Chemicals in Japan and Overseas

76%

78%

81%

FY3/24

FY3/25

FY3/26

(Millions of yen) 6,000

5,000

81% 84%

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

90%

80%

70%

4,000 60%

3,000

50%

40%

2,000 30%

1,000

20%

10%

0 0%

Japan

Overseas Overseas Sales Ratio

Financial Results Briefing Material for 3Q FY3/26 9

‌Chemicals for POP, Via Filling and Etching｜Quarterly Sales

(Millions of yen)

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

4,000

Etching: Additives for PWBs and semiconductor package substrates, mainly for PCs and communication ICs

3,008

3,164

3,425

2,676

2,769

2,768

2,308

2,003

1,694

1,395

1,130

1,197

1,282

1,096

1,122

1,129

1,152

1,168

929

533

586

595

622

621

649

731

711

1,027

686

1,056

821

FY3/24

FY3/25

FY3/26

2,503

2,980

3,500

3,000

2,500

2,000

1,500

1,000

500

POP Via Folling Etching

Financial Results Briefing Material for 3Q FY3/26 10

‌Quarterly Sales of Chemicals by Region

(Millions of yen) 4,000

3,000

2,000

1,000

日本

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

Japan	1,009	1,038	1,028	884	962	974	1,005	950	989	1,007	1,008
China	1,591	1,931	2,432	2,569	2,181	2,657	2,895	2,890	2,570	2,845	3,002
Taiwan	692	691	851	994	809	839	945	935	970	1,144	1,295
S. Korea	488	553	598	582	517	616	587	605	534	582	638
Thailand	164	166	179	191	186	154	189	186	162	217	260
Vietnam	111	121	142	156	127	201	149	174	155	150	184

中国

台湾

韓国

タイ

ベトナム

Financial Results Briefing Material for 3Q FY3/26 11

‌Quarterly Sales of Chemicals by Category

5,034

4,744

4,696

4,476

3,974

4,195

4,429

3,799

3,404

3,053

(Millions of yen) 6,000

5,000

4,000

Consolidated

YoY 15%

QoQ 8%

5,451

3,000

2,000

1,000

1,189 1,255 1,454 1,343 1,156 1,187 1,188 1,212

(Chemicals for Electronic Components) Core Products: Via filling

PWBs, connectors, surface treatment

(plating) chemicals for semiconductor sector

YoY 3%

(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

QoQ 10%

1,225

1,085 1,111

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

● Chemicals for Electronic Components

▲ Chemicals for Decoration and Function

Financial Results Briefing Material for 3Q FY3/26 12

‌Quarterly Sales of Chemicals by Region

(Millions of yen) 1,000

Japan

YoY 8%

QoQ 5%

800

604

638

584

591

623

629

627

649

680

574

513

600

400

200

405 400

444

370 369

349

374 376 361 357 397

QoQ 11%

YoY 6%

FY3/24

FY3/25

FY3/26

● Chemicals for Electronic Components

▲ Chemicals for Decoration and Function

Financial Results Briefing Material for 3Q FY3/26 13

‌Quarterly Sales of Chemicals by Region

(Millions of yen) 5,000

Overseas

4,771

4,384

4,114

4,121

3,682

3,805

3,848

3,390

QoQ 9%

3,207

2,766

YoY 16%

2,449

4,000

3,000

2,000

YoY 2%

QoQ 10%

784

854

1,010

972

786

837

813

835

723

754

827

1,000

FY3/24

FY3/25

FY3/26

● Chemicals for Electronic Components

▲ Chemicals for Decoration and Function

Financial Results Briefing Material for 3Q FY3/26 14

‌Quarterly Sales of Chemicals by Region

2,170

2,156

1,945

1,804

1,738

1,426

1,154

YoY 8%

(Millions of yen) 2,800

2,100

China

2,415 2,380

YoY 3%

QoQ 3%

2,422 2,488

1,400

QoQ 17%

651

585

442

492

445

487

477

510

411

442

517

700

FY3/24

FY3/25

FY3/26

● Chemicals for Electronic Components

▲ Chemicals for Decoration and Function

Financial Results Briefing Material for 3Q FY3/26 15

‌Quarterly Sales of Chemicals by Region

(Millions of yen)

Taiwan

YoY 38%

QoQ 13%

1,400

1,200

1,000

800

1,292

1,141

989

939

929

967

848

807

835

689

600

400

200

YoY (60)%

QoQ 0%

3 2 3 5 1 3 5 6 3 2 2

FY3/24

FY3/25

FY3/26

● Chemicals for Electronic Components

▲ Chemicals for Decoration and Function

Financial Results Briefing Material for 3Q FY3/26 16

‌Quarterly Sales of Chemicals by Region

(Millions of yen) 700

South Korea

YoY 13%

QoQ 12%

485

481

504

492

517

497

431 450

388

413

600 556

500

400

300

200

YoY (14)%

QoQ (2)%

100

123

113

101

103

111

100

FY3/24

FY3/25

FY3/26

● Chemicals for Electronic Components

▲ Chemicals for Decoration and Function

Financial Results Briefing Material for 3Q FY3/26 17

‌3Q Progress Rate against FY3/26 Forecasts

(Millions of yen)

	FY3/26 3Q results	FY3/26 Full year forecasts (Revised February 2026)	Progress rate against full-year forecast
Net sales	21,514	29,200	73.7%
Operating profit	8,887	11,600	76.6%
Ordinary profit	9,003	11,800	76.3%
Profit attributable to owners of parent	6,578	8,500	77.4%
Net income per share	264.60 yen	342.43 yen	-

Financial Results Briefing Material for 3Q FY3/26 18

‌Annual Sales by Business (Incl. Forecast)

30,000

Net Sales (Millions of yen)

25,000

20,000

23,120

3,194

1,429

4,796

24,866 22,319

2,936

21,192

2,035

24,256

1,307

1,435

27,137

2,608

1,718

24,860

3,178

1,345

1,783

29,200 60

1,400

2,500

4,202

28,356

Operating Margin (%)

1,709

30.1

1,324

1,092

37.1

39.7

25,300

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

薬品事業(仕入製品)

FY3/19 FY3/20

装置事業

その他事業

営業利益率

2020/3

2021/3

2022/3

2023/3

2024/3

2025/3

2026/3

FY3/21 FY3/22 FY3/23 FY3/24 FY3/25 FY3/26

薬品事業(薬品)

2019/3

2018/3

Chemicals Business (Chemicals)

Chemicals Business (Purchased Chemicals)

Machine Business

Other Businesses

Operating Margin

(Forecast)*

Financial Results Briefing Material for 3Q FY3/26

*Revised February 2026

‌Capital Expenditures, Depreciation and R&D Expenses

(Millions of yen)

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

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

431

1,090

759

6,359

8,202

1,400

1,200

1,000

800

600

400

200

5/3 2026/3

2022/

32023/

32024/3

2025/3

2026/3

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

(Forecast)

1,207

1,800

866

727

619

676

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

(Forecast)

1,600

1,400

1,200

1,000

800

600

400

200

研究開発 比率

研究開発

1,550

10.0%

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

FY3/22 FY3/23 FY3/24

FY3/25

FY3/26

/3 202

FY3/22 F

Y3/23

FY3/24 F

FY3/26

Forecast)

Y3/25

(

(Forecast)

Financial Results Briefing Material for 3Q FY3/26 20

‌FY3/26 Equity Policy

Dividends per share (Forecasts)

Interim dividend: 41 yen Year-end dividend: 54 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

17.5

48.5

22.5

23.5

+¥15

22.5

30		32.5
15		15
15		17.5
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 3Q 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

CO2emissions (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 2025: 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 3Q 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 3Q 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 3Q 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 3Q 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

▮Reduction in concentration of

palladium included in products

Resource saving

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 3Q 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 3Q 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 3Q 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 3Q FY3/26 29

Financial Results Briefing Material for 3Q FY3/26