Lasertec Corp. TSE:6920

Lasertec : Presentation Material - First Half of Fiscal Year ending June 2026 Financial Results (Script Including Q&A)

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Lasertec Corporation

Financial Results Briefing for the Second Quarter of Fiscal Year Ending June 2026 January 30, 2026

Event Summary [Company Name] Lasertec Corporation [Company ID] 6920-QCODE [Event Language] JPN [Event Type] Earnings Announcement [Event Name] Financial Results Briefing for the Second Quarter of Fiscal Year Ending June 2026 [Fiscal Period] FY2026 Q2 [Date] January 30, 2026 [Number of Pages] 21 [Time] 16:00 - 16:43

(Total: 43 minutes, Presentation: 7 minutes, Q&A: 36 minutes)

[Venue] Webcast [Venue Size] [Participants] [Number of Speakers] 3

Tetsuya Sendoda Representative Director, and President & Chief Executive Officer

Hisashi Yokokawa Executive Officer, CFO

Raiji Hanashima Manager, PR & IR Office, Corporate Planning and Control Department

[Analyst Names]* Shuhei Nakamura Goldman Sachs

Yu Yoshida CLSA Securities

Masahiro Nakanomyo Jefferies

Kazuyoshi Saito IwaiCosmo Securities

Masahiro Shibano Citigroup Global Markets Yoshitsugu Yamamoto Mizuho Securities

Tetsuya Wadaki Morgan Stanley MUFG Securities

Atsushi Yoshioka Nomura Securities

Mikio Hirakawa BofA Securities

Takeru Hanaya SMBC Nikko Securities

Kenji Yasui UBS Securities

David Dai Sanford C. Bernstein

Yasuo Imanaka Rakuten Securities

Mio Shikanai JPMorgan Securities

Takeshi Fukuyama Daiwa Securities

*Analysts that SCRIPTS Asia was able to identify from the audio who spoke during Q&A or whose questions were read by moderator/company representatives.

Presentation Hanashima: It is now the scheduled time, so we will begin the financial results briefing for Q2 of the fiscal year ending June 2026 for Lasertec Corporation. Thank you very much for taking time out of your busy schedules to join us today. I am Hanashima from the Corporate Planning and Control Department, PR & IR Office, and I will be moderating this session.

Starting from this fiscal year, we have introduced simultaneous interpretation in Japanese and English. If you wish to listen to the English translation, please use the interpretation button and select English. If you do not see the interpretation icon, please click on "more" and you'll be able to choose your language of choice.

Allow me next to introduce the attendees: Representative Director, President, and CEO, Tetsuya Sendoda; and Executive Officer, CFO, Hisashi Yokokawa.

Now let me explain the flow of today's briefing session. First, our CFO, Yokokawa, will present an overview of the results, followed by President Sendoda discussing the business environment and future outlook. Thereafter, we will hold a Q&A session until 5:00 PM. The entire session is scheduled to last approximately one hour. Please do note that the Japanese and English transcript of this briefing will be posted on our website at a later date.



Now, without further ado, let us move on to the financial results summary. Mr. Yokokawa, please.



Yokokawa: So, I would like to explain the results of Q2.

So, for Q2, for net sales, JPY74.0 billion; OP, JPY36.2 billion; and for net income, JPY26.6 billion. Versus last year, this is a decrease, but compared to the previous quarter, we have grown dramatically.



Moving on, I would like to cover the results for H1. For sales, JPY128 billion; OP, JPY629 billion; and net income, JPY457 billion. So this was pretty much on par as last year, and this was an increase when compared to the previous half of the year.



Here is the breakdown of sales by product category.

For semiconductor-related products, we recognized sales of JPY56.5 billion while services revenue amounted to JPY15.6 billion which is a record high.



Next, we have the breakdown by region.

Sales from Korea amounted to JPY23 billion. Taiwan was JPY15.7 billion and in the US, we recognized sales of JPY 15.5 billion.



Moving on to the balance sheet.

Total assets is JPY309.6 billion, of which cash and deposits made up JPY80.5 billion. Inventories was JPY161.8 billion, a slight reduction in comparison to the last quarter. When reviewing out assets, we see no issue with the contents on hand.

For the liabilities and net assets, advances received decreased to JPY36.8 billion due to the increase of sales recognized.



Next, this is the quarterly cash flow.

In Q2, free cash flow was JPY18.7 billion. Due to share buybacks, we saw cash outflow of JPY8.0 billion in financing activities.



Lastly, I would like to cover other key indicators.

We spent JPY3.4 billion for R&D and JPY7.4 billion for capex, all of which is progressing as we have scheduled. For the total number of employee have reached 1,242.

Hanashima: Next, I'd like to invite Mr. Sendoda to talk about the business environment as well as the full-year forecast.

Sendoda: Yes, I'd like to present the business environment as well as forecast.

I would like to begin with our two new product releases. The first is the Ultra-Short Pulse Excitation Microscope called OPTELICS UXM. This product allows for the nondestructive and three-dimensional analysis of defects that occur inside WBG wafers.

Second is the Mask Blanks Inspection and Review System, MAGICS Series M9750/M9751 which delivers significantly higher sensitivity and throughput compared to its predecessor models.



Next is the market environment and outlook.

For semiconductor device makers, multiple customers have already begun 2-nanometer production. Driven by AI-related demand, both logic and memory device makers are stepping up their investment plans.

For our orders outlook, we expect it to gradually recover from CY2026 primarily for semiconductor-related products. We expect orders between JPY170 billion to JPY220 billion for this fiscal year. At the end of last year, we also received the first order for our ACTIS A200HiT series.



Next is the 2026 full-year forecast.

Due to earlier than expected customer acceptance, we revised the forecast upward. Net sales is raised to JPY220 billion, operating income of JPY100 billion and net profit of JPY72 billion. The exchange rate assumption has been changed to JPY145 to the US dollar.



Lastly, the dividend forecast for FY2026.

The interim dividend is JPY132 per share. There is no change for the year-end forecast, so the total dividend forecast for the full year is JPY329 per share.

Thank you. That's all for the presentation.

Question & Answer Hanashima [M]: Allow us to move on to the Q&A session.

From Goldman Sachs, Nakamura-san, please state your question.

Nakamura [Q]: Thank you very much for this opportunity. In comparison to the last call, you have limited your range of your full year order forecast to the midway point. Hence, I think that the level has not changed too much since the previous quarter. But I'm sure that the environment surrounding your company has changed greatly since the end of the year.

With that in mind, could you elaborate and share any insights on the assumptions behind this range for the latter half of CY2026, which is the company's fiscal year ending June 2027?

Sendoda [A]: On the orders range, the median is not all that different, but we've limited the range in comparison to our previous briefing. The midpoint is made up of orders that we believe are reasonably solid based on the available forecast. For the lower end, as we cut off in June at the end of the fiscal year, we eliminated orders that may be difficult to come through within this fiscal year and could slip into the following fiscal year. For the upper end, it includes orders not included in customer's forecast but we see potential for these additional orders to come through based on our dialogues with our customers. Therefore, JPY170 billion to JPY220 billion is a range that we have a level of certainty to.

Now, for the orders outlook for the fiscal year ending June 2027, ACTIS and MATRICS obviously are the focal points and so I would like to cover these two products. I'll start off with MATRICS.

We are seeing a recovery in the bookings with MATRICS quite significantly. Hence, we expect the conditions to be rather favorable in both fiscal year 2026 and 2027.

Now, ACTIS. We have just announced the A200HiT series previously. The A200HiT would first be installed at the customer site and used to inspect customer's masks. The customer would then evaluate and we anticipate that thereafter, we can receive a substantial number of orders. As such, a full-scale recovery for ACTIS can be expected in CY2027.

Nakamura [Q]: Thank you very much. As a follow-up question, I would like to confirm the actual products in your order forecast for this fiscal year. The A200, I believe you received an order in December. The ACTIS 150, 200, as well as 300, MATRICS, and other product categories, can you break it down for us in this manner? Sendoda [A]: All right. So, MATRICS, as I mentioned earlier, we are seeing a strong uptake. In terms of the level, approximately 1.5 times more than last year. Now as for ACTIS, we do not see a strong demand in the customers' forecast for the mask shops yet, so the A150 as well as A200 HiT will be the main products. Nakamura [Q]: I see. Thank you. That is all from me. Hanashima [M]: Thank you. Yamamoto-san of Mizuho Securities, please. Yamamoto [Q]: Yamamoto from Mizuho Securities. Thank you very much. You talked about ACTIS and not so much for mask shop. I think that in early calendar 2026, the recovery for the mask shop was expected and also for the fab, the order is likely to increase. I think in comparison to that comment, the mask shop comment has become weaker. So if there are any changes, could you comment on these developments? Sendoda [A]: Yes. Right now, while we are getting inquiries from the mask shops, clear forecasts have not come through for this fiscal year. The number of EUV mask is increasing and a lot of discussions with mask shops are ongoing but we still do not have a clear forecast.

Our previous comments were not based on customer forecast, but upon inquiries. This may explain why the comments sound somewhat different from the last time.

Yamamoto [Q]: A follow-up question. As for the fab, is this the same as the outlook before? Or is this going to be stronger or weaker? Sendoda [A]: Well, as for the wafer fabs, it has become stronger than before. While this is in part due to A200HiT's release, it is also due to the increase in fab capacity. As such, inquiries from the fabs, including the forecast, have become stronger. Whether that would come in as an order from June, that is not yet clear. Yamamoto [Q]: Will these come through as orders by June or is it still unclear at this point? Sendoda [A]: We talked about the range, and we expect to land around the midpoint of said range. As I said, there could be some differences in the timing at which the orders come through, but the forecast itself has become stronger. Yamamoto [Q]: Thank you very much. That's all. Hanashima [M]: Next, Yoshida-san from CLSA Securities, please. Yoshida [Q]: Thank you. This is Yoshida from CLSA Securities. Your order forecast for this year, you described various changes. For H1 and H2, what is the ratio between H1 and H2 for order volume? Sendoda [A]: The first half of last year, the last fiscal ending in Jun 2025 for us, we continue to see similar levels of orders. In other words, very low. We do not provide the ratio but you can think of the order levels as remaining roughly the same as in the last fiscal year. Yoshida [Q]: JPY40 billion to JPY50 billion, I think, was mentioned in the previous quarter. If it is that case, that means that JPY100 billion for H2 approximately. So it's not a massive recovery. That's my impression. Sendoda [A]: Although the final orders intake for last fiscal year was JPY100 billion, we had originally anticipated orders of JPY140billion. Due to factors like cancellations, it ended at roughly JPY100 billion. On a quarterly basis, this works out to roughly JPY35 billion. So, roughly JPY70 billion perhaps for H1, and likely a ratio of approximately 1 to 2 for H1 and H2 in this fiscal year. In other words, H2 is almost double. Yoshida [Q]: I see. Another follow-up question. Based on your comment previously, it sounds as though order intake will accelerate in CY2027. Given that the environment in second half of CY2026 is largely unchanged from the first half of CY2026, what will be the reasons for the upside? For example, is it ACTIS for the mask shops as well as further acceleration for the fab shops as well? Sendoda [A]: For CY2026, the momentum for MATRICS is very strong and we expect orders for ACTIS to continue to come in. Hence, the current trend we are seeing in H2 of FY2026 will likely continue into H1 of FY2027. On top of that, the A200HiT fab orders will be on the rise and further contribute in CY2027.

Let me update on the current status of the A200HiT. We are currently conducting demo evaluations in-house using customers' wafers. We have carried out a substantial number of demos and the feedback has been very positive. Not only has throughput passed the specified targets, and in terms of sensitivity, the customer has acknowledged that all printable defects have been detected.

Next, we will bring the tool into the customers' site where they will evaluate at their sites. If they feel that the tool can be included in their production, we expect that then, an order will be placed with us. Hence, we expect that there to be an increase in A200HiT orders from CY2027.

Yoshida [Q]: I see. So, in that case, as you mentioned earlier, demand from mask shops could potentially increase by a few folds? Sendoda [A]: Yes. Yoshida [M]: Thank you. Hanashima [M]: Thank you. Next, Morgan Stanley MUFG, Wadaki-san, please. Wadaki [Q]: Wadaki speaking from Morgan Stanley. Thank you very much. I think that the orders forecast is becoming better. The medium value has not been changed, but we feel that it's getting better. Which products or regions that have become better? Sendoda [A]: Well, as I said, MATRICS is in both logic and memory, and region as well. In all the regions that we offer, as a whole, it's getting better. As for memory too, it has increased risen significantly from the previous fiscal year. Wadaki [Q]: I see. Thank you. Follow-up question. So A200, so DRAM manufacturers, what has the response been? Are you getting a good reaction from them? Sendoda [A]: As for DRAM, in comparison to the logic, we are not getting that strong a reaction, but we have begun receiving inquiries from the mask shop for DRAM. That said, as DRAM continues to miniaturize, the size of the defects that customers want to detect will become increasingly smaller. As node size progresses, defects that only ACTIS can detect will appear and ACTIS will eventually be adopted by fabs. Wadaki [M]: Thank you. Hanashima [M]: Thank you. From Citigroup, Shibano-san please. Shibano [Q]: This is Shibano from Citigroup. Thank you for this opportunity. I would like to ask about the quarterly forecast, and would like to confirm what you already mentioned. I'll state some numbers. For H1, JPY70 billion, I think is the image that you had and in terms of annual range, is it JPY170 billion to JPY220 billion? Sendoda [A]: Yes. Shibano [Q]: Given JPY170 billion to JPY220 billion it seems that the second half is about JPY100 billion to JPY150 billion. As for CY2026 H1 and H2, it's about the same and once we hit CY2027, the A200 uptake will begin, is the image that I think you have in mind.

Moving from 2026 to 2027, aside from the A200, do you have any specific investments that you will actually decrease? Or would investments increase all around? Can you confirm that point, please?

Sendoda [A]: All right. For 2026, we do not anticipate any decrease in investments. In general, we believe that the overall bookings will rise. Shibano [Q]: I do have another question. When orders come through, considering the lead time,when would orders translate into sales? Is it one year down the road or 18 months down the road? If you have any updates, that would be helpful. Sendoda [A]: In terms of sales, the lead time for ACTIS is approximately one year and, the customer has to evaluate, so it will be about 18 month. But for MATRICS, the lead time is shorter and time taken to acceptance is shorter too, hence it will not take 18 months. Shibano [M]: All right. Thank you. Hanashima [M]: Thank you very much. Next, Nakanomyo-san from Jefferies. Nakanomyo [Q]: Nakanomyo from Jefferies. Thank you very much. Sorry for my poor understanding, but according to what you said, the A150 for fabs will be main orders for CY2026. Is that correct? Sendoda [A]: Well, CY2026, the orders will mainly be for fabs however, these orders are not limited to A150 but also A200HiT. We have not disclose the ratio but A200HiT will increase with time. Nakanomyo [Q]: My apologies, would orders of A200 come in in CY2026 H2? Sendoda [A]: So A200, in terms of the orders, H2 2026, that would start to come in. Well, use for production and getting a lot of orders, that would happen in 2027 and onwards. But first of all, the customers first have to install them in the fab and evaluate them. So the first PO, I think 2026, we will start to see more of that. Nakanomyo [Q]: I see. Thank you. So that will lead to the orders. So, most recently, TSMC's CapEx plan and ASML's order outlook, A200 HiT evaluation or mask shop, before they move to A150 or mask shops, there could be acceleration of the investments and then 2026 will be added on to that. So, up until H1, maybe not much movement, but in terms of the orders, it is likely to increase. Is that likely? Sendoda [A]: Well, I talked about the mask shops earlier. Mask shops for this fiscal year, we do not have any forecast, I said. But even from the mask shops, we are getting inquiries and we are talking about capacity increase. 2026 H2 from the mask shops, A300 series, it is possible that we get the order. It's not just the wafer fabs, but the capacity increase of the mask shops is something that we are considering. Nakanomyo [Q]: You said H2, that is CY2026? Sendoda [A]: Yes, that's CY2026 in H2. Nakanomyo [M]: Thank you very much. Hanashima [M]: Saito-san from IwaiCosmo Securities, please. Please state your question. Saito [Q]: Thank you for the opportunity. This is a similar question, but allow me to state it. ACTIS order is recovering. Is it inclusive of the customers that canceled last year and you are seeing a surge in perhaps the order placements? Sendoda [A]: Yes, that understanding is correct. Saito [Q]: Thank you. For ACTIS fab demand increase, I think from 2-nano to linear carbon, there are new masks that are emerging and so perhaps these will be drivers as well to accelerate the demand?

So with linear carbon, inspection is quite critical. So, DUV, if it is the EUV light of ARF 193, obviously, we do have to be quite careful. With EUV source, the resolution is quite high and so the inspectability, so to speak, is higher and with 2-nano and there onwards, so it's not just the smaller footprint, but the difficulty of the patterning as well. We believe that ACTIS is advantageous.

Saito [Q]: All right. Then with more fab linear and considering the upcoming trends, let's say, you will be inspecting many types of designs, so the number of ACTIS is needed. Is there a possibility the number of units will have to be increased as well [as] production? Sendoda [A]: So if more masks, then there will be higher demand for ACTIS. And the EUV layer will increase, masks will become more complex and the masks will become larger, what we often call the single chip or one chip. When that happens, we do have to have high inspection sensitivity, and we do have to guarantee defect-free, so ACTIS will become a very important product. Saito [M]: Thank you. That's it from me. Hanashima [M]: Thank you.

Yamamoto-san from Mizuho Securities.

Yamamoto [Q]: This is my second time. Earlier, A200 HiT, the enhancement, you said that internally, the customers would bring their masks for evaluation and then you would go to the customer site. So, for example, the foundries in Taiwan, they cannot bring the masks to outside of the company. That means that maybe they won't evaluate and you will bring your product over there and you need to evaluate. Or the Taiwanese foundries, they cannot bring the masks outside, so it's not meaningful to do the evaluation. So Taiwanese foundries, you're not getting the inquiries because they cannot do the evaluation? Could you give us some detailed comments? Sendoda [A]: Well, rather than talking about the specific customers' evaluation method or mask evaluation, I'm talking about the general discussion, I will give you some details. First, each customer has sensitivity masks. For example, the mask that doesn't function actually, the simulated masks are being created so that they can evaluate. They would prepare that and they measure the size. This mask, this is not the customer design, but it's simulated or the pseudo design. That will be used for the first testing or first evaluation for all the equipment. That's something that all the companies do.

It's not the actual functioning pattern. They can bring it outside of the company. So they will bring it out of the company and then how much printing they can do, to what size, they know that. So they can test to what extent they can do the testing. That would be that if the sensitivity is okay.

Then on the customer side, using the actual mask, they will evaluate the testability. This time, they would use their own pattern. So they cannot bring this mask outside of the company. That's how they do it.

Yamamoto [Q]: If that is the case at the Taiwanese foundries, as for the 200 HiT or the fab, they are starting to evaluate. Is that correct? Sendoda [A]: Yes. It's not just the Taiwanese customers, but all the customers are doing a similar evaluation. Yamamoto [M]: I see. Thank you. Hanashima [M]: Hirakawa-san, please state your question. Hirakawa [Q]: Yes, Thank you. For full-year 2026, I would like to ask about your revised numbers. You updated your numbers from JPY200 billion to JPY220 billion. This is because you had some advanced acceptance. If you can perhaps explain the backdrop because in terms of application or perhaps some regional trends that contributed, that would be helpful. Sendoda [A]: There are basically two reasons. One, our lead time is becoming shorter and as a result of the shorter lead time, the timing to accept is quicker. Another is customers are requesting quicker procedures. In other words, we are actually shipping earlier than expected based on customer requests, so that's another reason.

Now for the actual products and the units, it's not one specific, but it's both for ACTIS and MATRICS.

Hirakawa [Q]: All right. So there is much more request for fast-forwarding these order placements and so that's for logic memory both? Sendoda [A]: Yes. That is correct. Hirakawa [M]: Thank you. Hanashima [M]: Thank you.

Next, from Morgan Stanley MUFG, Wadaki-san.

Wadaki [Q]: Thank you. About the business in China, I hear that you're getting a lot of strong inquiries from there. Could you talk about the current situation and forecast? Sendoda [A]: Yes. About China, previous year, 8% to 9% was the percentage of the sales to China out of the total. For this fiscal year, the inquiries from China, yes, we are getting a similar level of that. EUV is the main part. The volume of inquiries from China is big. But whether that percentage would increase or not, it's not going to increase so much. That's what we expect at this moment. Wadaki [Q]: But in comparison to last year, it's going to increase, right? Doubling or tripling, I think I remember that. Sendoda [A]: It's not going to be double or triple, no. The metrics, as I said, 1.5 times, as I said, it's not just China, but it's up as a whole. The percentage is about the same. So 1.5 times would be the level. It's same as the overall. Wadaki [Q]: What about sustainability? You are still getting very strong inquiries? Sendoda [A]: That's very difficult for us to forecast. But until recently, yes, that's the case. We cannot forecast some years in the future. Hanashima [M]: Yoshida-san from CLSA Securities. Please go ahead. Yoshida [Q]: This is my second round of questions. Thank you. Starting from H1 and towards H2, this is for the fiscal year basis, you mentioned that orders will double. This shift in orders, MATRICS is already strong from H1. So this change or shift is due to ACTIS. Is that interpretation correct? Sendoda [A]: Yes. MATRICS starting from the latter half of H1, and this might be for all manufacturers, but it was not abrupt. But starting from the end of last year, we're seeing stronger and stronger demand and so MATRICS is strong as a result. Then on top of that trend, ACTIS, slightly lagging behind, but we will see more and more demand for ACTIS. Yoshida [Q]: I see. Then H1 of calendar year, this is CY2026 H1 and the latter half, the demand volume would be pretty much the same. But in comparison, MATRICS is the same and ACTIS will also be the same. But I'm assuming that A200 orders will be concentrated in H1 2026 and then towards the latter half, it will be more for the mask shops? Sendoda [A]: Yes. So, for the mask shops as well, we might have some demand for A200. I did say it's about the same, but for the next fiscal year, in terms of orders, we have yet to fully cover the numbers and analyze the numbers. We do have some A200s and the A300 series will also come into the demand pool. Yoshida [Q]: Another point, if I may. The ACTIS lead time you mentioned, you said one year, I thought. Usually, it will take 18 months for the customer to accept this. You did say 1.5 years for the lead time, so it's shorter in comparison? Sendoda [A]: The 1.5 years that we cited previously, from the order to the actual shipment, the lead time was

1.5 years. So now until shipment, it's one year. Then at the customer site, they evaluate and so forth at their production site, and so we add another six months.

Yoshida [Q]: And ACTIS as well. I think you mentioned the lead time previously was 1.5 years. So, if we look at the same timeline, then it's shorter. So is that understanding correct? Sendoda [A]: Yes. But until shipment, it does take about a year until we ship. Yoshida [Q]: All right. So, if that's the case, then 2027, the manufacturing units will be installed and the mass inspection units will also be launched, so the timing coincides. So in one year's time, if everything is prepared, then 2027 or beginning of 2027, if you receive the order, then you can deliver beginning in 2028. Would that image be correct? Sendoda [A]: Yes. Yoshida [M]: Thank you. Hanashima [M]: Thank you.

Hirakawa-san of BofA Securities, go ahead.

Hirakawa [Q]: Yes. Thank you very much. Right now, about the inquiries, among those for the FY2027 ending June, based on that, the situation for 2026, is it likely to continue? Or for 2027 ending June, the potential orders, I'm sure it's going to increase or decrease. But FY2027 ending June, how much of the inquiries are likely to become orders? In the past few months, have you seen any changes? Sendoda [A]: Well, for the next fiscal year for the other orders, first, about MATRICS, the strong situation is likely to continue. As for ACTIS, previously, in comparison to three months ago, after doing the demonstration, the result of the demonstration was very highly evaluated. So we need to ask the customers to use their masks and to evaluate whether they can do the inspections. So we have moved one step forward.

From 2027, the HiT orders, we are becoming more confident. That will be the image.

Hirakawa [M]: Thank you. Hanashima [M]: Will there be any other questions?

If not, then we would like to close today's briefing session.

Lastly, we do have a survey on the Zoom screen, so we encourage your cooperation. Once again, thank you very much for your attendance despite your busy schedules. Thank you.

[END]

Document Notes

  1. Portions of the document where the audio is unclear are marked with [Inaudible].

  2. Portions of the document where the audio is obscured by technical difficulty are marked with [TD].

  3. Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides an answer from the Company, or [M] neither asks nor answers a question.

  4. This document has been transcribed based on interpreted audio provided by the Company.

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