Npc IncorporatedTSE: 6255

Presentation material for the financial results for the fiscal year 2025 （448kb)

Oct 10, 2025 at 11:27 AM UTC · Issued by NPC Incorporated

Business Information

NPC Incorporated (TSE Growth 6255) October 10, 2025

INDEX

Business Results for FY2025
Market Environment & Company Actions
Business Forecast for FY 2026
Medium-term Management Plan

Business Results for FY2025

Business Results for FY2025 Consolidated Statement of Income

(Million yen)

	FY2024		FY2025
	Results (A)		Initial forecast (As of Oct. 15, 2024)		Revised forecast (As of Apr. 10, 2025) (B)		Results
	Amount	Vs. Sales (%)	Amount	Vs. Sales (%)	Amount	Vs. Sales (%)	Amount	Vs. Sales (%)	Vs. (A) (%)	Vs. (B) (%)
Sales	10,797	100.0	10,925	100.0	9,294	100.0	9,272	100.0	(14.1)	(0.2)
Gross profit	3,579	33.1	3,205	29.3	3,093	33.3	3,101	33.4	(13.4)	0.3
SG&A expenses	1,143	10.6	1,135	10.4	1,189	12.8	1,180	12.7	3.2	(0.8)
Operating income	2,436	22.6	2,069	18.9	1,904	20.5	1,920	20.7	(21.2)	0.8
Non-operating income	4	0.0	3	0.0	9	0.1	21	0.2	425.0	133.3
Non-operating expenses	14	0.1	4	0.0	17	0.2	19	0.2	35.7	11.8
Ordinary income	2,426	22.5	2,069	18.9	1,896	20.4	1,922	20.7	(20.8)	1.4
Extraordinary income	-	-	-	-	-	-	-	-	-	-
Extraordinary loss	-	-	-	-	-	-	-	-	-	-
Net income before tax	2,426	22.5	2,069	18.9	1,896	20.4	1,922	20.7	(20.8)	1.4
Income tax-current	722	6.7	519	4.8	701	7.5	535	5.8	(25.9)	(23.7)
Income tax-deferred	27	0.3	-	-	-	-	61	0.7	125.9	-
Net income attributable to owners of the parent	1,676	15.5	1,549	14.2	1,195	12.9	1,325	14.3	(20.9)	10.9

Note: 1. The numbers parenthesized represent minus figures.

2. Percentages at vs. (A), (B ) and represent increase/decrease rate.

Business Results for FY 2025 Details of the results compared to the forecast

Sales

(Million Yen)

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

9,294 9,272

Environmental businesses

Parts

Automation machines

Solar panel

Major components of sales
-First Solar: Equipment for new factory in Louisiana
-R&D equipment for perovskite PV module (2 Japanese companies)
-New equipment and upgrading of crystalline silicon PV module manufacturing equipment (Japanese company)
-Solar panel recycling machines
Frame & J-Box Separator: Japan - 3 units, overseas - 2 units Glass Separator: Japan - 1 unit, overseas - 1 unit
2,000
1,000
0
Forecast Result
recycling machine
PV module manufacturing equipment
-Automation machines (Japanese electronic components manufacturer, Japanese-owned automobile components manufacturer)
-AI robotic sorter for industrial waste management companies
-Sales of equipment parts fell short of target in H2
Profits
- Gross profit
  -Generally aligned with expectations
  -While sales of equipment parts, which are products with high profit margins, fell short of our targets in the second half of the fiscal year, cost reduction in on-site operations was successful.
- Operating income, ordinary income, and net income attributable to owners of the parent

-Operating and ordinary income exceeded the expectation due to a slight increase of gross profit and a slight decrease of SG&A expenses

-Net income exceeded our expectations due to decrease in income tax caused by increase in ratio of foreign tax credits, and a change in category under tax effect accounting

Business Results for FY2025: Orders / Order Backlog

(Million yen)

FY2024 1st half

FY2025 1st half

Orders received

Order backlog

Orders received

Year-on-year

ratio(%)

Order backlog

Year-on-year

ratio(%)

Total

8,601

8,079

7,916

(8.0)

6,723

(16.8)

Note: 1. The numbers parenthesized represent minus figures.

2. Percentages at year-on-year ratio represent increase/decrease rate.

Breakdown of orders received in FY2025

Order

Order Backlog

PV module manufacturing equipment Solar panel recycling machine Automation machine

Parts

Environmental businesses

PV module manufacturing equipment Solar panel recycling machine Automation machine

Parts

Environmental businesses

PV module manufacturing equipment

-Perovskite PV module equipment manufacturing line (Japanese company)

-R&D equipment for perovskite PV module (Japanese company)

-First Solar: R&D equipment and pilot line for perovskite PV module, equipment upgrading

- Crystalline silicon PV module manufacturing equipment (Japanese company)

Automation machine

-Equipment to Japanese-owned automobile components manufacturer

Solar panel recycling machine

Frame & J-Box Separator: Japan - 3 units, overseas - 2 units
Glass Separator: Japan - 1 unit, overseas - 1 unit

Others

-Equipment parts, solar power plant inspection service, plant factory business, etc.

Business Results for FY2025: Balance Sheet

(Million yen)

2024.8 2025.8

2024.8 2025.2

Assets 15,436 12,911

Current assets 11,958 9,649

Cash and deposits 5,237 6,421 Notes and accounts receivable-trade

/electronically recorded monetary claims- 2,793 1,962 operating

Work in progress 3,759 1,044

Raw materials and supplies 17 21

Other 150 199

Noncurrent assets 3,477 3,261

Property, plant and equipment (net) 1,473 1,313

Land 1,548 1,548

Other 456 400

Liabilities 5,747 2,075

Current liabilities 5,666 1,972

Accounts payable-trade

/electronically recorded obligations- 2,540 1,063 operating

Income taxes payable 672 263

Advances received 1,976 287

Provisions 193 122

Other 287 235

Noncurrent liabilities 80 103

Net assets 9,684 10,835

Capital stock, capital surplus 5,550 5,566

Retained earnings 4,286 5,396

Treasury stock △306 △263

Other 154 135

-Necessary to secure cash for large-scale orders in the future

→In case of business with Japanese companies, it is difficult to receive advances. Therefore, it is essential to be able to present to the customers that NPC is financially prepared to take on large-scale projects (it is a risk for customers for NPC to have borrowings

Market Environment and Company Actions

Company Actions - Highlights

Highlights

Large-scale project for Japanese perovskite PV module manufacture R&D equipment and pilot line for perovskite PV module (First Solar) Success in closed-loop recycle of solar panel cover glass separated by NPC's recycling machine Sales launch of "EVA scraper", a machine that realizes closed-loop recycling of cover glass Putting efforts into automation machines for industrial waste management industry

PV Module Manufacturing Equipment:

U.S. PV Market
Current status of Inflation Reduction Act in the US
-Amendments were made on July 4, 2025
→Section 45X tax credit (tax credit for manufacturing clean energy related components): No change in solar power related section
→Section 48E tax credit (tax credit for investments in the installation of clean energy facilities): Shortened timeline / stricter requirements
＝Effects to First Solar is limited, however could influence the market environment
Market environment of US solar power related market
Positive
-Electricity demand related to data centers
-Goals of each states regarding use of clean / renewable energies
-Restrictions such as tariffs against importing solar panels from China / through East Asian countries
Neutral
-Section 45X tax credit
Negative
-Section 48E tax credit
-President Trump's attitude towards renewable energy (criticism towards solar is limited)
-Effects of increased US tariffs (rise in raw material costs, trade barriers, etc.)
Copyright Ⓒ 2025 NPC Incorporated. All rights reserved. 9

PV Module Manufacturing Equipment:

Current Status of First Solar and Our Future Actions

Financial results of FY2025 and forecast of First Solar

	FY2024 (Results)	FY2025 (Forecast)
Sales	$4.2B	$4.9B~5.7B
Gross Profit	$1.8B	$2.05B~2.34B
Operating Income	$1.3B	$1.53B~$1.87B
Capital Expenditures	$1.5B	$1.0B~1.5B
Volume Sold	14.1GW	16.7~19.3GW

-Order backlogs at 2Q earnings call were 64.0GW, potential booking opportunities were 83.3GW

(Reference: First Solar '24 4Q Key Quarterly Financial Data, '25 2Q Earnings Call)

Capital investments of First Solar

-Expecting nameplate capacity of 25GW by 2026

-Introduction of R&D equipment and pilot line towards commercialization of perovskite related products

-Considering options such as reallocation of production facility and introducing new equipment to adapt to market changes and effect caused by the tariffs

Our future actions

-Provide / acquire additional orders for R&D equipment and pilot line for perovskite and tandem

-Expecting to acquire orders in FY2026 for projects related to reallocation of production facility and introduction of new facilities

-Planning to start provision of front-end equipment

PV Module Manufacturing Equipment:

Perovskite PV module (Japanese market)

Actions of Japanese government related to perovskite PV modules

Assistance related to production

-Aim to establish a gigawatt-scale production system by 2030

-Establishment of installation methods for locations where it was not possible to install conventional solar panels

-To enhance international competitiveness, reduce manufacturing costs by building a stable supply chain (including raw materials)

Assistance related to creating demands

-Aim to introduce 20GW by 2040

-Assistance for local governments and companies to install film-type perovskite PV module to places that it was not possible to install conventional solar panels

Assistance related to establishment of mass production technology

-Aim to achieve the power generation cost to reach a point where market is self-sustainable by 2040

-Subsidize R&D for tandem technology

Strategies for overseas expansion

-Based on reflections on the past (decline in global market share of Japanese companies in the crystalline silicon market, the loss of superiority in manufacturing technology, and the outflow of technology and human resources), the following will be implemented:

→Early acquisition of overseas markets, prompt establishment of international standards for reliability assessment, collaboration with friendly nations that possess advanced research institutions

PV Module Manufacturing Equipment: 3. Perovskite PV module (Achievements and Future Actions)

Our achievements and future actions

Japan

-Acquired an order for large-scale production line from a Japanese company in 3Q

→Track record of businesses with First Solar, production capacity of Matsuyama factory, and financial stability were key factors in securing the deal

-Continuously receiving orders for R&D equipment from multiple companies

→Expecting to obtain orders for R&D equipment / pilot line from a different company than the one mentioned above

First Solar

-Expecting sales booking and additional incoming orders of R&D equipment and pilot line

→Possibility of developing into a larger project in the future such as replacement / major upgrading of equipment, if the product is commercialized

Sales launch of front-end equipment

-Formed a business alliance with Gosan Tech Co., Ltd. for provision of inkjet printing equipment Gosan Tech: Korean company, established in 2025

Possesses advanced inkjet printing technology

Have track record of providing inkjet printing device to

major Korean companies for display and perovskite PV module

-Start provision of equipment mainly to the US and Japanese companies

Gosan Tech's

inkjet printing device

Solar Panel Recycling Machine (Market Trends)

Market trends of solar panel recycling

Japan

Overseas

-Press releases were issued from AGC Inc. and Central Glass Co., Ltd. informing that they have succeeded on closed-loop recycling of cover glasses that were separated using NPC's glass separator (hot knife separation method)

(AGC: released in April 2025, Central Glass: released in June 2025)

→As of now, only NPC's recycling machine can effectively realize recycling of solar panel, considering that it could separate glass from the cell sheet without breaking it, and is realistic from a cost and institutional aspect

-Legislative proposal about mandating recycling of solar panels

→while it was announced that the contents of it will be revised, promotion of recycling by the government is likely to continue

-Greece: A subsidy of 300 euros per ton of solar panels will be provided to businesses responsible for paying recycling costs

-Italy: A subsidy of €10 per panel will be provided for recycling

-Australia: Landfilling of solar panels is banned in the Victoria state, and some other states are considering to ban as well Recycling companies are building their own networks and conducting treatments

-France: Soren, the organization responsible for recycling discarded solar panels in France (recovering and recycling 77% of them), has launched a tender to select next year's processing contractor

→Envie, our customer is expected to be reselected, proposing additional equipment based on that expectation Envie is the only processing contractor that performs closed-loop recycling

→Strengthen efforts in development of new product and sales of solar panel recycling machine as one of the key pillar of our business

Solar Panel Recycling Machine (Achievements and Customer Trends)

Customer Trends

Users of our equipment
Japan: 22 companies in 18 prefectures (including orders received but not yet sold) (12 Glass Separators, 20 Frame & J-Box Separators)
Overseas: France, USA, Australia, Czech, Taiwan (sales expected in October)
Business sectors of customer companies
-Non-ferrous metal recycling
-Controlled landfilling
-E-waste recycling
Glass Separator + Frame & J-box separator
Glass Separator

Frame & J-box Separator
Kashiwazaki, Nigata
Hokkaido Iwate, Iwate
Sendai, Miyagi
-Electrical installation
→Number of companies that consider installing our machine is
Yawata, Kyoto Okayama, Okayama
Iwaki, Fukushima
increasing in non-recycle related sectors
Kurashiki, Okayama Isesaki, Gunma
Movement toward gaining approval based on the act concerning sophistication of recycling business, etc. to promote resource circulation
One of our customer has started preparation to apply for gaining
Fukuyama, Hiroshima Saiki, Oita
Kanoya, Kagoshima
Ayagawa, Kagawa
Saitama
Ota, Tokyo Yaizu, Shizuoka
Hamamatsu, Shizuoka Tahara, Aichi
Tokoname, Aichi
cross-jurisdictional approval based on the act mentioned above which stars from November 2025
Growing awareness concerning glass recycling methods
Nihama, Ehime
Matsuzaka, Ehime
Press releases from sheet glass manufacturers (AGC, Central Glass) serving as a driving factor, more customers are considering the recycling method that does not break glass as their first choice
Copyright Ⓒ 2025 NPC Incorporated. All rights reserved. 14
Solar Panel Recycling Machine (Our Current Status)
Our current status
EVA Scraper, our new product of solar panel recycling machine (Sales Launched in September 2025)
-Realizes closed-loop recycling of the separated glassby increasing purity and improving recyclability and value of the glass by using it after our Glass Separator
-Total sales of 200 sets (Glass Separator + EVA Scraper) in Japan before the disposal of solar panels reaches the peak amount
-Removes the residual EVA from the cover glass separated from the cell sheet by rotating a special brush (Brush Scraping Method)
→Obtained related patents (Patent No. 7712718)
Glass Separator EVA Scraper
Glass
EVA
Brush
New products under development
-Recycling machine that is designed for panels with broken glass
Demonstration at industrial waste management company in Czech (Enviropol)
-Planning to hold a 2-day demonstration in November and invite 6~8 potential customers in Europe (France, Germany, Austria, Italy, Spain, Belgium etc.)
Copyright Ⓒ 2025 NPC Incorporated. All rights reserved. 15

Automation Machine, Automation Machine for Industrial Waste Management Industry
Automation machine
-Continue businesses with Japanese-owned automobile components manufacturer in the US, expecting to acquire orders for capital investment
-Expand business to industrial waste management industry by leveraging track record and relationships built through sales of solar panel recycling machines
-Uncover customer needs by visiting companies in the industrial waste management industry
Automation machine for industrial waste management industry
-Aim to provide equipment for processes that are currently not automated, such as situations where manual work is needed to pick out things that were not able to sort using existing sorters
-Launched sales of AI (Artificial Intelligence) robotic sorter that sorts specific items such as pet bottles, glass bottles, cans, lithium batteries, scrap irons, etc.
-Already visited the sites of several companies, will be proposing labor-saving equipment based on what we saw in the visit
- Provided equipment to Matsuyama Youki (industrial waste management company near NPC's Matsuyama factory)

-Achieved labor-saving (initially 4 workers → 2 workers after installation

-Highly evaluated for the point that the equipment was able to be integrated into existing conveyors, which allows flexible and low-cost approach

←Robotic sorter sorting a pet bottle

Environmental Services

Solar power plant inspection service, Reuse and recycle of solar panels

-Continue to stably obtain orders to generate a business opportunity for solar panel recycling machines

-Obtain reuse / inspection service orders from panel replacement projects

-Verification to start business with Kyocera Communication Systems is ongoing (to process discarded panels from KCCS's power plants by leveraging our relationships with recycling companies)

Plant factory business

-Full production (approx. 60 tons annually), sold for commercial use and to supermarkets in Ehime Prefecture

-Started production and sale of red frill lettuce for commercial use

-Continue to improve our company's visibility through this business, which leads to coexistence with the local community and effective recruitment activities

Frilled Lettuce Green Leaf Lettuce Red Frill Lettuce

Business Forecast for FY 2026

Business Forecast for FY 2026

(Million yen)

	FY2025				FY2026 forecast
	1st half (A)		Full year (B)		1st half			Full year
	Amount	Vs. Sales (%)	Amount	Vs. Sales (%)	Amount	Vs. Sales (%)	Vs. (A) (%)	Amount	Vs. Sales (%)	Vs. (B) (%)
Sales	3,121	100.0	9,272	100.0	907	100.0	(70.9)	8,014	100.0	(13.6)
Gross profit	1,219	39.1	3,101	33.4	401	44.3	(67.1)	1,952	24.4	(37.1)
SG&A expenses	563	18.0	1,180	12.7	590	65.1	4.8	1,192	14.9	1.0
Operating income	656	21.0	1,920	20.7	(189)	(20.8)	-	760	9.5	(60.4)
Non-operating income	5	0.2	21	0.2	6	0.7	20.0	11	0.1	(47.6)
Non-operating expenses	15	0.5	19	0.2	2	0.3	(86.7)	4	0.1	(78.9)
Ordinary income	646	20.7	1,922	20.7	(184)	(20.4)	-	766	9.6	(60.1)
Extraordinary income	-	-	-	-	-	-	-	-	-	-
Extraordinary loss	-	-	-	-	-	-	-	-	-	-
Net income before tax	646	20.7	1,922	20.8	(184)	(27.8)	-	766	9.6	(60.1)
Net income attribute to owners of the parent	479	15.3	1,325	14.3	(252)	(27.8)	-	531	6.6	(59.9)

Note: : 1. The numbers parenthesized represent minus figures.

2.Percentages at vs. (A) and (B) represent increase/decrease rate.

Earlier from Npc

All Npc news releases