V-technology Co., Ltd.TSE: 7717

FY2025 Q3 Financial Announcement (Supplementary Material)

Feb 10, 2025 at 10:38 AM UTC · Issued by V-technology Co., Ltd.

V Technology Co., Ltd.

The Third Quarter of fiscal year ending of March 31, 2025 (FY25/3 Q3)

Financial results

Supplementary material

From April 1,2024 to December 31, 2024

February 10, 2025

Table of Contents

Highlight of FY25 Q3

II. Overview

I. Highlight of FY25 Q3

The third quarter consolidated financial results turned positive for the first time in two quarters, thanks to contributions from photomasks and laboratory equipment.
- Net sales were 31.8 billion yen (up 66.6% year-on-year), and operating income was 56 million yen (up 2.1 billion yen year-on-year, turning positive).
- Semiconductor and photomask equipment business: Sales of products for photomasks and laboratories contributed to the business, and Q3 (3 months) sales were 3 billion yen, with operating income of 400 million yen, remaining in the black following Q2 and maintaining a strong performance. Cumulative sales for the period were 8.4 billion yen (+15.5% year-on-year), with operating income of 300 million yen (+1.3 billion yen year-on-year/returned to the black).
- Flat Panel Equipment Business: Q3 (3 months) sales were 6 billion yen, and operating income was -100 million yen, mainly due to a decrease in sales. Cumulative sales were 22.3 billion yen (+102.5% year-on-year), and operating income was 30 million yen (+800 million yen/return to profit). We will further strengthen our efforts to improve profitability.
Regarding sales and operating income for the fourth quarter (3 months)
- The strong semiconductor and photomask equipment businesses are expected to drive performance, and results are expected to be largely in line with initial forecasts.
Orders received
- The Group is working together to achieve the figures in the medium-term management plan.
- Orders received in the third quarter (nine months) were 26.4 billion yen (-2.7% year-on-year), which was below expectations, but we expect a recovery in the fourth quarter based on the status of negotiations and other factors.
- Semiconductor and photomask equipment business: Orders were strong, mainly for general-purpose PCBs and wafer-related equipment, and came to 12.4 billion yen (+15.5% year-on-year).We received our first order for the LIBRA advanced package tester, and have combined our technologies to achieve the world's first interposer terminal continuity inspection.
- Flat Panel Display Manufacturing Equipment Business: In some cases, formal orders were postponed to the fourth quarter, and orders received were limited to 12.9 billion yen (-17.1% year-on-year).ü Against the backdrop of factors such as the expansion of demand for low-priced super-large-screen LCD TVs and economic stimulus measures in China, there was progress in the consideration of equipment for existing plants.
- With regard to the order backlog at the end of the term, we are strengthening order management and order-taking activities with the aim of achieving a scale that will be enough to cover the next fiscal year's equipment sales, with the medium-term management plan in mind.
There are no revisions or changes to the Medium-Term Management Plan from the previous announcement at this time.

II．FY25/3 Q3 results and forecast
1. Consolidated Financial Summary
2. Financial Results by Segment
3. FY25/3 Full-Year Financial Results and Dividend Forecast
4. Orders Received and Order Backlog
5. Medium-TermManagement Plan
6. Other Financial Data
7. 1. Sales by Region
  2. Quarterly Sales and Profit Trends
  3. Selling, General and Administrative Expenses
  4. Balance Sheets

1．Consolidated earnings summary

The semiconductor and photomask equipment business contributed to a return to profitability.

	FY24/3	FY25/3	YoY
(Million JPY)	Q3(9months)	Q3(9months)


Net sales	19,103	31,824	＋12,721
＋66.6%

Operating profit (△loss)	▲2,077	56	＋2,133
(Margin％)	ー	0.2％	ー

Ordinary income(△loss)	▲1,900	194	＋2,094
（Margin％）	ー	0.6％	ー

Net profit (△loss)	▲1,387	53	＋1,440
(attributable to shareholders of the parent company)

(Margin％)	ー	0.2％	ー

2． Earnings by business segments

Both segments achieved increased sales and profits, and Q4 is also expected to be strong.

Semiconductor and photomask equipment business

	FY24/3 9months	FY25/3 9months	YoY
Net Sales	7,328	8,461	＋15.5％

Operating Profit(▲loss)	▲1,017	325	＋1,342
(Segment profit margin)	(－%)	(3.8%)	(－％)

16,000	Sales					（				）	40.0%
	Quarterly Sales				Million JPY, Consolidated

14,000	OPM
12,000	Quarterly OPM

10,000										13.1%
8,000											0.0%
6,000
4,000										3,055
2,000
0											-40.0%
Q1	Q2	Q3	Q4	Q1	Q2		Q3	Q4	Q1	Q2	Q3
	FY23/3			FY24/3			FY25/3

FPD equipment business

FY24/3 9months	FY25/3 9months	YoY

	Net Sales	11,017	22,308	＋102.5％

	Operating Profit(▲loss)	▲862	3	＋865
	(Segment profit margin)		(－％)	(0.0％)		(－％)

35,000			Sales	（Million JPY, Consolidated	） 15.0%

					Quarterly Sales
30,000					OPM
					Quarterly OPM
25,000
20,000
										0.0%
15,000										-1.7%

10,000										6,071

5,000
0										-15.0%
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
	FY23/3			FY24/3			FY25/3

3. FY25/3 Full-Year Financial Results and Dividend Forecast

We expect sales and operating profit for Q4 (3 months) to be in line with our earnings forecast.
- The semiconductor and photomask equipment business is expected to maintain its strong performance and see an increase in sales and profit compared to Q3.
- The FPD equipment business is expected to see a recovery in earnings in Q4.There are no changes from the earnings and dividend forecast disclosed on May 13, 2024.
There are no changes from the earnings and dividend forecasts disclosed on May 13, 2024

		FY2024/3	FY2025/3 Earnings and dividend forecast
(Million JPY)		amount	amount	YoY
Sales		37,335	47,000	＋25.9％

Operating profit		846	1,600	＋89.1％
(margin)		2.3％	2.5％


Ordinary income		1,112	1,400	＋25.9％
(margin)		3.0％	2.1％


Net profit (attributable to shareholders of the parent company)	778	1,000	＋28.5%
(Margin)		2.1％	1.4％


EPS(Yen)		80.65	103.90	＋23.25

Dividend(Yen)	1st half	30(actual)	40(actual)	＋10
2nd half	30(actual)	40	＋10

4． Order situation - Outlook

Q3 (3 months) Orders received: Orders for semiconductor and photomask equipment were strong for general-purpose PCB-related equipment, while orders for FPD equipment were pushed back to Q4.

Q4 order backlog: With the medium-term plan in mind, we are strengthening our order management and developing a wide range of activities with the aim of achieving a scale that will be sufficient to cover equipment sales in the next fiscal year.

Target order backlog by segment (Semiconductor: 40-50% / FPD: 50-60%)

Assumes that customers will evaluate our group's technology and implement capital investment

Group

Semiconductor and photomask equipment business

FY24/3 Q3

FY25/3 Q3

YoY

FY24/3 Q3

FY25/3 Q3

YoY

Backlog

44,734

31,737

▲

％

Backlog

18,162

21,151

＋16.5％

29.1

Orders(9month)

27,190

26,462

▲

％

Orders(9month)

10,747

12,412

＋15.5％

2.7

Backlog

Quarterly orders

25,000

Backlog

Quarterly orders

50,000

44,734

21,151

Q4目標受注残 20,000

18,162

40,000

30,000

15,000

31,737

20,000

10,000

6,038

10,000

5,000

6,716

8,901

2,283

24Q1

25Q1

24Q1

25Q1

FY23/3

FY24/3

FY25/3

FY23/3

FY24/3

FY25/3

（Million JPY, Consolidated）	（Million	JPY, Consolidated）
	Copyright(C) 2025 V Technology Co., Ltd.	All Right reserved.

FPD equipment business

			FY24/3 Q3	FY25/3 Q3	YoY

Backlog			26,571	10,586	▲60.2％

Orders(9month)	15,684	12,995	▲17.1％

40,000		Backlog			Quarterly orders

30,000				26,571

20,000
								10,586
10,000
								2,511
0				4,174

Q3	Q4	24Q1	Q2	Q3	Q4	25Q1	Q2	Q3
FY23/3		FY24/3			FY25/3

（Million JPY, Consolidated）

5. Midterm business & management plan

There are no changes to the plan at this time.
We will continue to promote our order-taking activities with the aim of achieving the goals of our medium-term management plan.

KPI	FY24/3		Targets
FY25/3	FY26/3	FY27/3	FY29/3

Revenue(Billions of yen)	37.3	47.0	57.0	67.0	100.0
Semiconductor & Photomask	14.0	22.5	31.6	35.8	68.0
FPD	22.3	23.0	23.0	28.0	25.0
New business	10	15	24	32	70
Operating profit	0.85	1.6	4.5	7.4	20.0
OPM(%)	2.3	3.4	7.9	11.0	20.0
*ROE (％)	2.3	2.9	8.2	12.5	23.7

＊ROE does not take into account currency effects.

6． Other Financial Data (1) Net sales by region

Mainly due to increased sales of FPD equipment to Chinese customers

35,000

30,000

25,000

20,000

15,000

10,000

5,000

	FY24/3 Q3	FY25/3 Q3

24,640

	Inclease in
	Sales
	＋124.6％
10,973
Ratio of	Ratio of
net	net
sailes	sailes
(57.4％)	(77.4％)

1,921 1,183

（Million JPY, Consolidated）

31,824

	Increase
	in Sales
19,103	＋66.6％

5,208 4,099

1,001 1,902

China

Taiwan

Japan

Korea/Otehrs

Total