Ibiden Co., Ltd. (TSE: 4062), the Gifu-based maker of high-end IC package substrates and electronics components and a key supplier to leading CPU and AI-accelerator vendors, reported strong FY3/2026 results (year ended March 31, 2026) under Japanese GAAP. Consolidated revenue rose 12.7% year-on-year to ¥416.2 billion, operating profit jumped 30.3% to ¥62.0 billion, ordinary profit gained 27.0% to ¥60.8 billion and net profit attributable to owners surged 89.0% to ¥63.7 billion. EPS came to ¥228.16, roughly doubling from a split-adjusted ¥120.66.
AI demand powers the substrate business
The result was driven by surging demand for advanced FC-BGA package substrates used in data-center CPUs and AI accelerators, where Ibiden holds a leading global share. The operating margin widened to 14.9%, and comprehensive income leapt to ¥67.1 billion from just ¥1.8 billion a year earlier. ROE recovered to 12.2%.
Heavy investment and a stronger balance sheet
To meet AI-driven demand, Ibiden continued a large capacity-expansion programme, with investing cash outflows of ¥164.2 billion against operating cash flow of ¥106.4 billion. Even so, the balance sheet strengthened: total assets of ¥960.4 billion, net assets of ¥557.4 billion and an equity ratio of 57.3% (up from 45.3%), with a year-end cash position of ¥390.7 billion. A 2-for-1 stock split took effect on January 1, 2026.
FY2027 guidance: revenue and operating profit sharply higher
For FY3/2027 Ibiden guides revenue of ¥500.0 billion (+20.1%) and operating profit of ¥90.0 billion (+45.1%), with ordinary profit also at ¥90.0 billion (+48.0%). Net profit is guided 9.0% lower to ¥58.0 billion — FY3/2026's bottom line was lifted by one-off gains — for EPS of ¥207.70. The company raised its FY3/2026 year-end dividend to a post-split ¥15.00 (from a planned ¥10.00), taking the pre-split-equivalent annual dividend to ¥60.00 from ¥40.00, and guides a ¥35.00 post-split dividend for FY3/2027.
| Metric | FY3/26 | FY3/25 | YoY |
|---|---|---|---|
| Revenue (¥bn) | 416.2 | 369.4 | +12.7% |
| Operating profit (¥bn) | 62.0 | 47.6 | +30.3% |
| Ordinary profit (¥bn) | 60.8 | 47.9 | +27.0% |
| Net profit attrib. (¥bn) | 63.7 | 33.7 | +89.0% |
| EPS (¥, split-adj.) | 228.16 | 120.66 | +89.1% |
| Operating margin | 14.9% | 12.9% | +2.0pp |
| Equity ratio | 57.3% | 45.3% | +12.0pp |
| FY3/27 OP guidance (¥bn) | 90.0 | 62.0 | +45.1% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.