AI Mechatec FY6/2026 Net Profit Jumps Tenfold as AI Packaging Lifts Semiconductor Sales 60% and Orders 61%

AI Mechatec, Inc. (TSE: 6227), the Japanese maker of wafer-bonding, inkjet-printing and flat-panel production equipment led by President Isao Abe, published full-year results for FY6/2026 — the twelve months from July 1, 2025 to June 30, 2026 — on August 7, 2026, prepared under Japanese GAAP on a consolidated basis. Every headline line more than met the prior year: net sales of ¥35,244 million (+67.8%), operating profit of ¥5,810 million (+177.3%), ordinary profit of ¥5,636 million (+199.2%) and net profit attributable to owners of the parent of ¥3,560 million (+954.1%).

A tenfold profit year, and the operating leverage behind it

The scale of the swing is easiest to read at the margin line. Revenue grew 67.8%, but operating profit grew 177.3% — the operating margin therefore widened to 16.5% from 10.0%. Below that, return on equity moved to 28.1% from 3.1% and the ordinary profit-to-total-assets ratio to 19.6% from 7.5%. Basic earnings per share reached ¥189.61 against ¥18.21 a year earlier, with diluted EPS at ¥189.40 (prior year ¥18.07). Comprehensive income came in at ¥3,810 million against just ¥188 million.

The forward indicator was, if anything, stronger than the reported result. Orders received rose 60.6% to ¥43,289 million — comfortably above the ¥35,244 million of revenue recognised in the same twelve months — so the order backlog expanded 30.7% to ¥34,242 million, close to a full year of sales at the current run rate. The company notes that both figures include orders at the letter-of-intent stage, so the backlog is a directional signal on customer intent rather than a contracted certainty; even allowing for that, the book-to-bill above one is the clearest evidence that FY6/2026 was not a one-off shipment year.

Semiconductors: temporary bonders, solder ball mounters, and what PLP and HBM could add

Almost the entire result sits in one segment. Semiconductor-related sales rose 59.9% to ¥31,212 million — 88.6% of group revenue — and segment profit rose 132.8% to ¥8,752 million. Large customers continued to expand capacity for advanced AI semiconductors, and AI Mechatec's temporary bonder/debonder (TB/DB) systems for wafer-level packaging (WLP) grew strongly in both shipments and orders. Alongside them, demand emerged for the company's solder ball mounter systems used in AI advanced-semiconductor packaging — a second product line pulled along by the same capital-spending wave.

Management's stated next steps set out where the segment could go from here. The first is straightforward follow-on demand for the TB/DB and ball-mounter systems already installed. The second is panel-level packaging (PLP), where some volume-production orders have already been won. The third — and the one with the largest potential attached to it — is TB/DB for high-bandwidth memory (HBM) die, currently under volume-process evaluation at customers. None of those three is yet reflected in the reported numbers at scale, which is why the ¥34,242 million backlog matters more than usual this year.

Two loss-making segments the company is still funding

The other two segments both grew fast and both lost money. IJP Solutions, the inkjet-printing (IJP) business, more than tripled revenue to ¥1,853 million (+223.3%) but widened its segment loss to ¥689 million from ¥222 million. Micro-display lines saw some shipment progress as end applications such as smart glasses began to stir, and new enquiries increased even though customer investment remained uneven; the unit also captured demand in newer IJP fields such as silicon photonics semiconductors. The forward agenda is nanostructure products — anti-reflection patterning systems for tablets, and perovskite solar cells — plus new-process IJP and nanoimprint (NIP) systems.

The LCD segment grew revenue 139.0% to ¥2,178 million, but swung to a segment loss of ¥379 million from a ¥140 million profit. Panel-market conditions kept investment demand generally weak; what shipped was a certain level of parts, modification and expansion work rather than new line capacity. Together the two units burned ¥1,068 million of segment profit — about 12% of what semiconductors earned — which is the practical reason the group can afford to keep funding them while it waits for micro-display and nanostructure demand to arrive.

The backdrop helps explain the split. The world economy kept growing overall, led by a US consumer supported by wealth effects, though geopolitical risk in Europe and the Middle East clouded the outlook; Japan's economy held up on domestic demand, with consumption growing on better employment and income conditions and capital spending firm, despite price pressure from higher crude and a weak yen. Within that, the rapid expansion of AI infrastructure demand kept lifting capital spending on advanced AI chips, while in flat panel displays and optical devices investment only restarted for micro-displays such as OLEDoS and LCD investment merely showed signs of bottoming.

¥11.2 billion of operating cash flow rebuilds the balance sheet

Operating cash flow was ¥11,184 million, more than seven times the ¥1,526 million generated a year earlier — profit converted into cash, and the receivables build of the prior year reversed. Investing activities consumed ¥1,597 million (against ¥2,482 million), and financing activities used ¥4,756 million after a ¥1,774 million inflow the year before, as the company repaid ¥4,200 million of short-term borrowings. Cash and equivalents still ended the year at ¥8,572 million, up ¥4,936 million from ¥3,647 million.

On the balance sheet, current assets rose ¥2,186 million to ¥24,402 million — cash and deposits up ¥4,924 million against accounts receivable and contract assets down ¥3,655 million. Property, plant and equipment grew ¥917 million to ¥4,080 million, intangibles slipped ¥48 million to ¥161 million, and investments and other assets rose ¥1,051 million to ¥1,403 million, taking total assets to ¥30,048 million from ¥27,373 million. Current liabilities fell ¥495 million to ¥12,308 million, as income taxes payable (+¥1,914 million) and advances received (+¥1,050 million) were more than offset by the borrowings repayment; non-current liabilities fell ¥459 million to ¥3,249 million. Net assets rose ¥3,629 million to ¥14,490 million, essentially the year's ¥3,560 million of net profit, lifting the equity ratio to 48.2% from 39.7% and book value per share to ¥770.32 from ¥584.66.

FY6/2027 guidance, a revised medium-term plan, and a dividend that only looks smaller

For FY6/2027 the company guides to net sales of ¥40,003 million (+13.5%), operating profit of ¥7,610 million (+31.0%), ordinary profit of ¥7,238 million (+28.4%), net profit attributable to owners of ¥4,963 million (+39.4%) and EPS of ¥263.83. The important detail is the shape rather than the level: profit is guided to grow more than twice as fast as revenue, which implies the operating margin rising to 19.0% from 16.5% — a mix shift toward the higher-margin AI packaging systems rather than volume alone.

Management frames the AI advanced-semiconductor market as being in a long-term, structural growth phase as generative AI gives way to AI agents and edge AI, with customers expected to keep investing aggressively. In flat panel displays and optical devices it expects no major new LCD investment, but a recovery in micro-display investment on smart-glass volume plans, and new areas such as optoelectronic fusion opening up. Because revenue from AI-package TB/DB systems is already running above the level assumed when the plan was written, AI Mechatec revised the themes and period targets of its first medium-term management plan covering FY6/2026 to FY6/2028 — originally published August 8, 2025 — and issued a separate "Notice Regarding the Revision of the Medium-Term Management Plan" on the same day as these results.

The dividend line needs reading carefully, because a 1-for-3 stock split took effect on April 1, 2026 and per-share figures are stated as if the split had happened at the start of the prior fiscal year. The year-end dividend — the company pays no interim — is ¥17.00 on the post-split basis against ¥45.00 for FY6/2025, and the payout ratio falls to 9.0% from 82.4%. Neither number is a cut. On a pre-split basis the FY6/2026 dividend is ¥51.00, and the total cash actually distributed rose to ¥319 million from ¥278 million; the payout ratio collapsed only because profit rose more than tenfold while the payout policy targets a dividend on equity (DOE) ratio of about 2.5%, which the year's ¥17.00 delivers exactly (FY6/2025: 2.6%). The FY6/2027 forecast is ¥22.00 post-split — ¥66.00 pre-split, a 29.4% increase — for a payout ratio of 8.3%. The annual general meeting is set for September 25, 2026, dividend payments begin September 28, 2026, and the securities report is due September 24, 2026.

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.