Macnica Holdings (3132): FY2025 Results Summary — Semiconductor Sales Top ¥1 Trillion on AI Demand

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Macnica Holdings, Inc. (3132) announced its consolidated results for FY2025 (the fiscal year ended March 31, 2026) on May 11, 2026. Net sales rose to ¥1,214.2 billion (+17% year on year), operating income was ¥42 billion (+6%), and net income attributable to owners of parent was ¥27.8 billion (+10%). Both the Semiconductor and Cybersecurity businesses delivered double-digit growth, and the company states that AI-related growth and the overseas transfer of distribution channels pushed Semiconductor net sales above ¥1 trillion for the first time.

Consolidated Results (Full-Year Actual)

Full-year net sales of ¥1,214.2 billion were up ¥180 billion year on year. Against the company’s FY25 targets, achievement rates were 101% for consolidated net sales and 105% for consolidated operating income. In the fourth quarter alone, net sales were ¥326 billion (+29% year on year) and operating income was ¥13.7 billion (+113% year on year).

Item (¥ billion)	FY2025	Y/Y Change	Y/Y %
Net Sales	1,214.2	+180	+17%
Operating Income	42	+2.3	+6%
Net Income attributable to Owners of Parent	27.8	+2.5	+10%

Segment Results

Note: in this presentation, figures on pages 4-27 are shown under classifications that differ from the company’s financial disclosure — CPS Solutions Business figures are separated from the Semiconductor and Cybersecurity segments and presented as three categories. Semiconductor net sales grew 18% to ¥1,028.6 billion, Cybersecurity grew 13% to ¥173.9 billion, and CPS Solutions grew 27% to ¥11.7 billion. In the Semiconductor Business, sales to overseas local companies rose 69% year on year, while sales to Japanese companies were down 1%; by application, Industrial Equipment rose 22%, Computers rose 62%, and Automotive rose 8%. In the Cybersecurity Business, Software sales rose 16% to ¥134 billion and the domestic subscription ratio reached 85%.

Segment	FY2024 (¥ billion)	FY2025 (¥ billion)	Change	Change %
Semiconductor	871.1	1,028.6	+157.5	+18%
Cybersecurity	153.9	173.9	+20	+13%
CPS Solutions	9.2	11.7	+2.5	+27%
Total	1,034.2	1,214.2	+180	+17.4%

Segment (Operating Income, ¥ billion)	FY2025	Y/Y Change	Y/Y %
Semiconductor	32.5	+0.8	+2%
Cybersecurity	17.3	+3.2	+23%
CPS Solutions	▲7.9	▲1.7	–
Group Consolidated	42	+2.3	+6%

FY2026 Forecast

For FY2026, the company plans net sales of ¥1,300 billion (+7%), operating income of ¥52 billion (+24%), and net income attributable to owners of parent of ¥32 billion (+15%), with a planned average exchange rate of 150 yen to the US dollar. By business, the Semiconductor Business is planned at ¥1,088 billion in net sales (+6%), Cybersecurity at ¥196 billion (+13%), and CPS Solutions at ¥16 billion (+37%), with the CPS Solutions operating loss planned to narrow to ¥5.6 billion. The company’s outlook calls for continued overseas growth and a recovery in the domestic industrial market in Semiconductor, sustained double-digit growth in Cybersecurity, and narrowing losses in CPS Solutions while continuing investment toward Vision 2030.

Item (¥ billion)	FY2026 Plan	Y/Y %	FY2025 (Actual)
Net Sales	1,300	+7%	1,214.2
Operating Income	52	+24%	42
Net Income attributable to Owners of Parent	32	+15%	27.8

Shareholder Returns

The annual dividend for FY2025 was ¥70 per share (interim ¥35, year-end ¥35), with a payout ratio of 45%. For FY2026, the company forecasts an annual dividend of ¥80 per share (interim ¥40, year-end ¥40), a ¥10 increase, with an estimated payout ratio of 45%. The shareholder return policy shown in the presentation lists a total payout ratio of 40-50% and a DOE of 5%. The presentation notes that annual dividend per share figures shown for recent years have been converted to pre-split equivalents (FY2025: ¥210, FY2026 forecast: ¥240 on that basis).

Item	FY2025	FY2026 (Forecast)
Interim Dividend	35 yen	40 yen
Year-End Dividend	35 yen	40 yen
Annual Dividend	70 yen	80 yen
Payout Ratio	45%	45% (Est.)

Medium-Term Plan / Topics

Under the Mid-Term Management Plan (FY2025-2027), the company targets FY2027 net sales of ¥1,400 billion and operating income of ¥80 billion, with segment targets of ¥1,140 billion in net sales for Semiconductor, ¥230 billion for Cybersecurity, and ¥30 billion for CPS Solutions. Company-wide AI-related net sales grew 142% year on year, from ¥19.8 billion to ¥47.9 billion, driven by AI infrastructure products (+155%) including AI servers (+131%) and high-speed network equipment for data centers (+165%). In the Semiconductor Business, sales in China rose 30%, South Korea rose 112%, and India rose 26%. Overseas Cybersecurity net sales reached ¥60.8 billion, with the company citing a CAGR of 26% from FY18 to FY25. At the end of Q4 FY25, the quarterly order backlog stood at ¥826.8 billion for Semiconductor (+71% year on year) and ¥71.5 billion for Cybersecurity (+26%).

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.