Yokowo (6800): FY2025 Results Summary — Net Profit Jumps 74.4% on Semiconductor Test Connector Demand

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: On japan-equity.com, the most recently completed fiscal year is classified as FY2025. The company’s presentation labels this period FY2026/3 (the fiscal year ended March 31, 2026); tables and figures below follow the labels used in the materials.

Yokowo (Securities Code: 6800) held its financial results briefing for the fiscal year ended March 31, 2026 on May 19, 2026. Net sales rose 8.7% year on year to 90,090 million yen, operating profit increased 18.7% to 5,016 million yen, ordinary profit climbed 40.8% to 5,528 million yen, and profit attributable to owners of parent surged 74.4% to 3,886 million yen. All items also exceeded the forecast announced in February 2026, with net sales 1.2% and operating profit 11.5% above that forecast. The average exchange rate for the year was ¥150.67 to the U.S. dollar, versus ¥152.60 in the previous fiscal year.

Consolidated Results (Full-Year Actual)

The company presents results for FY2026/3 against the previous year and against the forecast reviewed in February 2026. Amounts are rounded down to the nearest million yen.

Item	FY2025/3 Results	Forecast (Announced in February 2026)	FY2026/3 Results	YoY	Compared with Previous Forecast
Net sales	82,884	89,000	90,090	+8.7%	+1.2%
Operating profit	4,226	4,500	5,016	+18.7%	+11.5%
Ordinary profit	3,926	4,650	5,528	+40.8%	+18.9%
Profit attributable to owners of parent	2,227	3,000	3,886	+74.4%	+29.5%

Segment Results

Reporting segments were reorganized from this fiscal year: VCCS (Vehicle Communication Comfort & Safety; former “Vehicle communication equipment” – “Platform Business”), CTC (Circuit Testing Connector; former “Circuit testing connector”), FC/MD (Fine Connector / Medical Devices; former “Personal communication equipment” – “Advanced Devices Business”), and Incubation Center (former “Platform Business” and “Advanced Devices Business”).

Segment	Net Sales (FY2026/3)	YoY	Operating Profit (FY2026/3)	YoY
VCCS	56,096	+0.2%	2,198	(22.5%)
CTC	19,610	+25.6%	2,931	+98.1%
FC/MD	11,458	+3.9%	551	(30.2%)
Incubation Center	2,920	+977.7%	(690)	Loss of 886 million yen in the previous fiscal period

In CTC, operating profit nearly doubled: an increase in profit from higher sales of +3,152 million yen more than offset increases in labor and other fixed costs of (900) million yen, raw material prices of (450) million yen, and back-office expenses of (350) million yen. In VCCS, operating profit declined as increases in labor cost of (400) million yen, logistics cost of (250) million yen, and tariff impact and other factors of (200) million yen outweighed expense reductions of +210 million yen. The Incubation Center’s higher sales include the effect of the transfer of the former KOHA business, which the company took over in June 2025.

FY2027/3 Forecast

For the fiscal year ending March 31, 2027, the company forecasts net sales of 97,000 million yen (+7.7% YoY), operating profit of 7,000 million yen (+39.5%), ordinary profit of 6,500 million yen (+17.6%), and profit attributable to owners of parent of 4,500 million yen (+15.8%), based on an assumed exchange rate of ¥150.00 to the U.S. dollar. Capital investment is planned at 7,800 million yen (+91.3% YoY) with depreciation of 5,000 million yen (+21.2%).

Item	FY2026/3 Results	First Half of the FY2027/3 Forecast	FY2027/3 Forecast	YoY
Net sales	90,090	48,000	97,000	+7.7%
Operating profit	5,016	3,300	7,000	+39.5%
Ordinary profit	5,528	2,800	6,500	+17.6%
Profit attributable to owners of parent	3,886	1,950	4,500	+15.8%

Shareholder Returns

The annual dividend for the fiscal year ended March 2026 was 56 yen per share (interim 25 yen, year-end 31 yen), with the year-end dividend revised upward by ¥4 from the latest forecast. DOE was 2.3% and the consolidated payout ratio 33.6%. For the fiscal year ending March 2027, the company forecasts an annual dividend of 64 yen (interim 32 yen, year-end 32 yen), set with a target DOE of approximately 2.5%. Under its cash allocation policy, the company plans to continue stable dividends at a DOE level of 2.5% while maintaining a balance with growth investments.

Item	FY2023/3	FY2024/3	FY2025/3	FY2026/3	FY2027/3 (Forecast)
Interim (yen per share)	25	22	24	25	(32)
Year-end (yen per share)	25	22	24	31	(32)
Annual (yen per share)	50	44	48	56	(64)
DOE	2.5%	2.1%	2.2%	2.3%	(2.5%)
Consolidated payout ratio	37.0%	67.8%	50.2%	33.6%	(33.2%)

The FY2023/3 interim and year-end dividends each include a commemorative dividend of 3 yen per share.

Medium-Term Plan / Topics

The briefing also presented the New Medium-Term Management Plan 2024–2028 (updated in May 2026). The company sets “Minimum 10” — operating profit margin, ROE, and ROIC each exceeding 10% — as a clear target for FY2029/3. Under the updated figures, it plans net sales of 97,000 million yen, operating profit of 7,000 million yen, and profit of 4,500 million yen in FY2027/3; net sales of 104,000 million yen, operating profit of 10,400 million yen, an operating profit margin of 10.0%, and ROE of 11.2% in FY2028/3; and net sales of 112,000 million yen, operating profit of 13,500 million yen, profit of 9,300 million yen, an operating profit margin of 12.1%, ROE of 13.2%, and ROIC of 10.4% in FY2029/3, based on an average USD/JPY rate of 150.00.

The company will strengthen business portfolio management and concentrate cash generated from stable earnings bases, including the VCCS business, on the CTC business, which serves as a core driver of growth capturing expanding semiconductor-related demand. For the three years of the plan, funds for cash allocation are approximately ¥62.0 bn and more, with capital investments of approximately ¥25.0 bn — of which more than ¥15.0 billion is allocated primarily to CTC and MD — and R&D of approximately ¥18.0 bn, covering medium- to long-term themes such as optoelectronic fusion and visual feedback. In CTC, the company targets net sales of 32,500 million yen and operating profit of 8,350 million yen with an operating profit margin of 25.7% in FY2029/3, backed by demand for testing for AI-based products.

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