V Technology (7717): FY2025 Results Summary — Operating Profit Doubles as Semiconductor & Photomask Sales Hit a Record High

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

V Technology Co., Ltd. (TSE: 7717) reported consolidated results for the fiscal year ended March 31, 2026 (FY2026/3), with net sales of ¥52,992 million (¥53.0 bn), up ¥6.8 bn year on year, as net sales in the Semiconductor & Photomask segment rose 32% year on year to a record high. Operating profit doubled year on year to ¥3,768 million (¥3.8 bn), YoY +¥1.9 bn, helped by improved profitability in the FPD segment. The company noted that results fell short of its previously announced plan due to a partial postponement of photomask and CF exposure equipment sales and the recording of product warranty-related costs. For the fiscal year ending March 31, 2027 (FY2027/3), V Technology forecasts net sales of ¥60,000 million and operating profit of ¥5,500 million, with the Semiconductor & Photomask segment expected to grow 60% year on year.

Note: V Technology labels the fiscal year ended March 31, 2026 as “FY2026/3” and the following fiscal year as “FY2027/3” in its own results materials; this article follows that labeling for all figures, tables and segment data below.

Consolidated Results (FY2026/3 Actual)

Order intake for FY2026/3 was ¥56,342 million (¥56.3 bn), up ¥3.6 bn year on year, driven by Semiconductor & Photomask segment order intake of ¥23.4 bn, up ¥6.8 bn year on year. Gross profit rose to ¥14,730 million from ¥12,130 million, and ROE improved to 6.6% from 2.4% in FY2025/3. Net profit attributable to owners of parent increased to ¥2,301 million (¥2.3 bn), up ¥1.5 bn year on year, from ¥800 million, with earnings per share of ¥243.48 versus ¥84.07 in FY2025/3.

Item	FY2026/3	FY2025/3
Order intake (¥mn)	56,342	52,747
Net sales (¥mn)	52,992	46,182
Gross profit (¥mn)	14,730	12,130
Operating profit (¥mn)	3,768	1,821
Ordinary profit (¥mn)	3,474	1,891
Net profit attributable to owners of parent (¥mn)	2,301	800
EPS (JPY)	243.48	84.07
ROE	6.6%	2.4%

Segment Results

By segment, Semiconductor & Photomask net sales rose to ¥19,593 million from ¥14,905 million, driven by advanced packaging and semiconductor wafer inspection equipment, while photomask net sales declined significantly to ¥2,730 million from ¥4,860 million. FPD segment net sales were ¥31,963 million versus ¥29,809 million, with inspection equipment remaining flat in both net sales and order intake, maintenance revenue increasing, and CF exposure equipment and other FPD manufacturing sales declining.

Segment	Metric	FY2026/3	FY2025/3
Semiconductor & Photomask	Net sales (¥mn)	19,593	14,905
Semiconductor & Photomask	Order intake (¥mn)	23,381	16,562
– Photomask	Net sales (¥mn)	2,730	4,860
– Semiconductor (Wafer Mfg, etc.)	Net sales (¥mn)	12,592	7,967
– Advanced Packaging & PCB	Net sales (¥mn)	4,271	2,078
FPD	Net sales (¥mn)	31,963	29,809
FPD	Order intake (¥mn)	31,136	34,716
– Inspection	Net sales (¥mn)	12,056	12,996
– Manufacturing	Net sales (¥mn)	12,579	10,503
– Maintenance	Net sales (¥mn)	7,328	6,310
Others	Net sales (¥mn)	1,436	1,469

FY2027/3 Forecast

For FY2027/3, V Technology expects full-scale expansion of DI exposure equipment for advanced packaging to contribute to Semiconductor & Photomask segment growth, with photomask net sales expected to recover from the low level of FY2026/3. In the FPD segment, CF exposure equipment sales are expected to decline while inspection equipment is expected to remain strong. The company also cited uncertainty in the Middle East as a factor incorporated into its expense assumptions.

Item	FY2027/3 Forecast	FY2026/3 (Actual)	Change
Net Sales (¥mn)	60,000	52,992	+7,008
Operating profit (¥mn)	5,500	3,768	+1,732
Operating profit margin	9.1%	7.1%
Ordinary profit (¥mn)	4,700	3,474	+1,226
Ordinary profit margin	7.8%	6.6%
Net Profit attributable to owners of parent (¥mn)	3,000	2,301	+699
Net profit margin	5.0%	4.3%
EPS (JPY)	317.35	243.48	+73.87
Dividend – 1st Half (JPY)	40	40	–
Dividend – 2nd Half (JPY)	40	40	–
Payout ratio	25.2%	32.9%

Shareholder Returns

V Technology’s shareholder return policy considers stability, continuity, payout ratio, and the internal reserves needed for M&A and capital expenditure, with a policy of returning profits commensurate with business performance. The company plans an annual dividend of ¥80 per share for FY2027/3, unchanged from FY2026/3, split evenly between an interim dividend of ¥40 and a year-end dividend of ¥40, and stated that aggressive returns are also under consideration and that it will continue exploring flexible share buybacks to enhance returns.

Item	FY2025/3	FY2026/3	FY2027/3 (E)
Dividend amount (Total, ¥mn)	765	765	765
Payout ratio (%)	95.2	32.9	25.2
Dividends per share – 1st Half (JPY)	40	40	40
Dividends per share – 2nd Half (JPY)	40	40	40
Dividends per share – Total (JPY)	80	80	80

Growth Strategy / Mid-Term Plan

V Technology maintains its FY2029/3 company-wide targets under its mid-term business plan (as of May 2026), targeting net sales of ¥100,000 million and operating profit of ¥20,000 million, stating that segment composition may change and that it will continue driving order acquisition toward achievement. Growth is centered on the Advanced Packaging & PCB sub-segment, with flagship products including DI exposure equipment and open/short testers for semiconductor package substrates and standard PCB substrates. The company also cited an April 7, 2026 news release stating that V Technology and its consolidated subsidiary LE-TECHNOLOGY Co., Ltd. received an order from NEDO, through Osaka Metropolitan University, for LAMBDI, a DI exposure system the companies describe as the world’s first to achieve L/S = 0.5μm-class resolution for interposers and package substrates.

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.