TAZMO (6266): FY2025 Results Summary — Advanced Packaging Equipment Offsets a Slump in Cleaning Equipment

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TAZMO Co., Ltd. (6266) reported FY2025 (January 2025 – December 2025) net sales of 35,428 million yen, down 1.2% year on year, with operating income of 4,768 million yen (down 19.4%), ordinary income of 5,009 million yen (down 16.5%) and net income attributable to owners of parent of 3,541 million yen (down 16.6%). Sales of semiconductor equipment in the Process Equipment Business rose sharply on the smooth inspection and acceptance of equipment for advanced packaging applications, while cleaning equipment and transfer equipment declined. For FY2026 the company forecasts net sales of 35,500 million yen (up 0.2%) and operating income of 3,600 million yen (down 24.5%), with an annual dividend of 34.0 yen per share. Note: this article is based on the revised version of the FY2025 results presentation, posted by the company on March 23, 2026 as “(Revision) FY2025 Annual Results (Presentations)”; the original was released on February 13, 2026.

Consolidated Results (Full-Year Actual)

Net sales declined due to weaker order intake for cleaning equipment, transfer equipment, and projects related to panel-level packaging. Profits declined as the share of equipment for advanced packaging applications increased within semiconductor equipment in the Process Equipment Business. Net sales came in at 98.4% of the revised FY2025 estimate of 36,000 million yen and 86.4% of the initial estimate of 41,000 million yen; operating income, ordinary income and net income were left unchanged from the revised estimates and finished at 95.4%, 98.2% and 101.2% of their respective initial estimates of 5,000 million yen, 5,100 million yen and 3,500 million yen. ROE was 14.0%, down 5.3P from 19.3%.

Item (Millions of yen)	FY2025 (Actual)	Net sales ratio (%)	FY2024 (Actual)	YoY change (%)
Net sales	35,428	–	35,865	△1.2
Gross profit	10,758	30.4	11,855	△9.2
Operating income	4,768	13.5	5,917	△19.4
Ordinary income	5,009	14.1	5,998	△16.5
Net income attributable to owners of parent	3,541	10.0	4,247	△16.6
ROE	14.0%	–	19.3%	△5.3P

Total assets stood at 46,893 million yen against 49,200 million yen a year earlier, total net assets rose to 27,037 million yen from 24,642 million yen, and the equity ratio improved to 56.6% from 49.1%, a gain of 7.5P. The company attributes the improvement in its financial position to an increase in cash and deposits and a decrease in work in process. Cash flow from operating activities was 9,425 million yen (7,506 million yen in FY2024) and cash flow from investing activities was △3,181 million yen (△1,710 million yen), giving free cash flow of 6,244 million yen (5,796 million yen). Cash flow from financing activities was △1,961 million yen (△3,163 million yen) and cash on hand was 13,946 million yen (9,733 million yen).

Segment Results

In the Process Equipment Business, semiconductor equipment sales rose 39.7% to 17,212 million yen, driven primarily by the inspection and acceptance of equipment for advanced packaging applications. Transfer equipment sales fell 7.9% to 7,657 million yen on lower demand from equipment manufacturers, and cleaning equipment sales fell 68.8% to 1,756 million yen as capital investment by wafer manufacturers remained sluggish. Coater sales were 848 million yen, down 65.5%; the company states that the Coater will be reported as part of “Semiconductor equipment” from the fiscal year ending December 2026. The Surface Treatment Equipment Business achieved year-on-year increases in both sales and profits by improving estimation accuracy and promoting unitization to reduce man-hours, and as inspection and acceptance progressed for large-scale projects that had previously been delayed. The Precision Molding Dies and Plastic Moldings Business returned to profit on a recovery in order intake and ongoing reforms to the cost structure, including narrowing the scope of the business and reducing fixed costs.

Segment (Millions of yen)	Metric	FY2025 (Actual)	FY2024 (Actual)	YoY (%)
Process equipment business	Net sales	27,475	28,733	△4.4
Process equipment business	Operating income	4,089	5,484	△25.4
– Semiconductor equipment	Net sales	17,212	12,320	39.7
– Transfer equipment	Net sales	7,657	8,318	△7.9
– Cleaning equipment	Net sales	1,756	5,634	△68.8
– Coater	Net sales	848	2,461	△65.5
Precision molding dies and plastic moldings business	Net sales	1,198	779	53.8
Precision molding dies and plastic moldings business	Operating income	56	△128	–
Surface treatment equipment business	Net sales	6,754	6,352	6.3
Surface treatment equipment business	Operating income	602	578	4.1
Elimination of inter-segment transactions	Operating income	19	△17	–
Total	Net sales	35,428	35,865	△1.2
Total	Operating income	4,768	5,917	△19.4

Sales Orders and Order Backlog

Sales orders and order backlog are disclosed separately from net sales. Full-year sales orders totalled 23,938 million yen in FY2025 against 27,028 million yen in FY2024. By category, semiconductor equipment accounted for 10,968 million yen (12,938 million yen in FY2024), transfer equipment 6,749 million yen (7,679 million yen), cleaning equipment 1,503 million yen (1,708 million yen), Coater 563 million yen (471 million yen), the surface treatment equipment business 2,955 million yen (3,438 million yen) and the precision molding dies and plastic moldings business 1,198 million yen (793 million yen). Order backlog at the end of the fourth quarter of 2025 was 19,658 million yen, compared with 31,148 million yen at the end of the fourth quarter of 2024.

FY2026 Forecast

For FY2026 the company forecasts net sales of 35,500 million yen (up 0.2%), operating income of 3,600 million yen (down 24.5%), ordinary income of 3,500 million yen (down 30.1%) and net income attributable to owners of parent of 2,500 million yen (down 29.4%). Second-half net sales are projected at 15,570 million yen with operating income of 890 million yen. By product within the plan, semiconductor equipment sales are projected at 18,500 million yen, transfer equipment at 8,860 million yen and cleaning equipment at 2,340 million yen, with the surface treatment equipment business at 4,500 million yen and the precision molding dies and plastic moldings business at 1,300 million yen.

Item (Millions of yen)	FY2026 H2	FY2026 Full year	YoY change (%)
Net sales	15,570	35,500	0.2
– Process equipment business	12,870	29,700	8.1
– Precision molding dies and plastic moldings business	600	1,300	8.5
– Surface treatment equipment business	2,100	4,500	△33.4
Operating income	890	3,600	△24.5
– Process equipment business	900	3,400	△16.9
– Precision molding dies and plastic moldings business	30	70	23.9
– Surface treatment equipment business	△40	130	△78.4
Ordinary income	800	3,500	△30.1
Net income attributable to owners of parent	600	2,500	△29.4

Capital expenditures are planned at 7,000 million yen for FY2026 after 1,520 million yen in FY2025, with depreciation and amortization of 1,400 million yen (974 million yen) and R&D expenses of 1,200 million yen (732 million yen). The company states that through capital investments in Ibara City, Okayama Prefecture, and Taiwan – including demonstration equipment – it aims to further expand production capacity and achieve more efficient manufacturing.

Shareholder Returns

The annual dividend for FY2025 was 34.0 yen per share, up from 33.0 yen in FY2024, with a dividend payout ratio of 13.9% against 11.4% in the prior year. For FY2026 the company forecasts an annual dividend of 34.0 yen per share, which corresponds to a payout ratio of 19.9% on forecast net income of 2,500 million yen.

Item	FY2024	FY2025	FY2026 (E)
Net income attributable to owners of parent (Millions of yen)	4,247	3,541	2,500
Dividends per share (yen)	33.0	34.0	34.0
Dividend payout ratio (%)	11.4	13.9	19.9

Business Environment and Topics

The company notes that demand for advanced packaging equipment related to AI applications has remained relatively firm and continues to support the overall semiconductor market, while overall capital investment in the semiconductor market excluding AI-related segments has remained sluggish. Development of panel-level packaging (PLP) for advanced packaging is progressing, and increased investment in equipment for both prototyping and mass production is expected. For power semiconductors, the company sees strong capital investment appetite over the medium to long term driven by expected demand growth associated with the expansion of the EV market, renewable energy, and data centers. In the surface treatment equipment business, capital investment by automotive printed circuit board manufacturers remains sluggish amid a slow recovery in automotive demand.

On technology, the company reports that in 2025 it expanded the application of its LAB (Laser Assisted Bonder) beyond MEMS device sealing to include heterogeneous material bonding, SiC-SiC bonding, and temporary bonding, and that equipment sales begin this fiscal year. It is also developing a new chiplet-based CoW bonding system, the DTB (Direct Transfer Bonder), stating that it will build a demo unit this fiscal year and, in preparation for the 2027 mass-production release, is conducting evaluations with many users to accelerate order acquisition.

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