Marumae (6264): FY2025 Results Summary — KMAC Consolidation Lifts Net Sales 140.1%

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

Marumae Co., Ltd., a manufacturer of vacuum components for semiconductor and FPD production equipment, released its FY2025 financial results supplementary materials on October 10, 2025. The materials label the period “FY2025 (Fiscal Year Ending August 2025).” Net sales came to 11,403 million yen and operating profit to 2,103 million yen, with profit attributable to owners of parent of 1,355 million yen. FY2025 is the Company’s first consolidated fiscal year: the materials state that KM Aluminium Co., Ltd. (KMAC) was consolidated from Q3, so the period reflects five months of KMAC’s results, while FY2024 figures are non-consolidated.

Consolidated Results (Full-Year Actual)

Net sales were 11,403 million yen. Gross profit was 3,548 million yen, a gross margin of 31.1% against 17.5% in FY2024. Operating profit was 2,103 million yen (an 18.4% margin), ordinary profit 1,936 million yen and profit attributable to owners of parent 1,355 million yen. EPS was 107.11 yen. The materials note that the year-on-year change rate is presented as a reference value, calculated based on the non-consolidated results for FY2024, and that the FY2024 bottom-line item is “Profit” on a non-consolidated basis.

Item	FY2025 YTD (Consolidated)	Ratio (%)	FY2024 YTD (Non-consolidated)	YoY change (%)
Net sales (million yen)	11,403	100.0	4,749	140.1
Cost of sales (million yen)	7,855	68.9	3,916	100.5
Gross profit (million yen)	3,548	31.1	832	326.4
SG&A expenses (million yen)	1,444	12.7	675	113.8
Operating profit (million yen)	2,103	18.4	156	ー
Ordinary profit (million yen)	1,936	17.0	42	ー
Extraordinary loss (income) (million yen)	(0)	0.0	0	ー
Profit attributable to owners of parent (million yen)	1,355	11.9	19	ー
EPS (yen)	107.11	ー	1.55	ー

Within cost of sales the materials list material costs of 2,507 million yen, outsourcing costs of 1,166 million yen, labor costs of 2,196 million yen and depreciation of 991 million yen. SG&A included personnel expenses of 697 million yen, amortization of goodwill of 125 million yen and commission expenses of 170 million yen, of which 83 million yen were share acquisition costs. Non-operating expenses included interest expense of 105 million yen and commission expenses of 60 million yen, mainly related to M&A.

On the balance sheet, total assets at the FY2025 year-end were 25,423 million yen, including property, plant and equipment of 9,538 million yen, cash and deposits of 4,252 million yen and goodwill of 4,696 million yen. Total liabilities were 17,271 million yen, including long-term borrowings of 12,000 million yen and accounts payable – trade of 1,384 million yen. Total net assets were 8,151 million yen, including retained earnings of 5,394 million yen. The materials show the equity ratio moving from 62.5% (non-consolidated) to 32.1% (consolidated).

Segment Results

The Group reports two segments: the Precision Components (Marumae) business, covering semiconductors, FPD and others, and the Functional Materials (KMAC) business, covering IT equipment, semiconductor equipment components and materials, and base materials. In Precision Components, the semiconductor sector recorded 6,136 million yen (+72.4% YoY), with the materials noting that new capital investment remains stagnant except in some areas while consumables continue to perform well, and that August orders stagnated due to the impact of summer vacations. The FPD sector recorded 1,286 million yen (+27.5% YoY), with stagnation beginning to emerge for OLED, and other sectors 61 million yen (+46.5% YoY). The materials state that net sales in the semiconductor sector remained flat and that profitability has continued to improve due to better operating rates.

In Functional Materials, which was consolidated from FY2025, IT equipment recorded 1,352 million yen, semiconductor equipment components 712 million yen and basic materials 1,625 million yen. The materials attribute the IT equipment result to target materials performing well, with HBM DRAM growing alongside legacy logic and surface treatment showing solid performance driven by consumables demand. For semiconductor equipment components, customer inventories of vacuum chambers remain unchanged awaiting clearance, and market stagnation may delay clearance until August 2026. Basic materials saw stable electrolytic capacitor demand and strong HDD-related demand, while small-lot orders were stagnant. The materials add that performance exceeded initial projections and that approximately 70 million yen in temporary expenses were recorded at year-end, including inventory write-downs and retirement benefits.

Segment	Category	FY2025 net sales (million yen)	YoY change
Precision Components	Semiconductor sector	6,136	+72.4%
Precision Components	FPD sector	1,286	+27.5%
Precision Components	Other sectors	61	+46.5%
Functional Materials (KMAC)	IT equipment	1,352	ー
Functional Materials (KMAC)	Semiconductor equipment components	712	ー
Functional Materials (KMAC)	Basic materials	1,625	ー

FY2026 Forecast

For FY2026 the Company forecasts consolidated net sales of 17,200 million yen, operating profit of 2,800 million yen, ordinary profit of 2,600 million yen, profit attributable to owners of parent of 1,700 million yen and EPS of 134.26 yen. The first-half (Q2 cumulative) forecast is net sales of 8,100 million yen, operating profit of 1,200 million yen, ordinary profit of 1,100 million yen, profit attributable to owners of parent of 700 million yen and EPS of 55.28 yen. The materials cite a full-year contribution from KMAC in FY26/8, full-year goodwill amortization of 300 million yen and interest expenses increased by 200 million yen. Capital investment includes KMAC (new plant, etc.), Marumae amortization is unified to the straight-line method from FY26/8, and goodwill was revised to 4,700 million yen with amortization over 16 years following a review of KMAC assets and liabilities.

Item	Q2 (Cumulative)	Full year
Net sales (million yen)	8,100	17,200
Operating profit (million yen)	1,200	2,800
Ordinary profit (million yen)	1,100	2,600
Profit attributable to owners of parent (million yen)	700	1,700
Earnings per share (yen)	55.28	134.26

Shareholder Returns

The dividend policy targets a payout ratio of at least 35% under the medium-term business plan, with a commitment to a stable minimum annual dividend of 30 yen (15 yen per half-year). For FY2026 the Company forecasts an interim dividend of 28 yen per share and a year-end dividend of 28 yen per share, for a total annual dividend of 56 yen per share. The materials state that the dividend increase reflects strong consumables orders and enhanced profitability from the consolidation of KMAC, and that the policy aims to strike a balance between investments for corporate growth and maintaining appropriate capital efficiency. The dividend chart labels a payout ratio of 37.2% at 2025/8 and 41.7% at 2026/8 (Estimate). As a shareholder benefit, the Company offers a QUO gift card with a value equivalent to 1,000 yen for shareholders who hold at least one share unit of the Group continuously for at least six months.

Medium-Term Business Plan “Fusion 2028”

Following the KMAC consolidation the Company formulated a new medium-term business plan, “Fusion 2028,” covering FY2026 to FY2028 and approved by the Board of Directors on July 11, 2025. Consolidated numerical targets are net sales of 25.0B yen and operating profit of 5.6B yen, with segment operating profit of 30% for the precision components business and 18% for the functional materials business, a consolidated ROIC target of 15%, a payout ratio of 35% or more and a minimum annual dividend of 30 yen (minimum of 15 yen per half year, subject to review if the final profit or loss for the full year is in the red). The Group management policy is “Contributing to society through our expertise in materials and processing technology,” with strategies of capturing customer needs through creation of new materials and technologies, and aiming for stable growth by expanding consumable orders.

Fiscal year-end (Unit: billion yen)	FY26/8	FY28/8
Net Sales (Precision Components)	8.20	12.00
Operating Profit (Precision Components)	1.90	3.60
Net Sales (Functional Materials)	9.00	13.00
Operating Profit (Functional Materials)	1.20	2.30
Shared Operating Expenses	0.30	0.30

On the stabilization strategy, the materials show that in FY2025 consumables accounted for 71.8% of sales in the semiconductor sector and 17.1% in the FPD sector, with the note that these figures represent the Precision Components Business only. The Company points to a recovery in etching equipment consumables and steady growth in aluminum target materials within the Functional Materials segment, with customer plans for new target plants providing a tailwind as a mid-term growth driver. On market share, the materials show a share of 8.1% in 2025 against 5.6% in 2024, stating that the Company saw its market share decline from 2023 to 2024, recovered in 2025 and is expected to regain the No.1 market share position; the market size data reflects sales data compiled on a reference group of 30 companies (including Marumae) making vacuum components for semiconductor and FPD equipment, and 2025 data includes the Company’s forecasts for companies that have not disclosed data.

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.