Cosel Co., Ltd.
FY2026 May Period Q3 Financial Results Presentation
For the cumulative Q3 of FY2026 May period, net sales were JPY 17,346 million, down 18.2% YoY, and operating loss was JPY 899 million, a decrease of JPY 1,629 million compared to the same period last year.
Key Figures
- Net Sales: JPY 17,346 million (Down 18.2% YoY)
- Operating Income: Operating loss of JPY 899 million (Decrease of JPY 1,629 million YoY)
- Full-Year Net Sales Forecast: JPY 24,119 million (Down JPY 2,930 million from previous year)
- Full-Year Operating Income Forecast: Operating loss of JPY 810 million (Decrease of JPY 1,440 million from previous year)
- Equity Ratio: 91.7% (Down 1.4pt YoY)
- Annual Dividend: JPY 55 (No change)
AI要約
Overview of Q3 Results
For the cumulative Q3 of FY2026 May period, net sales were JPY 17,346 million, a decline of 18.2% YoY. Domestically, demand for semiconductor manufacturing equipment remains strong, and recovery is underway particularly centered on FA-related sectors due to inventory digestion by customers. However, overseas uncertainty persists due to U.S. tariff policies and prolonged economic slowdown in China. Operating loss was JPY 899 million, unable to absorb fixed costs from the sales decline.
Order Volume and Product Trends
Orders for GPU semiconductor manufacturing equipment for generative AI remained robust, and FA, medical, and telecom equipment sectors steadily progressed inventory adjustments. By product, the adjustment phase continued reflecting the previous years’ order growth, but a recovery trend began from Q1 FY2025 onward. Among major industries, demand growth for semiconductor manufacturing equipment is prominent, driven by continued order increases anticipating higher semiconductor demand for generative AI.
Full-Year Earnings Forecast
The full-year net sales forecast is JPY 24,119 million, operating loss forecast is JPY 810 million, and net income forecast is JPY 30 million, unchanged from the earnings guidance revised and disclosed on December 19, 2025. Most orders are expected to translate into sales from Q4 onwards. Although there will be adjustments from early procurement by medical and telecom equipment manufacturers in Q4, sales are expected to remain solid due to customer inventory digestion and increased demand related to semiconductor manufacturing equipment.
Financial Position and Shareholder Returns
Total assets amount to JPY 59,611 million with an equity ratio of 91.7%. Inventories decreased by JPY 1,280 million due to inventory digestion. Regarding shareholder returns, the annual dividend for FY2026 May period is set at JPY 55 (interim dividend JPY 27, year-end dividend JPY 28), with no changes from the previously announced forecast.
Net Sales Trend (FY2020–FY2025 Cumulative Q3)
Operating Income Trend (FY2020–FY2025 Cumulative Q3)
Sales Increase/Decrease Factors by Region (FY2024 Cumulative Q3 vs FY2025 Cumulative Q3)
Order Volume Trend by Product (FY2020–FY2025 Q3)
Cosel Co., Ltd.
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