Nippo produced record earnings in FY25 1H, with OP of ¥946mil (+12.8% YoY) on sales of ¥22,186mil (+0.3% YoY). While 1H sales remained flat YoY due to a decline in sales of the Electronics segment (-3.3% YoY), OP hit a semi-annual record, thanks to (1) solid growth of in-house products such as semiconductor wafer grinding carriers and (2) cost reductions in overseas factories. FY25 is the final year of Nippo’s medium-term plan [MTP]. Nippo is aiming to enjoy another year of record earnings and guides for FY25 OP of ¥2,000mil (+1.5% YoY) on sales of ¥45,500mil (1.4% YoY). Based on Nippo’s shareholder returns policy which states that the firm aims to pay out about 50%, the firm plans to pay ¥78/share (pay-out ratio of 50.3%).
