• A sign of recovery in Semiconductors – Consolidated OP grew 27.5% QoQ, leading to a higher OP margin of 2.9% vs 2.5% in Q4 FY3/25. Segment OP for Semiconductors expanded (+65.6% QoQ) due to the one-off impact of R&D expenses on SG&A coming off, improving the segment OP margin to 1.6% vs 1.1% in Q4 FY3/25. In Industrial Equipment, although segment OP declined -54.5% YoY, reflecting a slow recovery, order intake expanded to more than ¥285bn, which is the highest in recent quarters. Segment OP for Cybersecurity grew significantly (+26.1% YoY), benefiting from robust demand for endpoint security and Yen appreciation.
