———―* LINTEC uses the capital asset pricing model to calculate WACC.¥13,796 million¥11,512 million0.65 timeFiscal year ended March 31, 2023¥284,603 millionprofit decline is the impact of foreign exchange rates. Our assumed exchange rate for the current fiscal year is ¥145 to the U.S. dollar, a ¥7 appreciation compared with the previous year’s actual rate. While we expect continued solid performance from overseas subsidiaries that sell adhesive products for seals and labels and semiconductor- and electronic component-related products, there will be an exchange rate impact due to yen appreciation. In addition, increased personnel costs, higher fixed costs including depreciation from new production equipment, and rising raw material and transportation costs are anticipated to negatively impact profits. We plan to steadily accumulate profits through Companywide cost reduction measures. management target of our medium-term business plan, LSV 2030-Stage 2, in the previous fiscal year. As a result of this, we have heard that investors are expecting an upward revision of our medium-term business plan targets. However, considering the performance forecast for the current fiscal year and the continued uncertainty in the business environment, we decided to maintain our targets at the time of the May 2025 earnings announcement. Going forward, we will continue to monitor our business performance and carefully consider revisions to our targets as appropriate.As for net sales, we already achieved the final-year ¥10,628 million¥5,243 million5.3%2.3%4.3%3.1%5.2%5.3%0.93 timeFiscal year ended March 31, 2024¥276,321 million¥24,000 million¥18,000 millionStrategies for Strengthening Our Capitals Looking back on the business environment during the fiscal year ended March 31, 2025, we observed restrained consumer spending in Japan due to the soaring prices of food and other goods, and the overall business environment remained challenging due to continued increases in raw material and logistics costs. Nevertheless, we achieved record highs in both net sales and operating income. previous fiscal year. The biggest factor was a significant recovery in sales volume, centered on semiconductor- and electronic component-related products. Against the backdrop of global investment in AI, net sales of semiconductor-related adhesive tapes and equipment, as well as multilayer ceramic capacitor-related tapes—core products of our Advanced Materials Operations—reached record-high levels. In addition, overseas subsidiaries generally performed steadily. For example, losses at the MACTAC Group, a U.S. subsidiary, shrank by approximately ¥2 billion year on year. Similarly, our U.S.-based companies MADICO, INC. and VDI, LLC also contributed more to profits than in the past. With overseas sales accounting for approximately 64% and the yen remaining weak, we recorded approximately ¥2.2 billion in operating income. For the fiscal year ending March 31, 2026, we forecast higher net sales but lower income. One factor behind this There are several key points in analyzing our results for the A Message from the CFOConsolidated Operating PerformanceNet SalesOperating IncomeProfit Attributable to Owners of Parent Return on Equity (ROE)Return on Invested Capital (ROIC)Weighted Average Cost of Capital (WACC)*Price-to-Book Value Ratio (PBR)Review of the Fiscal Year Ended March 31, 2025, and Outlook for the Fiscal Year Ending March 31, 2026¥24,562 million¥14,476 million6.1%6.9%6.0%0.76 timesFiscal year ended March 31, 2025¥315,978 millionFiscal year ending March 31, 2026 (forecast)¥317,000 million27Yoichi ShibanoDirector, Managing Executive Officer, and Executive General Manager, Administration Div.We have positioned the improvement of ROE as a critical management issue and will strive to enhance both profitability and capital efficiency.Financial Strategy
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