Resonac Holdings Corporation
4004・Prime Market・Chemicals
Semiconductor & Electronic Materials
Resonac's core growth business, capturing AI and advanced semiconductor demand and driving overall company profit.
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (external customers) | ¥134,662 million (Q1 FY2026, ending March 2026) | ¥111,186 million (Q1 FY2025, ended March 2025) | ↑ |
| Core operating profit | ¥33,997 million (Q1 FY2026, ending March 2026) | ¥19,568 million (Q1 FY2025, ended March 2025) | ↑ |
| Core operating profit margin | 25.0% (Q1 FY2026, ending March 2026, ratio to external customer revenue) | 17.6% (Q1 FY2025, ended March 2025) | ↑ |
| Revenue (external customers), full-year results | ¥506,336 million (full year FY2025, ended March 2025) | － | — |
| Core operating profit (full-year results) | ¥108,365 million (full year FY2025, ended March 2025) | － | — |
Business Details
Comprises three sub-segments: Semiconductor Front-End Process Materials (high-purity gases, CMP slurry), Semiconductor Back-End Process Materials (epoxy encapsulants, die bonding materials, copper-clad laminates, photosensitive films, etc.), and Device Solutions (HD Media, SiC Epitaxial Wafers). Sales volume has been expanding, centered on materials for AI and other advanced semiconductors, and in Q1 FY2026 (ending March 2026) this segment generated ¥33,997 million out of the company-wide core operating profit of ¥33,616 million, serving as the core driver of group profit.
Recent Overview
In Q1 FY2026 (ending March 2026), revenue rose 21.1% and core operating profit surged 73.7%.
In Q1 FY2026 (ending March 2026, January to March), Semiconductor Front-End Process Materials saw increased revenue due to a gradual recovery in the memory market, while Semiconductor Back-End Process Materials saw increased revenue due to higher sales volume for AI and other advanced semiconductors. Within Device Solutions, demand for HD Media from data centers remained steady, while SiC Epitaxial Wafers stayed roughly flat year-on-year due to some inventory adjustments. As a result, revenue from external customers reached ¥134,662 million (up ¥23,476 million, +21.1% year-on-year), and core operating profit reached ¥33,997 million (up ¥14,429 million, +73.7% year-on-year), achieving substantial profit growth, with this segment alone generating profit exceeding the company-wide core operating profit of ¥33,616 million.
Key Products
Growth Drivers
- Expansion of sales volume of back-end process materials (encapsulants, copper-clad laminates, etc.) for AI and advanced semiconductors
- Steady trend in HD Media demand from data centers
- Increased revenue in Semiconductor Front-End Process Materials due to gradual recovery in the memory market
- Increased production capacity through aggressive capital expenditure (¥64,064 million in FY2025, ended March 2025, up 24.5% year-on-year) driven by semiconductor demand growth
- Continued growth toward the segment forecast of ¥295,000 million in revenue and ¥74,300 million in core operating profit for the cumulative first half of FY2026 (ending March 2026)
Risks
- Risk of decreased revenue in Semiconductor Front-End Process Materials due to delayed recovery in NAND demand
- Risk of stagnant demand and inventory adjustments for SiC Epitaxial Wafers due to continued slowdown in EV market growth
- Impact of U.S. trade policy (tariffs, etc.) on the semiconductor supply chain
- Risk of cash flow pressure due to significant expansion of capital expenditure (+24.5% year-on-year)
- Risk of customer and application concentration due to concentrated demand for advanced semiconductors
Last updated: March 25, 2026