For the year ended March 2026, net sales ¥355.3bn (+4.1%), operating profit ¥20.0bn (+91% YoY). The jump came off a 3.1% margin trough — almost entirely utilization recovery, not re-rate. Bridge: ¥30.7bn utilization gain offset by ¥20.2bn price decline; prices still fall, just slower. Operating margin 5.6% vs leader's ~15%. Net profit flattered by ¥4.8bn FX gain, dented by ¥2.1bn aluminum-electrolytic impairment and ¥1.5bn communication-device reform loss — the operating line is the one to read.
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