For the year ended March 2026, net sales rose 12.7% to 416.2 billion yen and operating profit rose 30.3% to 62.0 billion yen. All gain came from Electronics — IC substrate sales up 23.4%, segment profit up 68.6% at 18.6% margin. Net income rose 89% to 63.7 billion yen, however, we flag this as flattered by a one-time extraordinary gain offsetting a 16.4 billion yen impairment. The tell: next year's guidance has operating profit up ~45% to 90 billion yen while net income falls 9% to 58 billion yen. Operating profit, not net income, is the metric we point to.