Fujimi, a maker of polishing materials for semiconductors, has put numbers on a six-year plan that bets on AI-driven chip demand. Its Medium- to Long-Term Management Plan 2026 runs from the current year to March 2027 through the year to March 2032. The plan sets out ¥130bn of cumulative capital spending and targets ¥138.0bn in sales by the final year.
The targets
Group sales are planned at ¥82.5bn in the first year, ¥104.0bn in the year to March 2029 and ¥138.0bn in the year to March 2032. The operating margin target is 20.9% in the first year, 20% in year three and 21% in year six. The EBITDA margin target rises from 26.0% to 29% and then 31%. The return on equity target dips from 14.3% to 14% in year three before rising to 17% in year six.
The 2023 plan targeted ¥95.0bn of sales for the year to March 2029, so the new plan raises that year's sales target to ¥104.0bn. It also lifts the EBITDA margin target for that year from 27% to 29%, and lowers the ROE target from 15% to 14%.
CMP (chemical mechanical planarization) sales carry the plan. They are targeted at ¥46.1bn in the first year, ¥61.5bn in year three and ¥85.8bn in year six. Silicon is planned at ¥23.8bn, ¥27.6bn and ¥31.8bn. Disk sales are planned to slip from ¥2.6bn to ¥2.1bn. The plan also includes ¥4.0bn from M&A in the final year.
| Target | Year to Mar 2027 | Year to Mar 2029 | Year to Mar 2032 |
|---|---|---|---|
| Sales | ¥82.5bn | ¥104.0bn | ¥138.0bn |
| CMP sales | ¥46.1bn | ¥61.5bn | ¥85.8bn |
| Operating margin | 20.9% | 20% | 21% |
| EBITDA margin | 26.0% | 29% | 31% |
| ROE | 14.3% | 14% | 17% |
Where the money goes
Capital spending is planned at ¥19.0bn in the first year, ¥85.0bn cumulatively over the three years to March 2029 and ¥45.0bn over the three years to March 2032. Fujimi says its production is running at high utilisation and that more capacity is essential to meet customer demand. It describes the spending as strategic investment to secure supply and technological competitiveness rather than a response to current demand alone.
The main planned projects are an expansion of its existing plant in Gifu Prefecture, which was completed in February 2026. Fujimi also plans a new plant on adjacent land it has already acquired, and a new plant in Taiwan. For Taiwan, the site for its subsidiary's second plant is still being selected. Fujimi states that final investment decisions on these capacity projects have not been made. A new research facility is due for completion at the end of 2026, and the plan also provides for M&A investment.
Investment against payouts
Fujimi targets a consolidated payout ratio of 55% or more and applies a progressive dividend policy, under which the dividend is maintained or raised, through the year to March 2029. For the year to March 2030 and beyond, it says further investment is needed to supply semiconductor demand, and it will consider how to balance sustained growth with shareholder returns.
Fujimi says the qualitative parts of the plan, with fuller detail, will be published in November. Until then, the figures are targets: the spending is planned rather than made, and the sales are not yet won.