Ibiden, the Gifu-based maker of the multilayer package substrates that carry AI accelerator and server chips, has raised the full-year earnings forecast it published on May 11. Operating profit for the year to March 2027 is now guided at ¥127.0bn, revenue guidance rises to ¥550.0bn and net income guidance rises to ¥84.0bn.
| Metric | May forecast | August forecast | Change |
|---|---|---|---|
| Net sales | ¥500.0bn | ¥550.0bn | +10.0% |
| Operating profit | ¥90.0bn | ¥127.0bn | +41.1% |
| Net income | ¥58.0bn | ¥84.0bn | +44.8% |
The upgrade follows a stronger first quarter. Net sales for April through June rose 26.4% year-on-year to ¥123.2bn, operating profit rose 52.4% to ¥26.88bn, and net income rose 40.8% to ¥17.92bn. Ibiden's electronics division, which makes the IC package substrates used in generative-AI servers and general-purpose servers, drove the gain: segment sales rose 37.7% to ¥77.52bn and segment profit rose 52.4% to ¥21.38bn. Management said demand for its highest-value substrates, the ones built into AI-server packages, ran ahead of its own planning assumptions, and that a production site which began mass output last year is now running at stable volumes, letting the company sell more of its premium lines at firm prices.
Separately, Ibiden's board approved a second 2-for-1 stock split, effective October 1, six months after a first 2-for-1 split took effect on January 1. The October split will roughly double the share count, from 281.9mn shares outstanding at the end of June to 563.9mn, and raises the company's authorized share ceiling from 460mn to 920mn. The conversion price on Ibiden's 2031 euro-yen convertible bonds will be halved accordingly, from ¥4,486.2 to ¥2,243.1 per share, to preserve the bonds' economic value through the split.
The split also forced a technical rewrite of the dividend forecast: the year-end payout for the year to March 2027 is now stated as ¥10.00 per share rather than the ¥20.00 flagged in May, because each share outstanding after October 1 represents half the previous economic claim. On a fully split-adjusted basis, Ibiden's own reference table puts the total dividend for the year at ¥17.50 per share, against ¥15.00 for the year just ended: a real increase, not a cut, once the extra shares are accounted for. The payout-ratio target stays at 20%, and the progressive-dividend base is halved to ¥10 per share from ¥20 to reflect the same mechanical adjustment, with no change to the underlying policy.
Shareholders of record on September 30 receive the additional shares when the split takes effect the next day.