Ushio: F3/26 Results: Sharp Recovery in Lithography Tool Demand

Research evidence excerpt

Ushio: F3/26 Results: Sharp Recovery in Lithography Tool Demand

Update

May 14, 2026 11:47 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MUshio (6925) | Japan Suzune Tamura, CFA

Equity Analyst

F3/26 Results: Sharp Recovery Suzune.Tamura@morganstanleymufg.comKazuo Yoshikawa, CFA +81 3 6836-8891

Kazuo.Yoshikawa@morganstanleymufg.com +81 3 6836-8408

in Lithography Tool Demand

Ushio (6925.T, 6925 JP)

Semiconductor Production Equipment | Japan

Reaction to earnings

Stock Rating Overweight

Strengthens our thesis In-line Largely unchanged Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target ¥3,100

consensus EPS Shr price, close (May 14, 2026) ¥3,539

Mkt cap, curr, basic (bn) ¥311.6

Source: Company data, Morgan Stanley Research Avg daily trading value (bn) ¥0.8

Key Takeaways

F3/27 guidance was broadly in line with consensus, but the impression from the

briefing was positive

Demand for stepper exposure systems and DI exposure systems is rising rapidly;

meaningful earnings contribution is expected from F3/28

The company also expects a full-scale ramp-up of stepper exposure systems for

EMIB-T from F3/28–29

Its comments provide momentum toward completing structural reforms under

New Growth Strategy Phase 1 by F3/27 and pursuing business growth under

Phase 2 from F3/28 onward

Ushio announced F3/26 results after the close on May 14. While F3/27 guidance was

broadly in line with consensus, the briefing strengthened confidence in earnings

recovery from F3/28 onward and left a favorable impression.

Results/guidance in line: F3/26 full-year results were largely in line with company

guidance, which had already been revised in March. For F3/27, the company forecasts