Toto (5332.T): Advanced ceramics business strategy briefing: 3-year capex plan of c.¥30 bn, mass production system to be strengthened

Research evidence excerpt

Toto (5332.T): Advanced ceramics business strategy briefing: 3-year capex plan of c.¥30 bn, mass production system to be strengthened

Equity Research

25 June 2026 | 7:13PM JST

Toto (5332.T): Advanced ceramics business strategy briefing: 3-year

capex plan of c.¥30 bn, mass production system to be strengthened

Sachiko Okada

+81(3)4587-9937 |

sachiko.okada@gs.com

Goldman Sachs Japan Co., Ltd.

Sayako Tominaga

+81(3)4587-9804 |

sayako.tominaga@gs.com

On June 25, we attended Toto’s advanced ceramics business strategy briefing. The Goldman Sachs Japan Co., Ltd.

speaker was Ryosuke Hayashi, Senior Managing Executive Officer and head of the

business. He explained the product groups that make up the company’s advanced

ceramics business, demand trends by product, and the capital expenditure plans of

the business. Below we outline our three key takeaways.

n Main products and their sales composition ratios in the advanced ceramics

business: FY3/27 consolidated sales and operating profit guidance are ¥785.0

bn and ¥60.0 bn, respectively. Advanced ceramics business sales and operating

profit targets are ¥85.5 bn and ¥36.5 bn, respectively, accounting for 11% and

61% of consolidated sales and operating profits. The main products that make

up the advanced ceramics business are as follows.

o Electrostatic chucks: In addition to producing electrostatic chucks mainly

for NAND memory, the company also produces electrostatic chucks for

some logic semiconductors. Electrostatic chucks for NAND memory

account for around 70-75% of sales in the business. Toto said that in

FY3/26, replacement demand for electrostatic chucks used in existing

manufacturing equipment accounted for about 80% of electrostatic chuck

sales.

o AD materials: Products for logic semiconductor manufacturing

equipment.