Ibiden (4062)
Ibiden (4062) is a dominant maker of high-end FC-BGA IC package substrates, the boards that mount server CPUs, AI GPUs, and AI ASICs. In the year ended March 2026 its substrate segment grew sales 23% to 243 billion yen, and it is spending 500 billion yen to expand AI-substrate capacity. It reports next on August 4, 2026.
| Ticker | 4062 |
|---|---|
| Exchange | TSE |
| Sector | Information Technology · IC Package Substrates |
| Country | Japan |
| Wikidata | Q585314 |
| Last updated | 2026-07-05 |
Next event: Next earnings · Q1 fiscal 2026 (ending June 2026) , confirmed · Company-confirmed on the Ibiden IR calendar: first-quarter results for the fiscal year ending March 2027 are scheduled for August 4, 2026. (source)
Latest reported quarter: Fiscal year ended March 31, 2026 (reported 2026-05-11)
Ibiden reported net sales of 416.2 billion yen, up 12.7%, for the year ended March 2026, with operating profit of 62.0 billion yen, up 30.3%, and net income of 63.7 billion yen, up 89.0%, at EPS of 228.16 yen. The Electronics segment, its FC-BGA substrate business, grew sales 23% to 243.3 billion yen and profit 69% to 45.2 billion yen on AI demand. It guided fiscal 2026 net sales to 500.0 billion yen.
| Net sales (FY2025) | ¥416.2B +12.7% YoY · Fiscal year ended March 2026 |
|---|---|
| Operating profit | ¥62.0B +30.3% YoY · Net income ¥63.7B (+89.0%) |
| Electronics segment sales | ¥243.3B +23% YoY · FC-BGA substrates; segment profit +69% |
| EPS | ¥228.16 · Restated for the 2-for-1 split effective Jan 1, 2026 |
Revenue by segment
| Electronics (IC package substrates) | ¥243.3B +23% YoY |
|---|---|
| Ceramics (automotive DPF) | ¥82.6B -2% YoY |
Guidance: Fiscal 2026 (ending March 2027)
| Net sales | ¥500.0B · +20.1% |
|---|---|
| Operating profit | ¥90.0B · +45.1% |
| EPS | ¥207.70 · Net income ¥58.0B; prior year had one-off gains |
Outlook given with the fiscal 2025 results on May 11, 2026. Long-term FY2030 target: 1 trillion yen of sales.
Recent & upcoming events
- · Record fiscal 2025; Electronics up 23% on AI. Net sales of 416.2 billion yen (up 12.7%) with net income up 89%; the Electronics FC-BGA substrate segment grew sales 23% to 243.3 billion yen on AI GPU and server-CPU demand, and Ibiden guided fiscal 2026 sales to 500.0 billion yen. (source)
- · 500 billion yen AI-substrate capacity program. Ibiden disclosed a total 500 billion yen electronics capital-investment program: Gama Plant Cell 6 (~220 billion yen, AI ASIC substrate) and Ono Plant Cell 8 (~280 billion yen, AI GPU substrate), both to mass-produce from fiscal 2027. (source)
Fiscal 2025 figures (year ended March 31, 2026) are from Ibiden's consolidated results dated May 11, 2026. EPS is restated for the 2-for-1 split effective January 1, 2026. Electronics and Ceramics do not sum to consolidated sales.
Figures are as of 2026-07-05 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Ibiden do?
Ibiden makes the substrate a chip is packaged onto. Its Electronics segment builds high-end FC-BGA (flip-chip ball grid array) IC package substrates using a semi-additive process, the fine-line boards that mount an advanced logic die and route its thousands of connections to the circuit board. Those substrates go under server CPUs, AI GPUs, and AI ASICs, which puts Ibiden right beneath the silicon in the package. A second, unrelated Ceramics segment makes automotive diesel particulate filters, but the AI story is the substrate business, which grew sales 23% to 243.3 billion yen in the year ended March 2026 (Ibiden FY2025 results, May 11, 2026). Ibiden says it holds top share in the leading-edge substrate market and close to 100% share at the launch of each new-generation product.
How is AI driving Ibiden’s business?
Because every AI accelerator needs a package, and the highest-end packages need Ibiden’s substrates. As GPUs and ASICs grow larger and route more signals, the substrate becomes a harder, more valuable part, and demand for leading-edge FC-BGA is expected to exceed the industry’s supply. That is why Ibiden is investing 500 billion yen to add capacity, including Gama Plant Cell 6 for AI ASIC substrates and Ono Plant Cell 8 for AI GPU substrates, both mass-producing from fiscal 2027 (Ibiden FY2025 results, May 11, 2026). Management was direct about the demand:
“Demand for cutting-edge IC package substrates remains extremely strong, and further capacity expansion is required.”
— Ibiden management, fiscal 2025 results Q&A (Ibiden, May 12, 2026)
What did Ibiden report most recently?
For the fiscal year ended March 31, 2026, net sales were 416.2 billion yen, up 12.7%, with operating profit of 62.0 billion yen, up 30.3%, and net income of 63.7 billion yen, up 89.0%, at EPS of 228.16 yen (Ibiden FY2025 results, May 11, 2026). The Electronics FC-BGA substrate segment carried the year, with sales up 23% to 243.3 billion yen and profit up 69% to 45.2 billion yen, while the Ceramics segment slipped on weak automotive demand. Per-share figures are restated for the 2-for-1 stock split that took effect January 1, 2026.
What is Ibiden’s guidance?
For fiscal 2026 (ending March 2027), Ibiden guided net sales to 500.0 billion yen, up 20.1%, and operating profit to 90.0 billion yen, up 45.1% (Ibiden FY2025 results, May 11, 2026). Net income is guided lower at 58.0 billion yen because the prior year included one-off securities-sale gains. Longer term, Ibiden targets 1 trillion yen of sales by fiscal 2030, led by the substrate business.
What are the risks for Ibiden?
- AI-substrate capex and cyclicality. A 500 billion yen build-out mass-produces only from fiscal 2027, and leading-edge demand is concentrated in AI GPU/ASIC and server-CPU cycles; management notes its near-100% share of a new generation erodes 20-30% within a few months as rivals qualify.
- Ceramics and automotive drag. The diesel-filter segment fell on weak auto demand and is a structural headwind as combustion volumes decline.
- Customer concentration and FX. Ibiden relies on a few hyperscale and CPU/GPU customers, and yen moves plus concern about excess exports from China can pressure results.
Related securities, concepts & terms
Ibiden is the packaging-substrate layer of the silicon supply chain concept, alongside substrate and component maker Samsung Electro-Mechanics, and it links closely to advanced packaging.
- Silicon Supply Chain parent
- Samsung Electro-Mechanics (009150) sibling
- IC Package Substrate related
- Advanced Chip Packaging related
Frequently asked questions about Ibiden
What does Ibiden do?
Ibiden makes high-end FC-BGA IC package substrates, the fine-line boards that mount and interconnect advanced logic dies such as server CPUs, AI GPUs, and AI ASICs. Its Electronics segment, the substrate business, grew sales 23% to 243.3 billion yen in the year ended March 2026 (Ibiden FY2025 results, May 11, 2026). A separate Ceramics segment makes automotive diesel particulate filters.
What were Ibiden's latest results?
For the fiscal year ended March 31, 2026, net sales were 416.2 billion yen, up 12.7%, with operating profit of 62.0 billion yen, up 30.3%, and net income of 63.7 billion yen, up 89.0% (Ibiden FY2025 results, May 11, 2026). The Electronics FC-BGA substrate segment drove the gains, with sales up 23% and profit up 69% on AI demand. EPS was 228.16 yen, restated for the 2-for-1 split effective January 1, 2026.
What is Ibiden's guidance and AI-substrate investment?
For fiscal 2026 (ending March 2027) Ibiden guided net sales to 500.0 billion yen, up 20.1%, and operating profit to 90.0 billion yen, up 45.1% (Ibiden FY2025 results, May 11, 2026). It is executing a 500 billion yen electronics capital program, including Gama Plant Cell 6 for AI ASIC substrates and Ono Plant Cell 8 for AI GPU substrates, both to mass-produce from fiscal 2027, and it targets 1 trillion yen of sales by fiscal 2030.
When does Ibiden report its next earnings?
August 4, 2026, a date on Ibiden's investor-relations calendar for first-quarter results of the fiscal year ending March 2027 (Ibiden IR calendar). It last reported full-year fiscal 2025 results on May 11, 2026.
Why is Ibiden part of the silicon supply chain concept?
Because the IC substrate is the packaging layer directly beneath the silicon. Every server CPU and AI accelerator is mounted on a high-end FC-BGA substrate, and Ibiden is the dominant leading-edge supplier, saying it holds close to 100% share at the launch of each new-generation product and that substrate demand is expected to exceed the industry's supply (Ibiden FY2025 presentation, May 12, 2026).
Sources & references
- Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 · Ibiden Co., Ltd., 2026-05-11
- Financial Presentation for the Year Ended March 31, 2026 · Ibiden Co., Ltd., 2026-05-12
- Ibiden Co., Ltd. · IR calendar · Ibiden Co., Ltd., 2026-07-05