TOKYO OHKA KOGYO CO.,LTD. Q4 FY2025 earnings call

• Market Position and Competitive Advantages • The company is the global market leader in overall photoresist with a 24.7% share, supported by a broad product lineup covering all generations of photoresist technology • It holds the #2 global position in EUV photoresist with a 28% share, with core competitive advantages from customer-optimized formulation expertise and high-purity manufacturing technology that create high switching costs for customers and large market entry barriers for new competitors • The EUV photoresist market has very high entry barriers, requiring a strict balance of performance across sensitivity, resolution, and line roughness control that favors established players like Tokyo Ohka Kogyo

• Growth Drivers • EUV photoresist is the company's core growth driver, with expanding demand driven by increasing adoption of EUV lithography in advanced AI-focused logic semiconductors, as technology generations continue to advance • Growing demand for advanced semiconductors also raises quality requirements for high-purity cleaning/stripping chemicals, creating secondary growth tailwinds for the company's HPC segment

• Capacity Expansion Plans • The company is building out its supply capacity to meet projected growing demand: a new factory at the Aso Kumamoto site in Japan will start operations in 2025, followed by two additional new factories in South Korea that will launch operations in 2026 and 2027, respectively, completing the planned supply expansion by 2027

For the 2024 December fiscal year, Tokyo Ohka Kogyo operates two core product segments: 1) Electronics Functional Materials (including photoresists): This segment contributes approximately 53% of total company revenue, and produces the full range of photoresist products for semiconductor manufacturing. The company holds a 24.7% global market share in overall photoresist (ranked 1st globally), and a 28% global market share in EUV photoresist (ranked 2nd globally). 2) High Purity Chemicals (HPC): This segment contributes approximately 46% of total company revenue, and produces high-purity cleaning and stripping chemicals used in semiconductor manufacturing.

• Long-term guidance for 2030 sets a target of 350 billion yen in total revenue, which represents a 54.2% increase compared to the company's FY2025 December forecast
• The 2030 target for EBITDA is 77 billion yen, which represents a 57.5% increase compared to the company's FY2025 December forecast
• Management expresses confidence in achieving this long-term growth target based on current market trends and the company's competitive positioning

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