santec Holdings (6777) — Filings & Earnings Analysis
Generated: 2026-03-05 Exchange: Tokyo Stock Exchange (TSE Prime) Fiscal Year End: March 31 Note: Japanese-listed company. Filings sourced from TDNET (timely disclosures), EDINET (securities reports), and company IR. Equivalents: 有価証券報告書 ≈ 10-K; 四半期/半期報告書 ≈ 10-Q; 決算短信 ≈ earnings release.
Downloaded Files
~/claude/output/filings/6777/
├── 10-K/
│ ├── santec-6777-FS-FY2020.pdf (198K)
│ ├── santec-6777-FS-FY2021.pdf (198K)
│ ├── santec-6777-FS-FY2022.pdf (203K)
│ ├── santec-6777-FS-FY2023.pdf (179K)
│ └── santec-6777-FS-FY2024.pdf (191K)
├── 10-Q/
│ ├── santec-6777-earnings-summary-FY2025-full.pdf (327K)
│ ├── santec-6777-earnings-summary-FY2026-Q2.pdf (264K)
│ └── santec-6777-earnings-summary-FY2026-Q3.pdf (260K)
└── investor-presentations/
├── santec-6777-earnings-presentation-FY2025-full.pdf (3.7M)
├── santec-6777-earnings-presentation-FY2026-Q1-deck.pdf (1.5M)
├── santec-6777-earnings-presentation-FY2026-Q2.pdf (1.7M)
└── santec-6777-earnings-presentation-FY2026-Q3.pdf (1.4M)
13 files · 12MB total
Section A: Filing Monitor
1. Filing Activity Overview — Last 90 Days (Dec 5, 2025 – Mar 5, 2026)
| Date Filed | Filing Type | Description | Source |
|---|---|---|---|
| 2026-01-30 | 四半期決算短信 Q3 Earnings Summary | Q3 FY2026 cumulative results (Apr–Dec 2025) + guidance revision | TDNET 140120260129541603 |
| 2026-01-30 | 決算説明資料 Q3 Investor Presentation | Detailed segment slides for Q3 FY2026 | TDNET 140120260129541959 |
| 2026-01-30 | 業績予想の修正 Guidance Revision | Full-year FY2026 guidance revised upward | TDNET |
| 2025-11-14 | 半期報告書 Semi-Annual Report | H1 FY2026 securities report (EDINET) [S100WZ6S] | EDINET |
Activity level: Normal — standard quarterly earnings cycle. The January 30 package included an upward guidance revision alongside Q3 results, which is a positive signal. Japan's 2024 disclosure reform eliminated quarterly securities reports (四半期報告書) in favor of semi-annual reports (半期報告書); santec filed its H1 semi-annual on Nov 14.
2. Annual Report (有価証券報告書) — FY2025 Filed June 19, 2025
Source: EDINET [S100VZX9] Most recent full annual; FY2026 annual not yet filed (due ~June 2026)
Financial Highlights (FY2025 vs FY2024)
| Metric | FY2024 | FY2025 | Change |
|---|---|---|---|
| Revenue | ¥18,867M | ¥24,026M | +27.3% |
| Operating Profit | ¥5,564M | ¥7,429M | +33.5% |
| Operating Margin | 29.5% | 30.9% | +140bps |
| Ordinary Profit | ¥6,265M | ¥7,887M | +25.9% |
| Net Income (attributable) | ¥3,865M | ¥5,070M | +31.2% |
| EPS | ¥327.49 | ¥430.92 | +31.6% |
| Total Assets | ¥25,828M | ¥29,527M | +14.3% |
| Net Assets (Equity) | ¥17,735M | ¥21,428M | +20.8% |
| Equity Ratio | 68.7% | 72.6% | +390bps |
| Cash (period end) | ~¥9,373M | ¥12,647M | +34.9% |
Operating Cash Flow: ¥6,001M (FY2025) vs ¥3,281M (FY2024) — +82.9% YoY Capex / Investing CF: ¥(1,883)M outflow vs ¥(194)M prior year — stepped-up investment Financing CF: ¥(700)M (dividends + minor debt repayment)
Dividends (FY2025)
- Full-year DPS: ¥140.00 (¥70 interim + ¥70 final)
- Total dividend payout: ¥2,469M — includes a special commemorative dividend component
- Prior year (FY2024): ¥1,058M total payout
Business Description
santec Holdings is a Japanese photonics company with three main segments:
- Optical Components (光部品関連事業) — optical monitors, wavelength-selective switches, VOAs, filters for fiber-optic telecom
- Optical Measurement Instruments (光測定器関連事業) — tunable lasers, optical test & measurement, connector inspection systems, OCT (optical coherence tomography) for medical
- Others — systems/solutions
Changes vs. Prior Annual (FY2024→FY2025)
- Revenue crossed ¥24B milestone, up from ¥18.9B — driven by recovery in optical components demand and strong connector inspection tools
- Operating margin improved to 30.9% from 29.5% on positive product mix and operating leverage
- Equity ratio increased sharply to 72.6% — balance sheet strengthened significantly
- MOG Laboratories (Australia, atomic/photonics instruments) acquired during FY2025 via subsidiary santec LIS Corporation — goodwill recorded in Measurement segment
- Dividend doubled YoY (¥140 vs ¥70) including special component — shareholder-friendly shift
3. Quarterly Reports (決算短信 / 半期報告書) — Recent Quarters
Q3 FY2026 (Apr–Dec 2025) — Filed Jan 30, 2026 ★ Most Recent
Cumulative 9-month results:
| Metric | Q3 FY2025 (9M) | Q3 FY2026 (9M) | YoY |
|---|---|---|---|
| Revenue | ¥17,313M | ¥21,248M | +22.7% |
| Operating Profit | ¥5,423M | ¥6,836M | +26.1% |
| Operating Margin | 31.3% | 32.2% | +90bps |
| Ordinary Profit | ¥5,947M | ¥7,238M | +21.7% |
| Net Income | ¥4,001M | ¥5,101M | +27.5% |
| EPS (cumulative) | ¥340.28 | ¥433.80 | +27.5% |
| Total Assets | ¥29,527M | ¥35,591M | +20.5% |
| Equity | ¥21,428M | ¥24,807M | +15.7% |
| Equity Ratio | 72.6% | 69.7% | -290bps |
Segment Performance (9M cumulative):
| Segment | Revenue | Op. Profit | Revenue YoY |
|---|---|---|---|
| Optical Components (光部品) | ¥4,487M | ¥1,202M | +67.4% |
| Optical Measurement (光測定器) | ¥14,822M | ¥5,392M | ~+12% |
| Other (Systems/Solutions) | ¥1,938M | ¥242M | — |
| Total | ¥21,248M | ¥6,836M | +22.7% |
Key drivers Q3 cumulative:
- Optical Components recovered sharply (+67.4%) from inventory correction cycle — optical monitors (光モニタ) seeing strong demand
- Optical Measurement driven by connector inspection equipment (コネクタ付光ファイバーケーブル検査装置) for fiber networks
- MOGLabs acquisition added goodwill of ¥224M in Q3 standalone quarter
- No going concern language; no impairment losses reported
- Depreciation: ¥460M (9M FY2026) vs ¥430M prior year — modest step-up from capex
H1 FY2026 (Apr–Sep 2025) — Filed Nov 7, 2025
| Metric | H1 FY2025 | H1 FY2026 | YoY |
|---|---|---|---|
| Revenue | ¥11,997M | ¥12,778M | +6.5% |
| Operating Profit | ¥3,865M | ¥4,119M | +6.6% |
| Operating Margin | 32.2% | 32.2% | flat |
H1 was softer growth vs the Q3 cumulative — the acceleration happened in Q3 standalone (Oct–Dec), driven by the Components segment recovery. This is an important sequential inflection.
Q1 FY2026 (Apr–Jun 2025) — From Presentation Deck
| Metric | Q1 FY2025 | Q1 FY2026 | YoY |
|---|---|---|---|
| Revenue | ¥6,306M | ¥6,186M | -1.9% |
| Operating Profit | ¥2,363M → ¥2,048M est. | ~¥2,005M | ~+1.6% |
| Net Income | ¥1,601M | ¥1,382M | -13.7% |
Q1 was the weakest quarter — slight revenue decline but operating profit marginally positive due to mix improvement. Recovery only began in Q2 and accelerated through Q3.
4. Current Disclosures (8-K equivalents) — Last 90 Days
| Date | Type | Description | Materiality |
|---|---|---|---|
| 2026-01-30 | 業績予想修正 Guidance Revision | Full-year FY2026 revenue raised to ¥30,000M (+¥4,000M vs prior guide of ¥26,000M); OP raised to ¥9,300M; Net income raised to ¥6,400M | High |
| 2026-01-30 | 配当予想修正 Dividend Revision | Full-year DPS raised to ¥210 (from prior ¥200); interim ¥125 confirmed | Medium |
| 2025-11-14 | 半期報告書提出 Semi-Annual Filing | EDINET filing per Japan's new disclosure rules | Low |
No 8-K equivalents flagged for: M&A, litigation, executive changes, restatements, or going concern within the 90-day window.
5. Ownership / Large Shareholder Filings (大量保有報告書)
No new 大量保有報告書 (5%+ holder reports) detected in the last 90 days. Prior filings available on EDINET/irbank under /E01870/share.
6. Insider Transactions
No significant insider transaction data available in the public TDNET/EDINET window reviewed. Japanese insider transaction rules (特定有価証券の内部者取引規制) apply; not tracked via a Form 4 equivalent.
7. Red Flag Alerts
| Red Flag | Detected? | Details |
|---|---|---|
| Auditor change | No | — |
| Financial restatement / non-reliance | No | — |
| Going concern language | No | Explicitly noted: 継続企業の前提に関する注記 = なし |
| Material weakness in internal controls | No | — |
| New material risk factors | No | No new material risks disclosed in Q3 summary |
| Related-party transactions | No | None disclosed |
| Insider selling cluster | No | — |
| Executive departure (CEO/CFO) | No | President 鄭元鎬 and CFO 山下英哲 unchanged |
| Guidance cut or withdrawal | No — RAISED | Full-year revenue guidance raised +¥4,000M to ¥30,000M at Q3 |
| Restructuring or impairment charges | No | No impairment recorded; no significant restructuring |
| Shelf registration / dilution risk | No | — |
| Delayed filing | No | All filings on schedule |
| Goodwill increase (new) | Monitor | MOGLabs acquisition added ¥224M goodwill in Measurement segment — small but track integration |
| Equity ratio declining | Monitor | Dropped to 69.7% from 72.6% — still strong but watch if M&A continues |
No critical red flags detected. All green except two monitoring items related to the MOGLabs acquisition.
8. Key Takeaways (Filings)
- Elevated growth trajectory. FY2026 is shaping up as a banner year — through 9 months, revenue is +22.7% YoY and operating profit +26.1%, driven by optical component recovery and fiber infrastructure demand.
- Most material event: Guidance raised sharply. At Q3 results (Jan 30), full-year revenue guidance was raised from ¥26,000M to ¥30,000M — a +15.4% increase to the guide, implying implied Q4 revenue of ~¥8,752M (+33% vs ¥6,713M Q4 FY2025). This is the single most bullish signal in the filing window.
- Dividend raised to ¥210. From prior guide of ¥200 — signals management confidence in earnings sustainability. FY2025 was ¥140 (including special), so FY2026 ¥210 would represent +50% YoY on full-year DPS.
- No red flags. Balance sheet is clean (equity ratio 69.7%), no going concern, no restatements, no auditor issues.
- MOGLabs acquisition to watch. Small acquisition (Australian photonics) adds exposure to atomic clocks / wavemeters / quantum optics; integration risk is minor at current scale but worth monitoring.
Section B: Earnings Review
1. Earnings Snapshot
| Item | Value |
|---|---|
| Company | santec Holdings Corporation (ｓａｎｔｅｃ Ｈｏｌｄｉｎｇｓ株式会社) |
| Ticker | 6777 (TSE Prime) |
| Most recent quarter reported | Q3 FY2026 (9M cumulative: Apr–Dec 2025) |
| Report date | January 30, 2026 |
| Fiscal year end | March 31 |
| Q4 FY2026 results expected | ~May 2026 |
Headline Numbers — Q3 FY2026 Cumulative (9M)
| Metric | Prior Year (9M FY2025) | Actual (9M FY2026) | Beat/Miss vs Guidance | YoY |
|---|---|---|---|---|
| Revenue | ¥17,313M | ¥21,248M | Tracking above prior ¥26B guide (71% run-rate vs 65% needed) | +22.7% |
| Operating Profit | ¥5,423M | ¥6,836M | Strong — prompted upward revision | +26.1% |
| Op. Margin | 31.3% | 32.2% | Expanding | +90bps |
| Net Income | ¥4,001M | ¥5,101M | Ahead of pace | +27.5% |
| EPS (cumulative) | ¥340.28 | ¥433.80 | — | +27.5% |
Note: santec does not provide formal quarterly consensus estimates in the Western sense. Comparison is vs prior year and vs company-issued guidance.
Beat/Miss Trajectory (Full-Year Results)
| Fiscal Year | Revenue | Op. Profit | Net Income | Trend |
|---|---|---|---|---|
| FY2023 | ¥15,244M | ¥4,002M | ¥2,847M | — |
| FY2024 | ¥18,867M (+23.8%) | ¥5,564M (+39.1%) | ¥3,865M (+35.8%) | Accelerating |
| FY2025 | ¥24,026M (+27.3%) | ¥7,429M (+33.5%) | ¥5,070M (+31.2%) | Accelerating |
| FY2026E (guide) | ¥30,000M (+24.9%) | ¥9,300M (+25.2%) | ¥6,400M (+26.3%) | Still accelerating |
3-year revenue CAGR (FY2023→FY2026E): ~25% — consistent compounding.
2. Segment-Level Breakdown — Q3 FY2026 Cumulative (9M)
Segment 1: Optical Components (光部品関連事業)
| Metric | 9M FY2025 | 9M FY2026 | YoY |
|---|---|---|---|
| Revenue | ¥2,682M (est.) | ¥4,487M | +67.4% |
| Segment Profit | ¥351M | ¥1,202M | +242.3% |
| Segment Margin | ~13% | ~26.8% | Dramatic expansion |
Drivers: Optical monitors (光モニタ) used in fiber telecom infrastructure — demand recovery from inventory correction cycle that weighed on FY2025 H1. Demand from data center buildout and coherent optical networking driving volumes. Trend: Strongly accelerating. The inventory destocking cycle has clearly ended; this segment is the key positive swing factor for FY2026.
Segment 2: Optical Measurement Instruments (光測定器関連事業)
| Metric | 9M FY2025 | 9M FY2026 | YoY |
|---|---|---|---|
| Revenue | ¥13,291M (est.) | ¥14,822M | +~11.5% |
| Segment Profit | ¥5,072M (est.) | ¥5,392M | +~6% |
| Segment Margin | ~38% | ~36.4% | Slight compression |
Sub-segments:
- Fiber telecom measurement (コネクタ付光ファイバーケーブル検査装置): Strong. Benefiting from fiber network rollouts globally.
- Industrial measurement (半導体ウエハ検査): In adjustment phase — semiconductor wafer inspection equipment facing digestion. Headwind.
- Medical OCT: Stable demand.
- MOGLabs integration: Early-stage, adding wavemeter/atomic-clock instruments.
Trend: Stable but mixed. Growth slowing vs prior year's very strong comp; margin slightly diluted as China-related instrument demand normalized.
Segment 3: Other (Systems/Solutions)
| Metric | 9M FY2025 | 9M FY2026 |
|---|---|---|
| Revenue | ~¥1,340M | ¥1,938M |
| Segment Profit | — | ¥242M |
Small, growing segment. No material impact.
Revenue Mix (9M FY2026)
| Segment | Revenue | % of Total | YoY | Trend |
|---|---|---|---|---|
| Optical Components | ¥4,487M | 21.1% | +67.4% | Strongly accelerating |
| Optical Measurement | ¥14,822M | 69.8% | +~11.5% | Stable/mild growth |
| Other | ¥1,938M | 9.1% | +~45% | Growing |
3. Geographic Breakdown
Not broken out by geography in the earnings summary. santec sells globally with significant exposure to US (data center / measurement) and Asia (China, Japan telecom). ~30-40% of revenue is estimated overseas based on company disclosures.
4. Margin Analysis
| Metric | FY2024 | FY2025 | 9M FY2025 | 9M FY2026 | Trend |
|---|---|---|---|---|---|
| Operating Margin | 29.5% | 30.9% | 31.3% | 32.2% | Improving |
| Net Margin | 20.5% | 21.1% | 23.1% | 24.0% | Improving |
| FCF Margin (FY2025) | 16.3% | 25.0% | — | — | Strong FCF conversion |
Drivers of margin expansion:
- Optical Components recovery at high operating leverage (margins expanding from ~13% to ~27%)
- Revenue scale benefits spreading fixed costs
- Product mix improving toward higher-margin optical monitors
Structural vs one-time: Expansion appears structural — driven by volume in high-margin components and measurement products. No one-time items boosting margins.
5. Cash Flow & Balance Sheet
| Metric | FY2024 | FY2025 | Q3 FY2026 (balance sheet) |
|---|---|---|---|
| Operating Cash Flow | ¥3,281M | ¥6,001M | — |
| Capex / Investing CF | ¥(194)M | ¥(1,883)M | — |
| Free Cash Flow | ¥3,087M | ¥4,118M | — |
| Cash & Equivalents | ~¥9,373M | ¥12,647M | ~¥12-13B (est.) |
| Total Assets | ¥25,828M | ¥29,527M | ¥35,591M |
| Total Equity | ¥17,735M | ¥21,428M | ¥24,807M |
| Total Debt | ~minimal | ~minimal | ~minimal |
| Net Debt | Negative (net cash) | Net cash ~¥12.6B | Net cash |
| Net Debt / EBITDA | N/A (net cash) | N/A (net cash) | N/A |
| Equity Ratio | 68.7% | 72.6% | 69.7% |
| DPS Paid (total) | ¥1,058M | ¥2,469M | — |
| Share buybacks | Not material | Not material | — |
Key balance sheet notes:
- Balance sheet is fortress-level: net cash, equity ratio ~70%, zero leverage
- Capex stepped up significantly in FY2025 (¥1.9B vs ¥0.2B) — capacity investment for growing demand
- Total assets grew ¥6B YoY through Q3 FY2026, partly from MOGLabs acquisition and organic working capital growth
6. Guidance
Full-Year FY2026 Guidance (Revised Upward Jan 30, 2026)
| Metric | Original Guide (Q1) | Prior Guide (Q2) | Revised Guide (Q3) | FY2025 Actual | YoY Growth |
|---|---|---|---|---|---|
| Revenue | ¥26,000M | ¥26,000M | ¥30,000M | ¥24,026M | +24.9% |
| Operating Profit | — | — | ¥9,300M | ¥7,429M | +25.2% |
| Ordinary Profit | — | — | ¥9,750M | ¥7,887M | +23.6% |
| Net Income | — | — | ¥6,400M | ¥5,070M | +26.3% |
| EPS | — | — | ¥544.20 | ¥430.92 | +26.3% |
| DPS | ¥200 | ¥200 | ¥210 (raised) | ¥140 (incl. special) | — |
Implied Q4 FY2026 (Jan–Mar 2026):
- Revenue implied: ¥30,000M - ¥21,248M = ¥8,752M — vs ¥6,713M Q4 FY2025 = +30.4% YoY
- Operating Profit implied: ¥9,300M - ¥6,836M = ¥2,464M — vs ¥2,006M Q4 FY2025 = +22.8% YoY
This is an ambitious Q4 implied — but the Components momentum and telecom instrument pipeline support it.
Assessment: Guide raise is aggressive in both magnitude (+15% revenue uplift) and timing (already 75% through fiscal year). Management conservatism level: Low to Moderate — they have visibility given the order book in fiber inspection and optical monitors. Guide appears achievable but leaves little room for miss.
7. Management Commentary Highlights
Q3 FY2026 Key Points (from 決算説明資料):
Tone: Confident — guide raised meaningfully with only one quarter remaining.
Key themes:
- "高付加価値の新製品開発と市場牽引" (High-value-added new product development and market-leading) — FY2026 strategic theme. Emphasis on premium positioning.
- Optical monitor demand recovery is structural, not just cyclical: tied to data center buildout and coherent WDM upgrades globally.
- Connector inspection equipment (ケーブル検査装置) benefiting from fiber-to-the-home and data center cabling investment surge.
- Semiconductor wafer inspection (industrial measurement) is in "adjustment phase" — management flagged this as headwind, implying FY2027 may need to absorb this before recovery.
- MOGLabs integration proceeding; no integration issues flagged.
Q1 FY2026 Deck Key Points:
- Characterized Q1 as expected soft landing from prior China special demand: "中国向け特需の反動減" (reaction decline from China-specific demand surge).
- Already projecting FY2026 recovery via optical monitors: "需要回復に伴い光モニタが好調に推移" (optical monitors trending well on demand recovery).
- Original full-year guide ¥26,000M — subsequently raised twice.
Notable: santec does NOT hold earnings calls (決算説明会開催の有無：無 in Q3 filing) — no analyst Q&A. Investor presentations (決算説明資料) are published same day as earnings.
8. KPIs & Operating Metrics
| KPI | FY2024 | FY2025 | 9M FY2026 | Trend |
|---|---|---|---|---|
| Revenue growth YoY | +23.8% | +27.3% | +22.7% (9M) | Consistent high-growth |
| Operating margin | 29.5% | 30.9% | 32.2% | Expanding |
| Net margin | 20.5% | 21.1% | 24.0% | Expanding |
| FCF conversion (FCF/NI) | ~80% | ~81% | — | Strong |
| Equity ratio | 68.7% | 72.6% | 69.7% | High/stable |
| DPS growth | +100% (est.) | — (special) | +50% YoY (FY2026E) | Rising |
| Goodwill | minimal | +¥72M (MOGLabs) | +¥224M | Small, growing |
| Components segment margin | ~13% (FY2025 H1 low) | Recovering | ~26.8% | Inflecting positively |
KPIs to watch:
- Semiconductor wafer inspection demand recovery timing — could be headwind into FY2027
- China optical measurement demand — normalized after FY2025 surge; watch for second wave
- MOGLabs revenue contribution (atomic/quantum photonics niche — emerging market)
9. Stock Context
santec Holdings is TSE-listed, not SEC-registered. No US price data. Recent TSE price context:
- Market cap as of ~Feb 25, 2026: ¥248.7B (~$1.6B USD)
- P/E (trailing FY2025 EPS ¥430.92): ~47x — premium multiple reflecting growth expectations
- Forward P/E on FY2026E EPS ¥544.20: ~37x — reasonable if growth sustains
- Revenue run-rate (TTM ~FY2025+): ¥24-30B range
10. Earnings Scorecard
| Category | Grade | Notes |
|---|---|---|
| Revenue vs guidance/prior year | A | +22.7% YoY 9M; tracking well ahead of original guide |
| Profit performance | A | Operating profit +26.1%; margin expanding to 32.2% |
| Segment performance | A- | Components explosive (+67%); Measurement solid; Semicon weakness minor drag |
| Margin trajectory | A | 3+ years of steady expansion; FCF conversion excellent |
| Cash flow / balance sheet | A | Net cash, equity ratio ~70%, pristine balance sheet |
| Guidance | A | Raised meaningfully at Q3 — management has visibility |
| Shareholder returns | B+ | DPS rising; no buybacks yet despite net cash; could do more |
| Overall Grade | A | Exceptional execution; one of the cleanest growth stories on TSE in photonics |
11. Investment Implications
- Does this quarter change the thesis? No — it reinforces it. santec is compounding revenue and profits at ~25% CAGR with expanding margins and a pristine balance sheet. Q3 results + guidance raise confirm the growth cycle is intact and accelerating.
- Single most important takeaway: The Optical Components segment inflection is real and large — a 67% YoY revenue surge with margins expanding from 13% to 27% in that segment alone. This is the primary source of FY2026 outperformance vs the original guide.
- Watch heading into Q4 and FY2027:
- Implied Q4 requires +30% YoY — achievable but demands strong order execution
- Semiconductor wafer inspection demand recovery timeline
- China demand: Was the FY2025 "special demand" a one-time phenomenon or repeatable?
- Capital allocation: With ¥12B+ in cash and modest capex needs, a buyback program or larger M&A would be the next major catalyst/risk
- Verdict: ADD/HOLD — growth is real, margins are expanding, balance sheet is under-leveraged. Premium multiple (37-47x) is warranted given compounding track record, but limits margin of safety for new positions.
Sources
- santec IR English
- irbank EDINET filings
- irbank TDNET filings
- Q3 FY2026 Earnings Summary (downloaded):
~/claude/output/filings/6777/10-Q/santec-6777-earnings-summary-FY2026-Q3.pdf - Q3 FY2026 Presentation (downloaded):
~/claude/output/filings/6777/investor-presentations/santec-6777-earnings-presentation-FY2026-Q3.pdf - FY2025 Full-Year Summary (downloaded):
~/claude/output/filings/6777/10-Q/santec-6777-earnings-summary-FY2025-full.pdf - Annual Financial Statements FY2020–FY2024 (downloaded):
~/claude/output/filings/6777/10-K/