確認メモ（原文・英語）The H1 2026 English release, Consolidated Financial Results for the Six Months Ended June 30, 2026, posted 19 August 2026, is 8 pages against the Japanese 11 (14 August). It has the summary cover, forecasts, balance sheet, income, comprehensive-income and cash-flow statements. It drops the Japanese section 1 (qualitative information on results, financial position and forecasts) and the notes to the statements. Q3 2025 shows the same cut: 7 English pages against 11. The periods are also incomplete. English exists for Q1, H1 and Q3 2025 and for Q1 and H1 2026, but there is no English release for the FY2025 tanshin (Japanese 29 May 2026). A cut-down of every release, so 3.
確認メモ（原文・英語）The latest English tanshin, Consolidated Financial Results for the Six Months Ended June 30, 2026 (posted 19 August 2026, PDF created the same day), runs 8 pages against the Japanese 2026年12月期第２四半期（中間期）決算短信 of 11 pages (14 August 2026). The English keeps the summary cover (results, financial position, dividends, the FY2026 forecast and the cover notes) and the balance sheet, income, comprehensive-income and cash-flow statements. It drops the Japanese section 1, the qualitative review of results, financial position and forecasts, and the notes to the statements: the going-concern note and the segment note (which says the group has one reportable segment). The Q1 2026 English release is 6 pages and follows the same cut, and the FY2025 tanshin (Japanese 29 May 2026, 16 pages) has no English at all. A section of the document's own substance is cut, so 3.
確認メモ（原文・英語）The English tanshin carry the statements without the notes. The H1 2026 release (19 August 2026) has a section headed 'Semi-annual Consolidated Financial Statements and Primary Notes', but it holds only the balance sheet, income and comprehensive-income statements and the cash-flow statement; the going-concern and segment notes in the Japanese are not there. The last English full-year release, FY2024 (7 February 2025, 10 pages), likewise has the four statements plus changes in equity and no notes. There is no English yuho or annual report, and the FY2025 year-end tanshin was never translated. Statements without notes, so 3.
確認メモ（原文・英語）The English IR site (IR News 2023-2026, Performance & Financial Information, FAQ) carries no securities report under any name. The FAQ says the Securities Reports are 'only Japanese'. The Japanese 半期報告書 (14 August 2026) has no English counterpart.
確認メモ（原文・英語）J.E.T. has one reportable segment, semiconductors. Only the Japanese tanshin say so: the note is cut from the English releases, which carry no breakdown of any kind. The English results decks give net sales by business line inside the semiconductor business, but only at the half and full year. The H1 2026 deck (25 August 2026, p15) splits ¥6,177m into batch-type ¥3,533m, single-wafer ¥836m and construction/parts ¥1,808m, alongside sales by region (pp16-17) and equipment sales by memory versus foundry customer (p18). There is no profit by line and no Q1 or Q3 English breakdown, because the Q1 and Q3 decks are Japanese only. Sales without profit, half and full year only, and the single-segment basis never stated in English, so 3.
確認メモ（原文・英語）There is no Excel or CSV file on the English IR site. We checked IR top, IR News for 2023-2026, Performance & Financial Information (Operating Results, Financial Position, Cash Flows), Stock Information and FAQ for xls/csv/excel links. Performance & Financial Information is HTML tables only: quarterly cumulative sales, OP, ordinary profit, net profit and EPS, plus annual ROE, total and net assets, equity ratio, BPS and half/full-year cash flows for 2022/12-2026/12. The English library holds only tanshin and deck PDFs. No downloadable data file.
確認メモ（原文・英語）The FY2026 forecast is in English: net sales ¥15,443m (+5.3%), operating loss ¥75m, ordinary loss ¥162m, net loss ¥1,093m, EPS -¥83.27. It appears on the H1 2026 English tanshin cover (19 August 2026) and the deck (25 August 2026, pp14 and 21). The Japanese company set it at the half year, having withheld a forecast in the FY2025 tanshin. The deck gives part of the basis: a market-view page (p20) on memory price rises, hyperscaler demand, the Samsung/SK hynix 800-trillion-won 'Three Mega Projects' and record Japanese equipment sales. It also gives the drivers behind the forecast (p21): Korea sales push, a China recovery, US/Korean foundry start-ups completing in 2026, and cost cuts. There is no FX assumption and no segment forecast (single segment). The Japanese forecast revision of 30 January 2026, and the FY2025 tanshin's explanation for withholding a forecast, have no English. A forecast with part of the basis (the market view) and revisions not explained in English, so 4.
確認メモ（原文・英語）The latest Japanese filing is the half year to 30 June 2026 (tanshin 14 August 2026). The English results for the same six months were posted 19 August 2026 (PDF created the same day), five days later. Same period.
確認メモ（原文・英語）There is no separate medium-term plan document in either language. The current quantified targets are on the 'Numerical Targets' page of the H1 2026 English deck (25 August 2026, p27): 2025 actual ¥13.88bn sales and -¥1.46bn OP; 2026 ¥15.4bn and -¥70m; 2027 ¥15.1bn sales, ¥110m OP and 0.7% margin; 2033 ¥50bn sales, ¥10bn OP and 20% margin. These sit with the restructuring strategy pages (pp23-25: short and medium-term strategy, area strategy, product strategy). We rendered the Japanese 数値目標 page (same deck, same day, 32 pages each) and it carries identical figures and the same note that the medium-term plan will be re-examined under the new management from September. The current targets are in English and as complete as the Japanese, so 5. The plan is provisional pending that re-examination.
確認メモ（原文・英語）English decks exist only at the half year and full year: Financial Results for the Six Months Ended June 30, 2026 (25 August 2026, 32 pages, the same day and page count as the Japanese 決算説明会資料), H1 2025 (25 August 2025), FY2024 (25 February 2025) and earlier. The Japanese side also publishes 決算説明資料 for Q1 and Q3 (2024: 10 May, 8 November; 2025: 9 May, 7 November), which have no English versions. Occasional rather than every period, so 3.
確認メモ（原文・英語）There is no 'why invest' or investment-highlights page on the English IR site; the IR menu has Message from the President, Company Profile, Officer Profiles and Governance only. The English results decks carry dedicated strengths sections. The FY2023 deck (4 March 2024, p12) has 'Our Features and Strengths—Five Points', all qualitative: customer trust, an Asian network, subcontractor base, high-temperature/high-viscosity technology, and agility and customisability. The H1 2025 deck (25 August 2025, pp32-34) has 'Competitive Landscape and Differentiators' with batch and single-wafer market sizes, J.E.T.'s 14.3% batch-type share against Companies A and B, and the F-type batch tool's 14 chambers and 500 wafers/h. The current H1 2026 deck drops these sections. Dedicated and specific but mostly qualitative, and only in older decks, so 4.
確認メモ（原文・英語）The H1 2026 English deck names the drivers. By customer and area (p24): Samsung NAND phosphoric-acid share, SK hynix single-wafer, CXMT and YMTC in China, Rapidus in Japan via Eco3, Texas Instruments in North America and UMC in Taiwan. By product (p25): the BW3500 batch tool and the Eco3 single-wafer tool. Some are quantified. WFE market is shown at $104bn (2024) rising to $200bn (2028) from SEMI (p26). The Korean makers' 800-trillion-won domestic plant plan is cited (p20). Japan sales passed ¥1bn on Rapidus deliveries (p17), and the H1 2025 deck sized the batch and single-wafer markets with J.E.T.'s shares. No driver is tied to a number in the targets: no share goal, capacity or contribution to the 2027 or 2033 figures. Named, some quantified, so 4.
確認メモ（原文・英語）No results-briefing transcript or Q&A in English. The English IR News (2023-2026) lists only tanshin and decks. The Japanese side publishes none either. Its 決算説明資料 archive (FY2023 to H1 2026) holds decks only, その他IR資料 holds only the 2023 company presentation, and the IR News list has no 質疑応答 or 書き起こし. Neither language publishes one.
確認メモ（原文・英語）No integrated or annual report in English. The English IR menu and IR News have results and decks only, and jet-wet.com/sustainability/ returns 404. The Japanese その他IR資料 holds only a 2023 company presentation.
確認メモ（原文・英語）The previous targets were set in the FY2024 English deck (25 February 2025, p17): ¥27.5bn sales, ¥3bn OP and a 10.9% margin for 2027, and ¥50bn/¥10bn/20% for 2033. The H1 2025 English deck (25 August 2025, p19) replaced the 2027 and 2033 figures with 'Reexamination', with one sentence saying the targets were being reviewed after the forecast revisions. The H1 2026 deck (p27) puts new 2026/2027 numbers beside the 2025 actual. It never sets the abandoned ¥27.5bn/¥3bn against outcomes or explains the gap beyond the restatement and restructuring narrative. A mention without a target-versus-actual reconciliation, so 2.
確認メモ（原文・英語）No Corporate Governance Report in English. The English Corporate Information page says 'Corporate Governance - Posted in IR Information(JP)', and the Japanese filing (27 April 2026) is Japanese only. The English IR Corporate Governance page gives a short basic approach, an overview of the board / Audit & Supervisory Board structure with reasons and a structure chart. That is a site narrative in place of the filing.
確認メモ（原文・英語）There is no English AGM notice. The English Officer Profiles page (jet-wet.com/ir/executive/) gives dated career histories, with the month each joined the board ('Director of the Company (to present)'). It covers Cho In Soo (President from September 2026), Hiroyuki Hirai, Hirohisa Tabuchi, Tamotsu Ono, Tetsuya Okuda and the three auditors. Independence is not stated: the page says only that Tabuchi, Ono and Okuda 'are Outside Directors', with no independent-officer designation. The board on the page is also out of date. The English Company Profile and Corporate Governance, Officers pages list Minoru Fukao as an outside director instead of Ono, and Fukao has no English biography. Career and tenure but no independence, and not every director, so 3.
確認メモ（原文・英語）No board skills matrix in English. We checked the English Officer Profiles, Company Profile, Corporate Governance (IR) and Corporate Governance, Officers pages, the 2023-2026 English decks and the English IR News. The site has no English AGM notice, governance report or integrated report that might carry one.
確認メモ（原文・英語）Nothing on executive remuneration in English. The English IR Corporate Governance page covers only the basic approach and board/Audit & Supervisory Board structure. There is no English governance report, yuho or AGM notice, and the English decks do not discuss pay. The Japanese 31 July 2025 notice that included a cut in officers' remuneration has no English version.
確認メモ（原文・英語）No English convocation notice. The English IR News (2023-2026) and the English IR menu have no shareholder-meeting page. The Japanese 株主総会関連資料 lists the 第17回定時株主総会 notice (6 March 2026), its 継続会 notice (23 June 2026) and the [訂正] 臨時株主総会 notice (4 September 2026), all Japanese only.
確認メモ（原文・英語）Nothing on cross-shareholdings in English. There is no English Corporate Governance Report (principle 1-4), yuho or integrated report, and the English IR Corporate Governance page and decks do not mention strategic shareholdings.
確認メモ（原文・英語）The English homepage (https://www.jet-wet.com/) has a visible 'IR Information' link in the header utility bar and an 'IR INFO' tile further down. Both go straight to https://www.jet-wet.com/ir/. One click.
確認メモ（原文・英語）We sampled all 16 document links on the English IR News list (2023-2026) and every one is English (no CJK text in any). The 11 tanshin were Q3 2023 (14 Nov 2023), FY2023, Q1/H1/Q3 2024, FY2024, Q1/H1/Q3 2025, and the [Delayed] Q1 and H1 2026 (19 Aug 2026). The 5 results decks were FY2023 (4 Mar 2024), H1 2024, FY2024, H1 2025 and H1 2026 (25 Aug 2026). The English site carries no other document types. All English, so 5.
確認メモ（原文・英語）We opened the same 16 English documents (see O2: 11 tanshin from Nov 2023 to Aug 2026 and 5 decks from Mar 2024 to Aug 2026) in the rendered browser. All are served from contents.xj-storage.jp and all opened with text (6-42 pages each). None was dead.
確認メモ（原文・英語）Most English IR pages render their content: IR top (latest five documents), IR News with its year selector, Message from the President, Company Profile, Officer Profiles, Corporate Governance (text and structure chart), Operating Results, Financial Position, Cash Flows (tables), Basic Stock Information, FAQ, Disclosure Policy and Disclaimer. The English IR Calendar (jet-wet.com/ir/calendar/) renders an empty body below its heading, even after waiting 5 seconds (screenshot taken). The Japanese IRカレンダー renders a (stale, 2025) schedule list. A section renders empty, so 3.
確認メモ（原文・英語）The English IR News page is the whole English library: one dated list with a year selector (2023-2026), holding every English document the company publishes (tanshin and results decks). The items are not typed or filterable by type; the Japanese side has type tabs (適時開示, 決算短信, 法定開示, IR資料) and a separate library. One dated page, untyped, so 4.
確認メモ（原文・英語）The English archive runs from the Q3 2023 tanshin (14 November 2023, just after the September 2023 listing) to August 2026: 11 tanshin and 5 results decks, three years, all live. It is only two document types and 16 items, with gaps where English was never produced: no FY2025 tanshin, no Q1/Q3 decks, and no notices, reports or timely disclosures. More than a year but thin across types. We took the floor of 4 over 5.
確認メモ（原文・英語）The English IR pages' CONTACT and the FAQ's 'contact us here' (contact/?req=3) both land on the site-wide Contact Us form. That form has no inquiry-type field and is described as for 'products, services, recruitment, etc.'. The IR category (IRについて) exists only on the Japanese form. The English tanshin names Tatsuya Okada, Executive Officer, Head of Corporate Management Division, +81-865(69)4080. General form with no IR category plus a document-header contact, so 2.
確認メモ（原文・英語）Latest two results, both announced in Japanese on 14 August 2026 after the delay caused by the accounting irregularities. H1 2026: Japanese tanshin 14 August, English tanshin 19 August (PDF created 19 August), 5 days late; the deck was 25 August in both languages. Q1 2026: Japanese 14 August, English 19 August, 5 days late; there was no deck in either language. The FY2025 tanshin (Japanese 29 May 2026) has no English at all. Earlier periods (FY2024, Q1/H1/Q3 2025) had English tanshin on the Japanese day, but the Q1 and Q3 decks never had English. The latest periods are days late, so 3.
確認メモ（原文・英語）Per-document lags (listing dates, with English PDF creation dates matching). H1 2026 tanshin: JA 14 Aug 2026, EN 19 Aug 2026, 5 days. Q1 2026 tanshin: JA 14 Aug 2026, EN 19 Aug 2026, 5 days. AGM notice: the 第17回定時株主総会 notice (6 Mar 2026), its 継続会 notice (23 Jun 2026) and the [訂正] 臨時株主総会 notice (4 Sep 2026) have no English, counted as >90 days. Corporate Governance Report (JA 27 Apr 2026): no English, >90. Yuho (第17期, 29 May 2026): no English, >90. The median is >90 days, so 1.
確認メモ（原文・英語）No timely disclosures in English. Between 15 October 2025 and 15 October 2026 the Japanese IR News (which mirrors TDnet and also lists the company's English TDnet filings) carries about 40 non-results timely disclosures. They include the 30 Jan 2026 forecast revision, the results postponement and special investigation committee notices (Feb-May 2026), the 29 May forecast-versus-actual, restatement and special-loss notices, and the ICFR material weakness. They also include the TSE grace-period and penalty notice (19 Jun), recurrence prevention and director resignations (30 Jun), director nominations (24 Aug) and the representative director change (25 Sep). The English IR News and the TDnet-mirrored list hold English tanshin and decks only; none of these exists in English.
確認メモ（原文・英語）Nothing on the English site or documents is presented as machine-translated. The rendered IR top, IR pages, Disclaimer, Privacy Policy and Contact pages carry no translation banner, pop-up or notice; the only third-party frame is reCAPTCHA on the contact form. The English Disclaimer covers forward-looking statements and accuracy only. The English tanshin carry the human-translation precedence line ('the original shall prevail'), which is R5's.
確認メモ（原文・英語）The English tanshin open with 'translated from the Japanese original for reference purposes only ... the original shall prevail' (H1 and Q1 2026, 19 August 2026). The English H1 2026 results deck (25 August 2026) carries no such statement. There is no English AGM notice to check. Disclaimed on some documents.
Semiconductor equipment restructuring and subsidy-funding reset
The August presentation sets a current loss forecast and restructuring direction following accounting restatements; the subsidy withdrawal does not cancel construction.
時系列と出典（1件・内容は原文）
2026-08-25Plan or update announced The August presentation sets a current loss forecast and restructuring direction following accounting restatements; the subsidy withdrawal does not cancel construction.出典資料1
経営陣が表明したこと
The current annual forecast is ¥15.443bn sales and a ¥75m operating loss; early profitability is an ambition, not a reported outcome.
Investor question: What funding, order-quality and margin milestones will demonstrate recovery? IR preparation: provide restated comparatives, remaining project costs, liquidity and control-effectiveness evidence.
当調査の分析（会社の説明ではありません）
約束は具体的か3／5Current annual forecasts are dated; restructuring and project-return milestones remain qualitative.
実行の経過を追えるか3／5The funding change and current operating position are disclosed; completion and effectiveness are not verified.
経済性を説明しているか2／5Cost and customer rationale are explained, but a revised project return and funding bridge remains open.
目標に対する結果を報告しているか時期未到来The December 2026 annual endpoint is not due.
J.E.T. withdrew from the approved ¥870.764m subsidy while continuing the factory/demo-room works with its own funds; the restructuring plan focuses on selective orders and cost discipline.
資本構成
Own funds replace the withdrawn subsidy. A complete revised project budget and liquidity headroom bridge is not verified in the selected sources.
資本政策の意思決定
The issuer reports accounting irregularities, restated prior results, management departures and stronger approval workflows. These remediation commitments do not yet establish operating effectiveness.