確認メモ（原文・英語）Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 2027 (IFRS), 6 August 2026 with the Japanese, but 8 pages against the Japanese 15: the summary page, dividends, forecasts and the four condensed statements, without the Japanese section 1 (経営成績等の概況, the qualitative review of results, financial position and forecasts) or the notes to the statements. The full-year release is cut the same way (8 English pages to 18 Japanese, 13 May 2026), as are Q2 and Q3. Every quarter on the day, but the narrative exists only in Japanese. (Single segment, so no segment note is lost.)
確認メモ（原文・英語）The English tanshin is labelled '[Summary] Consolidated Financial Results' and is cut against the Japanese. Q1 FY2027/3 (6 Aug 2026): 8 English pages against 15 Japanese. The English has the summary pages (results, dividends, forecasts, share data) and the statements of financial position, profit or loss, comprehensive income and cash flows. It drops the whole Japanese section 1 (経営成績等の概況: results narrative, financial position, cash flows, 今後の見通し), the statement of changes in equity and the notes (going concern, segment information, per-share data). The FY2026/3 release (13 May 2026) is cut the same way: 8 English pages to 18 Japanese. The qualitative review and the notes exist only in Japanese, so 3.
確認メモ（原文・英語）The latest-quarter English tanshin (Q1 FY2027/3) has the statements but no notes. The full notes are in English at the year end: 'Consolidated Financial Statements For the Year ended March 31, 2026' (77 pp, listed 25 June 2026 under Statutory Disclosure Documents) has all the IFRS statements, the notes (accounting policies, segment information, disaggregation of revenue and the rest) and the Independent Auditor's Report. Full statements and notes, but only at the year end, so 4.
確認メモ（原文・英語）The English Statutory Disclosure Documents page holds one item: Consolidated Financial Statements For the Year ended March 31, 2026 (77 pages, 25 June 2026) - the IFRS statements, full notes and the Independent Auditor's Report with key audit matters. None of the narrative parts of the yuho (company overview, business overview, risk factors, management's analysis, facilities, shareholdings, governance) is in English, and no English MD&A exists elsewhere. Financial statements only, with the opinion on them.
確認メモ（原文・英語）Single segment (semiconductor manufacturing equipment). The English says so only in the year-end Consolidated Financial Statements (note 6: 'The Group has only one segment ... revenues and performance by segment are not separately provided'), because the English tanshin drops the sentence and the segment note. Revenue by business line comes every quarter, but only in the English decks: Q1 FY2027/3 deck p7 splits revenue into equipment ¥58.4bn and service ¥17.0bn, with equipment by application (NAND, DRAM, Logic/Foundry, others) for five quarters. Other slides split it by account (non-China/China, p8) and destination (p9). There is no profit by line. Every period, but the figures are only in the deck, so 4.
確認メモ（原文・英語）There is no downloadable data file. The English Financial Highlights page (/en/ir/finance) is a Pronexus HTML chart-and-table widget with FY3/23-FY3/27 revenue, margins, adjusted EBITDA, EPS, balance sheet and cash-flow lines, and no download control. A crawl of the English IR pages for .xls/.xlsx/.csv links found none. The English results library offers only PDFs, including 'Financial Statements from Fiscal Year Ended March 2021 to Fiscal Year Ended March 2023'.
確認メモ（原文・英語）The forecast and its basis are in English. The Q1 FY2027/3 English tanshin gives the revised H1 and full-year forecast: revenue ¥340.0bn, OP ¥79.4bn, net ¥55.5bn, EPS ¥237.63, adjusted OP ¥86.0bn, dividend ¥65. The English 'Notice Regarding Revisions of Consolidated Earnings Forecasts' (6 Aug 2026) explains the revision (device makers accelerating AI-driven investment, so equipment sales well above the May forecast). The Q1 deck adds the market view: WFE for CY2026 more than +25%, DRAM around +40%, NAND around +25%, Logic/Foundry around +20%. It also gives bridges from the previous forecast and from FY26/3 (by non-China/China equipment and service, and by application), plus forecast revenue by account, application, destination and equipment type. There is no FX assumption; the deck says export sales are mostly yen-denominated. Market view and line-by-line forecasts, with the revision explained, so 5.
確認メモ（原文・英語）English results for the three months to 30 June 2026 published 6 August 2026, the same period and day as the Japanese first-quarter tanshin.
確認メモの要点（当調査による日本語要約）IR Day 2024の英文資料（58ページ、日本語と同じ）で中期目標を示し、2026年5月13日の見直しも日本語と同じ日に英文の資料で示しています。
確認メモ（原文・英語）The current plan is the Mid-Term Objectives set at IR Day 2024 (June 2024). The English IR Day 2024 deck is 58 pages, the same as the Japanese, and both PDFs are dated 6 Aug 2024. Its targets: WFE assumption above $120bn; revenue above ¥330bn; equipment about 75% and service above 25% of revenue; adjusted OP margin above 30%; R&D above 6%; ROE above 25%; ROIC above 23%. The revision of 13 May 2026 (target date moved to FY2029/3, mix changed to equipment ~80%, service ~20%, with the application mix) is in the English FY2026/3 deck, listed the same day as the Japanese. The English Q1 FY2027/3 deck (p25) repeats it. Complete and current, so 5.
確認メモ（原文・英語）For every quarter the English library carries the Financial Briefings deck (Q1 FY2027/3: 44 pages, 6 August 2026, the Japanese 44 page for page), the [Presentation Text] script (27 pages) and the [Q&A Text] (4 pages, 7 August) - the Japanese set item for item, listed in IR News on the Japanese days. Only the webcast is in Japanese, which does not count.
確認メモの要点（当調査による日本語要約）英文の強みのページは定性的ですが、英文の統合報告書の「At a Glance」で、バッチALDなどの世界シェア1位を示しています（2026年10月21日再確認）。
確認メモ（原文・英語）The English 'For Shareholders & Investors' hub links a dedicated 'KOKUSAI ELECTRIC's Strengths' page (/en/company/strength). It covers batch ALD and treatment technology, but is qualitative ('among the highest share in the world'). The 'KOKUSAI ELECTRIC in Numbers' page has stale employee data from March 2023. The quantified strengths are elsewhere: the Integrated Report 2025 'At a Glance' (global share No. 1 in batch ALD and plasma treatment, revenue mix) and the deck appendix (CY25 Gartner-based shares: batch ALD above 80%, plasma gate modification top share). Re-checked 21 Oct 2026 under the rule as written: a section in an investor document counts the same as a page. The integrated report's At a Glance (p.5) gives global share No.1 (2024) for batch ALD-compatible deposition and plasma gate modification tools, so 5.
確認メモ（原文・英語）The drivers are named and have numbers attached in English. The Q1 FY2027/3 deck gives the CY2026 WFE outlook by application (DRAM around +40%, NAND around +25%, Logic/Foundry around +20%) and forecast revenue growth by application (NAND +49%, DRAM +61%, Logic/Foundry +65%, service +22%). It gives the high-value-added (batch ALD plus treatment) equipment ratio of 68%, CY25 market shares (batch ALD above 80%, by Gartner category with market sizes) and the production capacity plan. The mid-term objectives tie these to revenue above ¥330bn and a WFE market above $120bn. IR Day 2024 adds target CAGRs by product. So 5.
確認メモ（原文・英語）Both languages publish a presentation-text transcript and a Q&A text for every quarterly briefing, and the English set is complete. Some English Q&As arrive days after the Japanese, by the IR News lists. Q1 FY2027/3: both 7 Aug 2026. FY2026/3: both 15 May 2026. Q3 FY2026/3: Japanese 13 Feb, English 16 Feb 2026. Q2 FY2026/3: Japanese 13 Nov, English 14 Nov 2025. Q1 FY2026/3: both 9 Aug 2025. FY2025/3: Japanese 16 May, English 19 May 2025. Every period, but sometimes late, so 4 under the ruling. The Japanese AGM Q&A summary (30 June 2026) has no English version, but that is not a results briefing.
確認メモ（原文・英語）KOKUSAI ELECTRIC Integrated Report 2025 in English, 76 pages (file March 2026), its stated period Fiscal 2024 (April 2024 to March 2025). The Japanese library already carries 統合報告書2026 (69 pages, 30 September 2026) covering April 2025 to March 2026. Complete, one edition behind.
確認メモ（原文・英語）The plan has not ended, so there is no final target-versus-actual reconciliation. The English treats progress with numbers. The FY2026/3 and Q1 FY2027/3 decks (p25 'Update on the Mid-term Objectives') set the initial against the revised objectives. They say revenue will reach the above-¥330bn target two years early (FY27/3 forecast ¥340bn) and the 30% adjusted OP margin in FY28/3. IR Day 2024 set FY23/3 and FY24/3 actuals beside the objectives. Progress narrated with numbers, not target against actual, so 3.
確認メモ（原文・英語）Corporate Governance Report in English, 43 pages, Last Update 29 June 2026, linked from the English Corporate Governance page and listed in IR News on 30 June. The TSE filing, current.
確認メモ（原文・英語）The English Notice of the 11th Annual Shareholders Meeting (June 2026) profiles the four director candidates: Tsukada, Yanagawa, Tsuruta and Sasaki. Each has a dated career history, 'Years of service as a Director' (e.g. Tsukada 2 years), attendance, shares held, reasons for nomination and an [Independent] flag with an independence statement for the outside directors. The four Audit and Supervisory Committee members (Kamiya, Kumagai, Sakai, Sekine) were not up for election. They appear only in the notice's officer list and skill matrix, with career summaries in the year-old Integrated Report 2025. Re-checked 21 Oct 2026 under v1.1.1: an AGM candidate list covers the board when every sitting director is a candidate or is profiled elsewhere in English on the company's site. The four Audit and Supervisory Committee members are profiled as candidates in the English notice of the 10th AGM (2025), with independence and attendance. Every director covered, so 5.
確認メモ（原文・英語）The English AGM notice (p13) has '[Reference] Skill Matrix - Planned after this Annual Shareholders Meeting'. It maps all eight directors, the four directors and the four Audit and Supervisory Committee members, with outside, independent and female flags, against 14 skills. They run from corporate management, finance/accounting and governance to semiconductor-industry knowledge, R&D, global, service strategy, production/SCM, sales and DX/IT. Current and complete, so 5.
確認メモ（原文・英語）The English AGM business report (pp25-29) gives everything. Structure: fixed pay, a short-term bonus (0-200%) and PSUs/RSUs, with 70/30 PSU/RSU for the CEO and fixed pay only for outside and A&SC directors. KPIs and weights: the bonus is 80% company and 20% individual, the company part equally weighted on sales growth vs WFE, batch ALD/treatment share, gross margin and adjusted EPS; PSUs are equally weighted on relative TSR vs SOX, relative TSR vs TOPIX, the 3-year adjusted OP margin and the adjusted FCF ratio. FY actuals: sales growth -1.6%, GPM 41.2%, adjusted EPS ¥146.12. Amounts by pay type: directors ¥478m = fixed 171 + bonus 30 + PSU 176 + RSU 100; A&SC members ¥118m; total ¥597m. So 5.
確認メモ（原文・英語）Notice of the 11th Annual Shareholders Meeting in English, 37 pages, dated 5 June and listed in IR News on 4 June 2026 for a meeting on 26 June - 22 days - with the reference documents for the single proposal (four directors, each with reasons for nomination) and the full business report. Internet voting at evote.tr.mufg.jp carries no Japanese-only label. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, evote.tr.mufg.jp (Mitsubishi UFJ Trust and Banking), is in Japanese only, with no English option, as for ESPEC (6859) and Nitto Boseki (3110). Every proposal in English, but a Japanese-only voting route, so 4.
確認メモ（原文・英語）The 11th meeting page carries the Notice of Resolutions Adopted (2 pages, 26 June 2026): 'approved as originally proposed', no vote counts. No English extraordinary report or voting-results sheet on the meeting page, in TSE Disclosure Documents or in IR News. Outcome only.
確認メモ（原文・英語）The English Corporate Governance Report (last updated 29 June 2026), Principle 1.4, says 'The Company does not currently have any cross-shareholdings'. It also gives the conditions under which it might hold them and its voting policy if it did. A company that states in English that it holds none scores 5.
確認メモ（原文・英語）The English homepage (kokusai-electric.com/en) has 'Information for Shareholders and Investors' in its main header navigation. It is a plain link to /en/ir (screenshot taken), so one click.
確認メモ（原文・英語）We sampled 23 English document links across types and years, and every one opened an English document (0-17 CJK characters, logos and names only). Tanshin: Q1 FY27/3, FY26/3, FY25/3. Decks: Q1 FY27/3, FY26/3, Q3 FY25/3. Presentation text Q1 FY27/3. Q&A texts: Q1 FY27/3, Q1 FY25/3. Consolidated Financial Statements FY26/3, FY24/3, and FY21-23. CG Reports June 2026 and June 2025. AGM notices 10th and 11th, and resolutions notices 10th and 11th. Integrated Report 2025. IR Day 2024 deck and Q&A Section 1. TD notices: forecast revision (6 Aug 2026) and change of principal shareholder (9 Apr 2026). No Japanese document among them, so 5.
確認メモ（原文・英語）In the same sample of 23 documents (2024-2026), every link resolved to a live PDF (2 to 77 pp). One hidden 'Dividend Information' link in the FAQ page markup points to /ir/en/dividend (404). It is not displayed, and it is a page rather than an archive document. No dead document links, so 5.
確認メモ（原文・英語）We rendered the English IR top, Latest Financial Results, Financial Highlights, IR Calendar, IR News and the five IR Library pages, with their year drop-downs driven. We also rendered the Dividend, Stock, Shareholders Meeting, FAQ, Disclaimer and IR-inquiries pages. All render their content. The Pronexus Financial Highlights charts and tables are populated (FY3/23-FY3/27), and the library lists fill for each year selected. No blank widgets, so 5.
確認メモ（原文・英語）The IR Library is split by type across five pages, each with a year drop-down: results and briefing materials, TSE Disclosure Documents (dated), Statutory Disclosure Documents, Business Briefing materials and Integrated Reports. The English IR News list (/en/news/document?category=stockholder, by year 2023-2026) does gather every type on one dated list: tanshin, decks, transcripts, Q&As, TDs, the CG Report, AGM notices and resolutions, the annual financial statements and the Integrated Report. But it is untyped; every item is labelled only 'Shareholders and Investors'. One dated all-types list, untyped, so 4.
確認メモ（原文・英語）The archive is populated across types since the October 2023 listing. Results years run FY2024/3 to FY2027/3, each quarter with the tanshin, deck, transcript and Q&A, plus the FY2021/3-FY2023/3 financial statements. The TSE disclosures run 2023-2026. The annual Consolidated Financial Statements cover FY2024/3-FY2026/3. Integrated Reports 2024 and 2025, AGM pages for the 9th to 11th meetings, IR Day 2024 and IR News 2023-2026 are all there. Several years across types, so 5.
確認メモ（原文・英語）The English IR top links 'IR-related inquiries', but that page's 'Inquiry Form' button opens /en/contact, whose embedded form is headed 'About KOKUSAI ELECTRIC / Products and Service' with no IR category. The dedicated 'About Investor Relations Inquiry' form (/en/contact2) is reachable only from the global Contact Us page. The tanshin names Takaaki Nose, Corporate Vice President and Executive Officer, Corporate Strategy Division, +81-3-6772-9655. A genuine IR route, not obvious.
確認メモ（原文・英語）The English tanshin and deck went up the same day as the Japanese in every period read, by the English and Japanese IR News lists and TDnet. Q1 FY27/3: 6 Aug 2026 (TDnet 14:00, both languages). FY26/3: 13 May 2026 (deck 14:30 both). Q3 FY26/3: 12 Feb 2026. Q2 FY26/3: 11 Nov 2025. Q1 FY26/3: 7 Aug 2025. Transcripts and Q&As follow on the Japanese days or up to three days later (see S5). PDF metadata disagrees in places (the English FY26/3 deck says created 23 June 2026, after its 13 May listing), but eir-parts re-saves its files. The English tanshin is the cut-down version (F2), but it is the only English tanshin and it is same-day. So 5.
確認メモ（原文・英語）Lags, English against Japanese, from the IR News lists and TDnet (kabutan). Q1 FY27/3 tanshin: 6 Aug / 6 Aug = 0. FY26/3 tanshin: 13 May / 13 May = 0. 11th AGM notice: TDnet 4 June 2026 08:00, both languages = 0. Corporate Governance Report: TDnet 29 June 2026, Japanese 13:43 and English 14:00 = 0. Yuho (有価証券報告書, 25 June 2026): the English has only the Consolidated Financial Statements (25 June), which is not a translation of the securities report, so more than 90. Sorted 0, 0, 0, 0, >90; median 0, so 5.
確認メモ（原文・英語）TDnet (kabutan) and the Japanese IR News, 15 Oct 2025 to 15 Oct 2026. Every Japanese timely disclosure has an English version at the same TDnet minute or on the same day on the English IR News. That covers the results with their forecast revision and differences notices (11 Nov 2025, 6 Aug 2026) and the dividends (11 Nov 2025, 13 May 2026). It covers the buyback decision, progress and completion (13 May, 2 Jun, 1 Jul, 28 Jul 2026), the retirement of shares (17 Jun), the RSU/PSU disposal and payment (13 May, 12 Jun) and the principal-shareholder changes (10 Oct 2025; 2 Feb, 9 Apr, 19-20 May 2026). It also covers the land acquisition (28 Apr), executive appointments (28 Jan) and the new management structure (26 Jun). The only Japanese-only TDnet item is the 独立役員届出書 filing form (4 Jun 2026), which is not a disclosure of these types. So 5.
確認メモ（原文・英語）We rendered the English homepage, IR top (screenshot), IR Library pages, Financial Highlights, Disclaimer and Using the Site pages, and searched the visible text. There is no machine- or AI-translation notice and no translation pop-up. The documents read (tanshin, decks, transcripts, CFS, CG Report, AGM notice, Integrated Report, TD notices) carry no machine-translation wording either. The footer's 'Translation for Reference Only', the TD notices' 'TRANSLATION - FOR REFERENCE ONLY' and the AGM notice's 'the original shall prevail' are human-translation precedence language, which is R5's. So 5.
確認メモ（原文・英語）The AGM notice and the notice of resolutions each say 'the original shall prevail'. The tanshin, the results deck, the presentation text, the Q&A, the Corporate Governance Report and the integrated report carry no such statement (the site footer reads 'Translation for Reference Only'). Disclaimed on some documents.
Medium-term growth and capital-efficiency objectives
KOKUSAI ELECTRIC set three-to-four-year targets and continues to report quarterly operating and balance-sheet progress. The terminal target outcome is not yet due.
時系列と出典（2件・内容は原文）
2024-06-26Objectives disclosed The company targeted revenue above ¥330bn, adjusted operating margin at least 30%, ROE at least 25% and ROIC above 23%.出典資料1
2026-06-30（公表 2026-08-06）Quarterly progress disclosed Q1 FY2027 revenue was ¥75.4bn and adjusted operating profit ¥17.4bn, with cash, debt, capex and R&D also reported.出典資料1
経営陣が表明したこと
KOKUSAI ELECTRIC targeted revenue above ¥330bn, adjusted operating margin at least 30%, ROE at least 25% and ROIC above 23%.
Investor question: What invested-capital and free-cash-flow bridge supports ROIC above 23%? IR preparation: connect segment growth, margins, asset turns and WACC to the target.
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5／5Revenue, mix, margin, ROE, ROIC, WFE and R&D parameters are quantified with a horizon.
実行の経過を追えるか4／5Quarterly actuals and capital indicators are traceable, but no cumulative target-to-actual bridge is disclosed.
経済性を説明しているか4／5Returns are explicitly benchmarked to WACC; project-level capital-allocation gates remain undisclosed.
目標に対する結果を報告しているか時期未到来The upper end of the three-to-four-year horizon is not due.