Sumitomo Bakelite raises 2026 profit forecast on AI packaging boom

Sumitomo Bakelite reported a 47.2% year-over-year increase in attributable net profit to JPY19.561 billion (US$123 million) for the first half of fiscal 2026, as AI server demand drove growth in semiconductor packaging materials. Revenue and operating profit rose 22.7% and 57.9%, respectively, prompting the company to raise its full-year net profit forecast to JPY35 billion in late October.