Tokyo Electron's Risk Pages: Sixteen Headings and One New Name

Section 3 of 第２ 事業の状況 in Tokyo Electron Limited's annual securities report for its 63rd fiscal year, April 2025 to March 2026, filed on EDINET on June 22, 2026, is headed 事業等のリスク, business and other risks, and runs from page 16 to page 20 of 156. It has sixteen numbered items, from (1) 市場変動, market fluctuation, to (16) 拠点展開, site expansion. The 62nd report, filed June 16, 2025, printed the same section on pages 17 to 21 of 157 with the same sixteen headings in the same order. One heading has a new name: item (8) was 法令・規制, laws and regulations, and is now リーガル, legal. This piece sets the two sections side by side, item by item, to answer the question a reader of last year's section brings to this one: what moved.

At the level of headings, nothing was added, nothing was dropped and nothing changed place. The movement is inside the items. Counting full stops after removing whitespace and the heading line, the sixteen items hold 78 sentences in the 2026 section and 72 in the 2025 section, and 52 of the 78 are character-for-character the same as a sentence under the same heading a year earlier. Five items are unchanged in every sentence: (3) 地政学, geopolitics; (5) 安全, safety; (7) 環境対応, environmental response; (9) 知的財産, intellectual property; and (13) ファイナンス, finance. Three items have more sentences than before: (1) 市場変動 from 5 to 7, (8) リーガル from 5 to 6, and (10) 情報セキュリティ, information security, from 4 to 7, with 1 sentence carried over.

The lead-in changed its date. It has three sentences in both years, and the third, printed as a paragraph of its own, read in 2025 文中の将来に関する事項は、本有価証券報告書の提出日現在において当社グループが判断したものであります — forward-looking matters in the text are as judged by the group as of the filing date of this report. In 2026 it reads 当連結会計年度末現在において, as of the end of the consolidated fiscal year. The analysis section made the same substitution, on page 25 of the 2025 report and page 24 of the 2026 one, while the sustainability section used 当連結会計年度末現在 in both years, on page 12 and page 11. The first two sentences of the lead-in are unchanged: the first introduces the principal risks that management recognises as capable of materially affecting the group's financial position, results and cash flows, and the second says the list is not exhaustive and that risks other than those listed exist.

Item (1) 市場変動 opens, in both years, with the same two sentences: that the semiconductor market is expected to keep growing in the medium to long term as IoT, AI, 5G, DX and sustainability transformation accelerate the shift to a data society, and that 世界経済の動向や最終製品の需要、貿易・関税政策、地政学的要因等により、短期的には需給バランスが崩れ市場規模が変動することがあります — world economic trends, end-product demand, trade and tariff policy and geopolitical factors can upset the supply-demand balance in the short term. What follows was one sentence in 2025 and is three in 2026. The 2025 sentence ran from the group's sensitivity to the capital spending of leading chipmakers through 半導体市場が急激に縮小した場合には, if the semiconductor market shrinks sharply, to the opposite case of demand the group cannot meet. The 2026 text breaks it up and widens the trigger: 半導体市場の急激な縮小や需給バランス悪化、または半導体価格の変化により顧客の投資が急激に縮小する場合 — if customers' investment contracts sharply because of a sudden shrinking of the market, a worsening of the supply-demand balance, or a change in semiconductor prices — 過剰生産などによる在庫増加、顧客の財務状況悪化による貸倒損失などのリスクが発生します. The two sentences on the response, the review of market conditions and order intake at the board and other key meetings and the dedicated organisation that stays close to customers worldwide, are the same in both years.

Item (2) 研究開発, research and development, changed in one place. The 2025 response sentence began 当社グループは、コーポレートイノベーション本部を設置し, the group has established a Corporate Innovation Division; the 2026 sentence begins 当社グループは、コーポレートイノベーション本部・コーポレート技術本部を設置し, naming a second unit, コーポレート技術本部, beside it. The rest of the sentence, on joint research with research institutions worldwide and multi-generation technology roadmaps shared with leading-edge customers, and the two sentences before it on the risk of not bringing new products to market in time, are unchanged.

Item (4) 調達・生産・供給, procurement, production and supply, kept its seven sentences and rewrote three. The list of causes that could hold up parts or logistics, which in 2025 read サプライヤーの経営状態悪化、半導体市場の拡大に伴う供給能力を上回る需要、法改正や労働人口減少等, now ends 法改正や労働人口減少、地政学リスク等 — geopolitical risk is added to deteriorating supplier finances, demand above supply capacity, legal change and a shrinking workforce. The list of measures, which in 2025 ran 情報システムのバックアップ体制整備や重要部品のマルチソース化、適正在庫の確保等, now reads 情報システムのバックアップ体制整備、サプライチェーンの可視化、重要部品のマルチソース化、適正在庫の確保等, inserting supply-chain visibility. The governance pages carry the same insertion: the business-continuity line under Ⅲ リスクマネジメント reads 情報システムのバックアップ体制整備や重要部品のマルチソース化 on page 61 of the 2025 report and 情報システムのバックアップ体制整備やサプライチェーンの可視化、重要部品のマルチソース化 on page 53 of the 2026 one. The last sentence of the item, on sharing demand forecasts with suppliers, is recast around 主要なサプライヤー, principal suppliers, 多くのコミュニケーション機会を設け、強固なパートナー関係を築きながら, with many occasions for communication and a strong partner relationship.

Item (8) is the renamed one, and its first sentence lists the fields of law the group operates under. In 2025, under 法令・規制: 輸出入規制、環境法、競争法、労働法、汚職・贈賄を含む様々な分野の法令、規制 — import and export regulation, environmental law, competition law, labour law, corruption and bribery. In 2026, under リーガル: 輸出入、環境、競争、営業秘密保護、労働、汚職・贈賄防止、経済安全保障を含む様々な分野の法令、規制 — import and export, environment, competition, trade-secret protection, labour, anti-corruption and anti-bribery, economic security. Two fields are new to the list, 営業秘密保護 and 経済安全保障, and 汚職・贈賄 has become 汚職・贈賄防止. The second and third sentences of that paragraph, on the consequences of a breach and on the cost of responding to security policies and unexpected regulatory change, are unchanged.

The response paragraph of item (8) went from two sentences to three. In 2025 one sentence covered both the structure under the Chief Compliance Officer and the group-wide whistleblowing system, 法令や企業倫理上疑義のある事項を早期発見し、すみやかに対策を講じるため、当社グループ統一の内部通報制度を運用しております, and a second covered product compliance. In 2026 the Chief Compliance Officer sentence continues instead with リスクの高い重要法領域を特定・評価し、社内規程等の整備や教育研修の徹底などリスク低減に取り組んでおります — identifying and assessing high-risk key areas of law and reducing risk through internal rules and training. Product compliance is reworded around 規制内容及び対象製品・部品等を網羅的に整理し, a comprehensive mapping of regulatory content and the products and parts it covers. The whistleblowing system has a sentence of its own: さらに、不正行為の早期把握・是正のため、当社グループ統一の内部通報制度を運用しており、「風通しの良い職場づくり」のもと、スピークアップ文化を醸成し、内部通報制度の実効性の確保に努めております — fostering a speak-up culture under an open workplace. The phrase 風通しの良い職場 is the fifth of the five points of やる気重視経営 on page 8 of the same report, and on page 10 of the 2025 report.

The compliance training list in the governance pages moved with the risk item. Under 1．企業倫理と法令等遵守(コンプライアンス)体制, the 2025 report on page 59 listed the themes as 企業倫理・コンプライアンス、贈収賄防止、下請法、輸出コンプライアンス、インサイダー取引防止、情報セキュリティ、個人情報保護、ハラスメント防止、行政への許認可手続の申請等. The 2026 report on page 52 lists 企業倫理・コンプライアンス、贈収賄防止、取適法、貿易コンプライアンス、情報セキュリティ、営業秘密保護、個人情報保護、ビジネスと人権、行政への許認可手続の申請等. Set against each other, 営業秘密保護 and ビジネスと人権 are in the 2026 list and not the 2025 one, インサイダー取引防止 and ハラスメント防止 are in the 2025 list and not the 2026 one, 下請法 has become 取適法, and 輸出コンプライアンス has become 貿易コンプライアンス. The sentence that follows in both years, on training for managers of domestic group companies in their compliance role, changes its stated aim from 各組織のコンプライアンス意識の向上と行動の実践, raising compliance awareness and practice in each organisation, to 各組織の心理的安全性の向上とコンプライアンス行動の実践, raising psychological safety in each organisation and practising compliant behaviour.

Item (10) 情報セキュリティ is where most of the new text is: 7 sentences where there were 4, with only the sentence on the consequences of an attack, 競争力・技術的優位性の棄損、製品生産活動を含めた業務の停止、社会的信用の低下や損害賠償の発生等, carried over as it was. The opening sentence now names a kind of attack: 第三者による不正アクセスやコンピュータウイルス、特に近年ではランサムウェアに代表される高度化・巧妙化したサイバー攻撃は世界的に増加傾向にあります — sophisticated attacks, typified in recent years by ransomware, are increasing worldwide. Two sentences are new: 加えて、当社の製品・サービスにおけるセキュリティインシデントが発生する可能性もあります, a security incident could occur in the company's own products and services, and このような事態が起きた場合、顧客や当社へのビジネス影響のほか、損害賠償責任などが発生する可能性もあります, with business impact on customers and the company and liability for damages.

The response half of item (10) changed in three places. The list of technical and operational measures gains ランサムウェアを含むマルウェアへの対策とデータバックアップ, measures against malware including ransomware, and data backup. Where the 2025 text said the effectiveness of security measures was strengthened through 情報セキュリティに関する内部監査と外部機関によるアセスメント, internal audit and external assessment, the 2026 text says 情報セキュリティに関する自己点検プログラムの実施と外部機関によるアセスメント, a self-inspection programme and external assessment. A seventh sentence is added: また、情報及び製品セキュリティのリスクやインシデントに対応するため、CSIRT(Computer Security Incident Response Team)及びPSIRT(Product Security Incident Response Team)を設置し、グループ全体での監視・対応体制を整備しています — a CSIRT and a PSIRT, for information security and product security respectively, with a group-wide monitoring and response structure.

Item (11) 人材, people, rewrote its first sentence. In 2025 what mattered was 国内外で多様な人材を確保し育成することやダイバーシティ、エクイティ&インクルージョンを実践すること, securing and developing diverse people at home and abroad and practising diversity, equity and inclusion. In 2026 it is 国内外で多様な人材を確保し育成することや多様な人々が対話と協力を通じて共に成長できる環境づくり, securing and developing diverse people and creating an environment in which diverse people grow together through dialogue and cooperation. The words ダイバーシティ、エクイティ&インクルージョン remain elsewhere in the 2026 report: on page 12, in the sustainability section, they are placed as 経営の柱, a pillar of management, under the slogan ONE TEL, DIFFERENT TOGETHER, and on page 8 in the passage on people that follows the five points of やる気重視経営. The second sentence of the item loses its opening しかしながら and is otherwise the same, and the response paragraph is unchanged. Item (12) 感染症・自然災害等, infectious disease and natural disaster, adds one condition to its first sentence: 拠点運営の停止や各国間の移動、社会インフラ(燃料・電気・水など)の供給が制限されるような事態, a situation in which the supply of social infrastructure such as fuel, electricity and water is restricted.

Items (14), (15) and (16) have two, two and one changed sentences. In (14) M&A, the party whose acquisition by a competitor could affect the group's competitiveness was 潜在的なターゲット, a potential target, and is now 当社グループが戦略上重要性を認識していたターゲット, a target the group had recognised as strategically important; the due-diligence sentence drops the words 買収した企業や事業の before PMI. In (15) IT&オペレーション, the 2025 response said 業務改革DX推進プロジェクトを立ち上げ, a business-reform DX project had been launched to review all internal processes and systems; the 2026 response says 業務デザイン戦略本部を設置し, a Business Design Strategy Division has been established, drops the phrase 社内全般の業務プロセス及びシステムについて, and the list of viewpoints for the review becomes 生産性向上、規制等の遵守、業務プロセスの高度化と安定化・強靭化; the sentence before it changes このようなリスク to これらのリスク. In (16) 拠点展開, the site strategy that might be insufficiently considered was for 新規ビジネスの増加, the growth of new business, and is now for 新規ビジネスや既存ビジネス, new and existing business. Item (6) 品質 differs by one mark: 従業員、協力会社社員 became 従業員・協力会社社員.

Read together, the organisations named in the section shifted. Among the units the 2025 section named were コーポレートイノベーション本部, コーポレート生産本部, the チーフ・コンプライアンス・オフィサー, the 情報セキュリティ委員会, ファイナンス本部 with 経営戦略本部, and the 業務改革DX推進プロジェクト. The 2026 section keeps each of these except the DX project, whose sentence is replaced as described, and adds コーポレート技術本部 in (2), the CSIRT and PSIRT in (10), and 業務デザイン戦略本部 in (15). The five identical items are the ones that describe geopolitics, safety, environmental response, intellectual property and finance; the sentence in (3) 地政学 that the group's 売上高に占める海外売上高の比率が高く, overseas share of sales, is high sits next to a figure the analysis section prints: 92.2% in the 2025 report on page 22 and 90.2% in the 2026 report on page 21.

The answer to the three-part question, then. New headings: none; the sixteen of 2026 are the sixteen of 2025. Headings gone: none. Order: unchanged; the section starts on page 16 where it started on page 17, in a report of 156 pages where the earlier one had 157. Renamed: one, (8) 法令・規制 to リーガル, and its list of legal fields grew by trade-secret protection and economic security. Below the headings, 26 of the 78 sentences of 2026 are not sentences of 2025, and they gather in four places: the triggers of market fluctuation in (1), geopolitical risk and supply-chain visibility in (4), the fields of law and the speak-up sentence in (8), and ransomware, product security and the two incident-response teams in (10). Items (8) and (10) alone account for 10 of the 26; the rest are spread across (1), (2), (4), (6), (11), (12), (14), (15) and (16).

Method. The desk located the two annual securities reports in the EDINET document-list API for June 22, 2026 and June 16, 2025, retrieved the PDFs through the same API, and read pages 16 to 20 of the 63rd report (S100YEOO, 156 pages) and pages 17 to 21 of the 62nd (S100VX9R, 157 pages) with pdfplumber, cutting each section from the line carrying 【事業等のリスク】 to the line carrying 【経営者による財政状態. Sentences were compared after removing whitespace, with the item heading removed, and counted by the full stop 。; a sentence is called identical when its whitespace-free text appears under the same item in the other year. Pages 8, 11, 12, 21, 24, 52 and 53 of the 63rd report and pages 10, 12, 13, 22, 25, 59 and 61 of the 62nd were read for the lines quoted outside the section. All counts in this piece are the desk's, and no figure here is a yen amount.