Worth reading
69In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
43
¥100 million (year-on-year increase in operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFY2025 (fiscal year ending March 2026)13 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales2,237 Hundreds of millions of yen+1.9%
Operating profit136.5 Hundreds of millions of yen+45.9%
Ordinary income144.1 Hundreds of millions of yen+53.8%
Net income112.1 Hundreds of millions of yen+24.5%
Operating profit margin6.1%, up 1.8 percentage points year on year
Results for the three months of the current quarterFY2025 fourth quarter (January–March): revenue of ¥59.3 billion and operating profit of ¥5.11 billion. Cement revenue was ¥41.0 billion and operating profit was ¥2.76 billion; advanced materials revenue was ¥5.5 billion and operating profit was ¥720 million, among others.
Full-year earnings forecastFY2026: revenue of ¥234.5 billion, operating profit of ¥15.00 billion, ordinary profit of ¥14.50 billion, net income of ¥10.00 billion, and a dividend of ¥120 per share
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Below the targets of the FY2023–FY2025 medium-term management planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
FY2025 cement business operating profit: from ¥900 million in FY2024 to ¥5.5 billion, after the effects of sales and production volumes (−¥1.1 billion), selling prices (+¥5.7 billion), coal and oil prices (+¥3.0 billion), electricity and raw material prices (−¥1.3 billion), recycling and rationalization (+¥1.1 billion), foreign exchange (+¥200 million), and other factors (−¥3.0 billion). Advanced materials business: from ¥2.3 billion to ¥2.5 billion, after the effects of electrostatic chuck volume and product mix (+¥1.1 billion) and other factors (−¥900 million).
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate of ¥155/US$ (FY2025 average: ¥150/US$), coal procurement price (CIF) of US$140/t (FY2025: US$135/t), and oil price of US$100/bbl (FY2025: US$72/bbl). The assumed exchange rate is ¥155/US$ in both the first and second halves; assumed coal prices are US$135/t in the first half and US$145/t in the second half.Key KPIsA metric the company considers important as a management benchmark.
ROE 5.8% (up 1.1 percentage points year on year), ROIC 3.3% (up 1.0 percentage point), three-year average total payout ratio 62.0%, domestic cement demand of 30.53 million tonnes, domestic sales volume of 6.971 million tonnes, exports of 1.375 million tonnes, FCF of ¥6.0 billion, and strategic shareholdings as a percentage of net assets of 17.0%Unit price and quantity metricsThese figures show sales broken down by price and volume.
Domestic sales volume was 6.971 million tonnes (3.434 million tonnes in the first half and 3.537 million tonnes in the second half), while exports were 1.375 million tonnes (646,000 tonnes in the first half and 729,000 tonnes in the second half). The effects of changes in selling prices and sales and production volumes are also disclosed.Segment results
Cement: revenue of ¥158.8 billion (+1.5% year on year), operating profit of ¥5.50 billion (+526.0%); Mineral products: ¥17.5 billion (+0.8%), ¥2.99 billion (−5.2%); Building materials: ¥23.0 billion (−2.4%), ¥1.48 billion (−19.5%); Advanced materials: ¥18.1 billion (+15.3%), ¥2.48 billion (+9.5%); Optoelectronics: ¥2.7 billion (+8.9%), −¥60 million; Other: ¥3.6 billion (−8.3%), ¥1.39 billion (−13.8%)Medium-term management plan targets
FY2023–FY2025 targets: revenue of ¥235.0 billion, operating profit of ¥21.4 billion, ROE of at least 8.0%, ROIC of at least 5.0%, and an average total payout ratio of at least 50% for FY2023–FY2025. Actual results were revenue of ¥223.7 billion, operating profit of ¥13.6 billion, ROE of 5.8%, ROIC of 3.3%, and an average total payout ratio of 62.0%. New FY2026–FY2028 targets: revenue of ¥255.5 billion, operating profit of ¥27.0 billion, ROE of at least 9.0%, ROIC of at least 6.0%, and an average total payout ratio of at least 50% for FY2026–FY2028.Financial targets
ROE: actual 5.8%, FY2026 forecast 5.0%, FY2025 medium-term plan target of at least 8.0%; ROIC: actual 3.3%, forecast 3.5%, target of at least 5.0%; D/E: actual 44%, forecast 43%; equity ratio target: not disclosedNumber of employees
Number of employees at fiscal year-end: 3,045 (FY2025)Capital expenditures
¥315 100 million FY2025 actual; FY2026 forecast: ¥27.1 billion
Annual Dividend
Annual dividend of ¥120 per share (¥60 interim, ¥60 year-end). The FY2026 forecast is also ¥120 per share (¥60 interim, ¥60 year-end).Payout ratio
Not disclosed. Three-year average total payout ratio: 62.0%; medium-term plan target: at least 50%. FY2026 forecast total payout ratio: 38%.Acquisition of treasury shares
Share repurchases of ¥5.0 billion in FY2024 and ¥5.0 billion in FY2025. The repurchase periods and number of shares were not disclosed. None planned for FY2026.| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | FY2025 (fiscal year ending March 2026) |
| Net Sales | 2,237 Hundreds of millions of yen (YoY +1.9%) |
| Operating profit | 136.5 Hundreds of millions of yen (YoY +45.9%) |
| Ordinary income | 144.1 Hundreds of millions of yen (YoY +53.8%) |
| Net income | 112.1 Hundreds of millions of yen (YoY +24.5%) |
| Operating profit margin | 6.1%, up 1.8 percentage points year on year |
| Results for the three months of the current quarter | FY2025 fourth quarter (January–March): revenue of ¥59.3 billion and operating profit of ¥5.11 billion. Cement revenue was ¥41.0 billion and operating profit was ¥2.76 billion; advanced materials revenue was ¥5.5 billion and operating profit was ¥720 million, among others. |
| Full-year earnings forecast | FY2026: revenue of ¥234.5 billion, operating profit of ¥15.00 billion, ordinary profit of ¥14.50 billion, net income of ¥10.00 billion, and a dividend of ¥120 per share |
| Self-assessment against the plan | Below the targets of the FY2023–FY2025 medium-term management plan |
| Segment results | Cement: revenue of ¥158.8 billion (+1.5% year on year), operating profit of ¥5.50 billion (+526.0%); Mineral products: ¥17.5 billion (+0.8%), ¥2.99 billion (−5.2%); Building materials: ¥23.0 billion (−2.4%), ¥1.48 billion (−19.5%); Advanced materials: ¥18.1 billion (+15.3%), ¥2.48 billion (+9.5%); Optoelectronics: ¥2.7 billion (+8.9%), −¥60 million; Other: ¥3.6 billion (−8.3%), ¥1.39 billion (−13.8%) |
| Breakdown of Factors Affecting the Change | FY2025 cement business operating profit: from ¥900 million in FY2024 to ¥5.5 billion, after the effects of sales and production volumes (−¥1.1 billion), selling prices (+¥5.7 billion), coal and oil prices (+¥3.0 billion), electricity and raw material prices (−¥1.3 billion), recycling and rationalization (+¥1.1 billion), foreign exchange (+¥200 million), and other factors (−¥3.0 billion). Advanced materials business: from ¥2.3 billion to ¥2.5 billion, after the effects of electrostatic chuck volume and product mix (+¥1.1 billion) and other factors (−¥900 million). |
| Key KPIs | ROE 5.8% (up 1.1 percentage points year on year), ROIC 3.3% (up 1.0 percentage point), three-year average total payout ratio 62.0%, domestic cement demand of 30.53 million tonnes, domestic sales volume of 6.971 million tonnes, exports of 1.375 million tonnes, FCF of ¥6.0 billion, and strategic shareholdings as a percentage of net assets of 17.0% |
| Unit price and quantity metrics | Domestic sales volume was 6.971 million tonnes (3.434 million tonnes in the first half and 3.537 million tonnes in the second half), while exports were 1.375 million tonnes (646,000 tonnes in the first half and 729,000 tonnes in the second half). The effects of changes in selling prices and sales and production volumes are also disclosed. |
| Number of employees | Number of employees at fiscal year-end: 3,045 (FY2025) |
| Assumptions Underlying the Business Outlook | Exchange rate of ¥155/US$ (FY2025 average: ¥150/US$), coal procurement price (CIF) of US$140/t (FY2025: US$135/t), and oil price of US$100/bbl (FY2025: US$72/bbl). The assumed exchange rate is ¥155/US$ in both the first and second halves; assumed coal prices are US$135/t in the first half and US$145/t in the second half. |
| Medium-term management plan targets | FY2023–FY2025 targets: revenue of ¥235.0 billion, operating profit of ¥21.4 billion, ROE of at least 8.0%, ROIC of at least 5.0%, and an average total payout ratio of at least 50% for FY2023–FY2025. Actual results were revenue of ¥223.7 billion, operating profit of ¥13.6 billion, ROE of 5.8%, ROIC of 3.3%, and an average total payout ratio of 62.0%. New FY2026–FY2028 targets: revenue of ¥255.5 billion, operating profit of ¥27.0 billion, ROE of at least 9.0%, ROIC of at least 6.0%, and an average total payout ratio of at least 50% for FY2026–FY2028. |
| Financial targets | ROE: actual 5.8%, FY2026 forecast 5.0%, FY2025 medium-term plan target of at least 8.0%; ROIC: actual 3.3%, forecast 3.5%, target of at least 5.0%; D/E: actual 44%, forecast 43%; equity ratio target: not disclosed |
| Annual Dividend | Annual dividend of ¥120 per share (¥60 interim, ¥60 year-end). The FY2026 forecast is also ¥120 per share (¥60 interim, ¥60 year-end). |
| Payout ratio | Not disclosed. Three-year average total payout ratio: 62.0%; medium-term plan target: at least 50%. FY2026 forecast total payout ratio: 38%. |
| Acquisition of treasury shares | Share repurchases of ¥5.0 billion in FY2024 and ¥5.0 billion in FY2025. The repurchase periods and number of shares were not disclosed. None planned for FY2026. |
| Capital expenditures | ¥315 100 million (FY2025 actual; FY2026 forecast: ¥27.1 billion) |
Items this document does not state (9)
Gross Profit MarginSelling, general and administrative expensesProgress against full-year forecastNumber of stores and locationsRisk amount incorporated into the outlookOrders received and order backlogMarket Size / ShareKey points of the Q&ANew initiatives
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In FY2025, earnings growth was driven by the impact of higher domestic selling prices and lower coal prices in the cement business, as well as the product mix of electrostatic chucks in the advanced materials business. In FY2026, higher sales volumes of high-performance products and electrostatic chucks are expected to drive operating profit growth, while higher coal and oil prices are expected to weigh on the cement business, and net income is expected to decline due to the absence of gains from the sale of strategic shareholdings recorded in the previous fiscal year.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.