Komori
Financial results presentation5233TAIHEIYO CEMENT CORPORATIONConstruction and Materials

Fiscal 2025 Financial Results Presentation

In FY2025, revenue edged up, but operating income and net income declined due to lower earnings at overseas subsidiaries and other businesses, as well as an impairment loss at a Philippine subsidiary. For FY2026, the Company expects higher revenue and earnings, driven by the benefits of acquiring a ready-mixed concrete business in the United States and improvements in the Philippines, and plans to pay an annual dividend of ¥120.

Worth reading
59In 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
32027
¥ million
Wording
Avoiding a definitive answer
How definitive the wording is.

Contents of this document

Financial results presentationFY202513 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥898,441 million+0.2%
Operating profit¥74,620 million-4.0%
Ordinary income¥75,087 million-0.4%
Net income¥25,401 million-55.8%
Operating profit margin8.3 %
Full-year earnings forecast
Net Sales
¥10,270 100 million
Operating profit
¥760 100 million
Ordinary income
¥700 100 million
Profit attributable to owners of the parent
¥480 100 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Domestic cement revenue
Domestic volume variance-164
Export volume variance30
Domestic price variance164
Export price variance38
Ready-mixed concrete and other businesses81
Domestic cement operating income
Domestic volume variance-48
Export volume variance5
Domestic price variance187
Export price variance14
Company variable costs-67
Company fixed costs-7
Ready-mixed concrete and other businesses-10
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Domestic cement demand
2,900 10,000 tonnes
Average procurement price of imported coal and other fuels in Japan
155 C&F $/t
Average Exchange Rate
¥157 /$
Foreign exchange sensitivity
¥0.3 100 million / impact on operating income per ¥1 depreciation of the yen
New initiatives
  • Acquisition of shares in a newly established company that will take over Tokuyama Corporation's cement sales business
  • Acquisition of assets for a ready-mixed concrete business in the United States (purchase price: $712 million)
  • Expansion of silos at the Stockton terminal
  • Sale of domestic listed shares held by the Company
  • Joint ground-improvement business with the PT Semen Indonesia Group
Key KPIsA metric the company considers important as a management benchmark.
  • ROE3.8 %
    Year on year against the same period last year-5.7%
  • ROIC4.9 %
    Year on year against the same period last year-0.5%
  • Equity ratio46 %
    Year on year against the same period last year+0.9%
  • Net debt-to-equity ratio0.48 times
    Year on year against the same period last year-0.0%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Domestic cement sales volume
Domestic
11,173 thousand tonnes
yoy_change-1,156
Exports
3,320 thousand tonnes
yoy_change295
U.S. sales volume
Cement
5,888 thousand tonnes
yoy_change-235
Ready-mixed concrete
4,722 千cy
yoy_change-757
Aggregates
12,246 thousand tonnes
yoy_change734
Cement sales volume in Asia and other markets
7,289 thousand tonnes
yoy_change620
Segment results
Domestic cement
Net Sales
¥336,697 million
Operating profit
¥27,977 million
Revenue_yoy_pct4.1
Operating profit_yoy_pct74.2
Overseas cement subsidiaries and other businesses
Net Sales
¥331,213 million
Operating profit
¥21,355 million
Revenue_yoy_pct-3.9
Operating profit_yoy_pct-44.3
Resource
Net Sales
¥90,855 million
Operating profit
¥10,045 million
Revenue_yoy_pct3
Operating profit_yoy_pct4.5
Environment
Net Sales
¥81,782 million
Operating profit
¥9,262 million
Revenue_yoy_pct1.1
Operating profit_yoy_pct3.2
Construction materials and civil engineering
Net Sales
¥43,427 million
Operating profit
¥1,891 million
Revenue_yoy_pct-2
Operating profit_yoy_pct-20
Other
Net Sales
¥80,519 million
Operating profit
¥4,193 million
Revenue_yoy_pct2.5
Operating profit_yoy_pct6.6
Medium-term management plan targets
Total payout ratioAt least 33%
Dividend per shareAt least ¥80
Sale of domestic listed shares heldApproximately 20% of book value during the period of the 26 Medium-Term Plan
Market Size / Share
Waste and by-products as a percentage of domestic recycled material useApproximately 10%
Number of employees
Number of Employees
Consolidated12,626
Standalone1,783
Record date31 March 2026
Capital expenditures
FY2025¥114.1 billion
Annual Dividend
FY2025
¥100 per share
Interim50
End of period50
Fiscal 2026
¥120 per share
Interim60
End of period60
Payout ratio
Total payout ratio
FY2026 forecast48.5 %
Forecast for the three-year period of the 26 Medium-Term Plan44.8 %
Acquisition of treasury shares
Acquisition amount
¥100 100 million
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFY2025
Net Sales¥898,441 million (YoY +0.2%)
Operating profit¥74,620 million (YoY -4.0%)
Ordinary income¥75,087 million (YoY -0.4%)
Net income¥25,401 million (YoY -55.8%)
Operating profit margin8.3 %
Full-year earnings forecastNet Sales ¥10,270 100 million / Operating profit ¥760 100 million / Ordinary income ¥700 100 million / Profit attributable to owners of the parent ¥480 100 million
Segment resultsDomestic cement Net Sales ¥336,697 million / Operating profit ¥27,977 million / Revenue_yoy_pct 4.1 / Operating profit_yoy_pct 74.2 / Overseas cement subsidiaries and other businesses Net Sales ¥331,213 million / Operating profit ¥21,355 million / Revenue_yoy_pct -3.9 / Operating profit_yoy_pct -44.3 / Resource Net Sales ¥90,855 million / Operating profit ¥10,045 million / Revenue_yoy_pct 3 / Operating profit_yoy_pct 4.5 / Environment Net Sales ¥81,782 million / Operating profit ¥9,262 million / Revenue_yoy_pct 1.1 / Operating profit_yoy_pct 3.2 / Construction materials and civil engineering Net Sales ¥43,427 million / Operating profit ¥1,891 million / Revenue_yoy_pct -2 / Operating profit_yoy_pct -20 / Other Net Sales ¥80,519 million / Operating profit ¥4,193 million / Revenue_yoy_pct 2.5 / Operating profit_yoy_pct 6.6
Breakdown of Factors Affecting the ChangeDomestic cement revenue Domestic volume variance -164 / Export volume variance 30 / Domestic price variance 164 / Export price variance 38 / Ready-mixed concrete and other businesses 81 / Domestic cement operating income Domestic volume variance -48 / Export volume variance 5 / Domestic price variance 187 / Export price variance 14 / Company variable costs -67 / Company fixed costs -7 / Ready-mixed concrete and other businesses -10
Key KPIsIndicator name ROE / Value 3.8 % / Year on year against the same period last year -5.7 %, Indicator name ROIC / Value 4.9 % / Year on year against the same period last year -0.5 %, Indicator name Equity ratio / Value 46 % / Year on year against the same period last year 0.9 %, Indicator name Net debt-to-equity ratio / Value 0.48 times / Year on year against the same period last year -0.01 times
Unit price and quantity metricsDomestic cement sales volume Domestic 11,173 thousand tonnes / Exports 3,320 thousand tonnes / U.S. sales volume Cement 5,888 thousand tonnes / Ready-mixed concrete 4,722 千cy / Aggregates 12,246 thousand tonnes / Cement sales volume in Asia and other markets 7,289 thousand tonnes
Number of employeesNumber of Employees Consolidated 12,626 / Standalone 1,783 / Record date 31 March 2026
Assumptions Underlying the Business OutlookDomestic cement demand 2,900 10,000 tonnes / Average procurement price of imported coal and other fuels in Japan 155 C&F $/t / Average Exchange Rate ¥157 /$ / Foreign exchange sensitivity ¥0.3 100 million / impact on operating income per ¥1 depreciation of the yen
Medium-term management plan targetsTotal payout ratio At least 33% / Dividend per share At least ¥80 / Sale of domestic listed shares held Approximately 20% of book value during the period of the 26 Medium-Term Plan
Annual DividendFY2025 ¥100 per share / Fiscal 2026 ¥120 per share
Payout ratioTotal payout ratio FY2026 forecast 48.5 % / Forecast for the three-year period of the 26 Medium-Term Plan 44.8 %
Acquisition of treasury sharesAcquisition amount ¥100 100 million / Number of Shares Not disclosed / Period Not disclosed
Capital expendituresFY2025 ¥114.1 billion / FY2026 forecast Not disclosed
Market Size / ShareWaste and by-products as a percentage of domestic recycled material use Approximately 10%
New initiativesAcquisition of shares in a newly established company that will take over Tokuyama Corporation's cement sales business, Acquisition of assets for a ready-mixed concrete business in the United States (purchase price: $712 million), Expansion of silos at the Stockton terminal, Sale of domestic listed shares held by the Company, Joint ground-improvement business with the PT Semen Indonesia Group
Items this document does not state (10)
Gross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planNumber of stores and locationsRisk amount incorporated into the outlookFinancial targetsOrders received and order backlogKey points of the Q&A

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.

Domestic cement earnings increased due to the effects of price increases and cost improvements, but earnings at overseas subsidiaries and other businesses declined, and an impairment loss was recorded at a Philippine subsidiary, resulting in a decrease in net income attributable to owners of the parent. For FY2026, the Company expects revenue and earnings growth to be driven by the cement sales business to be acquired from Tokuyama Corporation, the acquisition of a ready-mixed concrete business in the United States, and improvements in selling prices and cost reductions in the Philippines.

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.
Fiscal 2025 Financial Results Presentation | TAIHEIYO CEMENT CORPORATION (5233) timely disclosure | Komori