Worth reading
47Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
-2062
¥ millions (year-on-year change in operating income)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Financial Results PresentationSecond quarter of the fiscal year ending December 20268 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales22,370 Millions of yen-2.7%
Operating profit1,778 Millions of yen-53.7%
Ordinary income2,229 Millions of yen-41.2%
Net income¥1,677 million -37.4%interim net income attributable to owners of the parent
Operating profit margin7.9 %
Full-year earnings forecast
Net Sales
49,000 Millions of yen
Operating profit
6,200 Millions of yen
Ordinary income
6,000 Millions of yen
Profit attributable to owners of the parent
5,000 Millions of yen
Earnings per share
¥238.41
ROE
5.1 %
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
H1 FY2025 ending December to H1 FY2026 ending December
Decrease in contribution margin¥-18.9 million
Inventory-related factors¥-11.5 million
Increase in depreciation and amortization¥-2.2 million
Foreign exchange impact¥3.5 million
Raw material and fuel price changes¥0.4 million
Reduction in fixed costs¥8.1 million
Other¥-0.1 million
FY2025 full year to FY2026 full-year forecast
Increase in contribution margin¥17.4 million
Inventory-related factors¥-15.3 million
Increase in depreciation and amortization¥-5.7 million
Increase in fixed costs¥-1.2 million
Foreign exchange impact¥-2 million
Raw material and fuel price changes¥-0.9 million
Other¥-0.4 million
H1 FY2026 to H2 FY2026 forecast
Increase in contribution margin¥48 million
Inventory-related factors¥6.3 million
Other¥0.8 million
Foreign exchange impact¥-7.5 million
Raw material and fuel price changes¥-1.5 million
Increase in fixed costs¥-16.7 million
Increase in depreciation and amortization¥-2.9 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate
Dollar
145 Yen/Dollar
Euro
176 JPY/EUR
Renminbi
20 yen/RMB
Semiconductor-related marketsA recovery in demand is expected based on expanding AI-related demand, the completion of wafer inventory adjustments, and a recovery in EV demand.
New initiatives
- Price revisions planned for orders placed from October 2026
- Strengthen the sales organization for large motors and pursue market development
Segment results
Special graphite products
Net Sales
10,632 Millions of yen
Year-on-year (%)4.2
Special graphite products — Electronics
Net Sales
3,287 Millions of yen
Year-on-year (%)-15.9
Special graphite products — General industries
Net Sales
5,612 Millions of yen
Year-on-year (%)9.9
Special graphite products — Other
Net Sales
1,733 Millions of yen
Year-on-year (%)45.9
General carbon products — mechanical carbon
Net Sales
2,131 Millions of yen
Year-on-year (%)7.3
General carbon products — electrical carbon
Net Sales
2,249 Millions of yen
Year-on-year (%)8.2
Composite materials and other products
Net Sales
6,830 Millions of yen
Year-on-year (%)-13.7
Composite and other products — Three main products
Net Sales
5,691 Millions of yen
Year-on-year (%)-13.7
Composite and other products — Other products
Net Sales
1,139 Millions of yen
Year-on-year (%)-13.3
Products
Net Sales
526 Millions of yen
Year-on-year (%)-34.2
Financial targets
ROE
5.1 % full-year forecast
Equity ratio
81.6 % actual as of June 2026
Capital expenditures
¥8,300 million forecast for the fiscal year ending December 2026
Annual Dividend
¥145 per share
Payout ratio
60.8 %
| Item | Details |
|---|---|
| Document type | Financial Results Presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | 22,370 Millions of yen (YoY -2.7%) |
| Operating profit | 1,778 Millions of yen (YoY -53.7%) |
| Ordinary income | 2,229 Millions of yen (YoY -41.2%) |
| Net income | ¥1,677 million (interim net income attributable to owners of the parent) (YoY -37.4%) |
| Operating profit margin | 7.9 % |
| Full-year earnings forecast | Net Sales 49,000 Millions of yen / Operating profit 6,200 Millions of yen / Ordinary income 6,000 Millions of yen / Profit attributable to owners of the parent 5,000 Millions of yen / Earnings per share ¥238.41 / ROE 5.1 % |
| Segment results | Special graphite products Net Sales 10,632 Millions of yen / Year-on-year (%) 4.2 / Special graphite products — Electronics Net Sales 3,287 Millions of yen / Year-on-year (%) -15.9 / Special graphite products — General industries Net Sales 5,612 Millions of yen / Year-on-year (%) 9.9 / Special graphite products — Other Net Sales 1,733 Millions of yen / Year-on-year (%) 45.9 / General carbon products — mechanical carbon Net Sales 2,131 Millions of yen / Year-on-year (%) 7.3 / General carbon products — electrical carbon Net Sales 2,249 Millions of yen / Year-on-year (%) 8.2 / Composite materials and other products Net Sales 6,830 Millions of yen / Year-on-year (%) -13.7 / Composite and other products — Three main products Net Sales 5,691 Millions of yen / Year-on-year (%) -13.7 / Composite and other products — Other products Net Sales 1,139 Millions of yen / Year-on-year (%) -13.3 / Products Net Sales 526 Millions of yen / Year-on-year (%) -34.2 |
| Breakdown of Factors Affecting the Change | H1 FY2025 ending December to H1 FY2026 ending December Decrease in contribution margin ¥-18.9 million / Inventory-related factors ¥-11.5 million / Increase in depreciation and amortization ¥-2.2 million / Foreign exchange impact ¥3.5 million / Raw material and fuel price changes ¥0.4 million / Reduction in fixed costs ¥8.1 million / Other ¥-0.1 million / FY2025 full year to FY2026 full-year forecast Increase in contribution margin ¥17.4 million / Inventory-related factors ¥-15.3 million / Increase in depreciation and amortization ¥-5.7 million / Increase in fixed costs ¥-1.2 million / Foreign exchange impact ¥-2 million / Raw material and fuel price changes ¥-0.9 million / Other ¥-0.4 million / H1 FY2026 to H2 FY2026 forecast Increase in contribution margin ¥48 million / Inventory-related factors ¥6.3 million / Other ¥0.8 million / Foreign exchange impact ¥-7.5 million / Raw material and fuel price changes ¥-1.5 million / Increase in fixed costs ¥-16.7 million / Increase in depreciation and amortization ¥-2.9 million |
| Assumptions Underlying the Business Outlook | Exchange rate Dollar 145 Yen/Dollar / Euro 176 JPY/EUR / Renminbi 20 yen/RMB / Semiconductor-related markets A recovery in demand is expected based on expanding AI-related demand, the completion of wafer inventory adjustments, and a recovery in EV demand. |
| Financial targets | ROE 5.1 % (full-year forecast) / Equity ratio 81.6 % (actual as of June 2026) |
| Annual Dividend | ¥145 per share |
| Payout ratio | 60.8 % |
| Capital expenditures | ¥8,300 million (forecast for the fiscal year ending December 2026) |
| New initiatives | Price revisions planned for orders placed from October 2026, Strengthen the sales organization for large motors and pursue market development |
Items this document does not state (15)
Gross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planKey KPIsUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsAcquisition of treasury sharesOrders received and order backlogMarket Size / ShareKey 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.Operating profit declined mainly because of a decrease in contribution margin due to changes in sales mix, inventory-related effects, and higher depreciation and amortization. Net sales declined against a backdrop of weak demand for manufacturing materials related to semiconductor devices and for SiC semiconductors, with decreases in the electronics field of the special graphite products business and in Japan and Asia by region.
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