Komori
Earnings presentation materials5463Maruichi Steel Tube Ltd.Iron and Steel, Nonferrous Metals

Briefing Materials for the Second-Quarter Financial Results for the Fiscal Year Ending March 2027

The full-year earnings forecast for the fiscal year ending March 2027 was revised upward, with operating profit raised from ¥36.9 billion to ¥41.7 billion. The full-year dividend forecast was also increased from ¥52 to ¥58 per share.

Worth reading
76Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
4800
¥ million (increase in operating profit forecast)
Wording
Avoiding a definitive answer
How definitive the wording is.

Contents of this document

Earnings presentation materialsSecond quarter of the fiscal year ending March 202714 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥135,893 million+12.7%
Operating profit¥19,601 million+27.1%
Ordinary income¥21,066 million+26.3%
Net income¥13,200 million +23.5%interim net income attributable to owners of the parent
Operating profit margin15.9% (Maruichi Steel Tube standalone; year-on-year change in percentage points: Not disclosed)
Results for the three months of the current quarter
Net Sales
¥70,861 million
Operating profit
¥10,311 million
Full-year earnings forecast
Net Sales
¥293,000 million
Operating profit
¥41,700 million
Ordinary income
¥42,900 million
Net income
¥28,300 million net income attributable to owners of the parent
ROE
8.04 %
Progress against full-year forecast　通期の予想に対して、いまどこまで進んだかの割合です。
H1 revenue
46.4 %
First-half operating profit
47 %
First-half plan achievement rate
Net Sales102.7 %
Operating profit108.3 %
Segment operating profit plan achievement rate
Japan101.9 %
North America119.7 %
Asia107.8 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
First-half results exceeded the plan. Revenue in Japan was broadly in line with the plan, while operating profit was 101.9%, North American operating profit was 119.7%, and Asian operating profit was 107.8%.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Consolidated operating profit
Prior-year first-half actuals15,422
丸一鋼管100
Maruichi Stainless534
Other domestic subsidiaries792
Leavitt1,363
MNT113
MAC352
MOST394
MST-X147
MMX-166
SUNSCO-2
KUMA373
MPST-156
Consolidated adjustments334
Current-year first-half actuals19,601
Sales volume
丸一鋼管5,363
Leavitt-132
MNT-544
MAC3,371
MOST5,038
MMX-1,257
SUNSCO2,749
KUMA4,121
MPST166
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate against the U.S. dollarUS$1: ¥158.18 (¥148.60 in the first half of fiscal 2025)
丸一ステンレス鋼管 bright-annealed tube revised second-half plan191094 tubes/month
丸一ステンレス鋼管 bright-annealed tube revised full-year plan221745 tubes/month
MST-X bright-annealed tube revised second-half plan19177 tubes/month
MST-X bright-annealed tube revised full-year plan29374 tubes/month
MST-X production capacity90000 tubes/month
New initiatives
  • Capital investment in the second half, centered on Stainless Park (Shimonoseki)
  • Joint sales activities with group companies targeting large-scale projects such as data centers
  • Publication of the 2026 edition of the Integrated Report
Key KPIsA metric the company considers important as a management benchmark.
  • Maruichi Steel Tube sales volume325,040 t
    Year on year against the same period last year+1.7%
  • Sales volume of the 4 US structural steel tube companies129,929 t
    Year on year against the same period last year+6.3%
  • Sales volume of Maruichi Stainless Tube BA tubes962,655 Projects
    Year on year against the same period last year+71.4%
  • MST-X BA tube sales volume53,884 Projects
    Year on year against the same period last year+15.3%
  • Operating profit of 4 U.S. structural steel tube companies¥5,150 million
    Year on year against the same period last year+76.0%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
There are disclosures regarding sales volume, higher selling prices, and revisions to selling prices. A numerical table breaking down volume and unit price as separate indicators was Not disclosed.
Segment results
Japan
Net Sales
¥75,794 million+5.9%
Operating profit
¥11,699 million+17.2%
North America
Net Sales
¥36,650 million+32.7%
Operating profit
¥5,545 million+65.0%
Asia
Net Sales
¥23,448 million+10.0%
Operating profit
¥2,046 million+12.4%
Medium-term management plan targets
Target fiscal yearFiscal year ending March 2027 (final year of the medium-term management plan)
Operating profit target40,000
Operating profit unit¥ million
ROE target8
ROE unit%
Comparison with actuals and forecastsOperating profit of ¥41.7 billion and ROE of 8% are expected to exceed the target
Financial targets
ROE
Target8 %
Actuals / Forecast8.04 %
Market Size / Share
U.S. CRU pricesUS$1,285/st (actual for the second week of October 2026)
Capital expenditures
¥32,300 million FY2026 plan
Annual Dividend
Annual¥58 /share
Interim¥29 /share
End of period¥29 /share
Payout ratio
45 % target
Total payout ratio2026 estimate: 80%
Acquisition of treasury shares
Cumulative shares acquired2,454,200
Total acquisition cost4,232,600,877
Amount unit¥
Record dateThrough 31 October 2026
Contents of this document
ItemDetails
Document typeEarnings presentation materials
Fiscal Period CoveredSecond quarter of the fiscal year ending March 2027
Net Sales¥135,893 million (YoY +12.7%)
Operating profit¥19,601 million (YoY +27.1%)
Ordinary income¥21,066 million (YoY +26.3%)
Net income¥13,200 million (interim net income attributable to owners of the parent) (YoY +23.5%)
Operating profit margin15.9% (Maruichi Steel Tube standalone; year-on-year change in percentage points: Not disclosed)
Results for the three months of the current quarterNet Sales ¥70,861 million / Operating profit ¥10,311 million / Ordinary income Not disclosed / Net income Not disclosed
Full-year earnings forecastNet Sales ¥293,000 million / Operating profit ¥41,700 million / Ordinary income ¥42,900 million / Net income ¥28,300 million (net income attributable to owners of the parent) / ROE 8.04 %
Progress against full-year forecastConsolidated revenue Not disclosed / Consolidated operating profit Not disclosed / H1 revenue 46.4 % / First-half operating profit 47 % / First-half plan achievement rate Net Sales 102.7 % / Operating profit 108.3 % / Segment operating profit plan achievement rate Japan 101.9 % / North America 119.7 % / Asia 107.8 %
Self-assessment against the planFirst-half results exceeded the plan. Revenue in Japan was broadly in line with the plan, while operating profit was 101.9%, North American operating profit was 119.7%, and Asian operating profit was 107.8%.
Segment resultsJapan Net Sales ¥75,794 million (YoY +5.9%) / Operating profit ¥11,699 million (YoY +17.2%) / North America Net Sales ¥36,650 million (YoY +32.7%) / Operating profit ¥5,545 million (YoY +65.0%) / Asia Net Sales ¥23,448 million (YoY +10.0%) / Operating profit ¥2,046 million (YoY +12.4%)
Breakdown of Factors Affecting the ChangeConsolidated operating profit Prior-year first-half actuals 15,422 / 丸一鋼管 100 / Maruichi Stainless 534 / Other domestic subsidiaries 792 / Leavitt 1,363 / MNT 113 / MAC 352 / MOST 394 / MST-X 147 / MMX -166 / SUNSCO -2 / KUMA 373 / MPST -156 / Consolidated adjustments 334 / Current-year first-half actuals 19,601 / Sales volume 丸一鋼管 5,363 / Leavitt -132 / MNT -544 / MAC 3,371 / MOST 5,038 / MMX -1,257 / SUNSCO 2,749 / KUMA 4,121 / MPST 166
Key KPIsIndicator name Maruichi Steel Tube sales volume / Value 325,040 t / Year on year against the same period last year 1.7 t, Indicator name Sales volume of the 4 US structural steel tube companies / Value 129,929 t / Year on year against the same period last year 6.3 t, Indicator name Sales volume of Maruichi Stainless Tube BA tubes / Value 962,655 Projects / Year on year against the same period last year 71.4 Projects, Indicator name MST-X BA tube sales volume / Value 53,884 Projects / Year on year against the same period last year 15.3 Projects, Indicator name Operating profit of 4 U.S. structural steel tube companies / Value ¥5,150 million / Year on year against the same period last year ¥76 million
Unit price and quantity metricsThere are disclosures regarding sales volume, higher selling prices, and revisions to selling prices. A numerical table breaking down volume and unit price as separate indicators was Not disclosed.
Assumptions Underlying the Business OutlookExchange rate against the U.S. dollar US$1: ¥158.18 (¥148.60 in the first half of fiscal 2025) / 丸一ステンレス鋼管 bright-annealed tube revised second-half plan 191094 tubes/month / 丸一ステンレス鋼管 bright-annealed tube revised full-year plan 221745 tubes/month / MST-X bright-annealed tube revised second-half plan 19177 tubes/month / MST-X bright-annealed tube revised full-year plan 29374 tubes/month / MST-X production capacity 90000 tubes/month
Medium-term management plan targetsTarget fiscal year Fiscal year ending March 2027 (final year of the medium-term management plan) / Operating profit target 40,000 / Operating profit unit ¥ million / ROE target 8 / ROE unit % / Comparison with actuals and forecasts Operating profit of ¥41.7 billion and ROE of 8% are expected to exceed the target
Financial targetsROE Target 8 % / Actuals / Forecast 8.04 %
Annual DividendAnnual ¥58 /share / Interim ¥29 /share / End of period ¥29 /share
Payout ratioValue 45 % (target) / Total payout ratio 2026 estimate: 80%
Acquisition of treasury sharesCumulative shares acquired 2,454,200 / Total acquisition cost 4,232,600,877 / Amount unit ¥ / Record date Through 31 October 2026
Capital expenditures¥32,300 million (FY2026 plan)
Market Size / ShareU.S. CRU prices US$1,285/st (actual for the second week of October 2026) / U.S. structural steel tube market share Not disclosed
New initiativesCapital investment in the second half, centered on Stainless Park (Shimonoseki), Joint sales activities with group companies targeting large-scale projects such as data centers, Publication of the 2026 edition of the Integrated Report
Items this document does not state (7)
Gross Profit MarginSelling, general and administrative expensesNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookOrders 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.

In the first half, improved spreads resulting from higher selling prices at the 4 US structural steel tube companies, together with a recovery in sales volume of Maruichi Stainless Tube's BA tubes for semiconductor applications, drove an increase in profit. The full-year earnings forecast was also revised upward, based in part on the expectation that the 4 US structural steel tube companies will continue to perform well in the second half.

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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.
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Briefing Materials for the Second-Quarter Financial Results for the Fiscal Year Ending March 2027 | Maruichi Steel Tube Ltd. (5463) timely disclosure | Komori