Worth reading
37Immaterial
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
11
¥100 million (year-on-year increase in underlying ordinary profit)Wording
Conditional
How definitive the wording is.Contents of this document
Financial Results PresentationFirst quarter of the fiscal year ending December 20265 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales194 Hundreds of millions of yen0.0%
Ordinary income11 Hundreds of millions of yen+175.0%
Net income6 Hundreds of millions of yen
Results for the three months of the current quarter
Net Sales
194 Hundreds of millions of yen
Ordinary income
11 Hundreds of millions of yen
Profit attributable to owners of parent for the quarter
6 Hundreds of millions of yen
Underlying ordinary profit
16 Hundreds of millions of yen
Full-year earnings forecast
Net Sales
800 Hundreds of millions of yen
Ordinary income
70 Hundreds of millions of yen
Underlying ordinary profit
60 Hundreds of millions of yen
Underlying net income
42 Hundreds of millions of yen
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Inventory effects, etc.First quarter of 2025-¥100 millionFirst quarter of 2026-¥500 millionYear on year against the same period last year¥400 million deterioration
- Increase in incinerator ash processing volumeDetailsFactors contributing to higher profit
- Strong and stable or rising molten metal market conditionsDetailsFactors contributing to higher profit
- Weak demand for battery materials and one-off expenses associated with ending contract manufacturing for certain productsDetailsFactors behind lower profit
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Foreign Exchange
2025¥150/US$
2026¥155/US$
Manganese ore market conditionsCurrently trending upward
Incinerator ash processing volumeAssumes an increase
Molten metal market conditionsAssumes stable conditions at high levels
Key KPIsA metric the company considers important as a management benchmark.
- Manganese ore market conditionsDisplayed in graphYear on year against the same period last yearDowntrend in 2025, with an uptrend recently
- High-carbon ferromanganese market conditionsDisplayed in graph
- Ferrosilicon market conditionsDisplayed in graph
- Silicomanganese market conditionsDisplayed in graph
- Global production of high-carbon ferromanganese961 thousand tonnes
Segment results
- FerroalloysNet Sales123 Hundreds of millions of yenUnderlying ordinary profit1 Hundreds of millions of yenYear-on-year revenue¥1 billion decreaseYear-on-year underlying ordinary profit¥300 million increase
- Functional MaterialsNet Sales35 Hundreds of millions of yenUnderlying ordinary profit7 Hundreds of millions of yenYear-on-year revenue¥100 million increaseYear-on-year underlying ordinary profit¥200 million increase
- Incineration Ash RecyclingNet Sales27 Hundreds of millions of yenUnderlying ordinary profit9 Hundreds of millions of yenYear-on-year revenue¥900 million increaseYear-on-year underlying ordinary profit¥600 million increase
- Aqua solutionsNet Sales4 Hundreds of millions of yenUnderlying ordinary profit0 Hundreds of millions of yenYear-on-year revenue¥0Year-on-year underlying ordinary profit¥0
- Electric powerNet Sales1 Hundreds of millions of yenUnderlying ordinary profit-1 Hundreds of millions of yenYear-on-year revenueDecrease equivalent to ¥0Year-on-year underlying ordinary profit¥0
- OtherNet Sales3 Hundreds of millions of yenUnderlying ordinary profit0 Hundreds of millions of yenYear-on-year revenue¥0Year-on-year underlying ordinary profit¥0
Capital expenditures
¥4,086 millions 2025 actual
| Item | Details |
|---|---|
| Document type | Financial Results Presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Net Sales | 194 Hundreds of millions of yen (YoY 0.0%) |
| Ordinary income | 11 Hundreds of millions of yen (YoY +175.0%) |
| Net income | 6 Hundreds of millions of yen |
| Results for the three months of the current quarter | Net Sales 194 Hundreds of millions of yen / Ordinary income 11 Hundreds of millions of yen / Profit attributable to owners of parent for the quarter 6 Hundreds of millions of yen / Underlying ordinary profit 16 Hundreds of millions of yen |
| Full-year earnings forecast | Net Sales 800 Hundreds of millions of yen / Ordinary income 70 Hundreds of millions of yen / Underlying ordinary profit 60 Hundreds of millions of yen / Underlying net income 42 Hundreds of millions of yen / Profit attributable to owners of the parent Not disclosed |
| Segment results | Segment Ferroalloys / Net Sales 123 Hundreds of millions of yen / Underlying ordinary profit 1 Hundreds of millions of yen / Year-on-year revenue ¥1 billion decrease / Year-on-year underlying ordinary profit ¥300 million increase, Segment Functional Materials / Net Sales 35 Hundreds of millions of yen / Underlying ordinary profit 7 Hundreds of millions of yen / Year-on-year revenue ¥100 million increase / Year-on-year underlying ordinary profit ¥200 million increase, Segment Incineration Ash Recycling / Net Sales 27 Hundreds of millions of yen / Underlying ordinary profit 9 Hundreds of millions of yen / Year-on-year revenue ¥900 million increase / Year-on-year underlying ordinary profit ¥600 million increase, Segment Aqua solutions / Net Sales 4 Hundreds of millions of yen / Underlying ordinary profit 0 Hundreds of millions of yen / Year-on-year revenue ¥0 / Year-on-year underlying ordinary profit ¥0, Segment Electric power / Net Sales 1 Hundreds of millions of yen / Underlying ordinary profit -1 Hundreds of millions of yen / Year-on-year revenue Decrease equivalent to ¥0 / Year-on-year underlying ordinary profit ¥0, Segment Other / Net Sales 3 Hundreds of millions of yen / Underlying ordinary profit 0 Hundreds of millions of yen / Year-on-year revenue ¥0 / Year-on-year underlying ordinary profit ¥0 |
| Breakdown of Factors Affecting the Change | Factors Inventory effects, etc. / First quarter of 2025 -¥100 million / First quarter of 2026 -¥500 million / Year on year against the same period last year ¥400 million deterioration, Factors Increase in incinerator ash processing volume / Details Factors contributing to higher profit, Factors Strong and stable or rising molten metal market conditions / Details Factors contributing to higher profit, Factors Weak demand for battery materials and one-off expenses associated with ending contract manufacturing for certain products / Details Factors behind lower profit |
| Key KPIs | Indicator name Manganese ore market conditions / Value Displayed in graph / Year on year against the same period last year Downtrend in 2025, with an uptrend recently, Indicator name High-carbon ferromanganese market conditions / Value Displayed in graph / Year on year against the same period last year Not disclosed, Indicator name Ferrosilicon market conditions / Value Displayed in graph / Year on year against the same period last year Not disclosed, Indicator name Silicomanganese market conditions / Value Displayed in graph / Year on year against the same period last year Not disclosed, Global production of high-carbon ferromanganese 961 thousand tonnes |
| Assumptions Underlying the Business Outlook | Foreign Exchange 2025 ¥150/US$ / 2026 ¥155/US$ / Manganese ore market conditions Currently trending upward / Incinerator ash processing volume Assumes an increase / Molten metal market conditions Assumes stable conditions at high levels |
| Capital expenditures | ¥4,086 millions (2025 actual) |
Items this document does not state (19)
Operating profitGross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesOrders 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 the incinerator ash resource recovery business, the volume of incinerator ash processed increased, while market conditions for molten metal remained strong and stable. Demand related to electronic materials remained firm in the functional materials business. Although operations were strong in the ferroalloys business, the company ended contract manufacturing for certain products due to weak demand for battery materials, resulting in one-off expenses and inventory effects.
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