Worth reading
64In 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
72
Hundreds of millions of yenWording
Conditional
How definitive the wording is.Contents of this document
Financial Results PresentationSecond quarter (interim period) of the fiscal year ending December 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales388 Hundreds of millions of yen
Operating profit53 Hundreds of millions of yen
Ordinary income-29 Hundreds of millions of yen
Net income-27 Hundreds of millions of yen
Results for the three months of the current quarter
Net Sales
194 Hundreds of millions of yen
Ordinary income
-40 Hundreds of millions of yen
Underlying ordinary profit
29 Hundreds of millions of yen
Interim net income attributable to owners of the parent
-33 Hundreds of millions of yen
Full-year earnings forecast
Net Sales
811 Hundreds of millions of yen
Operating profit
110 Hundreds of millions of yen
Ordinary income
15 Hundreds of millions of yen
Profit attributable to owners of the parent
5 Hundreds of millions of yen
Underlying ordinary profit
75 Hundreds of millions of yen
Underlying net income
53 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.
First-half underlying ordinary profit
Inventory effects, etc.8
Investment loss on パータマフェロアロイズ社-72
Full-year underlying ordinary profit
Ferroalloys (Japan)11
Ferroalloys (overseas)6
Functional materials (batteries)-10
Functional materials (electronics and other)3
Incineration Ash Recycling14
Other0
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Foreign Exchange
First-half results¥159 /US dollar
Full-year outlook¥157 /US dollar
Ferroalloy product market conditionsAssumes stable market conditions
Manganese ore market conditionsAssumes a gradual downward trend
Incinerator ash processing volumeAssumes an increase
Molten metal market conditionsAssumes stable conditions at high levels
New initiatives
- Consideration of a complete exit from パータマフェロアロイズ社
- Commencement of construction of incineration ash recycling Plants 5 and 6
- Establishment of a Kyushu sales office to expand collection volumes in western Japan
- Development of a new medium-term management plan beginning in 2027
Key KPIsA metric the company considers important as a management benchmark.
- Exchange rate (JPY/US$)¥159 /US dollarYear on year against the same period last year+10
- Inventory turnover period4.9 monthsYear on year against the same period last year-0.7 months
- Net debt-to-equity ratio0.11 timesYear on year against the same period last year±0
- Fixed-rate debt ratio73.4 %Year on year against the same period last year+4.4 percentage points
- Equity ratio76 %
Segment results
Ferroalloys (Japan)
Net Sales237
Revenue unitHundreds of millions of yen
Underlying ordinary profit16
Profit unitHundreds of millions of yen
Year-on-year change in revenue-8
Year-on-year change in profit+12
Ferroalloys (overseas)
Underlying ordinary profit-4
Profit unitHundreds of millions of yen
Year-on-year change in profit-2
Functional Materials
Net Sales67
Revenue unitHundreds of millions of yen
Underlying ordinary profit9
Profit unitHundreds of millions of yen
Year-on-year change in revenue-6
Year-on-year change in profit-1
Incineration Ash Recycling
Net Sales61
Revenue unitHundreds of millions of yen
Underlying ordinary profit22
Profit unitHundreds of millions of yen
Year-on-year change in revenue+22
Year-on-year change in profit+16
Aqua solutions
Net Sales8
Revenue unitHundreds of millions of yen
Underlying ordinary profit0
Profit unitHundreds of millions of yen
Year-on-year change in revenue±0
Year-on-year change in profit±0
Electric power
Net Sales6
Revenue unitHundreds of millions of yen
Underlying ordinary profit1
Profit unitHundreds of millions of yen
Year-on-year change in revenue-1
Year-on-year change in profit-1
Other
Net Sales9
Revenue unitHundreds of millions of yen
Underlying ordinary profit1
Profit unitHundreds of millions of yen
Year-on-year change in revenue±0
Year-on-year change in profit±0
Medium-term management plan targets
Ninth Medium-Term Management Plan
2027 underlying ordinary profit100 Hundreds of millions of yen
2030 target
Net Sales¥1,100 100 million excluding ROE
Underlying ordinary profit¥130 100 million excluding ROE
Underlying ROE10% or higher
Comparison with 2026 outlook
Underlying ordinary profit75 Hundreds of millions of yen
Financial targets
Underlying ROE
2026 outlook8%
2027 target10%
2030 target10% or higher
Net debt-to-equity ratio
20260.11 times
Equity ratio
202576 %
Capital expenditures
¥4,086 millions 2025 actual
Annual Dividend
Annual¥17 per share
Interim¥5.5 per share
End of period¥11.5 per share
Payout ratio
Underlying net profit basis40 %
Acquisition of treasury shares
2025 acquisition amount¥40 100 million, million shares
Number of shares acquired¥13 100 million, million shares
Period2025
| Item | Details |
|---|---|
| Document type | Financial Results Presentation |
| Fiscal Period Covered | Second quarter (interim period) of the fiscal year ending December 2026 |
| Net Sales | 388 Hundreds of millions of yen |
| Operating profit | 53 Hundreds of millions of yen |
| Ordinary income | -29 Hundreds of millions of yen |
| Net income | -27 Hundreds of millions of yen |
| Results for the three months of the current quarter | Net Sales 194 Hundreds of millions of yen / Ordinary income -40 Hundreds of millions of yen / Underlying ordinary profit 29 Hundreds of millions of yen / Interim net income attributable to owners of the parent -33 Hundreds of millions of yen |
| Full-year earnings forecast | Net Sales 811 Hundreds of millions of yen / Operating profit 110 Hundreds of millions of yen / Ordinary income 15 Hundreds of millions of yen / Profit attributable to owners of the parent 5 Hundreds of millions of yen / Underlying ordinary profit 75 Hundreds of millions of yen / Underlying net income 53 Hundreds of millions of yen |
| Segment results | Ferroalloys (Japan) Net Sales 237 / Revenue unit Hundreds of millions of yen / Underlying ordinary profit 16 / Profit unit Hundreds of millions of yen / Year-on-year change in revenue -8 / Year-on-year change in profit +12 / Ferroalloys (overseas) Net Sales Not disclosed / Underlying ordinary profit -4 / Profit unit Hundreds of millions of yen / Year-on-year change in profit -2 / Functional Materials Net Sales 67 / Revenue unit Hundreds of millions of yen / Underlying ordinary profit 9 / Profit unit Hundreds of millions of yen / Year-on-year change in revenue -6 / Year-on-year change in profit -1 / Incineration Ash Recycling Net Sales 61 / Revenue unit Hundreds of millions of yen / Underlying ordinary profit 22 / Profit unit Hundreds of millions of yen / Year-on-year change in revenue +22 / Year-on-year change in profit +16 / Aqua solutions Net Sales 8 / Revenue unit Hundreds of millions of yen / Underlying ordinary profit 0 / Profit unit Hundreds of millions of yen / Year-on-year change in revenue ±0 / Year-on-year change in profit ±0 / Electric power Net Sales 6 / Revenue unit Hundreds of millions of yen / Underlying ordinary profit 1 / Profit unit Hundreds of millions of yen / Year-on-year change in revenue -1 / Year-on-year change in profit -1 / Other Net Sales 9 / Revenue unit Hundreds of millions of yen / Underlying ordinary profit 1 / Profit unit Hundreds of millions of yen / Year-on-year change in revenue ±0 / Year-on-year change in profit ±0 |
| Breakdown of Factors Affecting the Change | First-half underlying ordinary profit Inventory effects, etc. 8 / Investment loss on パータマフェロアロイズ社 -72 / Full-year underlying ordinary profit Ferroalloys (Japan) 11 / Ferroalloys (overseas) 6 / Functional materials (batteries) -10 / Functional materials (electronics and other) 3 / Incineration Ash Recycling 14 / Other 0 |
| Key KPIs | Indicator name Exchange rate (JPY/US$) / Value ¥159 /US dollar / Year on year against the same period last year ¥+10 /US dollar, Indicator name Inventory turnover period / Value 4.9 months / Year on year against the same period last year -0.7 months, Indicator name Net debt-to-equity ratio / Value 0.11 times / Year on year against the same period last year ±0, Indicator name Fixed-rate debt ratio / Value 73.4 % / Year on year against the same period last year +4.4 percentage points, Indicator name Equity ratio / Value 76 % / Year on year against the same period last year Not disclosed |
| Assumptions Underlying the Business Outlook | Foreign Exchange First-half results ¥159 /US dollar / Full-year outlook ¥157 /US dollar / Ferroalloy product market conditions Assumes stable market conditions / Manganese ore market conditions Assumes a gradual downward trend / Incinerator ash processing volume Assumes an increase / Molten metal market conditions Assumes stable conditions at high levels |
| Medium-term management plan targets | Ninth Medium-Term Management Plan 2027 underlying ordinary profit 100 Hundreds of millions of yen / 2030 target Net Sales ¥1,100 100 million (excluding ROE) / Underlying ordinary profit ¥130 100 million (excluding ROE) / Underlying ROE 10% or higher / Comparison with 2026 outlook Underlying ordinary profit 75 Hundreds of millions of yen |
| Financial targets | Underlying ROE 2026 outlook 8% / 2027 target 10% / 2030 target 10% or higher / Net debt-to-equity ratio 2026 0.11 times / Equity ratio 2025 76 % |
| Annual Dividend | Annual ¥17 per share / Interim ¥5.5 per share / End of period ¥11.5 per share |
| Payout ratio | Underlying net profit basis 40 % |
| Acquisition of treasury shares | 2025 acquisition amount ¥40 100 million, million shares / Number of shares acquired ¥13 100 million, million shares / Period ¥2025 100 million, million shares |
| Capital expenditures | ¥4,086 millions (2025 actual) |
| New initiatives | Consideration of a complete exit from パータマフェロアロイズ社, Commencement of construction of incineration ash recycling Plants 5 and 6, Establishment of a Kyushu sales office to expand collection volumes in western Japan, Development of a new medium-term management plan beginning in 2027 |
Items this document does not state (12)
Gross 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 outlookOrders 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.Underlying profit increased due to higher ferroalloy market prices, yen depreciation, increased incineration ash processing volumes, and firm molten metal market conditions. However, the company recorded an investment loss of ¥7.2 billion on its investment in パータマフェロアロイズ社, based on the weak product market in Asia and its assessment that achieving profitability in the future would be difficult.
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.