Komori
Earnings presentation5741UACJ CorporationIron and Steel, Nonferrous Metals

Second-Quarter Earnings Presentation Materials

In the first half of fiscal 2026, business profit increased by ¥28.6 billion year on year to ¥45.5 billion, a record high for a first half, due to higher sales volumes, an improved sales mix, and the use of recycled materials. The full-year forecasts were revised upward to ¥88 billion for business profit, ¥100 billion for operating profit, and ¥52 billion for net income, and the company also decided to acquire and cancel treasury shares for up to ¥15 billion.

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
150
¥100 million (maximum share repurchase amount)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationFY2026 second quarter15 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥7,427 100 million
Operating profit¥757 100 million
Ordinary income¥685 100 million profit before tax
Net income¥455 100 million
Results for the three months of the current quarterFor TAA, UATH, and UWH, the presentation reports standalone second-quarter sales volume, revenue, business profit, and operating profit. TAA: sales volume 122 thousand tonnes, revenue ¥134.8 billion, business profit ¥16.2 billion, and operating profit ¥18 billion. UATH: sales volume 75 thousand tonnes, revenue ¥69.4 billion, business profit ¥0.2 billion, and operating loss ¥3.3 billion. UWH: revenue ¥11.2 billion, business profit ¥0.6 billion, and operating profit ¥0.2 billion.
Full-year earnings forecast
Revenue
¥14,000 100 million
Business profit
¥880 100 million
Operating profit
¥1,000 100 million
Net income
¥520 100 million
Adjusted EBITDA
¥1,320 100 million
Sales Volumes
1,352 thousand tonnes
Annual Dividend
¥70 /share
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing steadily against the full-year business profit plan
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
First-half operating profit YoY change
Sales-related variance+¥7.0 billion
Manufacturing cost variance-¥1.2 billion
Energy and alloying metals-¥2.4 billion
Depreciation and amortization−¥3.9 billion
Foreign exchange and other factors+¥1.1 billion
Middle East impact−¥3.9 billion
First-half Adjusted EBITDA YoY change
Domestic order book+¥5.5 billion
TAA+¥18.7 billion
UATH+¥1.3 billion
Full-year operating profit forecast YoY change
Domestic order book+¥8.2 billion
TAA+¥5.1 billion
UATH+¥1.5 billion
Sales-related variance+¥3.6 billion
Manufacturing cost variance-¥4.6 billion
Energy and alloying metals−¥3.9 billion
Depreciation and amortization+¥3.6 billion
Foreign exchange and other factors-¥8.5 billion
Middle East impact-¥8.5 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
LME3,251$/t
Exchange rate (¥/$)¥157/$
Exchange rate (THB/$)32.9THB/$
Dubai crude oil97$/bbl
New initiatives
  • Acquisition and cancellation of treasury shares for up to ¥15 billion
  • Introduction of a stock delivery trust for employee stock ownership association participants
  • Conversion to renewable energy through an off-site PPA using a privately operated power line at the Fukui Manufacturing Site
  • Adoption of ALmitas⁺ SMART made with 100% green primary aluminum for Kawasaki Heavy Industries' jetfoil
  • Acceleration of initiatives to use recycled materials, including the full-scale operation of UYAR facilities
Key KPIsA metric the company considers important as a management benchmark.
  • Sales Volumes671 thousand tonnes
  • Domestic sheet sales volume286 thousand tonnes
    Year on year against the same period last year+0.2% (full-year average)
  • TAA sales volume248 thousand tonnes
    Year on year against the same period last year+8%
  • UATH sales volume154 thousand tonnes
    Year on year against the same period last year+4%
  • ROE14.3 % fiscal 2026 outlook
  • ROIC12 % fiscal 2026 outlook
  • D/E ratio0.8 times as of the end of September 2026
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Sales volume is provided by product type and site: can stock 453 thousand tonnes, automotive sheet 65 thousand tonnes, thick plate 26 thousand tonnes, foil stock 21 thousand tonnes, and other general-purpose materials 106 thousand tonnes. The selling price itself is Not disclosed.
Segment results
TAA
Sales volume248 thousand tonnes
Revenue¥280.7 billion
Business profit¥34.3 billion
Operating profit¥48.2 billion
UATH
Sales volume154 thousand tonnes
Revenue¥140.4 billion
Business profit–¥1.4 billion
Operating profit¥8.6 billion
UWH
Revenue¥22 billion
Business profit¥800 million
Operating profit¥300 million
Medium-term management plan targets
Payout ratioAt least 30% of net income is targeted during the period of the Fourth Medium-Term Management Plan (fiscal 2024–fiscal 2027).
ROIC9%
Business profit¥60 billion
Debt-to-equity ratioMaintain a level below 1.0 times
Financial targets
ROE
Actual results14.3% (fiscal 2026 outlook)
ROIC
Target9%
Actual results12.0% (fiscal 2026 outlook)
Debt-to-equity ratio
TargetBelow 1.0 times
Actual results0.8 times (as of the end of September 2026)
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
The impact of the Middle East situation, amounting to -¥8.5 billion, is included in the latest full-year fiscal 2026 outlook.
Market Size / Share
US demand for can stock is expected to grow at an average annual rate of approximately 3% through 2030, Europe at 3% or more, and Southeast Asia at 4% or more. Global can stock demand is expected to increase from 6,890 thousand tonnes in 2021 to 8,780 thousand tonnes in 2031. Market share is Not disclosed.
Capital expenditures
¥500 100 million fiscal 2026 outlook, based on acceptance
Annual Dividend
Annual¥70.0 per share
Interim¥35.0 per share
End of period¥35.0 per share
Payout ratio
24.1% (fiscal 2026 outlook). The policy is to target at least 30% during the medium-term plan period.
Acquisition of treasury shares
Buyback limit¥15 billion (maximum)
Number of Shares9.2 million shares (maximum)
Period11 November 2026–31 March 2027
CancellationAll treasury shares acquired are scheduled to be cancelled on 28 April 2027.
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredFY2026 second quarter
Net Sales¥7,427 100 million
Operating profit¥757 100 million
Ordinary income¥685 100 million (profit before tax)
Net income¥455 100 million
Results for the three months of the current quarterFor TAA, UATH, and UWH, the presentation reports standalone second-quarter sales volume, revenue, business profit, and operating profit. TAA: sales volume 122 thousand tonnes, revenue ¥134.8 billion, business profit ¥16.2 billion, and operating profit ¥18 billion. UATH: sales volume 75 thousand tonnes, revenue ¥69.4 billion, business profit ¥0.2 billion, and operating loss ¥3.3 billion. UWH: revenue ¥11.2 billion, business profit ¥0.6 billion, and operating profit ¥0.2 billion.
Full-year earnings forecastRevenue ¥14,000 100 million / Business profit ¥880 100 million / Operating profit ¥1,000 100 million / Net income ¥520 100 million / Adjusted EBITDA ¥1,320 100 million / Sales Volumes 1,352 thousand tonnes / Annual Dividend ¥70 /share
Self-assessment against the planProgressing steadily against the full-year business profit plan
Segment resultsTAA Sales volume 248 thousand tonnes / Revenue ¥280.7 billion / Business profit ¥34.3 billion / Operating profit ¥48.2 billion / UATH Sales volume 154 thousand tonnes / Revenue ¥140.4 billion / Business profit –¥1.4 billion / Operating profit ¥8.6 billion / UWH Revenue ¥22 billion / Business profit ¥800 million / Operating profit ¥300 million
Breakdown of Factors Affecting the ChangeFirst-half operating profit YoY change Sales-related variance +¥7.0 billion / Manufacturing cost variance -¥1.2 billion / Energy and alloying metals -¥2.4 billion / Depreciation and amortization −¥3.9 billion / Foreign exchange and other factors +¥1.1 billion / Middle East impact −¥3.9 billion / First-half Adjusted EBITDA YoY change Domestic order book +¥5.5 billion / TAA +¥18.7 billion / UATH +¥1.3 billion / Full-year operating profit forecast YoY change Domestic order book +¥8.2 billion / TAA +¥5.1 billion / UATH +¥1.5 billion / Sales-related variance +¥3.6 billion / Manufacturing cost variance -¥4.6 billion / Energy and alloying metals −¥3.9 billion / Depreciation and amortization +¥3.6 billion / Foreign exchange and other factors -¥8.5 billion / Middle East impact -¥8.5 billion
Key KPIsIndicator name Sales Volumes / Value 671 thousand tonnes / Year on year against the same period last year Not disclosed, Indicator name Domestic sheet sales volume / Value 286 thousand tonnes / Year on year against the same period last year +0.2% (full-year average), Indicator name TAA sales volume / Value 248 thousand tonnes / Year on year against the same period last year +8%, Indicator name UATH sales volume / Value 154 thousand tonnes / Year on year against the same period last year +4%, Indicator name ROE / Value 14.3 % (fiscal 2026 outlook) / Year on year against the same period last year Not disclosed, Indicator name ROIC / Value 12 % (fiscal 2026 outlook) / Year on year against the same period last year Not disclosed, Indicator name D/E ratio / Value 0.8 times (as of the end of September 2026) / Year on year against the same period last year Not disclosed
Unit price and quantity metricsSales volume is provided by product type and site: can stock 453 thousand tonnes, automotive sheet 65 thousand tonnes, thick plate 26 thousand tonnes, foil stock 21 thousand tonnes, and other general-purpose materials 106 thousand tonnes. The selling price itself is Not disclosed.
Assumptions Underlying the Business OutlookLME 3,251$/t / Exchange rate (¥/$) ¥157/$ / Exchange rate (THB/$) 32.9THB/$ / Dubai crude oil 97$/bbl
Risk amount incorporated into the outlookThe impact of the Middle East situation, amounting to -¥8.5 billion, is included in the latest full-year fiscal 2026 outlook.
Medium-term management plan targetsPayout ratio At least 30% of net income is targeted during the period of the Fourth Medium-Term Management Plan (fiscal 2024–fiscal 2027). / ROIC 9% / Business profit ¥60 billion / Debt-to-equity ratio Maintain a level below 1.0 times
Financial targetsROE Target Not disclosed / Actual results 14.3% (fiscal 2026 outlook) / ROIC Target 9% / Actual results 12.0% (fiscal 2026 outlook) / Debt-to-equity ratio Target Below 1.0 times / Actual results 0.8 times (as of the end of September 2026)
Annual DividendAnnual ¥70.0 per share / Interim ¥35.0 per share / End of period ¥35.0 per share
Payout ratio24.1% (fiscal 2026 outlook). The policy is to target at least 30% during the medium-term plan period.
Acquisition of treasury sharesBuyback limit ¥15 billion (maximum) / Number of Shares 9.2 million shares (maximum) / Period 11 November 2026–31 March 2027 / Cancellation All treasury shares acquired are scheduled to be cancelled on 28 April 2027.
Capital expenditures¥500 100 million (fiscal 2026 outlook, based on acceptance)
Market Size / ShareUS demand for can stock is expected to grow at an average annual rate of approximately 3% through 2030, Europe at 3% or more, and Southeast Asia at 4% or more. Global can stock demand is expected to increase from 6,890 thousand tonnes in 2021 to 8,780 thousand tonnes in 2031. Market share is Not disclosed.
New initiativesAcquisition and cancellation of treasury shares for up to ¥15 billion, Introduction of a stock delivery trust for employee stock ownership association participants, Conversion to renewable energy through an off-site PPA using a privately operated power line at the Fukui Manufacturing Site, Adoption of ALmitas⁺ SMART made with 100% green primary aluminum for Kawasaki Heavy Industries' jetfoil, Acceleration of initiatives to use recycled materials, including the full-scale operation of UYAR facilities
Items this document does not state (8)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastNumber of stores and locationsNumber of employeesOrders 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, profit was supported by growth in global aluminum demand, expanding demand in Japan for thick plates used in semiconductor manufacturing equipment and for IT and data centers, US aluminum market conditions, and increased recycled-material processing capacity. On the other hand, prices for auxiliary materials and other items rose due to the situation in the Middle East. The upward revision to the full-year outlook reflects revisions to assumptions regarding the capture of resilient demand, price revisions, recycling benefits, optimization of procurement routes, passing on costs, and inventory impacts, among other factors.

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.
Second-Quarter Earnings Presentation Materials | UACJ Corporation (5741) timely disclosure | Komori