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Tokai Carbon (5301) investor relations material
Tokai Carbon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Consolidated net sales for the first nine months of FY2025 decreased 8.2% year-over-year to ¥237,336 million, mainly due to the divestment of a German site in the Graphite Electrodes business and lower sales/prices in other segments, despite growth in Fine Carbon from U.S. subsidiary consolidation and memory semiconductor demand recovery.
Operating income rose 40.0% year-over-year to ¥21,301 million, driven by a return to profitability in Graphite Electrodes and Smelting and Lining, aided by structural reforms, cost reductions, and prior-year impairment reversals.
Net income attributable to owners surged 192.9% year-over-year to ¥16,354 million, supported by extraordinary gains including the sale of investment securities.
The acquisition of Bridgestone's carbon black subsidiary in Thailand was completed, strengthening global collaboration and advancing a project to recover carbon black from used tires.
Full-year performance outlook for FY2025 was revised upward based on recent trends, with continued focus on growth and sustainability initiatives.
Financial highlights
Net sales: ¥237,336 million (-8.2% YoY); Operating income: ¥21,301 million (+40.0% YoY); Net income attributable to owners: ¥16,354 million (+192.9% YoY); Ordinary income: ¥21,061 million (+30.8% YoY); EBITDA: ¥44.0 billion (-5.9% YoY); EBITDA margin: 18.5% (+0.4pts).
Gross profit for the period was ¥59,999 million, down from ¥61,107 million year-over-year.
Comprehensive income dropped 44.4% year-over-year to ¥8,620 million.
Extraordinary income included a ¥4,163 million gain on sales of investment securities.
Outlook and guidance
FY2025 net sales forecast revised down by ¥20.0 billion to ¥321,000 million, mainly due to lower Carbon Black sales.
Operating income forecast increased by ¥0.7 billion to ¥24,000 million, with additional Q4 costs from M&A and acquisition-related expenses.
Net income attributable to owners forecast raised by ¥7.0 billion to ¥18,000 million, reflecting extraordinary gains.
Dividend forecast for FY2025 is ¥30.00 per share, unchanged from the previous year.
Explain operating income surge despite sales drop
Assess structural reform impact on segment profitability
What factors led to the amended earnings forecast?
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Next Tokai Carbon earnings date
Q4 202513 Feb, 2026
Next Tokai Carbon earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Tokai Carbon Co., Ltd. is a Japanese company specializing in the manufacture and sale of carbon-based materials and products. Its offerings include graphite electrodes for steelmaking, carbon black for rubber and plastics, and fine carbon products for semiconductors and electronics. The company also produces friction materials and industrial ceramics, catering to industries such as automotive, metallurgy, and energy. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.
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