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Tokai Carbon (5301) investor relations material
Tokai Carbon Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales for the first half of 2025 decreased 7.5% year-on-year to ¥158.1 billion, but operating income surged 65.7% to ¥13.96 billion and net income rose 133.2% to ¥8.54 billion, driven by structural reforms and cost reductions.
Free cash flow improved significantly year-over-year, supported by higher operating income and better working capital management.
Financial soundness and liquidity remained high, with stable credit ratings and a slight increase in net D/E ratio due to exchange rate effects.
Announced full acquisition of Bridgestone's carbon black subsidiary in Thailand, expected to close in September, enhancing supply stability and competitiveness.
The global economy faced a downward trend due to protectionist US trade policies and heightened geopolitical risks, impacting business performance.
Financial highlights
Net sales: ¥158.1 billion (-7.5% YoY); operating income: ¥13.96 billion (+65.7% YoY); net income: ¥8.54 billion (+133.2% YoY); EPS: ¥40.00 (up from ¥17.17 YoY).
EBITDA: ¥28.8 billion (-3.1% YoY); EBITDA margin: 18.2% (+0.8pt YoY).
Return on sales: 8.8% (+3.9pt YoY); gross margin improved to 24.9% from 22.6% YoY.
Interim dividend paid at ¥15 per share; annual dividend projected at ¥30 per share.
Total assets decreased to ¥606.6 billion as of June 30, 2025, from ¥640.8 billion at year-end 2024; equity ratio stable at 45.3%.
Outlook and guidance
Full-year 2025 forecast: net sales of ¥341.0 billion (+2.6% YoY), operating income of ¥23.3 billion (+20.2%), and net income of ¥11.0 billion.
Annual dividend forecast maintained at ¥30.00 per share.
No amendments to previously disclosed earnings or dividend forecasts.
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