Maruichi Steel Tube (5463) Q2 2026 earnings summary

Executive summary

• Consolidated operating income rose 18.6% year-over-year in 1H FY2026, driven by recovery in the U.S., but overall results fell short of plan due to underperformance in Japan and Asia.

• Net sales for the six months ended September 30, 2025, were ¥120,539 million, down 9.7% year-over-year, with decreases in Japan (-6.9%), North America (-5.6%), and Asia (-22.1%).

• Net income attributable to owners increased 45.1% year-over-year, exceeding plan.

• Ordinary profit increased 13.8% to ¥16,681 million year-over-year.

Financial highlights

• 1H FY2026 net sales: ¥120,539 million (-9.7% year-over-year); operating income: ¥15,422 million (+18.6%); net income: ¥10,690 million (+45.1%).

• Gross profit increased to ¥25,449 million from ¥23,026 million year-over-year.

• Operating income to net sales ratio improved to 12.8% from 9.7% in 1H FY2025.

• Comprehensive income fell to ¥6,639 million from ¥12,045 million year-over-year, mainly due to negative foreign currency translation adjustments.

• Total assets as of September 30, 2025, were ¥419,695 million, with net assets at ¥353,397 million.

Outlook and guidance

• Full-year FY2026 forecast revised downward for net sales and operating income; net income revised down by ¥1.2 billion.

• Full-year net sales forecast at ¥245,000 million, with operating income at ¥32,400 million (+41.4%) and net income at ¥22,200 million.

• Basic earnings per share forecast at ¥98.07, reflecting the impact of a 3-for-1 stock split.