Maruichi Steel Tube (5463) Q3 2026 earnings summary

Executive summary

• Consolidated operating income rose 34.9% year-over-year to ¥23,907 million, driven by a recovery in the U.S. market and improved profitability in core operations.

• Net sales for the nine months ended December 31, 2025, were ¥183,167 million, down 7.9% year-over-year, mainly due to lower sales in Japan and Asia, partially offset by growth in North America.

• Net income attributable to owners of parent increased 50.9% year-over-year to ¥17,058 million, despite a valuation loss on investment securities.

• Comprehensive income surged to ¥17,818 million, up 138.4% year-over-year.

• The annual forecast was revised downward for net sales and operating income, reflecting a tougher domestic demand outlook.

Financial highlights

• 3Q cumulative net sales: ¥183,167 million (down 7.9% year-over-year).

• 3Q cumulative operating income: ¥23,907 million (up 34.9% year-over-year).

• 3Q cumulative ordinary income: ¥25,932 million (up 25.4% year-over-year).

• Gross profit increased to ¥38,986 million from ¥33,091 million year-over-year.

• Basic earnings per share for the period was ¥74.98, up from ¥46.94, reflecting a 3-for-1 stock split.

Outlook and guidance

• Full-year net sales forecast revised to ¥243,300 million (down 0.7% from previous plan and a 7.0% decrease year-over-year).

• Full-year operating income forecast revised to ¥31,500 million (down 2.8% from previous plan, but up 37.4% year-over-year).

• Profit attributable to owners of parent is forecast at ¥21,700 million, down 19.7% year-over-year.

• Basic earnings per share for the full year is expected to be ¥95.99.

• Dividend payout ratio to remain at 46.7%; total payout ratio including share buybacks expected at 117%.