Mory Industries (5464) Q2 2026 earnings summary

Executive summary

• Revenue for the interim period was ¥21,613 million, down 5.3% year-over-year due to lower sales volumes.

• Operating income declined 26.5% to ¥2,067 million, and net income attributable to shareholders fell 23.5% to ¥1,590 million, impacted by higher personnel and logistics costs.

• The stainless steel market faced headwinds from increased low-priced imports and stagnant demand in construction, with profit declines in both domestic and Indonesian businesses.

• Decreased sales volume and increased transportation and labor costs contributed to lower earnings.

• Interim dividend of ¥16 per share was implemented as planned.

Financial highlights

• Revenue: ¥21,613 million (down 5.3% YoY).

• Operating income: ¥2,067 million (down 26.5% YoY).

• Net income: ¥1,590 million (down 23.5% YoY).

• Gross profit margin decreased from 24.9% to 23.6% YoY.

• Comprehensive income rose 8.4% to ¥1,911 million, mainly due to gains in securities valuation.

Outlook and guidance

• Full-year revenue forecast: ¥45,800 million (down 0.7% YoY).

• Full-year operating income forecast: ¥4,600 million (down 14.8% YoY).

• Full-year net income forecast: ¥3,400 million (down 17.6% YoY).

• No changes have been made to previously announced guidance.

• Focus areas include strengthening pipe sales, equipment renewal, technological innovation, and human capital enhancement.