Tokai Carbon (5301) Q3 2026 earnings summary

Executive summary

• Jan–Sep 2026 net sales rose 15.3% YoY to ¥273,674m; operating income increased 32.0% to ¥27,507m, while parent-attributable net income rose 0.8% to ¥16,259m.

• EBITDA increased 26.0% to ¥55,261m; EBITDA margin reached 20.2%, up 1.7 points YoY and meeting the Long-Term Vision target.

• Fine Carbon and Smelting & Lining led growth; Thai Carbon Black operations contributed despite lower tire-sector volumes.

Financial highlights

• Jan–Sep 2026 net sales were ¥273,674m, gross profit ¥70,437m, operating income ¥27,507m and ordinary income ¥26,148m.

• EBITDA was ¥55,261m, up 26.0% YoY; EBITDA margin was 20.2%, versus 18.5% a year earlier.

• Parent-attributable net income was ¥16,259m, up 0.8% YoY; comprehensive income was ¥25,897m versus ¥8,386m.

Outlook and guidance

• FY2026 forecast: net sales ¥386.0bn, operating income ¥35.0bn, ordinary income ¥34.3bn, EBITDA ¥72.4bn, EBITDA margin 18.8% and parent-attributable net income ¥22.0bn.

• FY2026 forecast EPS is ¥108.73; guidance was revised upward in August on AI manufacturing-equipment demand and improving graphite-electrode conditions.

• FY2026 forecast capital investment is ¥43.1bn, depreciation and amortization ¥33.3bn, and R&D expenses ¥5.2bn.

• Vision 2030 targets net sales of ¥500bn, EBITDA margin of 20% and ROIC of 12%.