Tokuyama (4043) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 FY2025 were ¥163.7B, down 1.1% year-over-year due to lower overseas vinyl chloride and caustic soda exports, despite strong semiconductor-related sales.

• Operating profit rose 37.2% to ¥19.1B, driven by improved manufacturing costs and robust semiconductor-related product sales.

• Profit attributable to owners increased 4.3% to ¥12.1B year-over-year.

• Comprehensive income surged 69.8% to ¥13.9B.

• Acquisition of IVD and IVDM businesses (now Tokuyama Life Science Corporation) completed, with consolidation from H2 FY2025.

Financial highlights

• Q2 FY2025 net sales: ¥163.7B (down ¥1.7B year-over-year); operating profit: ¥19.1B (up ¥5.1B); ordinary profit: ¥18.9B (up ¥5.3B); profit attributable to owners: ¥12.1B (up ¥0.5B).

• Cost of sales decreased by 7.8% (¥8.7B); SG&A increased by 4.7% (¥1.8B) due to higher logistics and personnel costs.

• Extraordinary income dropped by ¥4.3B, mainly due to lower extraordinary gains and higher losses.

• Cash and cash equivalents at period-end were ¥127.3B, up from ¥64.8B a year earlier.

• Total assets increased to ¥536.6B (up ¥60.4B from March 2025), mainly from higher cash and deposits.

Outlook and guidance

• FY2025 full-year forecast unchanged: net sales ¥364.5B, operating profit ¥41.5B, ordinary profit ¥41.5B, profit attributable to owners ¥29.0B, EPS ¥403.09.

• Segment forecasts revised to reflect H1 results and IVD/IVDM consolidation; Life Science segment net sales raised by ¥3.0B.

• Annual dividend forecast raised to ¥120/share; interim and year-end dividends each at ¥60/share.

• No revision to previously announced forecasts.