Yodoko (5451) Q2 2026 earnings summary

Executive summary

• 1H FY3/26 net sales fell 3.3% YoY to ¥101.876B and operating profit fell 6.4% to ¥7.314B, mainly on lower domestic steel-sheet volumes; operating profit exceeded the August forecast as costs were controlled.

• Ordinary profit declined 3.2% to ¥8.876B, while profit attributable to owners of parent rose 4.4% to ¥6.043B.

• Overseas performance was mixed: SYSCO sales rose on higher volume but earnings faced tariff and currency pressure; YSS returned to profitability and PPT maintained spreads.

Financial highlights

• Gross profit was ¥18.657B, up from ¥17.426B YoY; comprehensive income increased 6.6% to ¥10.261B.

• Total assets were ¥264.419B and net assets ¥217.392B at Sep. 30, 2025; equity ratio rose to 74.4% from 73.7% at fiscal year-end.

• EPS was ¥41.78 versus ¥41.71 YoY, reflecting the 1-for-5 share split effective July 1, 2025.

• 1H operating cash flow was ¥8.81B versus ¥0.05B a year earlier; cash and cash equivalents were ¥49.87B, up ¥0.82B YoY.

Outlook and guidance

• FY3/26 consolidated forecast unchanged: net sales ¥199.00B, operating profit ¥11.60B, ordinary profit ¥17.00B, and parent-attributable profit ¥11.50B.

• Forecast implies YoY declines of 4.5% in sales, 16.5% in operating profit, 21.1% in ordinary profit, and 14.8% in parent-attributable profit.

• FY3/26 non-consolidated forecast unchanged: net sales ¥120.00B, operating profit ¥9.40B, ordinary profit ¥15.60B, and parent-attributable profit ¥11.20B.

• Dividend plan: ¥20/share interim, ¥40/share year-end, ¥60/share annual; full-year EPS forecast is ¥79.49, adjusted for the share split.

• Business conditions remain challenging amid trade friction, steel oversupply, and uncertain demand and costs.