Maruichi Steel Tube (5463) investor relations material

Executive summary

• FY2025 net sales were ¥243,764 million, down 6.8% year-over-year, while operating income rose 39.8% to ¥32,043 million due to a strong U.S. recovery and improved profitability in Japan despite weak demand.

• Ordinary profit increased 28.5% to ¥34,248 million year-over-year.

• Net income attributable to owners of parent decreased 1.3% year-over-year to ¥26,676 million, mainly due to lower gains on sales of investment securities.

• Comprehensive income increased to ¥29,744 million from ¥18,123 million year-over-year.

• Extraordinary income in Q4 included a ¥5,853 million gain from stock sales.

Financial highlights

• FY2025 net sales: ¥243,764 million (down 6.8% YoY); operating income: ¥32,043 million (up 39.8% YoY); ordinary income: ¥34,248 million (up 28.5% YoY); net income: ¥26,676 million (down 1.3% YoY).

• Gross profit increased to ¥52,142 million from ¥43,804 million year-over-year.

• Operating income to net sales improved to 13.1% from 8.8% in FY2024.

• North America net sales grew 6.0% YoY, while Asia declined 18.3%.

• Basic earnings per share were ¥117.99, up from ¥112.76 year-over-year (adjusted for stock split).

Outlook and guidance

• FY2026 consolidated operating income forecast: ¥36,900 million (up 4.9 billion yen YoY), net sales expected to reach ¥274,500 million (up 12.6% YoY), with record highs anticipated for both.

• Profit growth expected in semiconductor-related BA tubes (+2.5 billion yen) and U.S. operations (+1.3 billion yen).

• FY2026 payout ratio projected at 44.4%, with continued share buybacks planned.

• FY2026 profit attributable to owners forecast at ¥25,700 million (-3.7% YoY), EPS ¥117.22.

• Interim FY2026 forecast: net sales ¥132,300 million (+9.8% YoY), operating profit ¥18,100 million (+17.4% YoY), EPS ¥51.61.