Tokai Carbon Co., Ltd. · TSE:5301
Tokai Carbon — Q2 2026 Earnings Presentation
21 slides from Tokai Carbon's earnings presentation, Aug 6, 2026
Slide 1: Q2 FY2026 Earnings Presentation
Q2 FY2026 Earnings Presentation 2026/8/6
Slide 2: Table of Contents
Table of Contents Ⅰ Q2 FY2026 Financial Summary P 3-13 Ⅱ FY2026 Earnings Forecast P 14-16 Reference material P 17-20
Slide 3: Q2 FY2026 Financial Summary
Ⅰ Q2 FY2026 Financial Summar y
Slide 4: FY2026 Business Topics (January-June 2026)
FY2026 Business Topics (January-June 2026) Results / Financials / KPIs Billion JPY Topics Strong Performance of Memory Semiconductor and MLCC Markets, Net Sales JPY 173.7 bn +9.9% FCF • Sales Volume Increase: Due to the strong performance of the memory Contribution of the consolidation of Bridgeston
Slide 5: Summary of Consolidated Results
Summary of Consolidated Results Millions of yen Jan-Jun 2025 Jan-Jun 2026 YoY Change %Change Net sales 158,076 173,728 +15,651 +9.9% Operating income 13,670 15,102 +1,431 +10.5% Ordinary income 13,587 14,845 +1,258 +9.3% Net income attributable to owners of the parent company 8,415 7,235 (1,179) (14
Slide 6: Net Sales, Operating Income and EBITDA by Segment
Net Sales, Operating Income and EBITDA by Segment ◼ Operating income increased in the Smelting and Lining business due to license revenue, in the Graphite Electrodes business due to the effect of structural reforms, and in the Industrial Furnaces & Related Products business due to strong performance
Slide 7: Carbon Black
Carbon Black ◼ While sales volume decreased due to the production adjustment among tire manufacturers, net sales increased YoY as a result of the contribution of Bridgestone Corporation’s subsidiary in Thailand, which was newly consolidated in the second half of FY2025, and the efforts to develop ne
Slide 8: Fine Carbon
Fine Carbon ◼ Driven by strong performance of the memory semiconductor market, sales volumes of Solid SiC focus rings, a core product line, rose significantly. ◼ Both net sales and operating income increased YoY, as the underperformance of products for SiC power semiconductors was offset by the grow
Slide 9: Smelting and Lining
Smelting and Lining ◼ Although shipment volumes declined due to logistics disruption caused by the situation in the Middle East and other factors, both net sales and operating income increased YoY, driven by license revenue related to RuC© (Ready-to-Use Cathode), next-generation environmentally frie
Slide 10: Graphite Electrodes
Graphite Electrodes ◼ Production of electric-arc furnace steel remained firm in the U.S. and decreased only slightly in Japan. However, net sales decreased YoY due to the impact of the divestment of the German subsidiary (excluded from the scope of consolidation from the second quarter of FY2025). ◼
Slide 11: Industrial Furnaces and Related Products
Industrial Furnaces and Related Products ◼ Among the core markets for industrial furnaces and heating elements, demand for multi-layer ceramic capacitors (MLCCs), driven mainly by AI data centers, increased, while LiB-related CAPEX in the energy-related sector remained continuously sluggish. ◼ Sales
Slide 12: Cash Flow
Cash Flow Major Cash Flow items Millions of yen Jan-Jun 2025 Jan-Jun 2026 Summary Cash flows from operating activities 19,856 19,070 Net income (loss) before income taxes 14,560 15,686 Depreciation and amortization 12,918 16,014 Amortization on goodwill 2,131 2,237 Decrease (increase) in trade recei
Slide 13: Balance Sheet
Balance Sheet Major Balance Sheet Items Millions of yen December 31, June 30, Summary 2025 2026 Total assets 664,033 683,300 Current assets 258,828 267,457 Cash and cash equivalents 90,156 86,404 Cash/monthly sales: 3.0 times (End of FY2025: 3.3 times) Notes and accounts receivable 66,781 70,807 Inv
Slide 14: FY2026 Earnings Forecast
II FY2026 Earnings Forecast
Slide 15: Consolidated Earnings Forecast FY2026
Consolidated Earnings Forecast FY2026 ◼ Full-year forecasts announced in May were further revised upward (net sales: +19.5% YoY, operating income: +35.4% YoY). This reflects the bottoming-out of operations in the tire and automotive sectors alongside price adjustments to pass through cost increase c
Slide 16: Consolidated Earnings Forecast FY2026 by Segment
Consolidated Earnings Forecast FY2026 by Segment Millions of yen Previous Forecast (May 13) Updated Forecast for FY 2026 YoY Change % Change 1H 2H Full year 1H 2H Full year Net Sales 170,400 199,600 370,000 173,728 212,271 386,000 +16,000 +4.3 Carbon Black 81,300 94,400 175,700 83,480 97,519 181,000
Slide 17: Reference Material
Reference Material
Slide 18: Key Indicators
Key Indicators Millions of yen f=forecast Net sales Operating income ROS EBITDA EBITDA margin Net income Attributable to Owners of the Parent Company ROE Adjusted ROIC Capital Investment Depreciation and Amortization R&D Expenses Interest bearing liabilities Net D/E ratio Adjusted Net D/E ratio Numb
Slide 19: Quarterly Results by Segment
Quarterly Results by Segment Millions of yen 2025 2026 Q1 Q2 Q3 Q4 Full year Q1 Q2 H2f Full year Net sales 80,346 77,730 79,260 85,623 322,960 81,720 92,007 212,271 386,000 Carbon Black 38,920 36,650 35,353 36,168 147,093 38,730 44,750 97,519 181,000 Fine Carbon 14,442 13,271 14,362 13,892 55,969 16
Slide 20: Disclaimer Regarding Forward-looking Statements
Disclaimer Regarding Forward-looking Statements ◼ Forward-looking statements in this document are based on information obtainable at the time this document was published and assumptions as of the date of publication concerning elements of uncertainty that could affect future earnings. ◼ Actual resul
Slide 21: Building a Future of Technology and Trust
Building a Future of Technology and Trust TOKAI CARBON CO.,LTD.