Tocalo Co., Ltd. · TSE:3433
Tocalo — H1 2026 Earnings Presentation
29 slides from Tocalo's earnings presentation, Nov 5, 2026
Slide 1: Financial Results Presentation (1H FY2026)
(TSE Prime Market Code 3433) New possibilities for a bright future Financial Results Presentation (1H FY2026) 11/5/2026 Kazuya Kobayashi Representative Director, President and CEO
Slide 2: Summary of Consolidated Results 1H FY2026
Summary of Consolidated Results 1H FY2026 ■ Net Sales : 34.5 billion JPY, up 6.2 billion JPY (+22.2%) YoY 1H FY2026 Consolidated ■ Ordinary Profit : 8.3 billion JPY, up 1.6 billion JPY (+23.8%) YoY Financial Results ■ Net sales and ordinary profit reached record highs on a half-year basis ■ Upward r
Slide 3: 1. Overview of Consolidated Results 1H FY2026
1. Overview of Consolidated Results 1H FY2026
Slide 4: Highlights of Consolidated Results 1H FY2026
Highlights of Consolidated Results 1H FY2026 Net sales performed strongly, up ¥6.2 billion Ordinary profit also reached a record high on a half-year POINT YoY, reaching a record high on a half-year basis POINT basis (The decline in ordinary profit margin from the previous 2H was due to the impact of
Slide 5: (Reference) Ordinary Profit on a Substantive Basis
(Reference) Ordinary Profit on a Substantive Basis POINT Earning power on a substantive basis, excluding actuarial gains and losses and subsidy income （JPY Million） 1H FY2025 2H FY2025 1H FY2026 Ordinary Profit 6,756 7,988 8,364 Actuarial Gains and Losses - 662 - Subsidy Income 286 132 72 Ordinary P
Slide 6: Overview of Consolidated Results 1H FY2026
Overview of Consolidated Results 1H FY2026 ⚫ Both net sales and ordinary profit performed strongly, achieving significant growth of over 20% YoY 1H FY2025 1H FY2026 Change (JPY Million) Result Ratio Result Ratio Amount % Net Sales 28,311 100.0% 34,586 100.0% 6,275 22.2% Operating Profit 6,518 23.0%
Slide 7: 1H FY2026 Net Sales (by Segment)
1H FY2026 Net Sales (by Segment) ⚫ Thermal Spray (TOCALO), the largest segment, performed strongly in semiconductors/FPD and industrial parts ⚫ Other Surface Modification, Domestic Subsidiaries, and Overseas Subsidiaries also on a recovery trend 1H FY2025 1H FY2026 Change (JPY Million) Result Ratio
Slide 8: 1H FY2026 Orders Received (by Segment)
1H FY2026 Orders Received (by Segment) ⚫ Orders received remained strong, up 39.1% YoY to ¥39.0 billion 1H FY2025 1H FY2026 Change (JPY Million) Result Ratio Result Ratio Amount % Orders Received 28,105 100.0% 39,092 100.0% 10,986 39.1% ■ Thermal Spray (TOCALO) 19,546 69.5% 29,959 76.6% 10,412 53.3%
Slide 9: Analysis of Ordinary P/L Change
Analysis of Ordinary P/L Change Profit increase due to higher sales in Soaring costs of processing Exports and exchange translation of semiconductors/FPD, industrial parts, materials subsidiaries etc. Increase in variable cost ratio at overseas subsidiaries Variable cost ratio Labor costs Sales incr
Slide 10: 1H FY2026 Consolidated Results by Segment
1H FY2026 Consolidated Results by Segment Thermal Spray (TOCALO) Domestic Sub. Strong performance in semiconductors and FPD and industrial Japan Coating Center was on a recovery track, posting parts led to a significant increase in net sales and profit increases in both net sales and profit YoY Chan
Slide 11: 1H FY2026 Consolidated Results by Segment
1H FY2026 Consolidated Results by Segment Overseas Sub. Other Surface Modif. While iron & steel-related subsidiaries performed strongly, Strong performance in ZAC coating for semiconductors led semiconductor-related subsidiaries posted lower profit, to increases in both net sales and profit resultin
Slide 12: Segment Information
Segment Information Change 1H FY2025 1H 2026 Net Sales Segment Profit (JPY Million) Net Sales Segment Profit Net Sales Segment Profit Amount % Amount % ■ Thermal Spray 19,961 4,167 25,691 7,230 5,730 28.7% 3,062 73.5% (TOCALO) ■ Domestic Sub. 1,409 154 1,555 192 145 10.4% 37 24.5% ■ Overseas Sub. 5,
Slide 13: Financial Position
Financial Position ⚫ Total assets increased by 8.9 billion JPY from the end of the previous period (Tangible fixed assets: + 2.6 billion JPY) ⚫ Equity ratio decreased by 3.4 percentage points to 71.4% from the end of the previous period ⚫ Interest-bearing debt increased by 3.8 billion JPY from the e
Slide 14: Cash Flow
Cash Flow ⚫ Free Cash Flow (Operating CF + Investment CF): -0.9 billion JPY ⚫ Investment CF: Acquisition of tangible fixed assets Previous term: 2.5 billion JPY Current term: 3.7 billion JPY ⚫ Financial CF: Dividends paid Previous term: 2.2 billion JPY Current term: 2.8 billion JPY FY 2025 FY2026 (J
Slide 15: 2. Consolidated Forecast FY2026
2. Consolidated Forecast FY2026
Slide 16: Outlook for Net Sales and Ordinary Profit
Outlook for Net Sales and Ordinary Profit [Further upward revision to the forecast announced on Aug. 5, 2026] Net sales expected to reach a record Ordinary profit also expected to reach a POINT POINT high, driven by the semiconductor field record high, along with higher sales Change Change Net Sales
Slide 17: Outlook for Net Income Attributed to Owners of Parent and ROE
Outlook for Net Income Attributed to Owners of Parent and ROE Net income attributable to owners of parent is forecast to reach POINT 11.7 billion JPY, up 16.3% YoY Change ROE expected to increase by 0.9 percentage points YoY to 16.7% +16.3％ Net Income Attributed to Owners of Parent (JPY Million) ＲＯＥ
Slide 18: Consolidated Forecast FY2026 (vs. Prior FY Results)
Consolidated Forecast FY2026 (vs. Prior FY Results) FY2025 FY2026 Change (JPY Million) Result Ratio Forecast Ratio Amount % Net Sales 58,490 100.0% 73,000 100.0% 14,509 24.8% ■ Thermal Spray (TOCALO) 40,709 69.6% 53,219 72.9% 12,510 30.7% Semicon & FPD 24,813 42.4% 36,622 50.2% 11,809 47.6% Industri
Slide 19: Consolidated Forecast FY2026 (vs. Aug. Forecast)
Consolidated Forecast FY2026（vs. Aug. Forecast） FY2026 Change vs. Aug. forecast (JPY Million) Aug. forecast Ratio Revised forecast Ratio Amount % Net Sales 68,500 100.0% 73,000 100.0% 4,499 6.6% ■ Thermal Spray (TOCALO) 50,197 73.3% 53,219 72.9% 3,022 6.0% Semicon & FPD 34,110 49.8% 36,622 50.2% 2,5
Slide 20: 1H FY2026 Progress Rate
1H FY2026 Progress Rate 1H FY2026 FY2026 Progress (JPY Million) Result Ratio Forecast Ratio Rate Net Sales 34,586 100% 73,000 100.0% 47.4% ■ Thermal Spray (TOCALO) 25,691 74.3% 53,219 72.9% 48.3% Semicon & FPD 17,122 49.5% 36,622 50.2% 46.8% Industrial Parts 3,583 10.4% 7,183 9.8% 49.9% Iron & Steel
Slide 21: Semiconductor & FPD Net Sales
Semiconductor & FPD Net Sales First-half net sales reached a record high of ¥17.1 billion POINT Full-year net sales are forecasted at ¥36.6 billion, up ¥11.8 billion (+47.6%) vs. previous FY results (JPY Million) 36,622 1,953 Progress 46.8% 24,114 24,813 23,260 20,643 1,745 1,904 17,122 1,520 19,557
Slide 22: Non-Semiconductor & FPD Net Sales
Non-Semiconductor & FPD Net Sales POINT 1H net sales excluding the semiconductor and FPD sectors also performed strongly at ¥17.3 billion Expected to remain steady going forward, driven mainly by industrial parts and subsidiaries (JPY Million) 36,207 33,516 Progress 29,954 48.0％ 27,036 24,706 16,969
Slide 23: Capital Investment and Depreciation
Capital Investment and Depreciation (Unchanged from initial forecast) POINT Planned Capital Investment for FY2026: 10.0 billion JPY POINT ⚫ TOCALO 8.0 billion JPY: Construction of new buildings and introduction of production equipment at the Tokyo No.2 and Kitakyushu Plants, as well as research faci
Slide 24: R&D Expenses
R&D Expenses Maintain R&D expenses at around 3% of consolidated net sales and actively pursue POINT development investments R&D Expenses (JPY Million) R&D Expense Ratio 2,190 1,751 Progress 1,534 1,569 47.1％ 1,400 1,296 1,032 3.3% 3.0% 2.9% 2.9% 3.0% 3.0% 3.0% FY2021 FY2022 FY2023 FY2024 FY2025 FY20
Slide 25: 2H FY2026 Forecast
2H FY2026 Forecast Net sales are expected to remain strong, Ordinary profit is also expected to remain POINT POINT driven primarily by the semiconductors and strong and achieve the full-year forecast of industrial parts 17.8 billion JPY Net Sales (2H) Ordinary Profit (2H) Net Sales (JPY Million) Ful
Slide 26: Dividends
Dividends POINT For FY ending March 2027, the interim dividend is set at ¥47 (+¥5 vs. initial forecast, +¥3 vs. Aug. forecast), and the annual dividend is planned to be raised to ¥99 (+¥13 vs. initial forecast, +¥7 vs. Aug. forecast) Shareholder Return Policy ⚫ We are targeting a consolidated divide
Slide 27: ROE and Dividend on Equity
ROE and Dividend on Equity POINT ROE* is expected to reach 16.7%, up 0.9 percentage points YoY, and DOE* is also projected to reach 8.4%, exceeding the target of 5% Change ＲＯＥ +0.9pt ＤＯＥ 16.7% 15.8% 14.8% 14.3% 13.9% 11.6% 7.9% 8.4% 7.0% 5.9% 5.9% 5.8% F Y2 0 2 1 F Y2 0 2 2 F Y2 0 2 3 F Y2 0 2 4 F Y
Slide 28: Financial Highlights
Financial Highlights Fy2021 FY2022 FY2023 FY2024 FY2025 FY2026 (Million JPY) Result Result Result Result Result Forecast Orders Received 45,394 48,419 47,505 56,159 61,823 ー Backlog of Orders 7,896 8,349 9,260 11,349 14,843 ー Net Sales 43,813 48,144 46,735 54,231 58,490 73,000 Operating Profit 10,25
Slide 29: Notes
Notes The financial forecasts and estimates in this Financial Summary are based on information available to the Company at the time of report issuance and certain assumptions judged to be reasonable by the Company, and therefore are not guarantees of future performance. Consequently, actual results