February 6, 2026
(C)2026 Toho Titanium Co., Ltd. 1
(In billions of JPY)
FY2025 3Q | FY2024 3Q* | Change | |
Net Sales | 61.3 | 65.8 | - 4.5 |
Operating Income | 2.9 | 4.8 | - 1.9 |
Ordinary Income | 3.2 | 4.9 | - 1.7 |
Net Income | 2.0 | 3.5 | - 1.5 |
Average exchange rate（yen/$） | 148.7 (156.6¥/$ at the end of the period) | 152.6 (158.2¥/$ at the end of the period) | |
FY2025 Consolidated Financial Results
Net Sales | 1Q | 2Q | 3Q | FY2025 3Q | FY2024 3Q | Change YoY | Change QoQ |
Titanium metal | 15.3 | 11.9 | 13.0 | 40.2 | 49.3 | - 9.1 | + 1.2 |
Catalysts | 3.1 | 2.8 | 2.6 | 8.6 | 7.5 | + 1.1 | - 0.2 |
Chemicals | 3.8 | 4.2 | 4.6 | 12.6 | 9.1 | + 3.5 | + 0.4 |
Total | 22.2 | 18.9 | 20.3 | 61.3 | 65.8 | - 4.5 | + 1.4 |
Operating Income | 1Q | 2Q | 3Q | FY2025 3Q | FY2024 3Q | Change YoY | Change QoQ |
Titanium metal | 0.8 | 0.8 | 1.4 | 3.0 | 5.2 | - 2.2 | + 0.7 |
Catalysts | 0.7 | 0.6 | 0.6 | 1.9 | 1.6 | + 0.3 | - 0.1 |
Chemicals | (0.1) | 0.4 | 0.2 | 0.3 | 0.7 | + 0.4 | + 0.6 |
Common costs and expenses not allocated to the segments | (0.6) | 0.6 | 0.6 | 1.8 | 1.4 | - 0.4 | - 0.1 |
Total | 0.8 | 0.5 | 1.6 | 2.9 | 4.8 | - 1.9 | + 1.1 |
FY2025 Net Sales and Operating Income by Segment
(In billions of JPY)
(In billions of JPY)
(○)1.4
Hedge
5.2→3.0 1.6→1.9 (0.7)→(0.3)
Titanium metal | Catalysts | Chemicals |
Changes in inventries, etc.
Other costs(ore, etc.)
ore and electric power (○)0.7
Fixed costs (Depreciation, etc.) (○)0.6
Sales volume
(×)3.3
Sales volume
(○)2.8
(○)1.1
Price
(×)1.0
Sales volume
(○)1.6
against Nickel ore
(×)0.3
Other costs(ore, etc.)
(×)0.3
Exchange rate
Price
(×)1.6
(×)0.2
Exchange rate
(×)0.6
Changes in inventries, etc.
(×)0.9
Common costs (×)0.4
Changes in inventries, etc. (×)1.6
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
FY2024 3Q Operating Income 4.8FY2025 3Q Operating Income 2.9
Difference in Operating Income between FY2025 3Q and FY2024 3Q
(In billions of JPY)
0.8→1.4 0.6→0.6 (0.4)→0.2
Titanium metal | Catalysts | Chemicals |
Fixed costs (Depreciation, etc.)
Changes in inventries, etc.
(○)0.1
ore and electric pow
Sales volume and price
(○)0.5 Other costs(ore, etc.)
er
Exchange rate
(○)0.2
(○)0.1
Exchange rate
(○)0.1
(○)0.1
(○)0.1
Common costs
(×)0.1
Sales volume
(○)0.1
Price
(○)0.2
Changes in inventries, etc.
(×)0.0
Sales volume and price
(×)0.3
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
FY2025 2Q
FY2025 3Q Operating Income 0.5 Operating Income 1.6
Difference in Operating Income between FY2025 3Q and FY2025 2Q
〈BS〉 〈CF〉 (In billions of JPY)
End of FY2024 | End of 3Q FY2025 | Change | Major components | |
Assets | ||||
Current assets | 69.8 | 64.1 | (5.7) | Accounts receivable - trade (3.0) Inventories (2.1) Other (0.6) |
Non-current assets | 55.0 | 61.9 | 6.9 | CapEx 11.3 Depreciation and amortization (4.6) Other 0.2 |
Total assets | 124.8 | 126.0 | 1.2 | |
Liabilities | ||||
Borrowings | 53.0 | 53.9 | 0.9 | |
Other | 13.5 | 13.2 | (0.3) | Income taxes payable (1.1) Other 0.8 |
Total net assets | 58.3 | 58.9 | 0.6 | Net income 2.0 Dividends, etc. (1.4) |
Total liabilities and net assets | 124.8 | 126.0 | 1.2 | |
Equity ratio(%) | 46.8 | 46.8 | (0.0) | |
FY2025 3Q | |
Profit before income taxes | 2.8 |
Depreciation | 4.6 |
Accounts receivable - trade | 3.0 |
Inventories | 2.1 |
Income taxes paid, etc. | (1.2) |
Cash flows from operating activities | 11.3 |
Capital expenditures | (11.3) |
Other | 0.0 |
Cash flows from investing activities | (11.3) |
Increase (decrease) in borrowings | 0.9 |
Dividends paid | (1.4) |
その他 | (0.0) |
Cash flows from financing activities | (0.5) |
Effect of exchange rate change | 0.5 |
Net increase (decrease) in cash and cash equivalents | 0.0 |
Balance Sheet and Cash Flow for FY2025 3Q
- No changes from the Consolidated Financial Results Forecasts
(In billions of JPY)
Net Sales | Full-year FY2025 |
Titanium metal | 53.0 |
Catalysts | 11.9 |
Chemicals | 16.4 |
Total | 81.3 |
Full-year FY2025 | |
Net Sales | 81.3 |
Operating Income | 4.0 |
Ordinary Income | 3.6 |
Net Income | 1.9 |
Average exchange rate（yen/$） | 148.0 (150.0¥/$ at the end of the period) |
Dividends（Forecast） （yen/share） | 18.00 |
Operating Income | Full-year FY2025 |
Titanium metal | 3.6 |
Catalysts | 2.7 |
Chemicals | 0.0 |
Common costs and expenses not allocated to the segments | (2.3) |
Total | 4.0 |
【 No changes 】
Consolidated Financial Results Forecasts for the Fiscal year ended March 31, 2026
This material contains "forward-looking statements" related to future events, such as our expectations on future business and financial performance and financial conditions, which reflect the management's views and assumptions derived from information that is currently available and are subject to risk and uncertainties. All statements other than statements of historical fact are statements that could be considered forward-looking statements. When used in this material, words such as "believe," "estimate," "expect," "intend," "may," "plan," "project," "target," "will," or "would" and similar expressions, as they relate to Toho, are intended as forward-looking statements.
Many factors could cause the actual results, performance, or achievements to be materially different from any future performance or achievements that may be expressed or implied by such forward-looking statements, including, among others,
changes in general economic and business conditions,
the state of the regulatory environment or political situation, changes in currency exchange rates and interest rates,
introduction of competing products by other companies, lack of acceptance of new products by Toho's targeted customers, inability to meet efficiency and cost reduction objectives, changes in business strategy, and various other factors, both referenced and not referenced in this material. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. Toho does not intend or assume any obligation to update these forward-looking statements.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
(C)2026 Toho Titanium Co., Ltd.