Tokai Carbon Co., Ltd.TSE: 5301

Consolidated Financial Resultsfor the Fiscal Year Ended December 31, 2025

· Issued by Tokai Carbon Co., Ltd.
Consolidated Financial Results for the Fiscal Year Ended December 31, 2025 [Japanese GAAP]

February 12, 2026

Company name: Tokai Carbon Co., Ltd. Listing: Tokyo Stock Exchange Prime Market Securities code: 5301 URL: https://www.tokaicarbon.co.jp/en/

Representative: Hajime Nagasaka, President & Chief Executive Officer

Inquiries: Naoki Hirai, Executive Officer and General Manager, Accounting & Finance Department Telephone: 81-3-3746-5100

Scheduled date of annual general meeting of shareholders: March 27, 2026 Scheduled date to commence dividend payments: March 30, 2026

Scheduled date to file annual securities report: March 26, 2026 Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes (Conference call for analysts and institutional investors)

(Yen amounts are rounded down to millions, unless otherwise noted)

  1. Consolidated Financial Results for the Fiscal Year Ended December 31, 2025 (January 1 to December 31, 2025)

    1. Consolidated Operating Results (Percentages indicate year-on-year changes)

      Net Sales

      Operating Income

      Ordinary Income

      Net Income Attributable to Owners of the Parent Company

      Millions of yen

      %

      Millions of yen

      %

      Millions of yen

      %

      Millions of yen

      20,078

      (56,485)

      %

      -

      -

      Fiscal year ended

      December 31, 2025

      322,960

      (7.8)

      25,850

      33.3

      26,312

      16.5

      Fiscal year ended

      December 31, 2024

      350,114

      (3.8)

      19,386

      (49.9)

      22,579

      (45.7)

      Note: Comprehensive income: Fiscal year ended December 31, 2025: 54,450 million yen (-%)

      Fiscal year ended December 31, 2024: (21,522) million yen (-%)

      Net Income per Share

      Net Income per Share Fully Diluted

      Return on Equity

      Ordinary Income to Total Assets Ratio

      Operating Income to Net Sales Ratio

      Yen

      Yen

      %

      %

      %

      Fiscal year ended December 31, 2025

      94.05

      -

      6.6

      4.0

      8.0

      Fiscal year ended December 31, 2024

      (264.77)

      -

      (18.4)

      3.5

      5.5

      Reference: Share of profit (loss) of entities accounted for using equity method: Fiscal year ended December 31, 2025: - million yen

      Fiscal year ended December 31, 2024: 1,165 million yen (Note) In the fiscal year ended December 31, 2025, the provisional accounting treatment for business combinations was finalized, and the figures for

      the fiscal year ended December 31, 2024 reflect the details of the finalization of the provisional accounting treatment.

    2. Consolidated Financial Position

      Total Assets

      Net Assets

      Equity Ratio

      Net Assets Per Share

      Millions of yen

      Millions of yen

      %

      Yen

      As of December 31, 2025

      664,033

      352,846

      47.9

      1,491.09

      As of December 31, 2024

      643,517

      324,740

      44.9

      1,354.46

      Reference: Shareholders' capital: As of December 31, 2025: 318,357 million yen

      As of December 31, 2024: 289,139 million yen

      (Note) In the fiscal year ended December 31, 2025, the provisional accounting treatment for business combinations was finalized, and the figures for the fiscal year ended December 31, 2024 reflect the details of the finalization of the provisional accounting treatment.

    3. Consolidated Cash Flows

    Cash Flows from Operating Activities

    Cash Flows from Investing Activities

    Cash Flows from Financing Activities

    Cash and Cash

    Equivalents at End of Period

    Millions of yen

    Millions of yen

    Millions of yen

    Millions of yen

    Fiscal year ended

    December 31, 2025

    50,602

    (51,052)

    (2,419)

    64,327

    Fiscal year ended

    December 31, 2024

    64,471

    (70,777)

    9,410

    65,135

    (Note) In the fiscal year ended December 31, 2025, the provisional accounting treatment for business combinations was finalized, and the figures for the fiscal year ended December 31, 2024 reflect the details of the finalization of the provisional accounting treatment.

  2. Dividends

    Annual Dividends

    Total amount of dividend (full year)

    Dividend payout ratio (consolidated)

    Dividends to net assets ratio (consolidated)

    End of 1st

    quarter

    End of 2nd

    quarter

    End of 3rd

    quarter

    Year-end

    Total

    Yen

    Yen

    Yen

    Yen

    Yen

    Millions of yen

    %

    %

    Fiscal year ended

    December 31, 2024

    -

    15.00

    -

    15.00

    30.00

    6,400

    -

    2.1

    Fiscal year ended

    December 31, 2025

    -

    15.00

    -

    15.00

    30.00

    6,405

    31.9

    2.1

    Fiscal year ending

    December 31, 2026 (Forecast)

    -

    15.00

    -

    15.00

    30.00

    35.6

  3. Consolidated Earnings Forecast for the Fiscal Year Ending December 31, 2026 (January 1 to December 31, 2026)

(Percentages represent year-on-year changes)

Net Sales

Operating Income

Ordinary Income

Net Income Attributable to Owners of the Parent Company

Net Income per Share

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

First six months

163,000

3.1

11,000

(21.2)

10,000

(27.9)

4,000

(53.2)

18.73

Full year

336,000

4.0

25,000

(3.3)

23,000

(12.6)

10,000

(50.2)

46.84

*Notes:

  1. Changes in significant subsidiaries during the period (changes in specific subsidiaries accompanying changes in the scope of consolidation): None

  2. Changes in accounting policy and changes and restatements of accounting estimates

    1. Changes in accounting policy accompanying the revision of accounting standards: None

    2. Changes in accounting policy other than those listed in (a): None

    3. Changes in accounting estimates: None

    4. Restatements: None

  3. Number of shares issued (common stock)

    1. Number of shares issued at the end of the period (including treasury stock)

      As of December 31, 2025

      224,943,104 shares

      As of December 31, 2024

      224,943,104 shares

    2. Number of treasury stock at the end of the period

      As of December 31, 2025

      11,436,605 shares

      As of December 31, 2024

      11,470,526 shares

    3. Average number of shares during the period

Fiscal year ended December 31, 2025

213,496,222 shares

Fiscal year ended December 31, 2024

213,341,075 shares

(Reference) Overview of Non-Consolidated Financial Results

Non-Consolidated Financial Results for the Fiscal Year Ended December 31, 2025 (January 1 to December 31, 2025)

  1. Operating Results (Percentages indicate year-on-year changes)

    Net Sales

    Operating Income

    Ordinary Income

    Net Income

    Millions of yen

    %

    Millions of yen

    %

    Millions of yen

    %

    Millions of yen

    %

    Fiscal year ended

    December 31, 2025

    73,560

    (5.7)

    4,770

    (4.8)

    15,533

    (3.4)

    18,789

    -

    Fiscal year ended

    December 31, 2024

    77,985

    (0.2)

    5,012

    (17.1)

    16,081

    6.7

    (30,544)

    -

    Net Income per Share

    Net Income per Share Fully Diluted

    Yen

    Yen

    Fiscal year ended

    December 31, 2025

    88.01

    -

    Fiscal year ended

    December 31, 2024

    (143.17)

    -

  2. Financial Position

    Total Assets

    Net Assets

    Equity Ratio

    Net Assets per Share

    As of December 31, 2025

    As of December 31, 2024

    Millions of yen

    367,603

    352,912

    Millions of yen

    129,422

    113,221

    %

    35.2

    32.1

    Yen

    606.18

    530.38

    Reference: Shareholders' capital: As of December 31, 2025: 129,422 million yen

    As of December 31, 2024: 113,221 million yen

    • The financial results are not subject to audit by certified public accountants or audit firms.

    • Appropriate use of earnings forecasts and other pertinent information (Cautionary statement on forward-looking statements)

These materials contain various forward-looking statements and other forecasts regarding performance and other matters. Such statements are based on information available at the time of preparation as well as certain reasonable assumptions. Actual results may differ materially from those expressed or implied by forward-looking statements due to a range of factors. Please refer to "1. Operating Results (4) Future Outlook" on page 5 of the Supplemental Materials for the assumptions used in the forecasts and notes on the use of the forecasts.

(How to obtain the supplemental material on quarterly financial results)

Tokai Carbon has scheduled a briefing on financial results in the form of a telephone meeting for analysts and institutional investors on Thursday, February 13, 2026. The materials for this briefing will be posted on the corporate website on that day.

Supplemental Materials

  1. Operating Results 2

    1. Operating Results for the Consolidated Fiscal Year Ended December 31, 2025 2

    2. Financial Position at the End of the Consolidated Fiscal Year Ended December 31, 2025 4

    3. Cash Flows 4

    4. Future Outlook 5

  2. Basic Policy on Selecting Accounting Standards 6

  3. Consolidated Financial Statements and Notes 7

    1. Consolidated Balance Sheets 7

    2. Consolidated Statements of Income and Comprehensive Income 9

      Consolidated Statements of Income 9

      Consolidated Statements of Comprehensive Income 10

    3. Consolidated Statements of Changes in Equity 11

    4. Consolidated Statements of Cash Flows 13

    5. Notes to Consolidated Financial Statements 15

(Notes on the Going-concern Assumption) 15

(Segment Information) 15

(Per Share Information) 19

(Material Subsequent Events) 19

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