Consolidated Financial Results for the First Quarter of the Fiscal Year Ending December 31, 2025（181.06 KB）

Company name: Listing:

Tokyo Ohka Kogyo Co., Ltd.

Tokyo Stock Exchange (Prime Market)

May 12, 2025

Securities Code: 4186 URL: https://www.tok.co.jp/eng Representative: Noriaki Taneichi, President and Chief Executive Officer

Inquiries: Daisuke Matsuyama, General Manager, Accounting Department TEL: +81-44-435-3000 Scheduled date to commence dividend payments: -

Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes

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

1. Consolidated Financial Results for the First Quarter of the Fiscal Year Ending December 31, 2025 (January 1, 2025 to March 31, 2025)

   1. Consolidated Operating Results (% indicates the rate of increase/decrease year-on-year.)

      	Net sales		Operating income		Ordinary		income	Profit attributable to owners of parent
      First three months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      March 31, 2025	54,272	20.6	9,801	69.2	9,843	63.0	7,526	109.1
      March 31, 2024	45,017	17.0	5,793	7.4	6,039	4.8	3,599	66.9

      (Note) Comprehensive income: First three months ended March 31, 2025 ¥3,312 million [-59.8%]

      First three months ended March 31, 2024 ¥8,249 million [84.2%]

      	Basic earnings per share	Diluted earnings per share
      First three months ended	Yen	Yen
      March 31, 2025	62.91	62.84
      March 31, 2024	29.72	29.69

   2. Consolidated Financial Position

   	Total assets	Net assets	Equity ratio
   As of	Millions of yen	Millions of yen	%
   March 31, 2025	275,216	207,021	71.9
   December 31, 2024	281,930	213,473	71.1

   (Reference) Equity: As of March 31, 2025: ¥197,915 million As of December 31, 2024: ¥200,533 million

2. Cash Dividends

   	Annual dividends per share
   	1stquarter	2ndquarter	3rdquarter	Year-end	Total
   Fiscal year ended December 31, 2024 Fiscal year ending December 31, 2025	Yen - -	Yen 29.00	Yen -	Yen 34.00	Yen 63.00
   Fiscal year ending December 31, 2025 (Forecast)		35.00	-	35.00	70.00

   (Note) Revisions to the most recently disclosed dividend forecasts: None

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

(% indicates the rate of increase/decrease against the same period of the previous year)

(Note) Revisions to the most recently disclosed financial results forecast: None

There has been no change in the financial results forecast announced on February 12, 2025

1. Significant changes in the scope of consolidation during the period: None

2. Application of special accounting treatment in preparing the quarterly consolidated financial statements: None

3. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

   4. Restatement: None

4. Number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury shares)

      As of March 31, 2025	127,800,000 shares
      As of December 31, 2024	127,800,000 shares

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

      As of March 31, 2025	8,259,497 shares
      As of December 31, 2024	7,851,327 shares

   3. Average number of shares outstanding during the period

• Review of the accompanying quarterly consolidated financial statements by certified public accountants or an audit firm: No

• Explanation of the proper use of financial results forecast and other special notes

The financial results forecast stated in this report is based on the information available as of the date of the release of this report, and actual results may differ from the forecast due to a variety of factors.

• Table of contents of the attached document

  1. Overview of Operating Results, Etc 2

     1. Overview of Operating Results for the First Three Months Ended March 31, 2025 2

     2. Overview of Financial Position as of March 31, 2025 2

     3. Explanation about Future Forecast Information Including Consolidated Financial Results Forecast 2

  2. Quarterly Consolidated Financial Statements and Major Notes 3

     1. Quarterly Consolidated Balance Sheet 3

     2. Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive Income 5

        Quarterly Consolidated Statement of Income

        First Three Months Ended March 31, 2024 and 2025 5

        Quarterly Consolidated Statement of Comprehensive Income

        First Three Months Ended March 31, 2024 and 2025 6

     3. Notes to Quarterly Consolidated Financial Statements 7

(Segment Information, Etc.) 7

(Significant Changes in Shareholders' Equity) 7

(Notes Concerning Going Concern Assumption) 7

(Quarterly Consolidated Statement of Cash Flows) 7

(Quarterly Consolidated Statement of Income) 7

(Revenue Recognition) 7

1. Overview of Operating Results, Etc.
   1. Overview of Operating Results for the First Three Months Ended March 31, 2025

      During the three months ended March 31, 2025, the electronics market, which is the main customers for the Group's products, saw a year-on-year increase in demand for semiconductors driven by a steady growth in demand for PCs and smartphones in addition to strong demand for generative AI-related products.

      Amid such circumstances, the Group launched "tok Medium-Term Plan 2027," a three-year medium-term plan with FY2027 as the final year under the management vision to become "The e-Material Global CompanyTM" contributing to a sustainable future through chemistry. With the slogan of "Go beyond 27, Jump to the Future !!," the Plan aims to attain the long-term vision toward 2030, "TOK Vision 2030," by setting the following six qualitative objects: "Gain No.1 global market share of cutting-edge photoresists," "Increase global share in all business fields with an eye on TOK Vision 2030," "Create businesses in new fields," "Secure stable supplies of high-quality products," "Improve employee engagement," and "Establish a robust management foundation to realize TOK Vision 2030."

      As a result, for the three months ended March 31, 2025, the Group recorded net sales of ¥54,272 million (up 20.6% year-on-year), operating income of ¥9,801 million (up 69.2% year-on-year), ordinary income of ¥9,843 million (up 63.0% year-on-year), and profit attributable to owners of parent of ¥7,526 million (up 109.1% year-on-year).

      Operating results by business segment is not disclosed, but net sales by division are as follows.

      Net sales in the Electronic Functional Materials Division amounted to ¥27,751 million (up 13.5% year-on-year), in the High-Purity Chemicals Division amounted to ¥25,595 million (up 27.6% year-on-year) and in other divisions amounted to ¥925 million (up 88.5% year-on-year).

   2. Overview of Financial Position as of March 31, 2025

      (Assets)

      Total assets as of March 31, 2025 decreased by ¥6,713 million from December 31, 2024 to ¥275,216 million.

      Total current assets decreased by ¥12,933 million mainly due to decreases in cash and deposits of ¥7,118 million and in securities of 3,999 million.

      Total non-current assets increased by ¥6,219 million mainly due to an increase in property, plant and equipment of

      ¥4,769 million associated with capital investments. (Liabilities)

      Total liabilities as of March 31, 2025 decreased by ¥262 million from December 31, 2024 to ¥68,194 million mainly due to decreases in notes and accounts payable - trade of ¥1,267 million and in income taxes payable of ¥1,034 million despite an increase in provision for bonuses of 1,470 million.

      (Net assets)

      Total net assets as of March 31, 2025 decreased by ¥6,451 million from December 31, 2024 to ¥207,021 million mainly due to decreases in non-controlling interests of ¥3,833 million and in foreign currency translation adjustment of ¥3,703 million.

      As a result, the equity ratio as of March 31, 2025 stood at 71.9%.

   3. Explanation about Future Forecast Information Including Consolidated Financial Results Forecast

   There has been no change in the financial results forecast announced on February 12, 2025. In the event that we need to revise, we will disclose promptly.

2. Quarterly Consolidated Financial Statements and Major Notes
   1. Quarterly Consolidated Balance Sheet

      FY12/24

      (As of December 31, 2024)

      (Millions of yen)

      First quarter of FY12/25 (As of March 31, 2025)

      Assets

      Current assets
      Cash and deposits	59,047	51,928
      Notes and accounts receivable - trade	42,846	41,157
      Securities	3,999	-
      Merchandise and finished goods	12,602	13,357
      Work in process	9,539	8,920
      Raw materials and supplies	14,744	14,784
      Other	9,079	8,772
      Allowance for doubtful accounts	(90)	(83)
      Total current assets	151,770	138,836
      Non-current assets
      Property, plant and equipment
      Buildings and structures, net	40,267	38,982
      Other, net	49,675	55,729
      Total property, plant and equipment	89,942	94,712
      Intangible assets	1,811	1,915
      Investments and other assets
      Retirement benefit asset	9,404	9,435
      Other	29,008	30,320
      Allowance for doubtful accounts	(5)	(4)
      Total investments and other assets	38,406	39,752
      Total non-current assets	130,160	136,379
      Total assets	281,930	275,216

      FY12/24

      (As of December 31, 2024)

      (Millions of yen)

      First quarter of FY12/25 (As of March 31, 2025)

      Liabilities

      Current liabilities
      Notes and accounts payable - trade	26,869	25,602
      Short-term borrowings	4,442	4,412
      Income taxes payable	5,020	3,986
      Provision for bonuses	3,479	4,950
      Other	14,291	16,538
      Total current liabilities	54,104	55,490
      Non-current liabilities
      Long-term borrowings	6,100	6,100
      Retirement benefit liability	280	268
      Other	7,972	6,335
      Total non-current liabilities	14,352	12,704
      Total liabilities	68,456	68,194
      Net assets
      Shareholders' equity
      Share capital	14,640	14,640
      Capital surplus	15,612	15,612
      Retained earnings	159,313	162,761
      Treasury shares	(15,796)	(17,297)
      Total shareholders' equity	173,769	175,715
      Accumulated other comprehensive income
      Valuation difference on available-for-sale securities	9,509	8,707
      Foreign currency translation adjustment	13,649	9,945
      Remeasurements of defined benefit plans	3,605	3,546
      Total accumulated other comprehensive income	26,764	22,199
      Share acquisition rights	121	121
      Non-controlling interests	12,818	8,984
      Total net assets	213,473	207,021
      Total liabilities and net assets	281,930	275,216

   2. Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive Income (Quarterly Consolidated Statement of Income) (First Three Months Ended March 31, 2024 and 2025)

      First three months of FY 12/24

      (January 1, 2024 - March 31, 2024)

      (Millions of yen)

      First three months of FY 12/25

      (January 1, 2025 - March 31, 2025)

      Net sales 45,017 54,272

      Cost of sales 29,276 33,794

      Gross profit 15,741 20,477

      Selling, general and administrative expenses 9,947 10,676

      Operating income 5,793 9,801

      Non-operating income

      Interest income 83 125

      Dividend income 76 88

      Foreign exchange gains 103 －

      Gain on valuation of derivatives －78

      Other 79 83

      Total non-operating income 344 375

      Non-operating expenses

      Share of loss of investments accounted for using equity method

      26

      11

      Interest expenses 21 20

      Loss on investments in investment partnerships 23 14

      Loss on valuation of derivatives 10 －

      Foreign exchange losses －253

      Other 16 33

      Total non-operating expenses 98 333

      Ordinary income 6,039 9,843

      Extraordinary income

      Gain on change in equity 155 －

      Gain on receipt of contingent consideration － * 1,422

      Total extraordinary income 155 1,422 Extraordinary losses

      Loss on retirement of non-current assets 17 14

      Other 0 －

      Total extraordinary losses 17 14

      Profit before income taxes 6,176 11,251

      Income taxes - current 1,867 3,341

      Income taxes - deferred (50) (861)

      Total income taxes 1,816 2,479

      Profit 4,360 8,772

      Profit attributable to non-controlling interests 761 1,245

      Profit attributable to owners of parent 3,599 7,526

      (Quarterly Consolidated Statement of Comprehensive Income) (First Three Months Ended March 31, 2024 and 2025)

      First three months of FY 12/24

      (January 1, 2024 - March 31, 2024)

      (Millions of yen)

      First three months of FY 12/25

      (January 1, 2025 - March 31, 2025)

      Profit 4,360 8,772

      Valuation difference on available-for-sale securities

      1,734

      (802)

      Other comprehensive income

      Foreign currency translation adjustment 2,128 (4,597)

      Remeasurements of defined benefit plans	27 (59)
      Other comprehensive income	3,889 (5,459)
      Comprehensive income	8,249 3,312
      Comprehensive income attributable to:
      Owners of parent	7,183	2,961
      Non-controlling interests	1,065	351

   3. Notes to Quarterly Consolidated Financial Statements (Segment Information, Etc.)

      [Segment information]

      1. First three months of the fiscal year ended December 31, 2024 (January 1, 2024 - March 31, 2024)

         1. Information about net sales and income or loss by reportable segment

            The disclosure is omitted as the Group operates a single business segment.

      2. First three months of the fiscal year ending December 31, 2025 (January 1, 2025 - March 31, 2025)

         1. Information about net sales and income or loss by reportable segment

The disclosure is omitted as the Group operates a single business segment.

Not applicable.

Not applicable.

Quarterly consolidated statement of cash flows for the first three months ended March 31, 2025 is not prepared.

Depreciation (including amortization of intangible assets) for the three months ended March 31, 2024 and 2025 is as follows:

First three months of FY 12/24

(January 1, 2024 - March 31, 2024)

(Millions of yen)

First three months of FY 12/25

(January 1, 2025 - March 31, 2025)

Depreciation 2,045 2,064

*Gain on receipt of contingent consideration

First three months of the fiscal year ending December 31, 2025 (January 1, 2025 - March 31, 2025)

A share transfer agreement previously entered into by the Company contained a clause stipulating that additional consideration may be received if certain conditions are met. For the first three months ended March 31, 2025, the Company met the conditions and received additional consideration, which was recorded in extraordinary income.

Information on the breakdown of revenue arising from contracts with customers

The Group operates a single business segment, and the information on the breakdown of revenue arising from contracts with customers is as follows:

(Millions of yen)