Consolidated Financial Results for the Second Quarter (Interim) of the Fiscal Year Ending December 31, 2025（227.01 KB）

Company name: Listing:

Tokyo Ohka Kogyo Co., Ltd.

Tokyo Stock Exchange (Prime Market)

August 6, 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 file semi-annual securities report: August 7, 2025

Scheduled date to commence dividend payments: September 8, 2025 Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes (For institutional investors and analysts)

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

1. Consolidated Financial Results for the Second Quarter (Interim) of the Fiscal Year Ending December 31, 2025 (January 1, 2025 to June 30, 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 six months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      June 30, 2025	111,623	17.8	19,846	47.6	20,381	44.4	13,619	49.0
      June 30, 2024	94,736	22.0	13,443	23.3	14,110	19.5	9,143	70.7

      (Note) Comprehensive income: First six months ended June 30, 2025 ¥14,200 million [-16.0%]

      First six months ended June 30, 2024 ¥16,899 million [20.4%]

      	Basic earnings per share	Diluted earnings per share
      First six months ended	Yen	Yen
      June 30, 2025	113.83	113.73
      June 30, 2024	75.50	75.41

   2. Consolidated Financial Position

   	Total assets	Net assets	Equity ratio
   As of	Millions of yen	Millions of yen	%
   June 30, 2025	293,516	218,866	70.8
   December 31, 2024	281,930	213,473	71.1

   (Reference) Equity: As of June 30, 2025: ¥207,667 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	Yen -	Yen 29.00	Yen -	Yen 34.00	Yen 63.00
   Fiscal year ending December 31, 2025	-	35.00
   Fiscal year ending December 31, 2025 (Forecast)			-	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 year-on-year)

(Note) Revisions to the most recently disclosed financial results forecast: Yes

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

2. Application of special accounting treatment in preparing the interim 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 June 30, 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 June 30, 2025	7,919,897 shares
      As of December 31, 2024	7,851,327 shares

   3. Average number of shares outstanding during the period

• The Financial Results report for the second quarter (interim) is outside the scope of a review by certified public accountants or an audit firm.

• 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. Qualitative Information on Consolidated Financial Results for the First Six Months of the Fiscal Year Ending December 31, 2025 2

     1. Explanation about Operating Results 2

     2. Explanation about Financial Position 2

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

  2. Interim Consolidated Financial Statements and Major Notes 3

     1. Interim Consolidated Balance Sheet 3

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

        Interim Consolidated Statement of Income 5

        Interim Consolidated Statement of Comprehensive Income 6

     3. Interim Consolidated Statement of Cash Flows 7

     4. Notes to the Interim Consolidated Financial Statements 9

(Notes Concerning Segment Information, Etc.) 9

(Notes Concerning Significant Changes in Shareholders' Equity) 9

(Notes Concerning Going Concern Assumption) 9

(Notes Concerning Interim Consolidated Statement of Income) 9

(Revenue Recognition) 9

1. Qualitative Information on Consolidated Financial Results for the First Six Months of the Fiscal Year Ending December 31, 2025
   1. Explanation about Operating Results

      During the six months ended June 30, 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 backed by replacement trends, in addition to strong demand for generative AI-related products, despite a less growth in demand for smartphones.

      Amid such circumstances, the Group launched this year "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 six months ended June 30, 2025, the Group recorded net sales of ¥111,623 million (up 17.8% year-on-year), operating income of ¥19,846 million (up 47.6% year-on-year), ordinary income of ¥20,381 million (up 44.4% year-on-year), and profit attributable to owners of parent of ¥13,619 million (up 49.0% year-on-year).

      Net sales in the Electronic Functional Materials amounted to ¥58,149 million (up 13.2% year-on-year), in the High-Purity Chemicals amounted to ¥51,985 million (up 22.4% year-on-year) and in the other amounted to ¥1,488 million (up 65.3% year-on-year).

   2. Explanation about Financial Position

      (Assets)

      Total assets as of June 30, 2025 increased by ¥11,586 million from December 31, 2024 to ¥293,516 million.

      Total current assets decreased by ¥1,756 million mainly due to a decrease in securities of ¥3,999 million despite an increase in inventories of ¥1,747 million.

      Total non-current assets increased by ¥13,343 million mainly due to an increase in property, plant and equipment of

      ¥10,922 million associated with capital investments. (Liabilities)

      Total liabilities as of June 30, 2025 increased by ¥6,192 million from December 31, 2024 to ¥74,649 million mainly due to an increase in long-term borrowings of ¥10,000 million despite a decrease in short-term borrowings of ¥4,087 million.

      (Net assets)

      Total net assets as of June 30, 2025 increased by ¥5,393 million from December 31, 2024 to ¥218,866 million mainly due to an increase in retained earnings of ¥9,541 million despite decreases in foreign currency translation adjustment of

      ¥1,682 million and non-controlling interests of ¥1,697 million.

      As a result, the equity ratio as of June 30, 2025 stood at 70.8%.

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

   We revised the financial results forecast for the fiscal year ending December 31, 2025 as follows, taking into account the outlook of the electronics industry and the results for the six months ended June 30, 2025.

   The foreign exchange rate is assumed to be $1= ¥140.

   (Millions of yen)

   	Net sales	Operating income	Ordinary income	Profit attributable to owners of parent	Basic earnings per share (yen)
   Initial forecasts (A) (announced on February 12, 2025)	222,000	37,300	38,200	24,600	205.95
   Revised forecasts (B)	227,000	40,000	41,000	26,500	220.99
   Changes (B-A)	5,000	2,700	2,800	1,900	-
   % of changes	2.3	7.2	7.3	7.7	-
   FY2024 results	200,966	33,090	34,554	22,683	187.29

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

      FY12/24

      (As of December 31, 2024)

      (Millions of yen)

      First six months of FY12/25 (As of June 30, 2025)

      Assets

      Current assets
      Cash and deposits	59,047	59,160
      Notes and accounts receivable - trade	42,846	43,951
      Securities	3,999	-
      Merchandise and finished goods	12,602	14,184
      Work in process	9,539	9,271
      Raw materials and supplies	14,744	15,177
      Other	9,079	8,351
      Allowance for doubtful accounts	(90)	(83)
      Total current assets	151,770	150,013
      Non-current assets
      Property, plant and equipment
      Buildings and structures, net	40,267	42,996
      Other, net	49,675	57,868
      Total property, plant and equipment	89,942	100,864
      Intangible assets	1,811	1,906
      Investments and other assets
      Retirement benefit asset	9,404	9,463
      Other	29,008	31,268
      Allowance for doubtful accounts	(5)	-
      Total investments and other assets	38,406	40,731
      Total non-current assets	130,160	143,503
      Total assets	281,930	293,516

      FY12/24

      (As of December 31, 2024)

      (Millions of yen)

      First six months of FY12/25 (As of June 30, 2025)

      Liabilities

      Current liabilities
      Notes and accounts payable - trade	26,869	28,501
      Short-term borrowings	4,442	354
      Income taxes payable	5,020	4,323
      Provision for bonuses	3,479	3,734
      Other	14,291	14,213
      Total current liabilities	54,104	51,127
      Non-current liabilities
      Long-term borrowings	6,100	16,100
      Retirement benefit liability	280	305
      Other	7,972	7,116
      Total non-current liabilities	14,352	23,522
      Total liabilities	68,456	74,649
      Net assets
      Shareholders' equity
      Share capital	14,640	14,640
      Capital surplus	15,612	15,899
      Retained earnings	159,313	168,854
      Treasury shares	(15,796)	(16,585)
      Total shareholders' equity	173,769	182,808
      Accumulated other comprehensive income
      Valuation difference on available-for-sale securities	9,509	9,404
      Foreign currency translation adjustment	13,649	11,967
      Remeasurements of defined benefit plans	3,605	3,486
      Total accumulated other comprehensive income	26,764	24,858
      Share acquisition rights	121	79
      Non-controlling interests	12,818	11,120
      Total net assets	213,473	218,866
      Total liabilities and net assets	281,930	293,516

   2. Interim Consolidated Statement of Income and Interim Consolidated Statement of Comprehensive Income (Interim Consolidated Statement of Income)

      First six months of FY 12/24

      (January 1, 2024 - June 30, 2024)

      (Millions of yen)

      First six months of FY 12/25

      (January 1, 2025 - June 30, 2025)

      Net sales 94,736 111,623

      Cost of sales 61,303 70,475

      Gross profit 33,432 41,147

      Selling, general and administrative expenses 19,989 21,301

      Operating income 13,443 19,846

      Non-operating income

      Interest income 170 213

      Share of profit of investments accounted for using equity method

      44

      151

      Dividend income 303 349

      Foreign exchange gains 73 －

      Subsidy income －396

      Other 232 235

      Total non-operating income 824 1,347 Non-operating expenses

      Interest expenses 42 67

      Loss on valuation of derivatives 50 295

      Foreign exchange losses －167

      Commission expenses 15 229

      Other 48 52

      Total non-operating expenses 157 812

      Ordinary income 14,110 20,381

      Extraordinary income

      Gain on change in equity 185 －

      Gain on sale of non-current assets 12 9

      Gain on sale of investment securities 508 －

      Gain on receipt of contingent consideration － 1,422

      Total extraordinary income 707 1,432

      Extraordinary losses

      Loss on retirement of non-current assets 23 53

      Other 0 －

      Total extraordinary losses 24 53

      Profit before income taxes 14,793 21,761

      Income taxes - current 4,464 5,632

      Income taxes - deferred (619) (219)

      Total income taxes 3,844 5,413

      Profit 10,948 16,347

      Profit attributable to non-controlling interests 1,804 2,728

      Profit attributable to owners of parent 9,143 13,619

      (Interim Consolidated Statement of Comprehensive Income)

      First six months of FY 12/24

      (January 1, 2024 - June 30, 2024)

      (Millions of yen)

      First six months of FY 12/25

      (January 1, 2025 - June 30, 2025)

      Profit 10,948 16,347

      Valuation difference on available-for-sale securities

      1,127

      (104)

      Other comprehensive income

      Foreign currency translation adjustment 4,768 (1,923)

      Remeasurements of defined benefit plans	54 (118)
      Total other comprehensive income	5,950 (2,146)
      Comprehensive income	16,899 14,200
      Comprehensive income attributable to:
      Owners of parent	14,360	11,714
      Non-controlling interests	2,538	2,486

   3. Interim Consolidated Statement of Cash Flows

      Cash flows from operating activities

      First six months of FY 12/24

      (January 1, 2024 - June 30, 2024)

      (Millions of yen)

      First six months of FY 12/25

      (January 1, 2025 - June 30, 2025)

      Profit before income taxes 14,793 21,761

      Depreciation 4,127 4,147

      Increase in provision for bonuses 307 255

      Increase (decrease) in provision for bonuses for directors (and other officers)

      114

      (446)

      Increase in retirement benefit asset (25) (162)

      Increase (decrease) in retirement benefit liability 73 (51)

      Interest and dividend income (474) (563)

      Interest expenses 42 67

      Foreign exchange (gains) losses (1,222) 224

      Loss on valuation of derivatives 50 295

      Share of profit of investments accounted for using equity method

      (44) (151)

      Gain on sale of non-current assets (12) (9)

      Gain on sale of investment securities (508) －

      Gain on change in equity (185) －

      Gain on receipt of contingent consideration － (1,422)

      Increase in trade receivables (5,848) (1,310)

      Increase in inventories (275) (2,185)

      Increase in trade payables 4,579 1,572

      (Decrease) increase in advances received (7) 18

      Other (273) (540)

      Subtotal 15,211 21,498

      Interest and dividends received 473 562

      Interest paid (42) (67)

      Income taxes paid (2,099) (6,149)

      Net cash provided by operating activities 13,543 15,843 Cash flows from investing activities

      Purchase of securities (6,000) －

      Proceeds from redemption of securities 6,000 3,000

      Purchase of property, plant and equipment (8,578) (13,849)

      Proceeds from sale of property, plant and equipment

      31

      29

      Purchase of investment securities － (2,837)

      Proceeds from sale of investment securities 921 －

      Purchase of intangible assets (492) (321)

      Net decrease in time deposits 1,522 1,000

      Proceeds from withdrawal of long-term time deposits

      6,000 －

      Proceeds from settlement of contingent consideration

      -

      1,422

      Other (1,484) (46)

      Net cash used in investing activities

      (2,080)

      (11,603)

      First six months of FY 12/24

      (January 1, 2024 - June 30, 2024)

      (Millions of yen)

      First six months of FY 12/25

      (January 1, 2025 - June 30, 2025)

      Cash flows from financing activities
      Proceeds from short-term borrowings	522	363
      Repayments of short-term borrowings	(522)	(509)
      Proceeds from long-term borrowings	-	10,000
      Repayments of long-term borrowings	-	(3,900)
      Proceeds from sale of treasury shares	251	0
      Dividends paid	(3,482)	(4,072)
      Dividends paid to non-controlling interests	(3,685)	(4,184)
      Other	(89)	(275)
      Net cash used in financing activities Effect of exchange rate change on cash and cash equivalents	(7,006) 2,120	(2,578) (1,596)
      Net increase in cash and cash equivalents	6,577	64
      Cash and cash equivalents at beginning of period	42,788	56,361
      Cash and cash equivalents at end of period	49,365	56,425

   4. Notes to Interim Consolidated Financial Statements (Notes Concerning Segment Information, Etc.) [Segment information]

      1. First six months of the fiscal year ended December 31, 2024 (January 1, 2024 - June 30, 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 six months of the fiscal year ending December 31, 2025 (January 1, 2025 - June 30, 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.

Gain on receipt of contingent consideration

First six months of the fiscal year ending December 31, 2025 (January 1, 2025 - June 30, 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 six months ended June 30, 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)