Nippon Carbon, Ordinary Profit Forecast for the Fiscal Year Revised Downward to an Unexpected 21% Decrease

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Fri Aug 8, 2025 3:30 pm JST Earnings

5302 Nippon Carbon Co. , Ltd. 【J-GAAP】

Earnings Report

Nippon Carbon Co. , Ltd. <5302> [TSE Prime] announced its financial results after the market closed on August 8th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending December 2025 (January to June) decreased 27.9% from the same period last year to 2.72 billion yen.

In addition, the full-year forecast for consolidated ordinary profit has decreased 22.1%, from the previous forecast of 6.80 billion yen to 5.30 billion yen (compared to 6.69 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 20.8% decrease in profit. However, the full-year forecast for consolidated net income has been revised upward 43.9%, from the previous forecast of 4.10 billion yen to 5.90 billion yen (compared to 4.07 billion yen in the previous period), increasing the growth rate from 0.5% to 44.7%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the July to December period (second half) is expected to decrease 11.6% from the same period last year to 2.57 billion yen.

In the most recent three-month period, from April to June (2Q), the consolidated ordinary profit decreased to 1.51 billion yen, a 24.9% decrease compared to the same period last year. The operating profit margin decreased from 17.1% in the same period last year to 12.8%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Jun, 2023	18,096	3,171	3,413	1,957	177.3	48.0	Aug 10, 2023	J-GAAP
Jan - Jun, 2024	18,800	3,393	3,775	2,292	207.5	56.4	Aug 9, 2024	J-GAAP
Jan - Jun, 2025	18,305	2,609	2,722	2,296	207.7	51.4	Aug 8, 2025	J-GAAP
YoY	-2.6%	-23.1%	-27.9%	+0.2%	+0.1%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan - Jun, 2025 Guidance	20,000	3,000	3,000	1,800	162.8	100	Feb 10, 2025	J-GAAP
Jan - Jun, 2025 Results	18,305	2,609	2,722	2,296	207.7	100	Aug 8, 2025	J-GAAP
Revision Rate	-8.5%	-13.0%	-9.3%	+27.6%	+27.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2025 Prev	40,000	6,500	6,800	4,100	370.8	200	Feb 10, 2025	J-GAAP
Dec, 2025 New	36,400	4,800	5,300	5,900	533.6	200	Aug 8, 2025	J-GAAP
Revision Rate	-9.0%	-26.2%	-22.1%	+43.9%	+43.9%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024	19,156	2,926	2,917	1,786	161.6	100	Feb 10, 2025	J-GAAP
Jul - Dec, 2025 Guidance	18,095	2,191	2,578	3,604	325.9	100	Aug 8, 2025	J-GAAP
YoY	-5.5%	-25.1%	-11.6%	+101.8%	+101.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2023	37,867	6,573	7,115	4,050	366.8	200	Feb 9, 2024	J-GAAP
Dec, 2024	37,956	6,319	6,692	4,078	369.0	200	Feb 10, 2025	J-GAAP
Dec, 2025 Guidance	36,400	4,800	5,300	5,900	533.6	200	Aug 8, 2025	J-GAAP
YoY	-4.1%	-24.0%	-20.8%	+44.7%	+44.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Apr - Jun, 2024	10,362	1,772	2,015	1,323	119.8	17.1	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	8,623	1,348	1,090	595	53.9	15.6	Nov 11, 2024	J-GAAP
Oct - Dec, 2024	10,533	1,578	1,827	1,191	107.8	15.0	Feb 10, 2025	J-GAAP
Jan - Mar, 2025	7,958	1,289	1,209	674	61.0	16.2	May 9, 2025	J-GAAP
Apr - Jun, 2025	10,347	1,320	1,513	1,622	146.8	12.8	Aug 8, 2025	J-GAAP
YoY	-0.1%	-25.5%	-24.9%	+22.6%	+22.5%