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TOKYO STEEL MANUFACTURING, Ordinary Profit Forecast for the Fiscal Year Revised Downward by 39%

Fri Oct 17, 2025 2:00 pm JST Earnings

5423 TOKYO STEEL MANUFACTURING CO., LTD. 【J-GAAP】

Earnings Report

TOKYO STEEL MANUFACTURING CO., LTD. <5423> [TSE Prime] announced its financial results in the afternoon session on October 17th (14:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2026 (April to September) significantly dropped 53.1% from the same period last year to 6.98 billion yen.

In addition, the full-year forecast for ordinary profit has decreased 39.0%, from the previous forecast of 17.2 billion yen to 10.5 billion yen (compared to 31.6 billion yen in the previous period), leading to an increase in the profit decline rate from 45.6% to 66.8%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to significant drop 79.0% from the same period last year to 3.51 billion yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit significantly dropped to 1.66 billion yen, a 64.1% decrease compared to the same period last year. The operating profit margin drastically worsened from 5.3% in the same period last year to 2.1%.

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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
Apr - Sep, 2023 189,152 21,539 22,493 15,612 140.9 56.6 Oct 20, 2023 J-GAAP
Apr - Sep, 2024 174,270 13,917 14,894 9,831 90.6 47.1 Oct 25, 2024 J-GAAP
Apr - Sep, 2025 133,894 6,045 6,983 4,568 44.4 66.5 Oct 17, 2025 J-GAAP
YoY -23.2% -56.6% -53.1% -53.5% -51.0%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance 139,500 7,100 7,700 5,000 48.8 25 Jul 18, 2025 J-GAAP
Apr - Sep, 2025 Results 133,894 6,045 6,983 4,568 44.4 25 Oct 17, 2025 J-GAAP
Revision Rate -4.0% -14.9% -9.3% -8.6% -8.9%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 293,500 16,100 17,200 11,000 107.3 50 Jul 18, 2025 J-GAAP
Mar, 2026 New 264,300 9,500 10,500 10,000 97.5 50 Oct 17, 2025 J-GAAP
Revision Rate -9.9% -41.0% -39.0% -9.1% -9.1%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 152,505 16,188 16,718 11,372 106.2 25 Apr 25, 2025 J-GAAP
Oct - Mar, 2025 Guidance 130,406 3,455 3,517 5,432 53.0 25 Oct 17, 2025 J-GAAP
YoY -14.5% -78.7% -79.0% -52.2% -50.1%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 367,242 38,066 39,719 27,958 253.5 50 Apr 26, 2024 J-GAAP
Mar, 2025 326,775 30,105 31,612 21,203 198.0 50 Apr 25, 2025 J-GAAP
Mar, 2026 Guidance 264,300 9,500 10,500 10,000 97.5 50 Oct 17, 2025 J-GAAP
YoY -19.1% -68.4% -66.8% -52.8% -50.7%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 80,322 4,222 4,645 3,272 30.2 5.3 Oct 25, 2024 J-GAAP
Oct - Dec, 2024 80,442 9,595 9,927 7,033 65.2 11.9 Jan 24, 2025 J-GAAP
Jan - Mar, 2025 72,063 6,593 6,791 4,339 40.5 9.1 Apr 25, 2025 J-GAAP
Apr - Jun, 2025 73,862 4,767 5,314 3,728 36.2 6.5 Jul 18, 2025 J-GAAP
Jul - Sep, 2025 60,032 1,278 1,669 840 8.2 2.1 Oct 17, 2025 J-GAAP
YoY -25.3% -69.7% -64.1% -74.3% -72.9%

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