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TOKYO STEEL MANUFACTURING, Ordinary Profit Forecast for the Fiscal Year Revised Downward by 7%

Fri Jan 23, 2026 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 January 23rd (14:00). The ordinary profit (non-consolidated) for the cumulative third quarter of the fiscal year ending March 2026 (April to December) significantly dropped 61.6% from the same period last year to 9.53 billion yen.

In addition, the full-year forecast for ordinary profit has decreased 6.7%, from the previous forecast of 10.5 billion yen to 9.80 billion yen (compared to 31.6 billion yen in the previous period), leading to an increase in the profit decline rate from 66.8% to 69.0%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the ordinary profit for the October to March period (second half) has decreased 19.9%, from the previous forecast of 3.51 billion yen to 2.81 billion yen (compared to 16.7 billion yen in the same period of the previous year), leading to an increase in the profit decline rate from 79.0% to 83.1%.

In the most recent three-month period, from October to December (3Q), the ordinary profit significantly dropped to 2.55 billion yen, a 74.3% decrease compared to the same period last year. The operating profit margin sharply declined from 11.9% in the same period last year to 3.1%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Dec, 2023 276,628 30,157 31,384 22,151 200.3 79.0 Jan 19, 2024 J-GAAP
Apr - Dec, 2024 254,712 23,512 24,821 16,864 156.4 78.5 Jan 24, 2025 J-GAAP
Apr - Dec, 2025 201,846 8,175 9,536 9,399 91.5 97.3 Jan 23, 2026 J-GAAP
YoY -20.8% -65.2% -61.6% -44.3% -41.5%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2025 Prev 130,406 3,455 3,517 5,432 53.0 25 Oct 17, 2025 J-GAAP
Oct - Mar, 2025 New 138,306 2,155 2,817 4,232 41.3 25 Jan 23, 2026 J-GAAP
Revision Rate +6.1% -37.6% -19.9% -22.1% -22.1%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 264,300 9,500 10,500 10,000 97.5 50 Oct 17, 2025 J-GAAP
Mar, 2026 New 272,200 8,200 9,800 8,800 85.8 50 Jan 23, 2026 J-GAAP
Revision Rate +3.0% -13.7% -6.7% -12.0% -12.0%

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 138,306 2,155 2,817 4,232 41.3 25 Jan 23, 2026 J-GAAP
YoY -9.3% -86.7% -83.1% -62.8% -61.1%

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 272,200 8,200 9,800 8,800 85.8 50 Jan 23, 2026 J-GAAP
YoY -16.7% -72.8% -69.0% -58.5% -56.6%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
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
Oct - Dec, 2025 67,952 2,130 2,553 4,831 47.0 3.1 Jan 23, 2026 J-GAAP
YoY -15.5% -77.8% -74.3% -31.3% -27.9%

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