Tokai Carbon Co., Ltd. · TSE:5301
Tokai Carbon — Q3 2026 Earnings Presentation
18 slides from Tokai Carbon's earnings presentation, Nov 6, 2026
Slide 1: Q3 FY2026 Earnings Presentation
Q3 FY2026 Earnings Presentation 2026/11/6
Slide 2: Table of Contents
Table of Contents Q3 FY2026 Financial Summary P 3-13 Reference material P 14-17
Slide 3: Q3 FY2026 Financial Summary
Q3 FY2026 Financial Summar y
Slide 4: FY2026 Business Topics (January-September 2026)
FY2026 Business Topics (January-September 2026) Results / Financials / KPIs Billion JPY Topics Net Sales JPY 273.6 bn Continued Strong Performance of Memory Semiconductor and MLCC Markets +15.3% FCF • Sales Volume Increase: Sales volume of Solid SiC focus rings continued to grow, supported by firm d
Slide 5: Summary of Consolidated Results
Summary of Consolidated Results ◼ Net Sales, Operating income, Ordinary income, and EBITDA: Substantial double-digit growth in both revenue and profit ◼ EBITDA: Maintained and achieved the Long-Term Vision target of a 20% EBITDA margin, driven by progress in earnings structure reforms Millions of ye
Slide 6: Net Sales, Operating Income and EBITDA by Segment
Net Sales, Operating Income and EBITDA by Segment ◼ Operating income increased YoY in the Smelting and Lining business due to license revenue and special demand in the Middle East, and in the Fine Carbon business due to strong demand for focus rings. ◼ Other major segments also recorded YoY increase
Slide 7: Carbon Black
Carbon Black ◼ While sales volume decreased due to the production adjustment among tire manufacturers, net sales increased YoY as a result of the contribution of the new subsidiary in Thailand, which was consolidated in the fourth quarter of FY2025. ◼ In spite of the increased depreciation associate
Slide 8: Fine Carbon
Fine Carbon ◼ Against the backdrop of buoyant conditions in the memory semiconductor market, sales volumes of Solid SiC focus rings, a core product line, continued to grow. Sales are on pace to surpass the previous record high, and the order backlog has also reached a record high. ◼ Both net sales a
Slide 9: Smelting and Lining
Smelting and Lining ◼ Full production and full shipment began in the third quarter to meet the surge in demand for cathodes stemming from heightened tensions in the Middle East. Higher sales volume increased net sales and higher capacity utilization reduced costs (cost-saving impact on fixed costs).
Slide 10: Graphite Electrodes
Graphite Electrodes ◼ Production of electric-arc furnace steel remained firm in the U.S. and decreased only slightly in Japan. However, net sales decreased YoY due to the impact of the divestment of the German subsidiary (excluded from the scope of consolidation from the second quarter of FY2025). ◼
Slide 11: Industrial Furnaces and Related Products
Industrial Furnaces and Related Products ◼ Orders for industrial furnaces continued to rise as MLCC production expanded, while demand for heating elements remained firm for new furnace installations and scheduled replacements. With a substantial order backlog already filling production slots into ne
Slide 12: Cash Flow
Cash Flow Major Cash Flow items Millions of yen Jan-Sep 2025 Jan-Sep 2026 Summary Cash flows from operating activities 34,247 35,818 Net income (loss) before income taxes 25,639 28,323 Depreciation and amortization 19,696 24,371 Amortization on goodwill 3,334 3,382 Decrease (increase) in trade recei
Slide 13: Balance Sheet
Balance Sheet Major Balance Sheet Items Millions of yen December 31, September 30, Summary 2025 2026 Total assets 664,033 683,561 Current assets 258,828 277,776 Cash and cash equivalents 90,156 93,470 Cash/monthly sales: 3.1 times (End of FY2025: 3.3 times) Notes and accounts receivable 66,781 76,84
Slide 14: Reference Material
Reference Material
Slide 15: Key Indicators
Key Indicators Millions of yen f=forecast 2022 2023 2024 2025 2026f Net sales 340,371 363,946 350,114 322,960 386,000 Operating income 40,588 38,728 19,386 25,850 35,000 ROS 11.9% 10.6 5.5 8.0% 9.1% EBITDA 75,572 75,949 61,120 58,443 72,400 EBITDA margin 22.2% 20.9 17.5 18.1% 18.8% Net income Attrib
Slide 16: Quarterly Results by Segment
Quarterly Results by Segment Millions of yen 2025 2026 Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4f Full Year Net sales 80,346 77,730 79,260 85,623 322,960 81,720 92,007 99,945 112,325 386,000 Carbon Black 38,920 36,650 35,353 36,168 147,093 38,730 44,750 45,885 51,633 181,000 Fine Carbon 14,442 13,271 14,362
Slide 17: Disclaimer Regarding Forward-looking Statements
Disclaimer Regarding Forward-looking Statements ◼ Forward-looking statements in this document are based on information obtainable at the time this document was published and assumptions as of the date of publication concerning elements of uncertainty that could affect future earnings. ◼ Actual resul
Slide 18: Building a Future of Technology and Trust
Building a Future of Technology and Trust TOKAI CARBON CO.,LTD.