Maruichi Steel Tube (5463) Q1 2026 earnings summary

Executive summary

• Q1 FY2026 saw double-digit year-over-year declines in consolidated sales and profit, with net sales at ¥59,717 million (down 11.5%), operating profit at ¥6,694 million (down 19.2%), and profit attributable to owners at ¥4,117 million (down 36.8%).

• Comprehensive income dropped sharply to ¥467 million from ¥11,340 million a year earlier, mainly due to negative foreign currency translation adjustments.

• Despite a 2.3% drop in sales volume in Japan, improved spreads led to higher operating profit for the unconsolidated entity.

• A three-for-one stock split will take effect October 1, 2025.

Financial highlights

• Gross profit for Q1 FY2026 was ¥11,563 million, down from ¥13,344 million year-over-year.

• Ordinary profit declined 21.9% year-over-year to ¥7,517 million.

• Basic earnings per share for the quarter were ¥53.82, compared to ¥81.75 in the prior year.

• Total assets as of June 30, 2025, were ¥410,380 million, down from ¥425,634 million at March 31, 2025.

• Capital adequacy ratio was 81.8% as of June 30, 2025.

Outlook and guidance

• No change to full-year guidance; Q1 progress slightly below plan, but first-half targets are still expected to be met.

• Full-year FY2026 net sales forecast is ¥263,900 million, a 0.9% increase year-over-year; operating profit is projected at ¥20,800 million, up 20.8% year-over-year; profit attributable to owners is forecast at ¥23,400 million, down 13.4% year-over-year.

• Basic EPS for FY2026 is forecast at ¥103.67, reflecting the 3-for-1 stock split effective October 1, 2025.