Interim report
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Company name : Stock code : Representative : Inquiries : Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31 , 2027 ( FY3 / 27 ) ( Three Months Ended June 30 , 2026 ) YODOKO , Ltd. 5451 August 6 , 2026 [ Japanese GAAP ] Listing : Tokyo Stock Exchange URL : https://www.yodoko.co.jp/english/ Eiichi Tanaka , President and Representative Director Takayuki Deguchi , General Manager of IR Department Tel : + ( 81 ) 6-6245-1113 Scheduled date of payment of dividend : Preparation of supplementary materials for financial results : Holding of financial results meeting : Yes None ( All amounts are rounded down to the nearest million yen ) 1. Consolidated Financial Results for the First Quarter ( April 1 , 2026 to June 30 , 2026 ) of FY3 / 27 ( 1 ) Consolidated results of operations Net sales Operating profit Millions of yen 51,513 52,769 % ( 2.4 ) Millions of yen 3,853 0.3 4,196 Three months ended Jun . 30 , 2026 Three months ended Jun . 30 , 2025 Note : Comprehensive income ( millions of yen ) : ( Percentages represent year - on - year changes ) Profit attributable to owners of parent Ordinary profit % Millions of yen % ( 2.4 ) 0.1 3,709 9.1 3,401 6.0 ( up 255.8 % ) ( down 75.4 % ) % Millions of yen ( 8.2 ) 5,004 3.3 5,125 Three months ended Jun . 30 , 2026 : 5,082 Three months ended Jun . 30 , 2025 : 1,428 Diluted net income Net income per share Three months ended Jun . 30 , 2026 Three months ended Jun . 30 , 2025 Yen 25.90 23.52 per share Yen 25.86 23.48 Note : YODOKO conducted a 1 - to - 5 common share split effective on July 1 , 2025. Net income per share and diluted net income per share have been calculated as if this share split has taken place at the beginning of the fiscal year ended March 31 , 2026 . ( 2 ) Consolidated financial position As of Jun . 30 , 2026 As of Mar. 31 , 2026 Total assets Millions of yen 260,941 266,458 Net assets Millions of yen 218,536 223,675 Equity ratio % 75.6 Reference : Equity ( Shareholders ' equity + Accumulated other comprehensive income ) ( millions of yen ) : As of Jun . 30 , 2026 : 197,196 As of Mar. 31 , 2026 : 202,577 76.0 2. Dividends 1Q - end 2Q - end Yen Fiscal year ended Mar. 31 , 2026 Fiscal year ending Mar. 31 , 2027 Fiscal year ending Mar. 31 , 2027 ( Forecast ) Yen 20.00 20.00 Dividend per share 3Q - end Year - end Yen Yen 71.00 42.00 Total Yen 91.00 62.00 Note : Revisions to the most recently announced dividend forecast : Yes For further details , please refer to the press release " Notice Concerning Revisions to Earnings Forecasts and Dividend Forecast " that was announced today ( August 6 , 2026 ) . 3. Consolidated Forecasts for FY3 / 27 ( April 1 , 2026 to March 31 , 2027 ) ( Percentages represent year - on - year changes ) Profit attributable to Net income First half Full year Net sales Millions of yen 107,000 212,000 Operating profit % Millions of yen 5.0 8.5 % 7,400 12,900 1.2 8.7 Ordinary profit Millions of yen 8,800 14,900 % owners of parent Millions of yen per share ( 0.9 ) ( 14.9 ) % 8,000 32.4 11,800 ( 32.2 ) Yen 55.85 82.37 Note : Revisions to the most recently announced consolidated earnings forecast : Yes For further details , please refer to “ 1. Overview of Results of Operations , ( 3 ) Consolidated Forecast and Other Forward- looking Statements " on page 4 and the press release " Notice Concerning Revisions to Earnings Forecasts and Dividend Forecast " that was announced today ( August 6 , 2026 ) .
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* Notes (1) Significant changes in the scope of consolidation during the period: None (2) Application of special accounting methods for presenting quarterly consolidated financial statements: None (3) Changes in accounting policies and accounting -based estimates, and restatements 1) Changes in accounting policies due to revisions in accounting standards, others: None 2) Changes in accounting policies other than 1) above: None 3) Changes in accounting -based estimates: None 4) Restatements: None (4) Number of issued shares (common shares) 1) Number of shares issued at the end of the period (including treasury shares) As of Jun. 30, 2026: 156,272,250 shares As of Mar. 31, 202 6: 156,272,250 shares 2) Number of treasury shares at the end of the period As of Jun. 30, 2026: 13,022,710 shares As of Mar. 31, 202 6: 13,027,570 shares 3) Average number of shares outstanding during the period Three months ended Jun. 30, 202 6: 143,248,345 shares Three months ended Jun. 30, 202 5: 144,625,806 shares Note: YODOKO conducted a 1 -to-5 common share split effective on July 1, 2025. The average number of shares outstanding during the period has been calculated as if this share split has taken place at the beginning of the fiscal year ended March 31, 2026. * Review of the attached quarterly consolidated financial statements by a certified public accountant or auditing firm: None * Cautionary statement with respect to forward -looking statements and other special items Forecasts of future performance in these materials are based on assumptions judged to be valid and information available to t he management of YODOKO at the time the materials were prepared. These materials are not promises by YODOKO regarding future performance. Actual results may differ significantly from these forecasts for a number of reasons. For a discussion of the assumptions for forecasts, precautions concerning usage, and other information, please refer to “1. Overview of Results of Operations, (3) Consolidated Forecast and Other Forward -looking Statements ” on page 4.
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YODOKO, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/27 1 Contents of Attachments 1. Overview of Results of Operations 2 (1) Results of Operations 2 (2) Financial Position 3 (3) Consolidated Forecast and Other Forward -looking Statements 4 2. Quarterly Consolidated Financial Statements and Notes 5 (1) Quarterly Consolidated Balance Sheet 5 (2) Quarterly Consolidated Statements of Income and Comprehensive Income 7 Quarterly Consolidated Statement of Income 7 Quarterly Consolidated Statement of Comprehensive Income 8 (3) Notes to Quarterly Consolidated Financial Statements 9 Going -concern Assumption 9 Significant Changes in Shareholders’ Equity 9 Notes to Quarterly Consolidated Statement of Cash Flows 9 Segment and Other Information 10
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YODOKO, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/27 2 1. Overview of Results of Operations (1) Results of Operations During the first three months of the fiscal year ending March 31, 2027, the Japanese economy maintained a moderate recovery trend, supported by wage increases and inbound tourism demand. However, consumer spending remained lackluster due to continued inflation driven by the prolonged depreciation of the yen and persistently high prices of raw materials and energy. In addition, the outlook remains uncertain, reflecting such factors as crude oil price movements associated with escalating tensions in the Middle East and sharp fluctuations in foreign exchange rates. With regard to the global economy, the U.S. economy remained generally resilient, supported by AI -related capital investment, although uncertainties persisted due to continued inflationary pressure stemming from higher energy prices. In China, exports rema ined relatively firm, but domestic demand continued to be weak as consumer spending showed signs of slowing following the completion of successive government economic stimulus measures. In Europe, inflationary pressure has strengthened again due to rising energy prices, raising concerns over sluggish growth in consumer spending and corporate capital investment. In the steel industry in Japan, demand for steel remains weak because the chronic labor shortage and high cost of materials and labor in the construction sector are delaying construction projects and a full -scale recovery of automobile production is slower than expected. In addition, supply chain disruptions in many industries caused by uncertainty about the procurement of naphtha are also negatively impacting the supply and demand for steel. In overseas steel markets, the continuation of a large volume of steel exports at low prices by China as internal demand remains soft is exerting downward pressure on steel prices worldwide. The U.S., European countries and emerging countries are responding with anti -dumping tariffs and other trade measures. Increasing trade protectionism is making the outlook for the global steel trade even more uncertain . Under these circumstances, the YODOKO Group’s net sales for the first three months decreased 1,256 million yen from the same period of the previous fiscal year to 51,513 million yen. Operating profit decreased 343 million yen to 3,853 million yen, ordinary profit decreased 120 million yen to 5,004 million yen, and profit attributable to owners of parent increased 308 million yen to 3,709 million yen. In Japan, sales increased year on year mainly because of higher sales volumes of steel sheet products for both specific high -demand customers and general distribution but earnings decreased mainly due to rising prices of raw materials and fuel. Overseas, sales and earnings decreased mainly due to a decrease in sales volumes year on year at Sheng Yu Steel Co., Ltd. (SYSCO), a subsidiary in Taiwan . Business segment performance was as follows. 1) Steel Sheet -related Business Sales and earnings decreased year on year with net sales of 48,974 million yen and operating profit of 3,797 million yen. Steel Sheets In Japan, sales increased mainly because of higher sales volumes of steel sheet products for both specific high - demand customers and general distribution but earnings decreased due to higher prices of raw materials and fuel, including zinc. Overseas, at SYSCO in Taiwan, earnings continued to improve, but sales and earnings decreased year on year due to a decline in sales volume compared with the first quarter of the previous fiscal year. At Yodogawa-Shengyu (Hefei) High -Tech Steel Co., Ltd. (YSS) in China, sales increased as sales volume rose, although the improvement in earnings was modest. At PCM Processing (Thailand) Ltd. (PPT), the company’s performance remained steady. Sales decreased but earnings increased year on year.
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YODOKO, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/27 3 Building Materials Sales and earnings decreased year on year due to a decline in sales of both exterior construction material products and exterior products. 2) Roll Business Net sales totaled 715 million yen and operating profit was 76 million ye n. Sales decreased but earnings were higher because of a large volume of sales of rolls with substantial added value used in the steel industry. 3) Grating Business Net sales totaled 685 million yen and operating profit was 3 million yen. Sales and earnings decreased year on year due to lower sales volume mainly because of the ongoing low volume of highway projects. 4) Real Estate Business Net sales totaled 357 million yen and operating profit was 221 million yen. Sales and earnings increased year on year mainly due to sale of real estate for sale. 5) Other Businesses Net sales totaled 779 million yen and operating profit was 176 million yen. Sales were down because of more transactions within the YODOKO Group. Earnings were higher due to an improvement in profitability. (2) Financial Position Assets Current assets decreased by 8,343 million yen from the end of the previous fiscal year to 157,242 million yen. This was attributable mainly to a decrease of 1,310 million yen in cash and deposits, an increase of 3,572 million yen in notes and accounts receivable -trade, and contract assets, a decrease of 8,143 million yen in securities and a decrease of 1,705 million yen in raw materials and supplies. Non-current assets increased by 2,826 million yen from the end of the previous fiscal year to 103,699 million yen. This was attributable mainly to a n increase of 673 million yen in property, plant and equipment and an increase of 2,104 million yen in investment securities. Total assets decreased by 5,516 million yen from the end of the previous fiscal year to 260,941 million yen. Liabilities Current liabilities decreased by 945 million yen from the end of the previous fiscal year to 26,986 million yen. This was attributable mainly to decreases of 1,048 million yen in notes and account payable -trade, 932 million yen in income taxes payable and 597 million yen in provision for bonuses . Non-current liabilities increased by 567 million yen from the end of the previous fiscal year to 15,419 million yen. This was attributable mainly to a decrease of 565 million yen in provision for product compensation and an increase of 1,225 million yen in deferred tax liabilities included in other. Total liabilities decreased by 377 million yen from the end of the previous fiscal year to 42,405 million yen.
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YODOKO, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/27 4 Net assets Net assets decreased by 5,139 million yen from the end of the previous fiscal year to 218, 536 million yen. This was attributable mainly to an increase of 3,709 million yen in retained earnings owing to the recording of profit attributable to owners of parent, which was offset by a decrease of 10,1 70 million yen in retained earnings resulted from the payment of dividends, and an increase of 1,091 million yen in valuation difference on available -for-sale securities. (3) Consolidated Forecast and Other Forward -looking Statements The Japanese economy is expected to maintain its moderate recovery trend. However, it is likely to take some time before inflationary pressure and supply chain disruptions caused by the situation in the Middle East subside. With regard to the global econom y, concerns over a slowdown are increasing as inflationary pressure remains persistent worldwide due to elevated energy prices. In addition, the outlook is expected to remain uncertain due to the strengthening of protectionist trade policies under a “country -first” approach and the resulting fluidity in international relations. In the steel market as well, the escalating tensions are expected to have widespread repercussions, heightening concerns about the outlook in both domestic and overseas steel markets. Rising energy and transportation costs are expected to increase manufact uring costs, while demand in major steel -consuming industries, such as construction and automobiles, is likely to weaken due to higher crude oil prices. As a result, the business environment is expected to remain extremely challenging. At the YODOKO Group, procurement costs are rising, particularly for such raw materials as zinc, paint and thinner, and this situation is expected to continue for the foreseeable future. To succeed in this uncertain business climate, all group companies are focusing on speed and agility concerning both sales and production activities to respond to rapidly changing market conditions. At the same time, by steadily implementing the “ YODOKO Group Medium -Term Management Plan 202 8,” we will work to strengthen our earning power. The forecast for consolidated performance of the fiscal year ending March 31, 2027 is based on this outlook for the economy and steel market. These calculations are based on the assumption that a stable supply of raw materials, including paint and thinner, will continue to be available. If these materials become difficult to procure in the future due to the situations in the Middle East, or their prices rise more than anticipated, the actual results may differ significantly.
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YODOKO, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/27 5 2. Quarterly Consolidated Financial Statements and Notes (1) Quarterly Consolidated Balance Sheet (Millions of yen) FY3/26 (as of Mar. 31, 2026) First quarter of FY3/2 7 (as of Jun. 30, 2026) Assets Current assets Cash and deposits 62,059 60,749 Notes and accounts receivable -trade, and contract assets 40,400 43,973 Electronically recorded monetary claims -operating 4,732 5,473 Securities 11,108 2,964 Merchandise and finished goods 21,825 20,905 Work in process 6,075 5,346 Raw materials and supplies 16,767 15,062 Other 2,826 2,978 Allowance for doubtful accounts (210) (210) Total current assets 165,586 157,242 Non-current assets Property, plant and equipment 55,781 56,454 Intangible assets 2,425 2,493 Investments and other assets Investment securities 38,210 40,315 Retirement benefit asset 3,778 3,809 Other 675 625 Total investments and other assets 42,665 44,750 Total non -current assets 100,872 103,699 Total assets 266,458 260,941
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YODOKO, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/27 6 (Millions of yen) FY3/26 (as of Mar. 31, 2026) First quarter of FY3/2 7 (as of Jun. 30, 2026) Liabilities Current liabilities Notes and accounts payable -trade 14,815 13,766 Electronically recorded obligations -operating 2,236 2,240 Income taxes payable 2,322 1,389 Provision for bonuses 1,182 585 Other 7,374 9,004 Total current liabilities 27,931 26,986 Non-current liabilities Provision for retirement benefits for directors (and other officers) 27 29 Retirement benefit liability 3,670 3,645 Provision for product compensation 5,544 4,978 Other 5,608 6,765 Total non -current liabilities 14,851 15,419 Total liabilities 42,783 42,405 Net assets Shareholders’ equity Share capital 23,220 23,220 Capital surplus 10,589 10,588 Retained earnings 141,395 134,934 Treasury shares (6,878) (6,875) Total shareholders’ equity 168,327 161,869 Accumulated other comprehensive income Valuation difference on available -for-sale securities 19,241 20,332 Revaluation reserve for land 630 630 Foreign currency translation adjustment 11,229 11,302 Remeasurements of defined benefit plans 3,148 3,062 Total accumulated other comprehensive income 34,249 35,327 Share acquisition rights 71 68 Non-controlling interests 21,026 21,270 Total net assets 223,675 218,536 Total liabilities and net assets 266,458 260,941
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YODOKO, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/27 7 (2) Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statement of Income (Millions of yen) First three months of FY3/2 6 (Apr. 1, 202 5 to Jun. 30, 202 5) First three months of FY3/2 7 (Apr. 1, 202 6 to Jun. 30, 202 6) Net sales 52,769 51,513 Cost of sales 43,015 41,796 Gross profit 9,753 9,716 Selling, general and administrative expenses 5,557 5,863 Operating profit 4,196 3,853 Non-operating income Interest income 175 250 Dividend income 512 585 Foreign exchange gains 54 67 Share of profit of entities accounted for using equity method 119 – Gain on sale of investment securities – 190 Other 123 108 Total non -operating income 985 1,201 Non-operating expenses Interest expenses 23 18 Cost for employees transferred temporarily to overseas subsidiaries 23 16 Other 10 15 Total non -operating expenses 57 50 Ordinary profit 5,125 5,004 Extraordinary income Gain on sale of non -current assets 58 944 Gain on liquidation of subsidiaries and associates – 30 Total extraordinary income 58 975 Extraordinary losses Loss on sale and retirement of non -current assets 16 34 Other – 2 Total extraordinary losses 16 36 Profit before income taxes 5,167 5,943 Income taxes -current 837 1,145 Income taxes -deferred 569 782 Total income taxes 1,407 1,927 Profit 3,760 4,015 Profit attributable to non -controlling interests 359 305 Profit attributable to owners of parent 3,401 3,709
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YODOKO, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/27 8 Quarterly Consolidated Statement of Comprehensive Income (Millions of yen) First three months of FY3/2 6 (Apr. 1, 202 5 to Jun. 30, 202 5) First three months of FY3/2 7 (Apr. 1, 202 6 to Jun. 30, 202 6) Profit 3,760 4,015 Other comprehensive income Valuation difference on available -for-sale securities 1,307 1,115 Revaluation reserve for land (17) – Foreign currency translation adjustment (3,561) 36 Remeasurements of defined benefit plans, net of tax (68) (84) Share of other comprehensive income of entities accounted for using equity method 8 – Total other comprehensive income (2,331) 1,067 Comprehensive income 1,428 5,082 Comprehensive income attributable to: Owners of parent 2,261 4,787 Non-controlling interests (832) 295
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YODOKO, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/27 9 (3) Notes to Quarterly Consolidated Financial Statements Going-concern Assumption Not applicable. Significant Changes in Shareholders’ Equity Not applicable. Notes to Quarterly Consolidated Statement of Cash Flows A quarterly consolidated statement of cash flows has not been prepared for the first three months of the current fiscal year. Depreciation (including amortization of intangible assets) for the first three months of each period is as follows. (Millions of yen) First three months of FY3/2 6 (Apr. 1, 202 5 to Jun. 30 , 202 5) First three months of FY3/2 7 (Apr. 1, 202 6 to Jun. 30 , 202 6) Depreciation 1,129 1,219
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YODOKO, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/27 10 Segment and Other Information Segment information I. First three months of FY3/2 6 (Apr. 1, 202 5 to Jun. 30, 202 5) Information related to net sales and profit/loss for each reportable segment (Millions of yen) Reportable segments Others (Note 1) Total Adjustment (Note 2) Amounts shown on the quarterly consolidated statement of income (Note 3) Steel Sheet - related Business Roll Business Grating Business Real Estate Business Total Net sales External sales 50,091 852 693 336 51,974 794 52,769 － 52,769 Inter-segment sales and transfers － － － 104 104 440 545 (545) － Total 50,091 852 693 441 52,078 1,235 53,314 (545) 52,769 Segment profit 4,217 27 9 190 4,445 156 4,601 (405) 4,196 Notes: 1. Others represent businesses which are not included in any of the reportable segments and mainly consist of transportation, warehouse, golf course, electric power (sale of solar power), and other businesses. 2. The adjustment to segment profit includes unallocated expenses of ( 407) million yen and an elimination for inter - segment transactions of 1 million yen. 3. Segment profit is adjusted with the operating profit on the quarterly consolidated statement of income. II. First three months of FY3/2 7 (Apr. 1, 202 6 to Jun. 30, 202 6) Information related to net sales and profit/loss for each reportable segment (Millions of yen) Reportable segments Others (Note 1) Total Adjustment (Note 2) Amounts shown on the quarterly consolidated statement of income (Note 3) Steel Sheet - related Business Roll Business Grating Business Real Estate Business Total Net sales External sales 48,974 715 685 357 50,733 779 51,513 － 51,513 Inter-segment sales and transfers － － － 104 104 515 620 (620) － Total 48,974 715 685 462 50,837 1,295 52,133 (620) 51,513 Segment profit 3,797 76 3 221 4,098 176 4,274 (421) 3,853 Notes: 1. Others represent businesses which are not included in any of the reportable segments and mainly consist of transportation, warehouse, golf course, electric power (sale of solar power), and other businesses. 2. The adjustment to segment profit includes unallocated expenses of ( 423) million yen and an elimination for inter - segment transactions of 2 million yen. 3. Segment profit is adjusted with the operating profit on the quarterly consolidated statement of income. This report is solely a translation of “Kessan Tanshin” (in Japanese, including the attachments), which has been prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience of readers who prefer an Engli sh translation.