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MARUICHI STEEL TUBE LTD . Financial Results Briefing First Quarter of the Fiscal Year Ending March 31 , 2027 August 7 , 2026 Securities Code : 5463 MKK MARUICHI STEEL TUBE LTD .
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1 Q1 FY2026 Financial Highlights 1 Consolidated net sales increased by 8.9% and operating income by 38.8% – Maruichi Steel Tube (unconsolidated): Sales volume +3.5%; operating income +15.1% (4.85 billion yen) – The four U.S. companies: Operating income increased to 1.86 billion yen thanks to higher CRU prices. – At Maruichi Stainless Tube, BA tube sales volume increased by 62.1% to 142,000 tubes per month as semiconductor demand recovered. 2 Full year forecast unchanged, factoring in higher domestic coil prices. * Four U.S. companies: LEAVITT, MNT, MAC and MOST CRU price: U.S. Midwest coil price index published by CRU Group (U.K.)
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1 Consolidated Results 2 Business Topics 3 Full Year Forecast Contents Appendix
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1 Consolidated Results 2 Business Topics 3 Full Year Forecast Contents Appendix
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4 FY2026 Q1 Consolidated Results (millions of yen) Consolidated FY2025 Q1 Results FY2026 Q1 Results YoY Change YoY Change (%) FY2026 1H Plan 1H Progress (a) (b) (b-a) (b/a-1) (c) (b/c) Net sales 59,717 65,032 5,315 8.9% 132,300 49.2% Operating income 6,694 9,290 2,596 38.8% 18,100 51.3% Japan 4,704 6,155 1,451 30.8% 11,486 53.6% North America 1,001 2,037 1,036 103.4% 4,634 44.0% Asia 856 952 96 11.2% 1,898 50.2% Reconciliations 132 144 12 ― 82 ― Ordinary income 7,517 10,374 2,857 38.0% 18,700 55.5% Net income attributable to owners of parent 4,117 5,400 1,283 31.1% 11,400 47.4% * Exchange rate: ￥156.86/USD (￥152.60/USD in FY2025 Q1) 1H forecast disclosed on May 13, 2026 • Net sales and profit increased. • North American operating income nearly doubled.
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5 • Higher profit YoY, driven by Japan and the U.S. • Operating income declined at MMX (Mexico), as Japanese automakers cut production, and at MPST (Philippines), compromising sales price to motorcycle manufacturers. 634 364 348 755 106 121 124 31 -69 46 149 -86 71 6,694 9,290 FY2025 Q1 Maruichi Steel Tube MST Other domestic subsidiaries Leavitt MNT MAC MOST MST-X MMX SUNSCO KUMA MPST Reconciliation FY2026 Q1 Japan North America Asia * SUNSCO’s results include both HCM and Hanoi. Factors Contributing to Changes in Consolidated Operating Income (millions of yen)
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1 Consolidated Results 2 Business Topics 3 Full Year Forecast Contents Appendix
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7 Business Topics ― Maruichi Steel Tube – Preliminary duties on galvanized sheet were 29.2%~38.0% for South Korea and 50.1%~55.3% for China. We are negotiating price increases as domestic orders grow. – Investigations into HRC/CRC from South Korea, China and Taiwan have begun. We are evaluating the impact to our procurements. Market Environment Sales Volume Operating Income Anti-dumping Investigations – Housing demand remains weak amid labor shortages and project delays. – Automobile production is improving, but the sales volume impact is limited. – Q1 volume increased by 3.5% despite weak domestic demand. – Group companies are jointly pursuing large projects such as data centers. – Operating income increased by 15.1% (4.85 billion yen) on higher volume and profitability-focused operations. 4,890 4,125 4,212 4,846 Q1 FY2023 Q1 FY2024 Q1 FY2025 Q1 FY2026 Maruichi Steel Tube Operating Income (millions of yen)
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8 Business Topics ― Maruichi Stainless Tube and MST-X Market Environment Sales Volume – BA tube demand is rising in South Korea and China, supported by projects such as Samsung's new plant. U.S. semiconductor demand is expected to recover in 2H FY2026. – Stainless tube demand remains weak except for domestic shipbuilding, while U.S. exports are affected by tariffs. Middle East uncertainty and price competition remain concerns. At Maruichi Stainless Tube, – Domestic BA tube sales increased by 62% to about 140,000 tubes per month, with further growth expected in 2H. – We are hiring people to support higher production. – Stainless tube volume was flat. At MST-X, – Sales volume remains below 3,000 tubes per month but expects growth in 2H. – Sales to major H&I tubing distributors have begun. – Maruichi Stainless Tube operating income increased to 485 million yen (4 times compared to Q1 of 2025) thanks to BA tube sales recovery. – MST-X posted a 140-million-yen operating loss and targets profitability in 2H. 141,938 177,741 203,481 190,611 Q1 Results 1H Plan 2H Plan Full Year Plan Maruichi Stainless Tube: FY2026 BA Tube Sales Volume Plan 2,832 13,448 42,071 27,760 Q1 Results 1H Plan 2H Plan Full Year Plan MST-X: FY2026 BA Tube Sales Volume Plan (tubes/month) (tubes/month) Operating Income
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9 – Data center and U.S.-Mexico border fence demand is driving the structural tube market. – Local mills are near full capacity, and HRC supply is tight. – CRU prices continue to rise, reaching $1,114/st at end-June. – Material shortages reduced volume at LEAVITT (-11.5%) and MNT (-25.3%). MAC declined by 4.1% after temporary supply delays, while MOST increased by 7.6%. – LEAVITT and MNT are diversifying suppliers. – MAC and MOST have established stable supply through centralized procurement, inventory optimization and flexible production. – Higher selling prices improved spreads despite lower volume. Q1 operating income at the four companies increased to 1.86 billion yen (2.5 times YoY); LEAVITT 830 million yen, MAC 760 million yen, and MOST170 million yen. MNT turned profitable at 95 million yen. – 1H progress was 33% at MNT and 46%~51% at the other three companies. 810 1,114 400 600 800 1,000 1,200 1,400 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 2025 1Q 2024 1Q 2026 1Q CRU ($/st) Business Topics ― Four U.S. Companies (LEAVITT, MNT, MAC and MOST) Market Environment Sales Volume Operating Income
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10 • Maruichi Steel Tube: Stainless welded tube plant scheduled to start operations in 2H FY2027. • Maruichi Stainless Tube: Large extrusion machine is scheduled to start operations in 1H FY2028. Existing Maruichi Stainless Tube plant site 5,000-ton large extrusion press plant under construction Investment: approx. 26.0 billion yen Capacity: approx. 2,000 MT/month Stainless welded tube plant under construction Investment: approx. 22.0 billion yen Capacity: approx. 1,500 MT/month Newly acquired site (May 2024) Business Topics ― Maruichi Stainless Park (Shimonoseki)
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1 Consolidated Results 2 Business Topics 3 Full Year Forecast Contents Appendix
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12 Consolidated FY2025 Results FY2026 Plan Progress 1H 2H Full Year Q1 Results Q2 Remaining Plan 1H 2H Full Year 1H Full Year Net sales 120,539 123,225 243,764 65,032 67,268 132,300 142,200 274,500 49.2% 23.7% Operating income 15,422 16,621 32,043 9,290 8,810 18,100 18,800 36,900 51.3% 25.2% Ordinary income 16,681 17,567 34,248 10,374 8,326 18,700 19,300 38,000 55.5% 27.3% Net income attributable to owners of parent 10,690 15,986 26,676 5,400 6,000 11,400 14,300 25,700 47.4% 21.0% • Forecast disclosed on May 13, 2026 remains unchanged • Factoring in risks such as rising domestic coil prices FY2026 Forecast (millions of yen)
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13 • Annual dividend unchanged at 52 yen per share. • FY2026 payout ratio is expected to be 44.4%, with continued share buybacks. 13.33 13.33 18.33 18.33 22.33 26.00 17.00 23.17 25.33 25.33 22.50 26.00 27% 36% 40% 39% 38% 44.4% 0%0.00 50. 00 100.00 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 forecast Payout ratio Fiscal year Annual dividends Share buybacks Total returns Total payout ratio FY2024 ￥10.4bn ￥13.7bn ￥24.0bn 89％ FY2025 ￥10.1bn ￥15.3bn ￥25.4bn 95％ FY2026 forecast ￥11.3bn ￥10.0bn ￥21.3bn 83％ Dividend Trends (yen/share) Mid- term End of term30.33 36.50 43.66 43.66 44.83 52.00 Shareholder Returns and Capital Efficiency Share Buybacks and Total Payout Ratio
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Appendix
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15 Company FY2025 FY2026 Q1 YoY Change Q1 YoY Change (%)Q1 Q2 1H Q3 Q4 2H Full year Q1 Results (a) (b) (b-a) (b/a-1) Maruichi Steel Tube Construction 93,397 87,962 181,359 88,116 88,192 176,308 357,667 94,809 1,413 1.5% Machinery 32,228 31,667 63,895 34,346 34,151 68,497 132,392 33,146 918 2.8% Other 36,757 37,667 74,424 36,060 40,886 76,946 151,370 40,072 3,315 9.0% Subtotal 162,381 157,296 319,677 158,522 163,229 321,751 641,428 168,027 5,646 3.5% Four U.S. companies Leavitt 31,958 25,431 57,389 24,727 26,061 50,788 108,177 28,296 -3,662 -11.5% MNT 6,457 4,032 10,489 6,810 7,385 14,195 24,684 4,821 -1,636 -25.3% MAC 18,899 18,308 37,207 17,435 16,615 34,050 71,257 18,127 -772 -4.1% MOST 9,646 7,466 17,112 8,687 8,369 17,056 34,168 10,378 732 7.6% Subtotal 66,960 55,237 122,197 57,659 58,430 116,089 238,286 61,622 -5,338 -8.0% MMX 4,257 4,154 8,411 4,184 3,381 7,565 15,976 3,516 -741 -17.4% SUNSCO 47,555 54,470 102,025 65,109 47,284 112,393 214,418 50,942 3,387 7.1% KUMA 9,628 10,545 20,173 10,738 12,047 22,785 42,958 11,565 1,937 20.1% MPST 2,633 2,873 5,506 3,151 2,997 6,148 11,654 2,688 55 2.1% Total 293,414 284,575 577,989 299,363 287,368 586,731 1,164,720 298,360 4,946 1.7% Maruichi Stainless Tube Stainless tubes 2,729 2,952 5,681 2,573 2,492 5,065 10,746 2,759 30 1.1％ BA tubes (units) 262,636 298,879 561,515 340,340 354,713 695,053 1,256,568 425,814 163,178 62.1％ MST-X BA tubes (units) 9,144 37,580 46,724 8,615 20 8,635 55,359 8,497 -647 -7.1% （t） * SUNSCO’s results include both HCM and Hanoi. Sales Volume by Company
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16 Segment FY2025 FY2026 Q1 YoY Change Q1 YoY Change (%) 1H ProgressQ1 1H 2H Full year Q1 Results 1H Plan 2H Plan Full year plan (a) (b) (C) (b-a) (b/a-1) (b/c) Net sales 59,717 120,539 123,225 243,764 65,032 132,300 142,200 274,500 5,315 8.9% 49.2% Japan 35,518 71,602 72,537 144,139 37,554 75,799 82,351 158,150 2,036 5.7% 49.5% North America 13,915 27,623 27,214 54,837 16,315 33,444 34,168 67,612 2,400 17.2% 48.8% Asia 10,283 21,313 23,475 44,788 11,161 23,057 25,681 48,738 878 8.5% 48.4% Operating income 6,694 15,422 16,621 32,043 9,290 18,100 18,800 36,900 2,596 38.8% 51.3% Japan 4,704 9,980 11,871 21,851 6,155 11,486 12,702 24,188 1,451 30.8% 53.6% North America 1,001 3,360 2,098 5,458 2,037 4,634 3,539 8,173 1,036 103.4% 44.0% Asia 856 1,820 2,344 4,164 952 1,898 2,376 4,274 96 11.2% 50.2% Reconciliations 132 259 310 569 144 82 181 263 12 ― ― Performance by Segment (millions of yen)
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17 Company FY2025 FY2026 Q1 YoY Change Q1 YoY Change (%) 1H ProgressQ1 Q2 1H Q3 Q4 2H Full year Q1 Results 1H Plan 2H Plan Full year plan (a) (b) (C) (b-a) (b/a-1) (b/c) Maruichi Steel Tube 27,906 27,632 55,538 27,547 27,676 55,223 110,761 28,334 58,755 61,820 120,575 428 1.5% 48.2% Maruichi Stainless Tube 5,745 6,346 12,091 5,445 5,777 11,222 23,313 6,529 13,766 16,670 30,436 784 13.6% 47.4% Other domestic subsidiaries 3,150 3,325 6,475 3,553 3,459 7,012 13,487 3,446 6,302 6,866 13,168 296 9.4% 54.7% Leavitt 5,225 5,010 10,235 4,743 5,108 9,851 20,086 6,747 13,015 12,570 25,585 1,522 29.1% 51.8% MNT 1,016 777 1,793 1,233 1,333 2,566 4,359 1,057 2,530 2,457 4,987 41 4.0% 41.8% MAC 4,027 4,521 8,548 4,244 3,991 8,235 16,783 4,872 9,430 8,839 18,269 845 21.0% 51.7% MOST 1,880 1,696 3,576 2,016 1,902 3,918 7,494 2,540 4,725 4,260 8,985 660 35.1% 53.8% MST-X 44 215 259 63 2 65 324 137 914 2,840 3,754 93 211.4% 15.0% MMX 1,621 1,471 3,092 1,541 1,289 2,830 5,922 1,426 2,830 3,202 6,032 -195 -12.0% 50.4% SUNSCO 6,867 7,369 14,236 8,772 6,778 15,550 29,786 7,294 14,464 16,801 31,265 427 6.2% 50.4% KUMA 3,046 3,222 6,268 3,480 3,878 7,358 13,626 3,639 7,222 7,330 14,552 593 19.5% 50.4% MPST 704 743 1,447 813 731 1,544 2,991 673 1,371 1,550 2,921 -31 -4.4% 49.1% Reconciliations -1,514 -1,505 -3,019 -822 -1,327 -2,149 -5,168 -1,662 -3,024 -3,005 -6,029 -148 - - Total 59,717 60,822 120,539 62,628 60,597 123,225 243,764 65,032 132,300 142,200 274,500 5,315 8.9% 49.2% Net Sales by Company (millions of yen) * SUNSCO’s results include both HCM and Hanoi.
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18 Company FY2025 FY2026 Q1 YoY Change Q1 YoY Change (%) 1H ProgressQ1 Q2 1H Q3 Q4 2H Full year Q1 Results 1H Plan 2H Plan Full year plan (a) (b) (C) (b-a) (b/a-1) (b/c) Maruichi Steel Tube 4,212 4,499 8,711 4,865 4,997 9,862 18,573 4,846 9,158 9,329 18,487 634 15.1% 52.9% Maruichi Stainless Tube 122 514 636 371 628 999 1,635 486 1,029 1,921 2,950 364 298.4% 47.2% Other domestic subsidiaries 353 242 595 359 306 665 1,260 701 1,299 1,454 2,753 348 98.6% 54.0% Leavitt 79 708 787 171 221 392 1,179 834 1,651 600 2,251 755 955.7% 50.5% MNT -11 103 92 36 -13 23 115 95 288 118 406 106 - 33.0% MAC 639 1,162 1,801 685 557 1,242 3,043 760 1,562 1,251 2,813 121 18.9% 48.7% MOST 47 204 251 143 -33 110 361 171 372 143 515 124 263.8% 46.0% MST-X -170 -152 -322 -163 -226 -389 -711 -137 -73 564 491 31 - - MMX 458 474 932 436 348 784 1,716 389 834 863 1,697 -69 -15.1% 46.6% SUNSCO 450 591 1,041 859 489 1,348 2,389 496 948 1,426 2,374 46 10.2% 52.3% KUMA 187 191 378 252 354 606 984 336 665 649 1,314 149 79.7% 50.5% MPST 219 222 441 250 166 416 857 133 285 301 586 -86 -39.0% 46.7% Reconciliations 109 -30 79 221 342 563 642 180 82 181 263 71 - - Total 6,694 8,728 15,422 8,485 8,136 16,621 32,043 9,290 18,100 18,800 36,900 2,596 38.8% 51.3% Operating Income by Company * SUNSCO’s results include both HCM and Hanoi. (millions of yen)
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19 6,662 5,205 4,704 6,155 Q1 FY2023 Q1 FY2024 Q1 FY2025 Q1 FY2026 Japan Segment Overview – Net sales increased by 5.7% (37.5 billion yen) and operating income increased by 30.8% (6.2 billion yen), supported by recovering BA tube and improvements at Alpha Metal, Toyo Superior Steel Tube and other affiliates. – 1H plan progress remained on track at 49.5% for net sales and 53.6% for operating income. 1,467 1,752 1,001 2,037 Q1 FY2023 Q1 FY2024 Q1 FY2025 Q1 FY2026 – MMX posted lower sales and profit due to weaker automaker sales. Higher prices and improved spreads at the four U.S. companies lifted net sales 17.2% to 16.3 billion yen and nearly doubled operating income to 2.0 billion yen. – We are monitoring the planned review of USMCA. (millions of yen) Segments ― Japan and North America Japan Segment Operating Income North America Segment Operating Income (millions of yen) North America Segment Overview * Four U.S. companies: LEAVITT, MNT, MAC and MOST
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– Segment sales volume increased by 9%. – Net sales increased by 8.5% (11.2 billion yen) and operating income by 11.2% (0.95 billion yen). 1H operating income progress was 50.2%. 1,106 1,194 856 952 Q1 FY2023 Q1 FY2024 Q1 FY2025 Q1 FY2026 ◎ SUNSCO ◎ MPST – In India, automobile production increased by 16.8% (1.45 million units) in Q1, while motorcycle production increased by 22.8% (7.25 million units). – KUMA sales volume increased by 20%, and operating margin recovered to 9% through price revisions and cost reductions, with a full year target of over 9%. – Volume rose 7.1% on higher coated sheet exports and Vietnamese infrastructure demand. – Hanoi sales remained solid to Japanese motorcycle makers and VinFast, with efforts to expand into automobiles. ◎ KUMA – Philippine motorcycle production increased by 4.9% (378 thousand units) in Q1. – Honda plans to increase annual capacity to over 1 million. – The new 2-inch mill expansion is complete. Localization should support further volume growth. Segment ― Asia Asia Segment Operating Income (millions of yen) Asia Segment Overview
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21 1.50 2.50 - 0.50 1.00 1.50 2.00 2.50 3.00 3.50 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 COIL COIL Ave. Tube Tube Ave. (months) COIL Ave. : 2.04 Tube Ave. : 2.53 286 246 0 100 200 300 400 500 600 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 CRU tube price (Index: Jan. 2016 = 100) Market Data 1 U.S. CRU and Structural Tube Prices U.S. Market Inventories * Figures on the right show June 2026 results. Source: Calculated by Maruichi Steel Tube based on various data.
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22 -38 -48 -150 -100 -50 0 50 100 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Hot-rolled coil Surface-treated coil (US$/t; Jan. 2024 = 0) Market Data 2 Southeast Asian Market * Figures on the right show June 2026 results. Source: Calculated by Maruichi Steel Tube based on various data.
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23 Plans and forward-looking statements herein are based on the Company's judgment drawn from currently available information. Please note that actual results may differ significantly from such plans and forward-looking statements due to various important factors. Disclaimer