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Overview

Glass and Ceramics Products

TOKAI CARBON CO.,LTD.

Tokai Carbon is a diversified advanced materials manufacturer specializing in carbon and graphite-based products across six business segments: Carbon Black (for rubber, pigment, and conductive applications), Fine Carbon (specialty carbon products, solid SiC, SiC coatings), Smelting & Lining (cathodes and blocks for aluminum smelting and blast furnaces), Graphite Electrodes (for electric arc furnaces in steelmaking), Industrial Furnaces and Related Products (electric industrial furnaces and silicon carbide heating elements), and Other businesses including friction materials and lithium-ion battery anode materials. The company serves a broad range of industries including automotive, steel, aluminum, semiconductors, and energy storage. Its competitive strength lies in its vertically integrated, globally diversified production network spanning Japan, North America, Europe, and Asia.

Market Cap

¥379B

US$2.42B

¥488B

US$3.11B

Stock¥1,874▼-0.66%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

8.2

LTM EV/EBIT

16.6

LTM PER

20.1

LTM PBR

1.2

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+46.9%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1May 14, 26Upward guidance revision, dividend increase, buyback announcement

2Aug 6, 26Q2 FY2026/12 earnings announced

3Oct 15, 26US CPI beat reignites Fed hike fears, SOX -4%, AI/semiconductor stock selloff

MC → EV Bridge

AI Briefing

Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

60%

40%

EquityD/E 0.68xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 44.1%

as of 2026-06-30 · Source: Annual Securities Report

The Master Trust Bank of Japan, Ltd. (Trust Account)

20.31%

Custody Bank of Japan, Ltd. (Trust Account)

8.43%

STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)

3.33%

MUFG Bank, Ltd.

2.88%

Mitsubishi UFJ Trust and Banking Corporation (Standing Proxy: The Master Trust Bank of Japan, Ltd.)

2.28%

Nomura Trust and Banking Co., Ltd. (Investment Trust Account)

1.86%

STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)

1.54%

JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)

1.42%

Morgan Stanley MUFG Securities Co., Ltd. (Standing Proxy: Sumitomo Mitsui Banking Corporation)

1.02%

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

1.01%

Management

13 officers

Hajime NAGASAKA

Representative Director, President

Apr 1972 Joined Tokai Electrode Manufacturing Co., Ltd. [now the Company] Mar 2006 Director; Executive Officer; Deputy General Manager, Carbon Black Business Division; General Manager, Sales Department, Carbon Black Business Division Mar 2008 Director; Managing Executive Officer; Deputy General Manager, Carbon Black Business Division Mar 2011 Director; Senior Managing Executive Officer; General Manager, Carbon Black Business Division Mar 2013 Representative Director; Senior Managing Executive Officer; Carbon Black Business Division and Electrode Business Division Mar 2014 Representative Director; Vice President Executive Officer; in charge of Carbon Black Business Division, Electrode Business Division and Raw Materials Procurement Department Feb 2015 Representative Director, President; President Executive Officer (current)

1950-01-09

Masafumi TSUJI

Director

Apr 1986 Joined the Company Mar 2015 Executive Officer; General Manager, Carbon Black Business Division Jan 2016 Executive Officer; General Manager, Electrode Business Division Mar 2017 Director; Executive Officer; General Manager, Fine Carbon Business Division Jan 2020 Director; Executive Officer; Deputy in charge of Corporate Planning Department, Strategic Investment Department and Sales Planning Department; General Manager, Corporate Planning Department Sep 2022 Director; Executive Officer; in charge of Corporate Planning Department, Subsidiary Management Department, Strategic Investment Department, Sales Planning Department and New Business Promotion Department; General Manager, Corporate Planning Department Mar 2023 Director; Executive Officer; in charge of Human Resources Department, General Affairs Department and Legal Affairs Department Sep 2023 Director; Managing Executive Officer; in charge of Human Resources Department; General Manager, Electrode Business Division Mar 2024 Director; Managing Executive Officer; General Manager, Electrode Business Division (current)

1963-01-10

Katsuyuki YAMAGUCHI

Director

Apr 1988 Joined the Company Mar 2016 General Manager, Technology Division Mar 2018 Executive Officer; General Manager, Technology Division Mar 2019 Director; Executive Officer; General Manager, Technology Division Mar 2021 Director; Executive Officer; General Manager, Development Strategy Division and General Manager, Intellectual Property Department Mar 2024 Director; Executive Officer; General Manager, Development Strategy Division (current)

1964-03-29

Tatsuhiko YAMAZAKI

Director

Apr 1985 Joined the Company Mar 2016 General Manager, Production Technology Department, Carbon Black Business Division Mar 2017 General Manager, Sales Department, Carbon Black Business Division Jan 2020 President Director, THAI TOKAI CARBON PRODUCT COMPANY LIMITED Mar 2023 Director; Executive Officer; President Director, THAI TOKAI CARBON PRODUCT COMPANY LIMITED Sep 2025 Director; Executive Officer; President Director, THAI TOKAI CARBON PRODUCT COMPANY LIMITED; President Director, Thai Tokai Carbon Product Rojana Co., Ltd. (current)

1964-11-22

Akihiko SATO

Director

Apr 1988 Joined Mitsui Leasing & Development, Ltd. [now JA Mitsui Leasing, Ltd.] Oct 2018 Joined the Company; Deputy General Manager, Accounting Department Mar 2019 General Manager, Finance & Accounting Department Mar 2021 Executive Officer; in charge of Finance & Accounting Department and Information Systems Office; General Manager, Finance & Accounting Department Mar 2023 Executive Officer; in charge of Corporate Planning Department; General Manager, Corporate Planning Department Aug 2024 Executive Officer; in charge of Corporate Planning Department Mar 2026 Director; Executive Officer; in charge of Corporate Planning Department (current)

1965-07-19

Koreyuki SATO

Director

Apr 1987 Joined The Bank of Tokyo, Ltd. [now MUFG Bank, Ltd.] Sep 2017 Assistant to Manager, Management Planning Office, the Company Jul 2018 Joined the Company; Deputy Manager, Management Planning Office Jan 2020 General Manager, Strategic Investment Department Mar 2023 Executive Officer; in charge of Strategic Planning Department Mar 2024 Executive Officer; in charge of Strategic Planning Department; General Manager, Strategic Planning Department Jul 2024 Executive Officer; Deputy in charge of Corporate Planning Department Mar 2026 Director; Executive Officer; Deputy in charge of Corporate Planning Department (current)

1964-03-31

Mayumi ASADA

Director

Oct 2002 Registered as attorney-at-law; joined Hiranuma Takaaki Law Office Jan 2014 Representative, Marunouchi Building Aoi Law Office (current) Mar 2014 Obtained Doctor of Medicine, Juntendo University Graduate School Apr 2020 Director, Nikaido Gakuen (school corporation) (current) Mar 2021 Director, the Company (current)

1968-02-05

Kimiya SANO

Director

Apr 1977 Joined Katakura Industries Co., Ltd. Mar 2015 Representative Director, President, Katakura Industries Co., Ltd. Jun 2017 Outside Director, Katakura Coop Agri Corporation (current) Mar 2020 Representative Director, Chairman, Katakura Coop Agri Corporation Mar 2024 Advisor, Katakura Coop Agri Corporation Mar 2026 Adviser, Katakura Coop Agri Corporation (current) Mar 2026 Director, the Company (current)

1955-03-08

Akira TAKADA

Director

Apr 1981 Joined Nomura Securities Co., Ltd. Dec 2001 General Manager, IB Consulting Office, Nomura Securities Co., Ltd. Apr 2012 Director, Nomura Investor Relations Co., Ltd. Mar 2018 Full-time Audit & Supervisory Board Member, Trusco Nakayama Corporation Jun 2023 Outside Director, Sankyu Inc. (current) Mar 2026 Director, the Company (current)

1958-01-03

Yuji SERIZAWA

Full-time Audit & Supervisory Board Member

Apr 1984 Joined the Company Mar 2009 Executive Officer; General Manager, Fine Carbon Business Division Mar 2012 Director; Executive Officer; General Manager, Fine Carbon Business Division Mar 2013 Director; Executive Officer; General Manager, Tanoura Research Institute and Tanoura Plant Mar 2014 Executive Officer; General Manager, Electrode Business Division Mar 2015 Director; Executive Officer; General Manager, Electrode Business Division; in charge of Raw Materials Procurement Department Jan 2016 Director; Executive Officer; General Manager, Management Strategy Division Mar 2017 Director; Executive Officer; in charge of Human Resources Department, General Affairs Department and Legal Affairs Department Mar 2023 Full-time Audit & Supervisory Board Member (current)

1959-12-27

Mikiharu SUGIHARA

Full-time Audit & Supervisory Board Member

Apr 1984 Joined the Company Mar 2013 Executive Officer; Assistant to in charge of Fine Carbon Business Division; General Manager, Fine Carbon Business Division Mar 2014 Director; Executive Officer; General Manager, Fine Carbon Business Division Mar 2015 Director; Managing Executive Officer; General Manager, Fine Carbon Business Division Jan 2016 Director, the Company; Director, Vice President, Tokai Koneth Industrial Co., Ltd. Mar 2018 Director; Vice President, Tokai Koneth Industrial Co., Ltd. Mar 2024 Full-time Audit & Supervisory Board Member (current)

1958-11-23

Kaoru KOGASHIWA

Audit & Supervisory Board Member

Oct 1990 Joined Shinnihon Securities Research Center, Management Research Institute, Inc. [now Japan Investment Environment Research Institute Co., Ltd.] Dec 1992 Registered as certified public tax accountant; Representative, Kaoru Kogashiwa Tax Accountant Office (current) Jun 2005 Audit & Supervisory Board Member, Sencon Butsuryu Co., Ltd. Jun 2017 Outside Director, Audit and Supervisory Committee Member, Sencon Butsuryu Co., Ltd. (current) May 2019 Audit & Supervisory Board Member, the Company (current)

1967-01-07

Yoshinori MATSUSHIMA

Audit & Supervisory Board Member

Nov 1997 Joined Tohmatsu & Co. May 2001 Registered as certified public accountant; Representative, Matsushima Certified Public Accountant Office (current) May 2006 Registered as certified public tax accountant Mar 2023 Audit & Supervisory Board Member, the Company (current)

1968-02-07

Large Shareholding Reports

Amova Asset Management Co., Ltd.

2026-10-21

3.87%→3.72%

Nomura Asset Management Co., Ltd.

2026-10-16

9.28%→9.32%

Nomura Asset Management Co., Ltd.

2026-09-24

8.79%→9.28%

Amova Asset Management Co., Ltd.

2026-09-24

3.72%→3.87%

Nomura Asset Management Co., Ltd.

2026-09-01

8.91%→8.79%

Amova Asset Management Co., Ltd.

2026-07-22

3.91%→3.71%

Nomura Asset Management Co., Ltd.

2026-07-10

8.78%→8.78%

Nomura Asset Management Co., Ltd.

2026-06-23

8.79%→8.78%

Nomura Asset Management Co., Ltd.

2026-06-18

8.75%→8.79%

Nomura Asset Management Co., Ltd.

2026-06-16

8.74%→8.75%

Nomura Asset Management Co., Ltd.

2026-06-05

8.39%→8.74%

Nomura Asset Management Co., Ltd.

2026-05-21

7.91%→8.39%

Amova Asset Management Co., Ltd.

2026-05-21

3.78%→3.91%

Mitsubishi UFJ Trust and Banking Corporation

2026-05-08

3.48%→3.60%

Mitsubishi UFJ Trust and Banking Corporation

2026-04-06

3.81%→3.48%

Mitsubishi UFJ Trust and Banking Corporation

2026-01-19

3.72%→3.81%

Amova Asset Management Co., Ltd.

2026-01-08

3.71%→3.78%

Nomura Asset Management Co., Ltd.

2025-10-21

7.94%→7.91%

Mitsubishi UFJ Trust and Banking Corporation

2025-10-20

3.67%→3.72%

Nomura Asset Management Co., Ltd.

2025-10-07

7.59%→7.94%

Mitsubishi UFJ Trust and Banking Corporation

2025-09-30

3.60%→3.67%

Amova Asset Management Co., Ltd.

2025-09-19

3.57%→3.71%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-21

Large Shareholding Report

TOKAI CARBON CO.,LTD.

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TOKAI CARBON CO.,LTD.

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