確認メモ（原文・英語）Two English files per period. The 'Summary of Consolidated Financial Results' (3-4 pages, cover pages only) goes up the same day as the Japanese tanshin. The complete 'Consolidated Financial Results' follows later: H1 FY2026 15 pages, with the qualitative overview, the statements and the segment note (Japanese 13 pages), posted in IR News on 21 August 2026 for a 7 August Japanese release; Q1 posted 15 May vs 11 May; FY2025 25 pages vs 24, posted 27 February vs 16 February; Q3 FY2025 14 November vs 7 November. These timings come from the IR News posting dates, which match the PDF creation dates. Every quarter is complete, but the full English document arrives one to two weeks after the Japanese.
確認メモ（原文・英語）H1 FY2026: the English 'Consolidated Financial Results for the Six Months Ended June 30, 2026' (15 pages) against the Japanese 2026年12月期 第2四半期（中間期）決算短信 (13 pages). The English has everything the Japanese has: the summary (results, dividends, FY forecast, notes, share counts), the qualitative overview of results by segment (Japan, US, Europe, Asia), financial position, the forecast explanation, the balance sheet, P&L, comprehensive income, cash flows, the notes (tax-expense method, segment information with regional sales, equity and going concern), and the supplementary orders and sales by product category. FY2025 runs 25 English pages to 24 Japanese. The whole tanshin.
確認メモ（原文・英語）The latest period, H1 FY2026, has full English statements with notes in the complete tanshin: the balance sheet, income statement, comprehensive income and cash flows (pp4-8), then notes on the accounting method, segment information for both half-years, regional sales, equity and going concern (pp9-10). Q1 FY2026 (14 pages) and FY2025 (25 pages, with accounting-policy and segment notes) are the same. Full statements and notes for the latest period.
確認メモ（原文・英語）The English IR Library offers financial results, presentation materials and the integrated report. IR News (2025-2026) and the Shareholder pages have no securities report. The English governance page cites the 'Securities Report (Year ended December 2025)', but its link opens the Japanese 有価証券報告書 on eir-parts.net. No English annual securities report under any name.
確認メモ（原文・英語）There are four geographic reportable segments: Japan, United States, Europe and Asia. Every English tanshin gives sales (external and intersegment) and segment profit for each, with the reconciliation to operating profit. H1 FY2026 example: Japan ¥11,695m sales and ¥2,023m profit. The qualitative section explains each segment. The FY2025 tanshin (p20) defines them: 'business components for which separate financial information is available', organised by region into Japan, US, Europe and Asia. Orders and sales by product category (special graphite, mechanical, electrical, compound materials) come every quarter in the supplementary pages and the deck. Sales and profit every period, definitions stated.
確認メモ（原文・英語）No .xls, .xlsx or .csv on the English site. We checked the IR top, IR Library (Financial Results, Presentation Materials, Integrated Report), Shareholder and Stock Information, ESG Data and the sitemap. The English site has no financial-highlights page (/IR/Highlight.html returns 404, while the Japanese 財務ハイライト page exists). The nearest thing is the multi-year sales and OP chart in the Corporate Profile PDF. No downloadable data file.
確認メモ（原文・英語）The FY2025 English tanshin (16 Feb 2026) gives the FY2026 forecast: sales ¥49.0bn, OP ¥6.2bn, ordinary profit ¥6.0bn, net ¥5.0bn, EPS ¥238.41. It also gives the demand view by application (AI and data centres, a SiC correction continuing, Si recovering in H2, metallurgical demand steady), the reasons for the OP decline (FX, depreciation), and the exchange rates assumed: ¥145/US$, ¥176/EUR, ¥20/CNY. The decks (FY2025 p11-17, H1 FY2026 p12-13) give the assumptions and the sales plan by product and segment, reorganised at H1. The English 'Notification of Differences between Consolidated Earnings Forecasts for First Half...' (7 Aug 2026) explains the miss: product mix, weaker semiconductor-device parts, unrealised profit in inventory. The H1 tanshin explains why the full-year forecast is unchanged despite fuel costs. Forecast, all three assumption types, and revisions explained.
確認メモ（原文・英語）English results for the six months to 30 June 2026: the summary went up 7 August 2026, the same day as the Japanese tanshin, and the full document followed on 21 August. Same period as the latest Japanese filing.
確認メモ（原文・英語）'Medium-Term Management Plan 2026-2030' was published in English on 24 Feb 2026, the same day as the Japanese. Both are 31 pages. Its quantified FY2030 targets are sales ¥74.0bn, OP ¥18.0bn, OP margin 24%, ROE 10% and EBITDA of about ¥25bn, with the FX assumptions. It also gives sales targets by product with CAGRs, capex of ¥37.5bn over 2026-2030, a payout ratio of at least 40%, cash allocation, and GHG and environmental-product targets. The current plan, complete, on time.
確認メモ（原文・英語）Toyo Tanso holds briefings at the half and full year. The Japanese side publishes a deck for each, plus a 決算概要 summary deck at Q1 and Q3, and no Q&A or script. The English side matches: the H1 FY2026 presentation (23 pages, like the Japanese) on 20 August 2026, the same day; the FY2025 deck on 24 February 2026, the same day; and the 'Financial Results Supplementary Materials' for Q1 FY2026 (12 pages, 12 May) and Q3 FY2025 (10 November) in IR News. The Japanese set item for item; the YouTube channel is a medium.
確認メモ（原文・英語）'Corporate Introductory Materials' is an English IR page linking the 16-page 'TOYO TANSO Corporate Profile' (Feb 2026). It has a 'TOYO TANSO's Strengths' section (pp10-14): pioneer in isotropic graphite since 1974 mass production, integrated material production and processing, direct sales (more than 90% of sales direct, 8 domestic offices, about 100 overseas sales staff, 16 entities), global footprint, and a seeds-and-needs R&D system. A 'Direction of Growth' section and a sales and OP chart from FY06 also appear. The global site has a 'Why Toyo Tanso?' brand page too. The investor-facing strengths section is dedicated and specific, but mostly qualitative, with no market shares or return metrics.
確認メモ（原文・英語）The English MTP 2026-2030 names its drivers and puts numbers on them. Special graphite (Si single-crystal manufacturing, semiconductor devices, next-generation nuclear HTGR) grows from ¥20.3bn to ¥39.6bn by FY2030, a 14.3% CAGR. Compound materials (SiC/TaC-coated susceptors, C/C composites) grow from ¥15.3bn to ¥23.2bn, 8.7% CAGR. Semiconductors stay at about 50% of sales. Iwaki completion in FY2027 adds 90% to total capacity. Named HTGR orders: X-energy/Dow four units with a follow-on advance for Energy Northwest four units, and Jimmy Energy. Market outlooks for Si and SiC wafers are stated. Named drivers with contribution to target and capacity numbers.
確認メモ（原文・英語）There is no transcript or Q&A in either language. The Japanese 決算説明会資料 page and IR top list only decks, and the 決算概要 for Q1 and Q3, plus a YouTube channel. They have no 質疑応答, script or transcript. The English Financial Results Presentation Materials page and IR News carry decks and supplementary materials only. The Japanese side publishes none either.
確認メモ（原文・英語）Integrated Report 2025 in English, 33 pages like the Japanese 2025 edition (issued 28 November 2025), covering FY2024 (year ended December 2024). The Japanese Integrated Report 2026 (66 pages) came out on 18 September 2026 and has no English version yet. The complete report, one edition behind.
確認メモ（原文・英語）This is a rolling plan: 2024-2028, then 2025-2029, then 2026-2030. No plan has run to its end and been reconciled. The 2026-2030 deck p4 sets the previous plan's targets (FY2029 sales ¥82.0bn, OP ¥22.0bn, 27% margin, ROE 12%) beside FY2025 actuals and the new targets. p5 'Changes from the previous MTMP' explains the cuts: a more cautious SiC outlook, small-brush restructuring, fewer high-value-added products. p7 sets old against new product targets. These are revisions narrated with numbers, not targets set against actuals for a completed plan.
確認メモ（原文・英語）The Corporate Governance Report in English, the TSE filing format (30 pages, 'Last Update: March 30, 2026'), is linked from the English Corporate Governance page and announced in IR News on 30 March 2026, the same day as the Japanese update. Filed report, in English, current.
確認メモ（原文・英語）All five directors' terms expired at the 84th AGM (27 Mar 2026), so the English notice (Proposal 2) profiles the whole board: Kondo, Hamada, Naito, Kosaka and Imai. Each profile gives date of birth, 'Number of years in office' (8, 7, 3 and 4 years; Imai new), board attendance, career history, concurrent posts, and reasons for nomination and expected roles. Outside directors are marked [Outside][Independent], with a note on TSE independent-officer notification. The A&SB candidates get the same treatment. Every director, with tenure, expertise and independence.
確認メモ（原文・英語）The English 84th AGM notice (March 2026), p15: 'Skill matrix of expertise and area of experience held by Directors and Audit & Supervisory Board Members'. It covers all five directors and the A&SB members, with gender, across overall management, key businesses/materials industry, global management, sales/marketing, R&D/production technology and further columns. The Integrated Report 2025 carries a matrix too. Current matrix in English.
確認メモ（原文・英語）The English CG Report (30 Mar 2026, pp17-20) gives the structure for executive directors: fixed basic pay, STI, and an MTP-linked cash LTI (0-150% payout); non-executive directors get basic pay only. The STI KPIs are achievement of the net sales and OP targets plus individual evaluation; the LTI KPIs are OP, relative TSR vs TOPIX, ROE, net sales, CDP climate score and engagement survey. Pay mix by grade is 50:35:15 for CEO and president and 55:32.5:12.5 for directors. Totals by officer class are given (directors ex-outside ¥101m basic, ¥25m performance-linked), and FY KPI achievement was 85.8% for sales and 68.5% for OP. The Integrated Report 2025 p26 repeats this. No weighting among the KPIs within STI or LTI, and the yuho pages the governance page cites are Japanese. Structure, KPIs, mix and amounts, KPI weights missing.
確認メモ（原文・英語）Notice of the 84th Ordinary General Shareholders Meeting in English, 17 pages, posted 3 March 2026 (the Japanese on 26 February) for a meeting on 27 March, 24 days ahead. It carries the reference documents for all four proposals, with the director and auditor candidate profiles and the skill matrix. But the English notice says nothing about how to vote except 'present the enclosed Voting Card' at the meeting: no postal or internet voting method and no deadline. The proposals are whole; the means to act on them is missing.
確認メモ（原文・英語）Notice of Resolution at the 84th Ordinary General Meeting of Shareholders (27 March 2026, one page) says only that 'all proposals were approved' and lists them. No vote counts or approval ratios. The Japanese extraordinary report on the voting results has no English version on the English site. The outcome, not the tally.
確認メモ（原文・英語）Principle 1-4 of the English CG Report (30 Mar 2026) gives the policy: holdings that strengthen business relationships, sales where holding has little meaning, an annual board review of purpose, benefits, risks and cost of capital, a finding that 'all shares held as of December 31, 2025 fulfill the holding criteria', and voting-rights criteria. It gives no count, no amount, no reduction target and no progress. The Integrated Report 2025 has no cross-shareholding figures, and the yuho that carries them is Japanese only. Governance-report boilerplate only.
確認メモ（原文・英語）'Investor Relations' is a visible item in the main navigation of the English homepage (www.toyotanso.com), linking to /IR/. The homepage also shows the latest IR documents. One click.
確認メモ（原文・英語）We sampled 19 English document links. 18 were English: summary H1 FY2026 (0730); full tanshin Q1 FY2026, H1 FY2026, FY2025 (0728/0733/0721); Q1 supplementary (0727); H1 deck (0732); MTP 2026-2030 and 2025-2029 (0720/0692); 84th AGM notice and resolutions (0722/0723); 82nd notice (0672); CG report (0724); Integrated Reports 2024 and 2025 (0685/0714); the HTGR order, PPA and organisation notices (0711/0700/0734); FY2014 tanshin (assets/0331, 0327); FY2018 deck (assets/0571); FY2020 tanshin and deck (0607/0608); Corporate Profile. The exception: the English Corporate Governance page links 'Securities Report (Year ended December 2025)' twice, for director and auditor remuneration, and the link opens the Japanese 有価証券報告書 on eir-parts.net (118 pages, 90k CJK chars) with no Japanese label. The AGM notice's '(in Japanese)' site links are labelled. One unlabelled Japanese document.
確認メモ（原文・英語）All 19 sampled links opened with page counts, from the FY2014 tanshin (Dec 2014) to the September 2026 notice. They span tanshin, decks, MTPs, AGM notices and resolutions, the CG report, integrated reports and press notices. None was dead.
確認メモ（原文・英語）In Chromium, every English IR page rendered its content: IR top (latest five IR News), IR News (year tabs 2008-2026), IR Library Financial Results (fiscal-year selector to FY2008/5), Presentation Materials, Integrated Report (2025 plus archive 2022-2024), Shareholders' Meeting (2016-2026), Stock Information (share data, major shareholders), IR Calendar, MTP, Corporate Introductory Materials, Message from the President, and Disclosure Policy and Disclaimer. No empty lists or failed widgets.
確認メモ（原文・英語）The IR Library is split by type across pages, each dated with a fiscal-year selector: Financial Results (tanshin, summaries, forecast-difference notices), Financial Results Presentation Materials, and Integrated Report. AGM notices and resolutions are on the Shareholders' Meeting tab, the MTP on its own page, and the CG report on the sustainability governance page. IR News is a single dated list by year that carries nearly every document, but each item is tagged only '【Investor Relations】', so it is not typed. Split by type across pages, each dated. Set to 4 in review (14 Oct 2026): the English IR News page is one dated list carrying nearly every document type back to 2008, untyped - "one dated page, not typed", as for Nippon Kayaku and Dexerials.
確認メモ（原文・英語）The archive is populated across many years and types. Tanshin run from FY2008/5 to FY2026 (the FY2014 files open). Decks go back at least to FY2018. IR News runs from 2008. AGM notices and resolutions are under year tabs 2016-2026, integrated reports cover 2022-2025, and MTPs 2024-2028, 2025-2029 and 2026-2030 are still linked. Several years across document types.
確認メモ（原文・英語）The English IR menu's 'IR Inquiry' link lands on the shared corporate Inquiries page, at an [IR] Inquiry block. Its phone number (+81-50-3097-4950) is the company switchboard, and its contact form is the shared form with IR preselected among IR / Sustainability / Others. The notice of resolutions names 'Publicity & Investor Relations, info@toyotanso.co.jp'. The tanshin names Masaki Kuno, General Manager, Finance and Accounting Department, +81-50-3097-4950. A genuine IR route through a shared form with an IR category, not a dedicated one.
確認メモ（原文・英語）Latest two results, from the English IR News and Japanese IR news lists (matching PDF creation dates). H1 FY2026: JA tanshin 7 Aug; EN 3-page summary 7 Aug, but the complete EN tanshin 21 Aug (14 days); deck 20 Aug in both languages. Q1 FY2026: JA tanshin 11 May; EN summary 11 May, complete EN tanshin 15 May (4 days); JA 決算概要 12 May, EN supplementary materials 12 May. Decks are same-day, but the tanshin itself is late in both periods; only its cover pages are same-day. Days late.
確認メモ（原文・英語）Lags, English vs Japanese, from the two IR news lists. H1 FY2026 tanshin: 7 Aug to 21 Aug, 14 days. Q1 FY2026 tanshin: 11 May to 15 May, 4 days. 84th AGM notice: 26 Feb to 3 Mar, 5 days. CG Report: 30 Mar to 30 Mar, 0 days. Annual securities report (JA 25 Mar 2026): no English version, so more than 90 days. Sorted 0, 4, 5, 14, >90 days: median 5 days. Measured on the complete tanshin; the same-day English summary cover pages would give a median of 0.
確認メモ（原文・英語）Twelve months to 14 Oct 2026, about 26 Japanese TDnet items on the Japanese IR news list. 19 have English counterparts the same day. 7 Nov: Q3 tanshin, four correction notices and the HTGR order. 10 Nov: Q3 決算概要. 16 Feb: FY tanshin, MTP formulation notice, dividend policy revision, and director/A&SB/executive officer changes. 24 Feb: MTP and deck. 11-12 May: Q1 tanshin and 決算概要. 7 Aug: H1 tanshin and the forecast-difference notice. 20 Aug: deck. 18 Sep: organisation and personnel changes. Not translated: seven 人事異動 / 組織変更 notices (19 Dec x2, 20 Jan, 18 Mar, 20 Apr, 20 May, 19 Jun). Most are department-level, but 20 Jan and 19 Jun include executive officer appointments. All results, forecast, dividend, plan and board items are covered. Nearly all.
確認メモ（原文・英語）We checked the rendered English homepage, IR top, IR News, Disclosure Policy and Disclaimer, Shareholders' Meeting, Stock Information, IR Calendar, MTP and Integrated Report pages. None has a machine- or AI-translation notice or a translation banner. The documents carry only the human-translation precedence line ('translated from the Japanese original for reference purposes only ... the original shall prevail'), which belongs to R5. Nothing presented as machine-translated.
確認メモ（原文・英語）The tanshin (summary and full), the results presentation, the Q1 supplementary materials and the AGM notice all say 'the original shall prevail'. The Corporate Governance Report and Integrated Report 2025 carry no such statement. Disclaimed on some documents.
Investor question: What triggers investment deferral if SiC recovery slips? IR preparation: show remaining commitments, utilization, return hurdles and downside cash needs.
当調査の分析（会社の説明ではありません）
約束は具体的か4／5Revised endpoint and capital commitments are quantified and dated.
実行の経過を追えるか4／5Original and revised targets plus later investment progress are traceable; a complete project-level reconciliation remains open.
経済性を説明しているか4／5Allocation and risk-based hurdle policy are specified; individual project returns are unverified.
目標に対する結果を報告しているか時期未到来The December 2030 final endpoint is not due.
The revised plan sets ¥37.5bn investment and a 40% payout policy. The August update reports purification and coating investment generally progressing as planned.
資本構成
Operating cash flow and cash on hand fund allocation. A quantified leverage ceiling is not verified in the selected materials.
資本政策の意思決定
Management lowered growth targets in response to SiC demand and describes risk-tiered hurdle rates above capital cost; project-specific numeric hurdles remain unverified.