JFE Holdings (5411) Q2 2026 earnings summary

Executive summary

• Revenue for 1H FY2025 was ¥2,232.6bn, down 8.9% year-over-year; business profit was ¥45.7bn, down ¥36.1bn year-over-year but up ¥5.7bn from forecast; profit attributable to owners was ¥26.7bn, down 37.2% year-over-year.

• Comprehensive income declined to ¥14.4bn from ¥86.9bn in 1H FY2024, reflecting weaker operating results and negative other comprehensive income.

• Annual business profit forecast (excluding inventory valuation) is ¥190.0bn, revised down ¥10.0bn from previous, with profit attributable to owners at ¥75.0bn.

• Interim dividend set at ¥40/share; annual dividend forecast at ¥80/share, maintaining a payout ratio of around 30%.

Financial highlights

• Gross profit for 1H FY2025 was ¥242.9bn, down from ¥276.5bn year-over-year; business profit (excluding inventory valuation) was ¥93.7bn, down ¥41.1bn year-over-year.

• Basic earnings per share decreased to ¥41.94 from ¥66.80 in 1H FY2024.

• Total assets at September 30, 2025, were ¥5,651.8bn, with total equity of ¥2,568.8bn.

• Segment profit for 1H FY2025 was ¥34.1bn, down ¥37.9bn year-over-year.

• Crude steel production for FY2025 is forecast at approx. 21.50Mt, up 0.50Mt from previous forecast.

Outlook and guidance

• FY2025 revenue forecast is ¥4,600bn, down 5.3% year-over-year; business profit expected at ¥140bn (+3.4%), profit attributable to owners at ¥75bn (-18.4%).

• Full-year FY2025 business profit forecast (excluding inventory valuation) is ¥190.0bn, down ¥10.0bn from previous guidance.

• Basic EPS for FY2025 projected at ¥117.92.

• Steel business segment profit forecast at ¥40.0bn; engineering at ¥20.0bn; trading at ¥45.0bn.