JFE Holdings (5411) Q3 2026 earnings summary

Executive summary

• Operating environment remains challenging due to sluggish steel markets, China's overproduction, global protectionist policies, yen depreciation, and surging coking coal prices after an Australian cyclone.

• Business profit for 3Q FY2025 was ¥97.4bn, down ¥23.3bn year-over-year; excluding inventory valuation, profit was ¥143.4bn, down ¥64.3bn year-over-year.

• Profit attributable to owners for 3Q FY2025 was ¥60.8bn, down ¥39.3bn year-over-year; basic EPS dropped to ¥95.73 from ¥157.38.

• Annual forecasts for business profit, segment profit, and profit attributable to owners remain unchanged, but business profit excluding inventory valuation is revised down by ¥20.0bn to ¥170.0bn.

• Comprehensive income decreased 17.7% year-over-year to ¥87.3bn.

Financial highlights

• Revenue for 3Q FY2025 was ¥3,380.3bn, down 8.0% year-over-year.

• Gross profit for the first three quarters was ¥382.6bn, down from ¥404.3bn year-over-year.

• Segment profit for 3Q FY2025 was ¥79.2bn, down ¥26.0bn year-over-year; excluding inventory valuation, segment profit was ¥125.2bn, down ¥67.0bn.

• Total assets increased to ¥5,758.5bn as of December 31, 2025, up from ¥5,647.6bn at the end of FY2024.

• Interim dividend was ¥40 per share, with a full-year forecast of ¥80 per share.

Outlook and guidance

• FY2025 business profit forecast is ¥140.0bn, unchanged from previous guidance; excluding inventory valuation, forecast is ¥170.0bn, down ¥20.0bn from prior.

• Segment profit forecast for FY2025 is ¥110.0bn; profit attributable to owners is projected at ¥75.0bn.

• Revenue for FY2025 is forecast at ¥4,600.0bn, a decrease of ¥259.6bn year-over-year.

• Basic EPS for FY2025 is forecast at ¥117.92.

• Business profit is projected at ¥140.0bn (up 3.4%), and profit attributable to owners of parent at ¥75.0bn (down 18.4%).