The Japan Steel Works (5631) Q3 2025 earnings summary

Executive summary

• Orders received and net sales for the first nine months of FY2025 progressed in line with revised forecasts, despite some postponed investment decisions impacting order timing.

• Net sales for the nine months ended December 31, 2025, rose 16.4% year-over-year to ¥201,143 million, with operating profit up 2.9% to ¥17,525 million and profit attributable to owners of parent up 20.7% to ¥14,938 million.

• Operating profit, ordinary profit, and profit attributable to owners of parent all tracked close to or above 70% of full-year forecasts.

• Comprehensive income increased 23.1% year-over-year to ¥17,091 million for the nine-month period.

Financial highlights

• Orders received: ¥200.9B (67.0% of full-year forecast); Net sales: ¥201.1B (69.3%).

• Operating profit: ¥17.5B (71.4%); Ordinary profit: ¥18.5B (75.5%).

• Profit attributable to owners of parent: ¥14.9B (80.5%).

• EBITDA: ¥23.9B (70.5%).

• Basic earnings per share for the nine months ended December 31, 2025, was ¥202.94, up from ¥168.18 in the prior year.

Outlook and guidance

• Full-year forecasts were revised as of November 14, 2025, and current progress ratios indicate performance is on track to meet or exceed these targets.

• Full-year forecast for fiscal year ending March 31, 2026: net sales of ¥290,000 million (up 16.7% year-over-year), operating profit of ¥24,500 million (up 7.3%), and profit attributable to owners of parent of ¥18,500 million (up 3.0%).

• Basic earnings per share for the full year is projected at ¥251.34.

• Annual dividend forecast is ¥88.00 per share.