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Kobe Steel (5406) investor relations material
Kobe Steel Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary10 Nov, 2025
Executive summary
Net sales for the first half were ¥1,181.4B, down 5.4% year-on-year, mainly due to lower unit selling prices in steel and electric power segments.
First-half ordinary profit fell to ¥57.6B, mainly due to a ¥10.5B inventory valuation loss, while profit attributable to owners was ¥56.6B–¥62.8B, supported by extraordinary income from cross-shareholding sales.
Operating profit for the first half was ¥62.5B, down 19.5% year-on-year.
Interim dividend set at ¥40 per share; annual dividend forecast unchanged at ¥80 per share.
Comprehensive income dropped 40.9% year-on-year to ¥42.97B.
Financial highlights
First-half operating profit: ¥62.5B (down ¥15.1B year-on-year); ordinary profit: ¥57.6B (down ¥13.2B); profit attributable to owners: ¥56.6B–¥62.8B (up ¥6.2B or down 9.9% year-on-year, depending on source).
Extraordinary income of ¥17.9B in the first half, mainly from sale of cross-shareholdings and land.
Free cash flow forecast for the year revised up to ¥100.0B due to working capital improvements and investment postponements.
Basic earnings per share for the period were ¥143.35.
Equity-to-asset ratio improved to 41.6% from 40.2% at the end of the previous fiscal year.
Outlook and guidance
Full-year forecasts maintained: net sales at ¥2,465.0B (down 3.5% year-on-year), operating profit at ¥130.0B (down 18.1%), ordinary profit at ¥110.0B, profit attributable to owners at ¥100.0B (down 16.8%).
Basic earnings per share for the full year are expected to be ¥253.75.
No revision to the cash dividend forecast; annual dividend expected to be ¥80.00 per share.
ROIC expected to remain at ~5%, ROE at ~8%, net assets ratio at ~44%, and D/E ratio at ~0.65x.
Automotive demand to exceed previous forecast due to lessened U.S. tariff impact, while construction and civil engineering demand to stay sluggish.
Explain profit attributable to owners' increase
What drove the comprehensive income decline?
Reason for FY2026 dividend forecast reduction?
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Q3 20266 Feb, 2026
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Q3 20266 Feb, 2026
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Frequently asked questions
Kobe Steel, Ltd., also known as Kobelco, is a Japan-based company engaged in the manufacturing of materials and machinery. The company operates across multiple segments, including steel and aluminum, welding, machinery, construction equipment, and power generation. Its products include steel plates, aluminum and copper products, industrial machinery, and compressors. The company is headquartered in Kobe, Japan, and its shares are listed on the TSE.
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