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Winner, Winner: The Chicken McNugget Story
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Kobe Steel
Kobe Steel (5406) investor relations material
Kobe Steel Q1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2027 earnings summary5 Aug, 2026
Executive summary
First quarter FY2026 saw sluggish activity in key demand sectors, with cost increases from higher crude oil prices due to Middle East instability impacting results.
Net sales rose 1.6% year-over-year to ¥578.3 billion for the quarter ended June 30, 2026, but operating profit declined 34.8% to ¥20.4 billion and ordinary profit fell 21.2% to ¥22.7 billion.
Profit attributable to owners of parent dropped 68.4% year-over-year to ¥12.2 billion, mainly due to the absence of prior-year gains from asset sales.
Inventory valuation gains from higher aluminum and copper prices partially offset deteriorating steel metal spreads.
Comprehensive income increased 40.2% year-over-year to ¥13.6 billion, reflecting improved other comprehensive income.
Financial highlights
Q1 FY2026 net sales: 578.3 billion yen, up 9.2 billion yen year-over-year.
Q1 ordinary profit: 22.6 billion yen, down 6.0 billion yen year-over-year; profit attributable to owners of parent: 12.1 billion yen, down 26.4 billion yen.
Full-year FY2026 forecast: net sales 2,690.0 billion yen, ordinary profit 120.0 billion yen, profit attributable to owners of parent 100.0 billion yen.
Dividend forecast maintained at 80 yen per share for the full year.
ROIC forecast at approx. 5.5%, ROE at approx. 7.5%, net assets ratio at approx. 49%, and gross D/E ratio at 0.55 times.
Outlook and guidance
Demand expected to remain sluggish in automotive, construction, and civil engineering sectors for the remainder of FY2026.
Annual negative earnings impact from Middle East situation projected at 12.0 billion yen, 2.0 billion yen worse than previous forecast.
Despite these headwinds, full-year forecasts for ordinary profit, profit attributable to owners of parent, and ROIC remain unchanged due to inventory valuation gains.
Free cash flow forecast revised downward to break-even.
Full-year net sales forecast at 2,690 billion yen, up 10.4% year-over-year; operating profit projected at 150 billion yen.
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Latest events from Kobe Steel
- Fiscal 2025 profit reached ¥93.7B; 2026 outlook stable with Middle East risks factored in.5406
Q4 2026 - Profits and sales declined, but full-year guidance and cash flow remain steady.5406Q3 2026
- Profit rose on extraordinary gains, but sales and profits are forecast to decline.5406Q2 2026
- Extraordinary gains drove profit higher, but full-year outlook was cut on tariffs and weak demand.5406Q1 2026
- Profits fell and forecasts were cut, but full-year profit and dividends remain stable.5406Q2 2025
- Q1 profits were flat to down, but full-year net income and dividends are expected to rise.5406Q1 2025
- Record profit in FY2024, but FY2025 profit to fall as one-time gains subside.5406Q4 2025
- Net sales up, profit down, dividend and extraordinary gains from acquisition raised.5406Q3 2025
Next Kobe Steel earnings date
Q2 202710 Nov, 2026
Kobe Steel
Next Kobe Steel earnings date
Q2 202710 Nov, 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.