Dowa Holdings (5714) Q3 2025 earnings summary

Executive summary

• Net sales for FY2024 Q3 declined 6.2% year-over-year to 517.2 billion yen, while operating income rose 13% to 25.6 billion yen and ordinary income increased 4% to 34.5 billion yen.

• Profit attributable to owners of parent was 23.7 billion yen, nearly flat year-over-year.

• Comprehensive income dropped 27.7% year-over-year to 25.9 billion yen.

• Full-year forecasts remain unchanged, with net sales expected at 700.0 billion yen and profit attributable to owners of parent at 30.0 billion yen.

Financial highlights

• Operating income for Q3 increased by 2.9 billion yen year-over-year, driven by Environmental Management & Recycling and Metal Processing segments.

• Gross profit increased to 66.3 billion yen from 61.1 billion yen year-over-year.

• Electricity costs decreased compared to the previous year, supporting profitability.

• Exchange rate averaged 152.6 yen/USD in Q3, with higher average prices for gold, silver, copper, and zinc.

• Ordinary profit grew to 34.5 billion yen, up from 33.1 billion yen year-over-year.

Outlook and guidance

• Full-year operating income forecast raised to 32.0 billion yen (up 7% year-over-year), with profit attributable to owners of parent forecast at 30.0 billion yen (up 8%).

• Ordinary profit forecasted at 42.0 billion yen, down 6.1% year-over-year.

• Year-end dividend forecast revised to 150 yen per share, a 20 yen increase from previous guidance.

• Sensitivity analysis: 1 yen/USD change impacts operating income by 110 million yen; 100 USD/t change in copper impacts by 10 million yen.

• Business prospects expected to remain steady; no change to previously announced forecasts.