Nippon Sheet Glass Company (5202) Q1 2027 earnings summary

Executive summary

• Revenue rose to JPY 246.3 bn (up 17% year-over-year), driven by JPY depreciation and improved Automotive and Architectural glass business.

• Operating profit increased to JPY 8.8 bn, supported by higher sales volumes in Architectural (solar energy glass) and Technical Glass profitability.

• Profit attributable to owners was JPY 0.2 bn, reversing a prior year loss.

• Shareholders approved fundamental initiatives for the New NSG Group, progressing toward regulatory clearance, delisting, and transaction completion.

• Exceptional items in Q1 FY2027/3 included restructuring costs, minor settlements, and a net charge of JPY 607 million.

Financial highlights

• Revenue: JPY 246.3 bn (up from JPY 210.2 bn year-over-year).

• Operating profit: JPY 8.8 bn (up from JPY 6.9 bn year-over-year).

• EBITDA: JPY 23.4 bn (up from JPY 19.8 bn year-over-year).

• Net profit: JPY 0.2 bn (improved from a loss of JPY 0.2 bn year-over-year).

• Free cash flow outflow increased to JPY 28.2 bn due to seasonal working capital movements.

Outlook and guidance

• FY2027/3 full-year forecast unchanged: revenue JPY 880.0 bn, operating profit JPY 36.0 bn.

• Profit attributable to owners forecast at JPY 4.0 bn, EPS at JPY 21.14.

• Aims to mitigate input cost rises through price pass-through and cost reductions.

• Gradual market recovery expected in Europe from H2; robust demand for solar energy glass in the US.

• Strategic initiatives include a JPY 165 bn investment from Apollo Funds and delisting to become a private entity.