Nittetsu Mining (1515) Q1 2026 earnings summary

Executive summary

• Net sales for FY25 Q1 were ¥46.1B, down 1.7% year-over-year, mainly due to lower domestic selling prices and reduced electrolytic gold volume in Metallic Minerals, partially offset by higher limestone prices in Nonmetallic Minerals.

• Operating profit declined by 21.4% to ¥3.6B, primarily due to negative FX impacts on the smelting side of Metallic Minerals, despite gains in Nonmetallic Minerals.

• Ordinary profit increased by 11.2% to ¥4.4B, driven by a reversal of FX losses from the prior year.

• Profit attributable to owners of parent fell by 21.7% to ¥3.2B, reflecting the absence of one-off gains such as insurance proceeds and investment security sales recorded last year.

• Comprehensive income dropped 61.8% year-over-year to ¥2.5B.

Financial highlights

• Net sales: ¥46.1B (down 1.7% year-over-year).

• Operating profit: ¥3.6B (down 21.4% year-over-year).

• Ordinary profit: ¥4.4B (up 11.2% year-over-year).

• Profit attributable to owners of parent: ¥3.2B (down 21.7% year-over-year).

• EPS: ¥209.57 for the quarter, down from ¥253.25 year-over-year.

Outlook and guidance

• FY25 full-year forecast remains unchanged: net sales ¥176.0B, operating profit ¥9.1B, ordinary profit ¥9.2B, profit attributable to owners of parent ¥7.2B, EPS ¥457.57.

• Q1 operating profit progress is 40% of the full-year forecast, with Nonmetallic and Metallic Minerals showing favorable trends.

• Full-year forecasts project double-digit growth in sales and profits, with a stable dividend outlook.

• Sensitivity: a 10¢/lb rise in copper price adds ¥1.37B to net sales and ¥0.16B to OP; a ¥5/USD depreciation adds ¥1.94B to net sales and ¥0.06B to OP.