Nittetsu Mining (1515) Q2 2027 earnings summary

Executive summary

• H1 FY2027 net sales rose 21.7% YoY to ¥113,293 million; operating profit edged down to ¥8,520 million, while profit attributable to owners rose 14.9% to ¥7,608 million.

• Stronger copper prices and metallic-minerals performance were offset by lower volumes, weaker subsidiary profit, and the prior-year real-estate gain.

• Full-year profit and dividend forecasts were raised on first-half progress, market conditions, and accelerated cross-shareholding sales.

Financial highlights

• H1 net sales were ¥113,293 million versus ¥93,074 million; gross profit was ¥22,221 million versus ¥20,753 million.

• Operating profit was ¥8,520 million versus ¥8,585 million; profit attributable to owners was ¥7,608 million versus ¥6,624 million.

• Ordinary profit was ¥9,566 million versus ¥8,550 million; comprehensive income rose to ¥16,383 million from ¥8,687 million.

• H1 average copper price was 622.44¢/lb versus 437.96¢/lb; average exchange rate was ¥159.37/$ versus ¥146.04/$.

Outlook and guidance

• FY2027 forecast: net sales ¥229.0bn, operating profit ¥15.8bn, ordinary profit ¥14.8bn, profit attributable to owners ¥14.5bn, and EPS ¥187.07.

• Annual dividend forecast rose to ¥75/share from ¥62/share, comprising ¥38 interim and ¥37 year-end.

• FY2027 2H assumptions: copper at 620¢/lb and FX at ¥155/$; higher prices are expected to offset part of the impact from delayed Arqueros production commencement.

• Revised segment operating-profit forecasts: Metallic Minerals ¥7.9bn, Nonmetallic Minerals ¥7.4bn, and Machinery & Environmental Engineering ¥1.8bn.