Nittetsu Mining (1515) Q4 2026 earnings summary

Executive summary

• FY25 saw record-high sales and operating profit, driven by higher copper prices, lower production costs in Metallic Minerals, and strong real estate sales, with net sales up 6.6% YoY to ¥209,717 million and operating profit up 83.5% to ¥18,826 million.

• Profit attributable to owners of parent increased 55.6% to ¥14,033 million, and comprehensive income surged 135.7% YoY to ¥22,068 million.

• FY26 operating profit is forecast to decline due to upfront investments, absence of real estate gains, and a cost-leading phase at the Arqueros Mine.

• Equity efficiency initiatives include reducing cross-shareholdings and a share buyback program.

Financial highlights

• FY25 net sales rose to ¥209.7bn (up ¥13.0bn YoY); operating profit reached ¥18.8bn (up ¥8.5bn YoY); ordinary profit was ¥20.2bn (up ¥8.8bn YoY); profit attributable to owners of parent increased to ¥14.0bn (up ¥5.0bn YoY).

• Gross profit increased to ¥43,820 million from ¥34,231 million YoY; ordinary profit rose 76.8% to ¥20,221 million.

• EPS was ¥178.37, reflecting a five-for-one share split.

• Total assets grew to ¥310,412 million from ¥240,179 million, and net assets increased to ¥167,622 million.

• FY25 results exceeded forecasts: sales +¥4.7bn, OP +¥2.3bn, ordinary profit +¥3.5bn, profit attributable to owners +¥3.5bn.

Outlook and guidance

• FY26 net sales projected at ¥232.5bn (+¥22.7bn YoY), but operating profit expected to fall to ¥14.0bn (–¥4.8bn YoY) due to higher costs and lack of one-time real estate gains.

• Ordinary profit forecast at ¥11.5bn (–¥8.7bn YoY); profit attributable to owners at ¥12.0bn (–¥2.0bn YoY); dividend per share forecast at ¥62.0; EPS projected at ¥152.51.

• Sensitivity: every 10¢/lb copper price increase adds ¥2.08bn sales and ¥0.45bn OP; every ¥5/USD depreciation adds ¥3.88bn sales and ¥0.19bn OP.