Dowa Holdings (5714) investor relations material

Executive summary

• FY2025 saw record profit attributable to owners of parent at 62.458 billion yen, up 130.2% year-over-year, driven by higher metal prices, strong information/communication-related products, and extraordinary income.

• Net sales rose 9.8% year-over-year to 745.4 billion yen, with operating profit up 6.1% and ordinary profit up 24.6%.

• Comprehensive income grew 125.8% year-over-year to 78.787 billion yen.

• FY2026 forecasts net sales of 941.0 billion yen (+26.2% YoY), operating profit of 53.0 billion yen (+55.0% YoY), ordinary profit of 80.0 billion yen (+47.3% YoY), but profit attributable to owners of parent is expected to decline 8.7% due to absence of one-time gains.

Financial highlights

• FY2025 net sales: 745.4 billion yen (+9.8% YoY); operating profit: 34.1 billion yen (+6.1% YoY); ordinary profit: 54.3 billion yen (+24.6% YoY); profit attributable to owners of parent: 62.458 billion yen (+130.2% YoY).

• FY2026 forecast: net sales 941.0 billion yen, operating profit 53.0 billion yen, ordinary profit 80.0 billion yen, profit attributable to owners of parent 57.0 billion yen.

• FY2025 EPS: 1,049.83 yen; dividend per share: 368 yen (including 100 yen special dividend).

• Total assets grew to 794.476 billion yen; net assets increased to 474.629 billion yen.

Outlook and guidance

• FY2026 assumes a weaker yen (155.0 yen/USD) and sustained high metal prices.

• Demand for environmental management and recycling expected to decline due to lower PCB waste, while new energy-related business sales (fuel cell materials) are projected to rise.

• Equity-method income from overseas zinc mines expected to increase on higher zinc and silver prices.

• Dividend planned at 338 yen per share for FY2026 (payout ratio: 35.1%).

• Full-year basic EPS forecasted at 963.68 yen.