Nittetsu Mining (1515) Q1 2027 earnings summary

Executive summary

• Q1 net sales rose 24.4% year-over-year to ¥57,406 million, with operating profit up 40.5% to ¥5,088 million, driven by higher copper prices, favorable FX, and lower production costs in Metallic Minerals.

• Profit attributable to owners of parent grew 45.0% year-over-year to ¥4,782 million, while comprehensive income surged 231.5% to ¥8,256 million.

• Ordinary profit remained flat at ¥4,470 million due to equity-method investment and FX losses.

• Q1 operating profit exceeded expectations, but full-year guidance is unchanged as higher costs and non-recurring gains from FY25Q2 will not recur.

• Two new subsidiaries (Nittetsu Mining USA LLC, Wedgetail Operations LLC) were consolidated, and a five-for-one share split was conducted effective October 1, 2025.

Financial highlights

• Net sales rose to ¥57,406 million in FY26 Q1, up ¥11,273 million year-over-year.

• Operating profit increased to ¥5,088 million, up ¥1,467 million year-over-year.

• Ordinary profit was flat at ¥4,470 million, while profit attributable to owners grew to ¥4,782 million, up ¥1,485 million year-over-year.

• Comprehensive income reached ¥8,256 million, up 231.5% year-over-year.

• Earnings per share for the quarter was ¥61.27, up from ¥41.91 (adjusted for share split).

Outlook and guidance

• FY26 full-year forecasts: net sales ¥232.5 billion, operating profit ¥14.0 billion, ordinary profit ¥11.5 billion, profit attributable to owners ¥12.0 billion, EPS ¥152.51–¥153.72.

• Dividend forecast is ¥62.00 per share, with a payout ratio target of 40% and an absolute lower limit of ¥34 per share.

• Sensitivity: a 10¢/lb copper price increase adds ¥1.44 billion to sales and ¥0.22 billion to OP; a 5 JPY/USD depreciation adds ¥2.66 billion to sales and ¥0.10 billion to OP.

• Profit attributable to owners projected at ¥12,000 million, down 14.5% year-over-year.

• Full-year net sales forecast at ¥232,500 million, up 10.9% year-over-year.