Worth reading
89Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
-48
¥100 million (year-on-year change in FY2026 operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFY2025 (fiscal year ending March 2026)12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales2,097 Hundreds of millions of yen+6.6%
Operating profit188 Hundreds of millions of yen+83.3%
Ordinary income202 Hundreds of millions of yen+76.3%
Net income140 Hundreds of millions of yen+55.6%
Results for the three months of the current quarter
Net SalesQ1 ¥46.9 billion, Q2 ¥46.9 billion, Q3 ¥57.9 billion, Q4 ¥58.6 billion
Operating profitQ1 ¥3.6 billion, Q2 ¥4.9 billion, Q3 ¥4.9 billion, Q4 ¥5.3 billion
Full-year earnings forecast
Fiscal 2026
Net Sales
2,325 Hundreds of millions of yen
Operating profit
140 Hundreds of millions of yen
Ordinary income
115 Hundreds of millions of yen
Profit attributable to owners of the parent
120 Hundreds of millions of yen
Earnings per share
¥152.51
Dividend per share
¥62
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Change in FY2025 operating profit
Copper price and assumptions22
Foreign exchange4
Number of versions-6
Price and mix26
Depreciation and amortization9
Other costs, etc.30
Adjustments1
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
FY2026 copper price¥550 /US$
FY2026 exchange rate¥155 /US$
Arqueros mine start-upScheduled to begin operations in July–September 2026
New initiatives
- The Arqueros mine is scheduled to begin operations in July–September 2026
- Reduce cross-shareholdings by at least ¥10.0 billion over the three years from FY25 through FY27, with a target of reducing them to 20% or less of net assets in FY27
- Strengthen shareholder returns through share repurchases and cancellations
- Build a Taiwanese plant for the water-treatment chemical Polytech and establish domestic logistics centers
- Survey and consider geothermal power generation through Hakusui-goe Geothermal Co., Ltd.
- Specify the KPI framework, investment discipline and portfolio management policy for the Fourth Medium-Term Management Plan
Key KPIsA metric the company considers important as a management benchmark.
- Equity ratio50.7 %Year on year against the same period last year△8.2 percentage points
- ROIC (return on invested capital)6.7 %Year on year against the same period last year+2.4 percentage points year on year
- Return on equity (ROE)9.4 %Year on year against the same period last year+3.0 percentage points
- Copper prices490.59 ￠/lbYear on year against the same period last year+65.59
- Exchange rate¥150.77 /US$Year on year against the same period last year△1.81
- Shareholders20,682 peopleYear on year against the same period last yearApproximately 3x
- Average daily trading volume636,280 SharesYear on year against the same period last yearIncreased
- Meetings with institutional investors and securities analysts64 EngagementsYear on year against the same period last yearApproximately 1.5x
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Sales volumes of limestone by application, and sales volumes of electrolytic copper and copper concentrates are disclosed. Metrics such as customer numbers and average spend per customer are not disclosed.Segment results
Resources business: Ores segment
Net Sales
669 Hundreds of millions of yen+5.5%
Operating profit
80 Hundreds of millions of yen+9.7%
Resources business: Metals segment
Net Sales
1,202 Hundreds of millions of yen+5.5%
Operating profit
67 Hundreds of millions of yen+633.3%
Machinery and Environmental Business
Net Sales
159 Hundreds of millions of yen+7.5%
Operating profit
20 Hundreds of millions of yen0.0%
Real Estate Business
Net Sales
47 Hundreds of millions of yen+64.3%
Operating profit
33 Hundreds of millions of yen+106.3%
Renewable energy business
Net Sales
18 Hundreds of millions of yen+5.9%
Operating profit
6 Hundreds of millions of yen+50.0%
Medium-term management plan targets
Fourth Medium-Term Management PlanThe plan identifies the need to review and specify targets for ROIC, ROE and the optimal capital structure. Specific target values and target fiscal years are not disclosed.
Financial targets
ROIC
FY2025 actual results6.7 %
FY26 forecast4.2 %
ROE
FY2025 actual results9.4 %
FY26 forecast8 %
WACC
FY255.8 %
Cost of shareholders’ equity
Approximately 8%
Capital expenditures
¥76 100 million FY26 forecast for regular capital investment
Annual Dividend
FY25
¥71.4 per share
FY26 forecast
¥62 per share
Payout ratio
40 % target
Total payout ratioFY25 forecast: 100%; FY26 forecast: 124.0%
Acquisition of treasury shares
There is mention of share repurchases being carried out and announced. The amount, number of shares and period for the repurchases are not disclosed.| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | FY2025 (fiscal year ending March 2026) |
| Net Sales | 2,097 Hundreds of millions of yen (YoY +6.6%) |
| Operating profit | 188 Hundreds of millions of yen (YoY +83.3%) |
| Ordinary income | 202 Hundreds of millions of yen (YoY +76.3%) |
| Net income | 140 Hundreds of millions of yen (YoY +55.6%) |
| Results for the three months of the current quarter | Net Sales Q1 ¥46.9 billion, Q2 ¥46.9 billion, Q3 ¥57.9 billion, Q4 ¥58.6 billion / Operating profit Q1 ¥3.6 billion, Q2 ¥4.9 billion, Q3 ¥4.9 billion, Q4 ¥5.3 billion |
| Full-year earnings forecast | Fiscal 2026 Net Sales 2,325 Hundreds of millions of yen / Operating profit 140 Hundreds of millions of yen / Ordinary income 115 Hundreds of millions of yen / Profit attributable to owners of the parent 120 Hundreds of millions of yen / Earnings per share ¥152.51 / Dividend per share ¥62 |
| Segment results | Resources business: Ores segment Net Sales 669 Hundreds of millions of yen (YoY +5.5%) / Operating profit 80 Hundreds of millions of yen (YoY +9.7%) / Resources business: Metals segment Net Sales 1,202 Hundreds of millions of yen (YoY +5.5%) / Operating profit 67 Hundreds of millions of yen (YoY +633.3%) / Machinery and Environmental Business Net Sales 159 Hundreds of millions of yen (YoY +7.5%) / Operating profit 20 Hundreds of millions of yen (YoY 0.0%) / Real Estate Business Net Sales 47 Hundreds of millions of yen (YoY +64.3%) / Operating profit 33 Hundreds of millions of yen (YoY +106.3%) / Renewable energy business Net Sales 18 Hundreds of millions of yen (YoY +5.9%) / Operating profit 6 Hundreds of millions of yen (YoY +50.0%) |
| Breakdown of Factors Affecting the Change | Change in FY2025 operating profit Copper price and assumptions 22 / Foreign exchange 4 / Number of versions -6 / Price and mix 26 / Depreciation and amortization 9 / Other costs, etc. 30 / Adjustments 1 |
| Key KPIs | Indicator name Equity ratio / Value 50.7 % / Year on year against the same period last year △8.2 percentage points, Indicator name ROIC (return on invested capital) / Value 6.7 % / Year on year against the same period last year +2.4 percentage points year on year, Indicator name Return on equity (ROE) / Value 9.4 % / Year on year against the same period last year +3.0 percentage points, Indicator name Copper prices / Value 490.59 ￠/lb / Year on year against the same period last year +65.59 ￠/lb, Indicator name Exchange rate / Value ¥150.77 /US$ / Year on year against the same period last year △1.81, Indicator name Shareholders / Value 20,682 people / Year on year against the same period last year Approximately 3x, Indicator name Average daily trading volume / Value 636,280 Shares / Year on year against the same period last year Increased, Indicator name Meetings with institutional investors and securities analysts / Value 64 Engagements / Year on year against the same period last year Approximately 1.5x |
| Unit price and quantity metrics | Sales volumes of limestone by application, and sales volumes of electrolytic copper and copper concentrates are disclosed. Metrics such as customer numbers and average spend per customer are not disclosed. |
| Assumptions Underlying the Business Outlook | FY2026 copper price ¥550 /US$ / FY2026 exchange rate ¥155 /US$ / Arqueros mine start-up Scheduled to begin operations in July–September 2026 |
| Medium-term management plan targets | Fourth Medium-Term Management Plan The plan identifies the need to review and specify targets for ROIC, ROE and the optimal capital structure. Specific target values and target fiscal years are not disclosed. |
| Financial targets | ROIC FY2025 actual results 6.7 % / FY26 forecast 4.2 % / ROE FY2025 actual results 9.4 % / FY26 forecast 8 % / WACC FY25 5.8 % / Cost of shareholders’ equity Approximately 8% |
| Annual Dividend | FY25 ¥71.4 per share / FY26 forecast ¥62 per share / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | 40 % (target) |
| Acquisition of treasury shares | There is mention of share repurchases being carried out and announced. The amount, number of shares and period for the repurchases are not disclosed. |
| Capital expenditures | ¥76 100 million (FY26 forecast for regular capital investment) |
| New initiatives | The Arqueros mine is scheduled to begin operations in July–September 2026, Reduce cross-shareholdings by at least ¥10.0 billion over the three years from FY25 through FY27, with a target of reducing them to 20% or less of net assets in FY27, Strengthen shareholder returns through share repurchases and cancellations, Build a Taiwanese plant for the water-treatment chemical Polytech and establish domestic logistics centers, Survey and consider geothermal power generation through Hakusui-goe Geothermal Co., Ltd., Specify the KPI framework, investment discipline and portfolio management policy for the Fourth Medium-Term Management Plan |
Items this document does not state (11)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookOrders received and order backlogMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Factors contributing to higher revenue and profit in FY2025 included higher copper prices in the Metals segment, lower production costs, improved by-product revenue, higher domestic selling prices for electrolytic copper, and sales of real estate held for sale in the Real Estate business. Factors expected to reduce profit in FY2026 include increased growth investment, such as exploration expenses, the absence of gains on real estate sales recorded in FY2025, pre-start-up costs for the Arqueros mine, higher costs at the Atacama mine due to labor-cost revisions and the uneven and deepening orebody, and higher interest expenses.
How to read this page
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