Worth reading
56In focus
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
62.4
¥100 million (year-on-year change in net income)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationYear-end of the fiscal year ending March 2026 (FY2025)9 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,255.5 hundred million
Operating profit¥67.2 hundred million
Ordinary income¥56.8 hundred million
Net income¥47.8 hundred million
Results for the three months of the current quarter
Net Sales
¥354.5 hundred million
Operating profit
¥38.1 hundred million
EBITDA
¥41.8 hundred million
Ordinary income
¥35.7 hundred million
Net income for the current fiscal year
¥30.5 hundred million
Full-year earnings forecast
Fiscal year ending March 2027 (FY2026)
Net Sales
¥1,785 hundred million
EBITDA
¥80 hundred million
Ordinary income
¥45 hundred million
Net income for the current fiscal year
¥35 hundred million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The plan is progressing broadly as expected / Strong financial resultsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Lead and silver market factors+¥700 million
- Currency factor-¥100 million
- Inventory valuation factors-¥300 million
- Volume factor-¥100 million
- TC/RC-¥900 million
- Other (lead and silver smelting business)+¥900 million
- Environment and Recycling Business-¥0.7 billion
- Electronic materials and functional materials business-¥100 million
- Metal recycling business (zinc smelting)+¥2.7 billion
- Resources Business¥0
- Other-¥0.5 billion
- Extraordinary gains or losses and income taxes+approximately ¥6.2 billion (as shown in the chart)
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Lead pricesFY2025 actualUS$1,953/tonneFY2026 outlookUS$1,900/tonne
- Silver pricesFY2025 actualUS$53/troy ounceFY2026 outlookUS$80/troy ounce
- Foreign exchangeFY2025 actual¥151/US$FY2026 outlook¥160/USD
New initiatives
- Promote DX investment and smart-factory initiatives
- Expand procurement of secondary raw materials
- Metal recycling business revitalization project
- Strengthen strategic investments and the M&A strategy
- Organizational restructuring into a three-business-unit structure on 1 April 2026
- Establish a CTO position and reorganize the technology division
- Change in the president scheduled for 26 June 2026
- Company name change scheduled for 1 April 2027
Key KPIsA metric the company considers important as a management benchmark.
- Lead product production volume81.5 thousand tonnesYear on year against the same period last year-0.2 thousand tonnes
- Electrolytic silver production volume248.1 tYear on year against the same period last year+9.0t
- Leverage ratio7.7 timesYear on year against the same period last yearImproved (from 9.0x to 7.7x)
- Equity ratio13.8 %Year on year against the same period last yearImproved (from 10.2% to 13.8%)
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Lead prices1,953.4 US$/tonneYear on year against the same period last year-5%
- Silver prices53.1 US$/troy ounceYear on year against the same period last year+75%
- Lead product production volume81.5 thousand tonnesYear on year against the same period last year-0%
- Electrolytic silver production volume248.1 tYear on year against the same period last year+4%
Segment results
Smelting
Profit
¥37.9 hundred million
Year on year against the same period last year+¥220 million
Environment and Recycling
Profit
¥9.2 hundred million
Year on year against the same period last year-¥750 million
Electronic Materials and Functional Materials
Profit
¥4.6 hundred million
Year on year against the same period last year-¥0.02 billion
Metal Recycling
Profit
¥14.5 hundred million
Year on year against the same period last year+¥2.7 billion
Resources
Profit
¥0 hundred million
Year on year against the same period last year-¥460 million
Other
Profit
¥3.1 hundred million
Year on year against the same period last year-¥170 million
Medium-term management plan targets
- Fiscal yearFY2027Ordinary income¥6.7 billion
- Fiscal yearFY2028Ordinary income¥7.2 billion
- Fiscal yearFY2029Ordinary income¥7.4 billion
Market Size / Share
Market capitalization of tradable shares¥19.7 billion
JPX Prime Market continued-listing requirementAt least ¥10 billion
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Year-end of the fiscal year ending March 2026 (FY2025) |
| Net Sales | ¥1,255.5 hundred million |
| Operating profit | ¥67.2 hundred million |
| Ordinary income | ¥56.8 hundred million |
| Net income | ¥47.8 hundred million |
| Results for the three months of the current quarter | Net Sales ¥354.5 hundred million / Operating profit ¥38.1 hundred million / EBITDA ¥41.8 hundred million / Ordinary income ¥35.7 hundred million / Net income for the current fiscal year ¥30.5 hundred million |
| Full-year earnings forecast | Subject Fiscal year ending March 2027 (FY2026) / Net Sales ¥1,785 hundred million / EBITDA ¥80 hundred million / Ordinary income ¥45 hundred million / Net income for the current fiscal year ¥35 hundred million |
| Self-assessment against the plan | The plan is progressing broadly as expected / Strong financial results |
| Segment results | Smelting Net Sales Not disclosed / Profit ¥37.9 hundred million / Year on year against the same period last year +¥220 million / Environment and Recycling Net Sales Not disclosed / Profit ¥9.2 hundred million / Year on year against the same period last year -¥750 million / Electronic Materials and Functional Materials Net Sales Not disclosed / Profit ¥4.6 hundred million / Year on year against the same period last year -¥0.02 billion / Metal Recycling Net Sales Not disclosed / Profit ¥14.5 hundred million / Year on year against the same period last year +¥2.7 billion / Resources Net Sales Not disclosed / Profit ¥0 hundred million / Year on year against the same period last year -¥460 million / Other Net Sales Not disclosed / Profit ¥3.1 hundred million / Year on year against the same period last year -¥170 million |
| Breakdown of Factors Affecting the Change | Factors Lead and silver market factors / Amount +¥700 million, Factors Currency factor / Amount -¥100 million, Factors Inventory valuation factors / Amount -¥300 million, Factors Volume factor / Amount -¥100 million, Factors TC/RC / Amount -¥900 million, Factors Other (lead and silver smelting business) / Amount +¥900 million, Factors Environment and Recycling Business / Amount -¥0.7 billion, Factors Electronic materials and functional materials business / Amount -¥100 million, Factors Metal recycling business (zinc smelting) / Amount +¥2.7 billion, Factors Resources Business / Amount ¥0, Factors Other / Amount -¥0.5 billion, Factors Extraordinary gains or losses and income taxes / Amount +approximately ¥6.2 billion (as shown in the chart) |
| Key KPIs | Indicator name Lead product production volume / Value 81.5 thousand tonnes / Year on year against the same period last year -0.2 thousand tonnes, Indicator name Electrolytic silver production volume / Value 248.1 t / Year on year against the same period last year +9.0t, Indicator name Leverage ratio / Value 7.7 times / Year on year against the same period last year Improved (from 9.0x to 7.7x), Indicator name Equity ratio / Value 13.8 % / Year on year against the same period last year Improved (from 10.2% to 13.8%) |
| Unit price and quantity metrics | Indicator name Lead prices / Value 1,953.4 US$/tonne / Year on year against the same period last year -5%, Indicator name Silver prices / Value 53.1 US$/troy ounce / Year on year against the same period last year +75%, Indicator name Lead product production volume / Value 81.5 thousand tonnes / Year on year against the same period last year -0%, Indicator name Electrolytic silver production volume / Value 248.1 t / Year on year against the same period last year +4% |
| Assumptions Underlying the Business Outlook | Item Lead prices / FY2025 actual US$1,953/tonne / FY2026 outlook US$1,900/tonne, Item Silver prices / FY2025 actual US$53/troy ounce / FY2026 outlook US$80/troy ounce, Item Foreign exchange / FY2025 actual ¥151/US$ / FY2026 outlook ¥160/USD |
| Medium-term management plan targets | Fiscal year FY2027 / Ordinary income ¥6.7 billion, Fiscal year FY2028 / Ordinary income ¥7.2 billion, Fiscal year FY2029 / Ordinary income ¥7.4 billion |
| Market Size / Share | Market capitalization of tradable shares ¥19.7 billion / JPX Prime Market continued-listing requirement At least ¥10 billion |
| New initiatives | Promote DX investment and smart-factory initiatives, Expand procurement of secondary raw materials, Metal recycling business revitalization project, Strengthen strategic investments and the M&A strategy, Organizational restructuring into a three-business-unit structure on 1 April 2026, Establish a CTO position and reorganize the technology division, Change in the president scheduled for 26 June 2026, Company name change scheduled for 1 April 2027 |
Items this document does not state (14)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey 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.The increase in net income in FY2025 was attributed to the absence of the impairment loss associated with the withdrawal from the zinc smelting business recorded in the previous year, the sale of assets held as part of the restructuring of the zinc smelting business, and higher silver prices. Factors expected to reduce profit in FY2026 include the absence of the previous year's benefit from asset sales, deterioration in TC/RCs, and higher costs for collecting spent batteries.
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