Worth reading
66In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
200
¥100 million (increase over the previous forecast for full-year ordinary profit)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportFY2026 Second Quarter (First Half)12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥4,950 100 million+56.1%
Operating profit¥430 100 million+266.1%
Ordinary income¥577 100 million+270.0%
Net income¥420 100 million+208.4%
Results for the three months of the current quarter
Net Sales
¥2,416 100 million
Operating profit
¥182 100 million
Ordinary income
¥252 100 million
Profit attributable to owners of parent for the quarter
¥185 100 million
Full-year earnings forecast
Net Sales
¥10,000 100 million
Operating profit
¥715 100 million
Ordinary income
¥1,000 100 million
Profit attributable to owners of the parent
¥700 100 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The second half is expected to progress in line with the initial forecastBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Impact of initiatives, changes in sales volume and other factors¥50 100 million
Volume variance revenue (volume variance)¥-16 100 million
Metal price variance revenue (metal price variance)¥136 100 million
Volume variance revenue and other factors (foreign exchange variance)¥36 100 million
Metal price and foreign exchange variances (excluding the Smelting segment)¥42 100 million
Raw material costs (differences in raw material purchase terms)¥-16 100 million
Electricity costs¥3 100 million
Inventory valuation gains and losses¥114 100 million
Lower-of-cost-or-market method¥43 100 million
Hedging transactions¥70 100 million
Manufacturing costs, SG&A expenses and R&D expenses¥-53 100 million
Change in operating income¥312 100 million
Non-Operating Income and Expenses¥108 100 million
Change in ordinary profit¥421 100 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Foreign exchange157 FX: yen/USD; copper and zinc: $/t; indium: $/kg
Copper14,000 FX: yen/USD; copper and zinc: $/t; indium: $/kg
Zinc3,700 FX: yen/USD; copper and zinc: $/t; indium: $/kg
Indium800 FX: yen/USD; copper and zinc: $/t; indium: $/kg
New initiatives
- Share repurchase (up to ¥16 billion or 2.4 million shares)
- Expansion of final disposal facilities
- Expansion of pretreatment facilities for recycled materials
- Expansion of waste treatment facilities in Singapore
- Renewal of smelting facilities
- Renewal of copper products production facilities
Key KPIsA metric the company considers important as a management benchmark.
- Domestic intermediate waste-processing volume103 Index FY2025 Q1=100Year on year against the same period last yearAt least on par with the same period of the previous year
- Home-appliance recycling processing volume105 Index FY2025 Q1=100Year on year against the same period last yearIncrease year on year
- Southeast Asian waste-processing revenue110 Index FY2025 Q1=100Year on year against the same period last yearIncrease year on year
- Recycled raw materials handled (Kosaka Smelting)98 Index FY2025 Q1=100Year on year against the same period last yearYear-on-Year Decline
- Zinc production volume86 Index FY2025 Q1=100Year on year against the same period last yearYear-on-Year Decline
- LED sales volume79 Index FY2025 Q1=100Year on year against the same period last yearYear-on-Year Decline
- Silver powder sales volume121 Index FY2025 Q1=100Year on year against the same period last yearIncrease year on year
- Copper products sales volume101 Index FY2025 Q1=100Year on year against the same period last yearBroadly unchanged year on year
- Heat-treatment processing revenue105 Index FY2025 Q1=100Year on year against the same period last yearIncrease year on year
- Industrial furnace revenue141 Index FY2025 Q1=100Year on year against the same period last yearIncrease year on year
Segment results
Environment and Recycling
Net Sales¥1,267 100 million
Operating profit¥86 100 million
Ordinary income¥83 100 million
Smelting
Net Sales¥2,406 100 million
Operating profit¥257 100 million
Ordinary income¥394 100 million
Electronic materials
Net Sales¥963 100 million
Operating profit¥27 100 million
Ordinary income¥42 100 million
Metal Processing
Net Sales¥950 100 million
Operating profit¥50 100 million
Ordinary income¥50 100 million
Heat treatment
Net Sales¥168 100 million
Operating profit¥3 100 million
Ordinary income¥5 100 million
Financial targets
Equity ratio
Actual results58.4 %
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Cost increase due to the situation in the Middle East¥50 100 million amount assumed in the previous forecast; actual amount expected to be below the initial estimate
Capital expenditures
¥153 hundred million first half of fiscal 2026
Annual Dividend
Annual dividend per share
¥415
Payout ratio
35.1 %
Acquisition of treasury shares
Maximum amount160
Maximum number of shares2,400
Share unitThousand shares
| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | FY2026 Second Quarter (First Half) |
| Net Sales | ¥4,950 100 million (YoY +56.1%) |
| Operating profit | ¥430 100 million (YoY +266.1%) |
| Ordinary income | ¥577 100 million (YoY +270.0%) |
| Net income | ¥420 100 million (YoY +208.4%) |
| Results for the three months of the current quarter | Net Sales ¥2,416 100 million / Operating profit ¥182 100 million / Ordinary income ¥252 100 million / Profit attributable to owners of parent for the quarter ¥185 100 million |
| Full-year earnings forecast | Net Sales ¥10,000 100 million / Operating profit ¥715 100 million / Ordinary income ¥1,000 100 million / Profit attributable to owners of the parent ¥700 100 million |
| Self-assessment against the plan | The second half is expected to progress in line with the initial forecast |
| Segment results | Environment and Recycling Net Sales ¥1,267 100 million / Operating profit ¥86 100 million / Ordinary income ¥83 100 million / Smelting Net Sales ¥2,406 100 million / Operating profit ¥257 100 million / Ordinary income ¥394 100 million / Electronic materials Net Sales ¥963 100 million / Operating profit ¥27 100 million / Ordinary income ¥42 100 million / Metal Processing Net Sales ¥950 100 million / Operating profit ¥50 100 million / Ordinary income ¥50 100 million / Heat treatment Net Sales ¥168 100 million / Operating profit ¥3 100 million / Ordinary income ¥5 100 million |
| Breakdown of Factors Affecting the Change | Impact of initiatives, changes in sales volume and other factors ¥50 100 million / Volume variance revenue (volume variance) ¥-16 100 million / Metal price variance revenue (metal price variance) ¥136 100 million / Volume variance revenue and other factors (foreign exchange variance) ¥36 100 million / Metal price and foreign exchange variances (excluding the Smelting segment) ¥42 100 million / Raw material costs (differences in raw material purchase terms) ¥-16 100 million / Electricity costs ¥3 100 million / Inventory valuation gains and losses ¥114 100 million / Lower-of-cost-or-market method ¥43 100 million / Hedging transactions ¥70 100 million / Manufacturing costs, SG&A expenses and R&D expenses ¥-53 100 million / Change in operating income ¥312 100 million / Non-Operating Income and Expenses ¥108 100 million / Change in ordinary profit ¥421 100 million |
| Key KPIs | Indicator Domestic intermediate waste-processing volume / Value 103 Index (FY2025 Q1=100) / Year on year against the same period last year At least on par with the same period of the previous year, Indicator Home-appliance recycling processing volume / Value 105 Index (FY2025 Q1=100) / Year on year against the same period last year Increase year on year, Indicator Southeast Asian waste-processing revenue / Value 110 Index (FY2025 Q1=100) / Year on year against the same period last year Increase year on year, Indicator Recycled raw materials handled (Kosaka Smelting) / Value 98 Index (FY2025 Q1=100) / Year on year against the same period last year Year-on-Year Decline, Indicator Zinc production volume / Value 86 Index (FY2025 Q1=100) / Year on year against the same period last year Year-on-Year Decline, Indicator LED sales volume / Value 79 Index (FY2025 Q1=100) / Year on year against the same period last year Year-on-Year Decline, Indicator Silver powder sales volume / Value 121 Index (FY2025 Q1=100) / Year on year against the same period last year Increase year on year, Indicator Copper products sales volume / Value 101 Index (FY2025 Q1=100) / Year on year against the same period last year Broadly unchanged year on year, Indicator Heat-treatment processing revenue / Value 105 Index (FY2025 Q1=100) / Year on year against the same period last year Increase year on year, Indicator Industrial furnace revenue / Value 141 Index (FY2025 Q1=100) / Year on year against the same period last year Increase year on year |
| Assumptions Underlying the Business Outlook | Foreign exchange 157 FX: yen/USD; copper and zinc: $/t; indium: $/kg / Copper 14,000 FX: yen/USD; copper and zinc: $/t; indium: $/kg / Zinc 3,700 FX: yen/USD; copper and zinc: $/t; indium: $/kg / Indium 800 FX: yen/USD; copper and zinc: $/t; indium: $/kg |
| Risk amount incorporated into the outlook | Cost increase due to the situation in the Middle East ¥50 100 million (amount assumed in the previous forecast; actual amount expected to be below the initial estimate) |
| Financial targets | Equity ratio Actual results 58.4 % |
| Annual Dividend | Annual dividend per share ¥415 / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | 35.1 % |
| Acquisition of treasury shares | Maximum amount 160 / Maximum number of shares 2,400 / Share unit Thousand shares / Period Not disclosed |
| Capital expenditures | ¥153 hundred million (first half of fiscal 2026) |
| New initiatives | Share repurchase (up to ¥16 billion or 2.4 million shares), Expansion of final disposal facilities, Expansion of pretreatment facilities for recycled materials, Expansion of waste treatment facilities in Singapore, Renewal of smelting facilities, Renewal of copper products production facilities |
Items this document does not state (11)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastUnit price and quantity metricsNumber of stores and locationsNumber of employeesMedium-term management plan targetsOrders 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.The factors contributing to higher profit in the first half were favorable market conditions for metal prices and foreign exchange, improved inventory valuation gains and losses, increased mining-related income, and higher sales of new energy-related products. The upward revision to the full-year forecast reflects, among other factors, the assumption that the yen will be weaker against the US dollar and copper and zinc prices will be higher than in the previous forecast.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.