神鋼商事 reports record first-half revenue and profits at every level on strong aluminum sheet and machinery demand, raises full-year forecasts

At its results briefing for the second quarter of fiscal 2026, 神鋼商事 reported revenue of ¥352.6 billion, operating profit of ¥8.3 billion, ordinary profit of ¥7.9 billion and interim net profit of ¥6.9 billion, all record first-half figures. Strong AI and data-center demand in the semiconductor sector, along with robust machinery demand related to decarbonization and energy, contributed to improved earnings power at group companies in Japan and overseas. Full-year forecasts were also revised upward to revenue of ¥706.0 billion, operating profit of ¥14.8 billion, ordinary profit of ¥14.0 billion and net profit of ¥10.0 billion. Ordinary profit is expected to exceed the record level set in fiscal 2023, while the dividend forecast was raised to ¥140 from the previously announced ¥138.

The earnings presentation explained that increased sales of copper tubing for air-conditioning equipment and aluminum sheet for semiconductors and EVs in the aluminum and copper businesses, as well as higher sales of large-compressor services and semiconductor inspection equipment in the machinery business, lifted ordinary profit by business unit. Fiscal 2026 ordinary profit is forecast at ¥4.6 billion for steel, ¥4.1 billion for aluminum and copper, ¥3.5 billion for machinery, ¥1.3 billion for welding and ¥800 million for raw materials, supporting the company-wide increase in profit.

The balance sheet showed total assets of ¥408.8 billion, net assets of ¥108.4 billion, external interest-bearing debt of ¥54.3 billion, a D/E ratio of 0.5 times and an equity ratio of 26%. In terms of progress under the medium-term management plan, which prioritizes capital efficiency, consolidated ordinary profit was ¥14.0 billion, slightly below the plan of ¥14.5 billion, while ROE and ROIC remained high at 11.3% and 7.6%, respectively.