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NIPPON STEEL, Net Income Forecast for the Fiscal Year Loss Widened in Downward Revision

Thu Feb 5, 2026 3:30 pm JST Earnings

5401 NIPPON STEEL CORPORATION 【IFRS】

Earnings Report

NIPPON STEEL CORPORATION <5401> [TSE Prime] announced its financial results (based on IFRS) after the market closed on February 5th (15:30). The consolidated net income/loss for the cumulative third quarter of the fiscal year ending March 2026 (April to December) turned into a loss of 45.0 billion yen (compared to a profit of 362 billion yen in the same period last year).

In addition, the full-year forecast for consolidated net income/loss has been revised downward from an expected loss of 60.0 billion yen to a loss of 70.0 billion yen (compared to a profit of 350 billion yen in the previous period), indicating an expansion in the loss margin.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the October to March period (second half) has decreased 18.7%, from the previous forecast of 53.3 billion yen to 43.3 billion yen (compared to 106 billion yen in the same period of the previous year), leading to an increase in the profit decline rate from 50.1% to 59.4%.

In the most recent three-month period, from October to December (3Q), the consolidated net income dropped to 68.3 billion yen, a 42.4% decrease compared to the same period last year. The operating profit margin drastically worsened from 8.8% in the same period last year to 4.2%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Dec, 2023 6,641,816 618,683 608,085 440,914 95.8 79.6 Feb 7, 2024 IFRS
Apr - Dec, 2024 6,552,498 566,125 548,013 362,077 73.6 104.5 Feb 6, 2025 IFRS
Apr - Dec, 2025 7,256,323 107,051 56,110 -45,002 -8.6 ー Feb 5, 2026 IFRS
YoY +10.7% -81.1% -89.8% － －

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2025 Prev 5,364,353 ー ー 53,380 10.2 12 Nov 5, 2025 IFRS
Oct - Mar, 2025 New 5,364,353 ー ー 43,380 8.3 12 Feb 5, 2026 IFRS
Revision Rate 0.0% － － -18.7% -18.7%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 10,000,000 ー ー -60,000 -11.5 24 Nov 5, 2025 IFRS
Mar, 2026 New 10,000,000 ー ー -70,000 -13.4 24 Feb 5, 2026 IFRS
Revision Rate 0.0% － － -16.7% -16.6%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 4,315,791 172,207 160,123 106,880 21.4 16 May 9, 2025 IFRS
Oct - Mar, 2025 Guidance 5,364,353 ー ー 43,380 8.3 12 Feb 5, 2026 IFRS
YoY +24.3% － － -59.4% -61.3%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 8,868,097 778,662 763,972 549,372 119.3 32 May 9, 2024 IFRS
Mar, 2025 8,695,526 547,960 524,377 350,227 70.2 32 May 9, 2025 IFRS
Mar, 2026 Guidance 10,000,000 ー ー -70,000 -13.4 24 Feb 5, 2026 IFRS
YoY +15.0% － － － －

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2024 2,172,763 190,372 183,759 118,730 24.1 8.8 Feb 6, 2025 IFRS
Jan - Mar, 2025 2,143,028 -18,165 -23,636 -11,850 -2.4 -0.8 May 9, 2025 IFRS
Apr - Jun, 2025 2,008,749 -139,559 -145,193 -195,833 -37.5 -6.9 Aug 1, 2025 IFRS
Jul - Sep, 2025 2,626,898 136,724 115,089 82,453 15.8 5.2 Nov 5, 2025 IFRS
Oct - Dec, 2025 2,620,676 109,886 86,214 68,378 13.1 4.2 Feb 5, 2026 IFRS
YoY +20.6% -42.3% -53.1% -42.4% -45.8%

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