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

Wed Nov 5, 2025 3:00 pm JST Earnings

5401 NIPPON STEEL CORPORATION 【IFRS】

Earnings Report

NIPPON STEEL CORPORATION <5401> [TSE Prime] announced its financial results (based on IFRS) in the afternoon session on November 5th (15:00). The consolidated net income/loss for the cumulative second quarter of the fiscal year ending March 2026 (April to September) turned into a loss of 113 billion yen (compared to a profit of 243 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 40.0 billion yen to a loss of 60.0 billion yen (compared to a profit of 350 billion yen in the previous period), indicating an expansion in the loss margin.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to significant drop 50.1% from the same period last year to 53.3 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income decreased to 82.4 billion yen, a 3.9% decrease compared to the same period last year. The operating profit margin worsened from 6.3% in the same period last year to 5.2%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Sep, 2023 4,412,421 423,794 416,042 300,235 65.2 54.5 Nov 1, 2023 IFRS
Apr - Sep, 2024 4,379,735 375,753 364,254 243,347 50.8 69.5 Nov 7, 2024 IFRS
Apr - Sep, 2025 4,635,647 -2,835 -30,104 -113,380 -21.7 ー Nov 5, 2025 IFRS
YoY +5.8% － － － －

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance 4,500,000 ー ー -170,000 -32.5 12 Aug 1, 2025 IFRS
Apr - Sep, 2025 Results 4,635,647 -2,835 -30,104 -113,380 -21.7 12 Nov 5, 2025 IFRS
Revision Rate +3.0% － － +33.3% +33.3%

Guidance Update

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 -40,000 -7.7 24 Aug 1, 2025 IFRS
Mar, 2026 New 10,000,000 ー ー -60,000 -11.5 24 Nov 5, 2025 IFRS
Revision Rate 0.0% － － -50.0% -50.1%

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 53,380 10.2 12 Nov 5, 2025 IFRS
YoY +24.3% － － -50.1% -52.3%

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 -60,000 -11.5 24 Nov 5, 2025 IFRS
YoY +15.0% － － － －

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 2,188,226 138,776 132,705 85,788 17.9 6.3 Nov 7, 2024 IFRS
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
YoY +20.0% -1.5% -13.3% -3.9% -12.0%

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