Japan Steel Works, Ltd. TSE:5631

Japan Steel Works : Business Results for the Fiscal Year 2025 (Ended March 31, 2026)

Published

Source: MarketScreener



FY2025 / Business Results for the Fiscal Year 2025 (Ended March 31, 2026)

May 19, 2026

Toshio Matsuo Representative Director & President The Japan Steel Works, Ltd.

The performance forecasts and other forward-looking statements included in this material are based on the information that was available to The Japan Steel Works, Ltd. (the "Company") and certain assumptions deemed to be reasonable at the time this material was prepared, and the actual results may differ significantly from these forecasts due to a variety of reasons.

This material has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated version and the Japanese original, the original shall prevail.

Business Segment

Material and Engineering Business

Other Businesses

Muroran

  • Rotor shaft for generator / ⚫Hydrogen storage

steam turbine steel pressure vessel

  • Parts for nuclear power

reactor / steam generator

  • Non-destructive

testing

  • Photonic

  • Composite material

  • Metal material

  • Clad steel plate



  • Steam turbine / generator (thermal / nuclear) ⚫Telecommunication

  • Reactor pressure vessel components etc. (light water ⚫Optical equipment

    reactor, fast breeder reactor, high-temperature gas-cooled reactor, fusion reactor etc.)

  • Various tanks for chemical / oil / gas industries

Heavy electrical equipment

Renewable energy etc.

Oil / Gas industry

Communication /

Electronic equipment



  • Automotive, electrical / ⚫Defense equipment

electronic equipment, everyday goods, IT device etc.

  • OLED / LCD panel

  • Printed circuit board, semiconductor package substrate

  • Plastic

  • Battery, food packaging, optical device, semiconductor

Petrochemical / gas chemical industry

Plastic products

Automotive components



  • ​Pelletizer

  • Plastic molding machine ⚫Artillery

(injection molding ⚫Wheeled armored machine, blow molding vehicle

machine) ⚫Missile canister

  • Laser-applied

equipment

  • FPD equipment

  • Power semiconductor manufacturing equipment

  • Twin-screw extruder

  • Film and sheet

manufacturing equipment

  • Magnesium molding

machine

(Source: JMSDF website)

  • Press machine

  • Vacuum laminator

  • Deposition system

(Source: JGSDF website)



Subsegment

Customer /

Market

Production

Base

Industrial Machinery Products Business

Hiroshima Yokohama Meiki (Nagoya)

Plastic production and

processing machinery

Molding machines

Defense equipment

Other industrial

machinery

Major Product

Steel forgings and plates

Engineering, etc.

Application

Display panel

Semiconductor



Ministry of Defense

Japan Coast Guard



PART Ⅰ PART Ⅲ

Results for FY2025 Progress of the Medium-term Management Plan JGP2028

06 Summary and Business Overview

07

Status of Orders Received, Sales and Profits

23

Medium-term Management Plan JGP2028 - Progress

08

Analysis on Changes in Operating Profit

24

Medium-term Management Plan JGP2028 - Industrial Machinery Products Business

09

Results by Segment

25

Medium-term Management Plan JGP2028 - Material and Engineering Business

10

Industrial Machinery Products Business

26

Medium-term Management Plan JGP2028 - Progress of the 4 Basic Policies

11

Material and Engineering Business

27

Basic Policy① Sustainable Improvement of Value of Existing Businesses

- Increase production capacity through capital investment

PART Ⅱ 28 Basic Policy① Sustainable Improvement of Value of Existing Businesses

Forecasts for FY2026 - Promotion of global expansion

13 Impact of the Middle East Situation

29

Market Sentiment - Industrial Machinery Products Business

14 Forecasts of Orders Received, Sales and Profits

30

Market Sentiment - Material and Engineering Business

15 Analysis on Changes in Operating Profit

31

Plastic Production and Processing Machinery

16 Forecasts by Segments

32

Electronic Devices

17 Industrial Machinery Products Business

- Capturing Growing Demand for ELA Equipment and Expanding Cleanroom Capacity

18 Industrial Machinery Products Business

33

Defense Equipment - Production capacity expansion through optimization of

19 Changes in Order Backlog and Forecasts

manufacturing locations and mutual complementation

20 Status of Capital Investment and Depreciation,

34

Thermal and Nuclear Power Products - Market environment

Cash Flows, Financial Position, and R&D Expenses

35

To the Update of Medium-term Management Plan JGP2028

21 Dividend Policy of JGP2028 and the Results / Forecast

Reference Materials:

Trends in Sales and Profit / Trends in Major Assets and Cash Flows

/ Corporate Philosophy, Starting with Purpose

[PART I] Results for FY2025

  • Orders received

    Orders for other industrial machinery significantly exceeded the full year forecast. Furthermore, secured high level orders for steel forgings and plates where a favorable business environment continues.

    As a result, the orders received maintained the same level YoY.

  • Sales

    Sales increased YoY supported by the ample order backlog.

  • Profits

Profits increased YoY mainly due to increase of sales and price improvement.

Orders received remained the same level, while sales and profit increased YoY

(Unit: Billion Yen)

FY2024

FY2025

Change from the previous year (C)-(A)

Change from the previous forecast (C)-(B)

Result (A)

Previous forecast

(as of Nov. 14, 2024)

(B)

Result (C)

Orders received

310.2

300.0

309.4

(0.8)

9.4

Net sales

248.5

290.0

274.8

26.3

(15.2)

Operating profit

22.8

24.5

25.3

2.5

0.8

(%)

9.2%

8.4%

9.2%

-

-

Ordinary profit

23.4

24.5

26.0

2.6

1.5

Profit attributable to owners of parent

17.9

18.5

19.2

1.3

0.7

Earnings per share

(Yen)

244.03

251.34

261.38

17.35

10.04

Dividend per share (Yen)

86.0

88.0

92.0

6.0

4.0

EBITDA

(%)

30.7

33.9

34.3

3.6

0.4

12.4%

11.7%

12.5%

-

-

Operating profit increased by ¥2.5 billion due to the increase of sales and price improvement

Machinery: (1)

Material: (0.4)

+7.9 (1.4)

[(2.3)]

(3.9)

Machinery: (2.5)

Material: (1.4)

0 (0.1)

（Unit: Billion Yen）

Machinery: +6.0

Material: +2.0

22.8

Variable Cost

[+0.1]

[+10.0]

Change in production, sales and prices

[(5.0)]

Fixed cost

Impact of

forex fluctuations

[(1)]

Unclassifiable expenses

Average exchange rates for sales in USD

FY2024: JPY153/USD FY2025: JPY151/USD

* Values in the parentheses "[ ]" are the previous forecasts.

25.3

FY2024 FY2025

Industrial Machinery Products: Orders received decreased YoY, sales and profit increased YoY Material and Engineering: Orders received increased YoY, sales and profit were roughly equivalent level as the previous year

Industrial Machinery Products

(Unit: Billion Yen)

Orders received

Net sales

Operating profit

(%)

FY2024

FY2025

Change from the previous year (C)-(A)

Change from the previous forecast (C)-(B)

Result

(A)

Previous forecast

(as of Nov. 14, 2025)

(B)

Result

(C)

258.5

235.0

248.2

(10.3)

13.2

199.0

237.0

226.2

27.2

(10.8)

17.5

19.5

20.0

2.5

0.5

8.8%

8.2%

8.9%

-

-

EBITDA

(%)

21.8

24.4

24.9

3.1

0.5

11.0%

10.3%

11.0%

-

-

Material and Engineering

Orders received

Net sales

Operating profit

(%)

FY2024

FY2025

Change from the previous year (C)-(A)

Change from the previous forecast (C)-(B)

Result (A)

Previous forecast

(as of Nov. 14, 2025)

(B)

Result (C)

49.3

62.0

58.1

8.8

(3.9)

47.1

50.0

45.7

(1.4)

(4.3)

8.6

9.5

8.8

0.2

(0.7)

18.5%

19.0%

19.4%

-

-

EBITDA

(%)

10.9

12.4

11.5

0.6

(0.9)

23.3%

24.9%

25.2%

-

-

Sales increased YoY due to the growth in defense equipment and other industrial machinery Orders received decreased YoY mainly due to the absence of last year's strong orders for defense equipment

(Unit: Billion Yen)

Net Sales / Operating Profit

Orders Received

Plastic production and processing machinery

Molding machines

Defense equipment

Other industrial machinery

Total

FY2024

FY2025

Change from the previous year

(C)-(A)

Change from the previous forecast

(C)-(B)

Result (A)

Previous forecast

(as of Nov. 14, 2025)

(B)

Result (C)

72.2

77.0

72.9

0.7

(4.1)

66.9

70.0

64.8

(2.1)

(5.2)

32.2

45.5

46.9

14.7

1.4

27.7

44.5

41.6

13.9

(2.9)

199.0

237.0

226.2

27.2

(10.8)

FY2024

FY2025

Change from the previous year

(F)-(D)

Change from the previous forecast

(F)-(E)

Result (D)

Previous forecast

(as of Nov. 14, 2025)

(E)

Result (F)

51.4

47.0

46.2

(5.2)

(0.8)

65.7

66.0

63.7

(2.0)

(2.3)

115.8

86.0

87.3

(28.5)

1.3

25.6

36.0

51.0

25.4

15.0

258.5

235.0

248.2

(10.3)

13.2

Operating profit

17.5

19.5

20.0

2.5

0.5

Sales decreased YoY mainly due to the absence of last year's strong sales for engineering, etc. Orders received increased YoY driven by strong demand for thermal and nuclear power products

(Unit: Billion Yen)

Net Sales / Operating Profit

Orders Received

Steel forgings and plates

Engineering, etc.

Total

FY2024

FY2025

Change from the previous year

(C)-(A)

Change from the previous forecast

(C)-(B)

Result (A)

Previous forecast

(as of Nov. 14, 2025)

(B)

Result (C)

38.4

44.5

39.7

1.3

(4.8)

8.7

5.5

6.0

(2.7)

0.5

47.1

50.0

45.7

(1.4)

(4.3)

FY2024

FY2025

Change from the previous year

(F)-(D)

Change from the previous forecast

(F)-(E)

Result (D)

Previous forecast

(as of Nov. 14, 2025)

(E)

Result (F)

42.7

57.0

52.7

10.0

(4.3)

6.6

5.0

5.4

(1.2)

0.4

49.3

62.0

58.1

8.8

(3.9)

Operating profit

8.6

9.5

8.8

0.2

(0.7)

[PART Ⅱ] Forecasts for FY2026

Direct impact is limited, while we continue to closely monitor indirect impacts

  • Direct impact

    The scale of business in Middle East is very limited. That said, impacts recognized are considered in each segment.

    No expansion of direct impact is anticipated at this time.

  • Indirect impact

Potential concerns include supply constraints for production materials such as lubricants and paints, as well as higher transportation and energy costs. We are proceeding with appropriate countermeasures.

As the impact on business performance cannot be reasonably quantified at the moment, it has not been factored into the full-year forecast.

YoY growth in orders received, sales and profits are expected

(Unit: Billion Yen)

Orders received

FY2026 Result (A)

FY2026 Forecast (B)

Change from the previous year (B)-(A)

309.4

340.0

30.6

Net sales

Operating profit

(%)

Ordinary profit

Profit attributable to owners of parent

Earnings per share (Yen)

274.8

310.0

35.2

25.3

27.0

1.7

9.2%

8.7%

-

26.0

26.0

0

19.2

19.0

(0.2)

261.38

258.11

(3.27)

Dividend per share (Yen)

92.0

92.0

0.0

(%)

EBITDA

34.3

39.1

4.8

12.5%

12.6%

-

Operating profit is expected to increase by ¥1.7 billion due to the increase of production, sales and prices

+13.7 (3.6)

Machinery: +7.3

Material: +6.3

25.3

Fixed cost

Change in production,

sales and prices

Impact of Unclassifiable forex fluctuations expenses

Average exchange rates for sales in USD

FY2025: JPY151/USD FY2026: JPY160/USD

Machinery: (1.4)

Material: (2.2)

Variable cost

(8.1)

Machinery: (4.7)

Material: (3.4)

(0.4)

+0.1

（Unit: Billion Yen）

27.0

FY2025 Result FY2026 Forecast

YoY growth in orders received, sales and profits are expected for both segments

Industrial Machinery Products

(Unit: Billion Yen)

Orders received

Net sales

Operating profit

(%)

FY2025 Result (A)

FY2026 Forecast (B)

Change from the previous year (B)-(A)

248.2

261.5

13.3

226.2

249.0

22.8

20.0

20.8

0.8

8.9%

8.4%

-

EBITDA

(%)

24.9

26.9

2.0

11.0%

10.8%

-

Material and Engineering

Orders received

Net sales

Operating profit

(%)

FY2025 Result

(A)

FY2026 Forecast

(B)

Change from the previous year

(B)-(A)

58.1

76.0

17.9

45.7

58.5

12.8

8.8

9.5

0.7

19.4%

16.2%

-

EBITDA

(%)

11.5

14.0

2.5

25.2%

24.0%

-

Sales is expected to grow YoY mainly due to the increase of defense equipment Orders received is expected to increase due to the growth of plastic production and processing machinery

(Unit: Billion Yen)

Net Sales / Operating Profit

Orders Received

Plastic production and processing machinery

Molding machine

Defense equipment

Others

Total

FY2025 Result (A)

FY2026 Forecast (B)

Change from the previous year (B)-(A)

72.9

63.5

△ 9.4

64.8

68.5

3.7

46.9

72.0

25.1

41.6

45.0

3.4

226.2

249.0

22.8

FY2025 Result (C)

FY2026 Forecast (D)

Change from the previous year (D)-(C)

46.2

80.0

33.8

63.7

70.0

6.3

87.3

80.0

△ 7.3

51.0

31.5

△ 19.5

248.2

261.5

13.3

Operating income

20.0

20.8

0.8

Sales, profit and orders are expected to grow

(Unit: Billion Yen)

Net Sales / Operating Profit

Orders Received

Steel forgings and plates

Engineering, etc.

Total

FY2025 Result (A)

FY2026 Forecast (B)

Change from the previous year (B)-(A)

39.7

48.0

8.3

6.0

10.5

4.5

45.7

58.5

12.8

FY2025 Result (C)

FY2026 Forecast (D)

Change from the previous year (D)-(C)

52.7

65.5

12.8

5.4

10.5

5.1

58.1

76.0

17.9

Operating profit

8.8

9.5

0.7

(Unit: Billion Yen)

Industrial Machinery Products Business Material and Engineering Business Other Businesses

461.4

431.4

396.9

87.7

70.2

335.1

57.8

55.5

252.7

42.2

338.9

360.9

373.4

279.4

210.3

FY2022 FY2023 FY2024 FY2025 FY2026

Forecast

*Figures are as of the end of March of each fiscal year.

Status of Capital Investment and Depreciation Financial Position

*Figures are as of the end of March of each fiscal year

(Unit: Billion Yen)

Capital investment Depreciation

Net assets Interest-bearing debt Net interest-bearing debt D/E ratio

24.2

0.41

0.49





21.5

18.1

12.1

12.1

7.3

6.5

7.7

7.8

9.0





0.27 0.24 0.22

195.1

213.8 226.0

160.6 178.6

43.4 43.6 43.5

88.3 112.0

50.2

10.5

(43.8) (53.9) (32.3)

FY2022

FY2023

FY2024

FY2025

FY2026

FY2022

FY2023

FY2024

FY2025

FY2026

Forecast

Forecast

Status of Cash Flows Status of R&D Expenses

Operating CF Investing CF Free CF

21.7

Industrial Machinery Material and Engineering Other Businesses

7.7

(0.9)

0.9

0.0

14.9

(6.8)

(4.5)

(16.7)

(12.2)

(16.8) (17.1)

(33.9)

(11.3)

5.6

6.1

5.0

5.6

(21.4)

(32.7)

FY2022

FY2023

FY2024

FY2025

FY2026

FY2022

FY2023

FY2024

FY2025

FY2026

Forecast

Forecast

Material Revolution, making the world sustainable and prosperous.