Jx Advanced Metals Corporation TSE:5016
JX Advanced Metals : FY2025 3Q (Fiscal Year Ending March 31, 2026) Financial Results Presentation Materials
Source: MarketScreener
February 10, 2026
Table of Contents
1
2
3
4
Highlights
1Q-3Q Results
Highlights - FY2025 1Q-3Q Results and ForecastsOperating profit | Same period in FY2024 | Results | Difference | Increased +41.5 bil yen due to increased sales of main products of Focus Businesses and contribution of higher copper prices (excludes one-off profit in same period of previous fiscal year) | |
(including one-off | 86.2 bil.yen | 124.8 bil.yen | +38.6 bil.yen | ||
factors) | |||||
factors | 5.4 bil.yen *1 | 2.5 bil.yen *2 | |||
Operating | 80.8 bil.yen | 122.3 bil.yen | +41.5 bil.yen Exchange rate 4 JPY/USD stronger yen Copper(LME) +35 ¢/lb | ||
profit | |||||
(excluding | |||||
one-off | Exchange rate 153 JPY/USD Copper (LME) 425 ¢/lb | Exchange rate 149 JPY/USD Copper(LME) 460 ¢/lb | |||
factors) | |||||
Operating profit | Forecasts in November Latest Difference 125.0 bil.yen 150.0 bil.yen +25.0 bil.yen Exchange rate 146 JPY/USD Exchange rate 149 JPY/USD Exchange rate 3 JPY/USD weaker yen Copper (LME) 436 ¢/lb Copper(LME) 470 ¢/lb Copper(LME) +34 ¢/lb | Upward revision +25.0 bil. yen due to strong sales in Focus Businesses as well as updated assumptions for exchange rate and LME copper price |
Dividend forecasts | Forecasts in November Latest*3 Difference 21 yen/share 27 yen/share +6 yen/share | Plans to increase dividend in line with upward revision of operating profit |
Full-year Forecasts
*1: (Breakdown) Gain on sale of Caserones: 7.4 bil. Yen, TATSUTA negative goodwill: 4.8 bil. Yen, Impairment loss at overseas subsidiaries in the Functional Materials: -1.2 bil. Yen, Goodwill impairment and structural reform expenses at TANIOBIS: -5.6 bil. Yen
*2: (Breakdown) Transfer of interests in the Quechua copper project: 2.5 bil. Yen *3: LME copper price used for the dividend calculation; 460¢/lb (Apr-Dec), 500¢/lb (Jan-Mar)
Compared with the previous fiscal year
Compared with the previous guidance
(FY2024 Results) (FY2025 Forecasts)
Sputtering
FY2024
121
121
100
Results
FY2025
Highlights - Sales volumeSales volume of main products (indexed with FY2024 results as 100)
Forecasts
FY2025
Forecasts
targets for SEMI
100
100 101 101 98
114 122 122 127
121
Steady demand sustained in both latest and memory applications driven by AI server demand
in Nov.
in Feb.
Despite solid demand driven
by AI server applications, broadly in line with the previous guidance considering customer-side
Semiconductor Materials
Thin Film Materials
Sputtering targets for magnetic devices
InP
substrates
TaNb*
Tantalum Powder for
100
100
100
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
114 114 114 116 124 130
81 92
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
97
108 111 128 124 128 134
85
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
121
128
161
Steady performance driven by rising HDD demand for data centers
Strong demand sustained by rapid expansion of AI servers
Significant increase in
inventory adjustments
In line with the previous guidance with steady HDD demand for data-center applications
Upward revision reflecting productivity improvements Accelerating capital investments to capture further demand growth
Upward revision driven by
tantalum
capacitor
97 98 119 86 99
219
146
181
demand for AI server applications
strong sales in AI server
applications
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
*TaNb: Tantalum and Niobium
Copyright © 2026, JX Advanced Metals Corporation, All rights reserved. 5
121
121
100
127
128
100
156
161
100
Compared with the previous fiscal year
Compared with the previous guidance
148
148
101 97 99
104
132
142
143
132
100
Highlights - Sales volumeSales volume of main products (indexed with FY2024 results as 100)
(FY2024 Results)
(FY2025 Forecasts)
1 Rolled
FY2024
Results
Annealed 100
Copper
Foil
103
FY2025 FY2025
Forecasts Forecasts
in Nov. in Feb.
104
96
100
118
102
106
Continued recovery
in smartphone market demand
100
102
103
Upward revision reflecting
solid sales driven by additional smartphone orders and new applications
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2 Copper
Titanium
Alloys
100
143
Sustained strong
demand for AI server
applications
1Q 2Q 3Q 4Q
1Q 2Q 3Q 4Q
Upward revision reflecting
the sharp increase in AI server applications Incorporating additional increases driven by productivity improvements
87
100
Decision to discontinue production of
phosphor bronze strip (→p.8)
ICT Materials
Functional Materials
-
Topics - Major releases from Nov. to Feb.
Focus Businesses
Additional capital investment for increased production of crystal
Semiconductor
Materials
ICT Materials
Base Businesses
Receives Development
Division Award from Resonac
December January
materials (→ p.7)
February
Reinforcing high value-added
product development and production
Metals & Recycling
Transfer of interests in the Quechua copper project (Pan Pacific Copper Co., Ltd.)
Driving strategic portfolio
transformation
Approx. +50% *1
Approx. 3.3 billion yen
ocations where InP substrates are used
Electrical
signal
What are InP substrates?
Materials used in data centers and internet infrastructure for optical communications where electrical signals are converted into optical signals and vice versa
Used in the light-receiving and light-emitting elements of optical transceivers
Optical fiber
Initiatives to expand InP profitablity
Announced further capex in Feb. 2026 to expand capacity to ~3× by 2030, including larger-diameter products
Driving price revisions by leveraging the tight supply-demand market conditions
Optical signal
+20%
Approx. 1.5 billion yen
Oct. 2025
Electrical
signal
Feb. 2026
Approx. 3x *2 (expected to start operations
sequentially from FY2027 onward)
Approx. 20 billion yen
*1: Total production capacity incl. Jul. 2025 release, *2: Total production capacity incl. Jul. & Oct. 2025 releases
Press release Production capacity (vs. FY2025) Investment amount
L
Jul. 2025
Shift from electrical to optical for faster/higher-
capacity communications
Highlights - Topics (Thin Film Materials - InP subtrates)InP (indium phosphide) substrates for optical communications are seeing strong sales, driven by data centers
The company has decided to make additional capital investments to expand capacity to capture demand in this rapidly growing market
Further growth potential is expected from the progressive shift to the use of optical communications within data centers
Growth opportunities arising from shift from electrical to optical
With the shift toward higher-speed communications and increasing power consumption within data centers, optical communications are increasingly being applied to shorter distances
The expanding scope of optical communications is driving higher demand for transceivers,
Optical connection
Electrical connection
Wiring within rack
which leads to rising demand for our InP substrates
Wiring between racks
Between data centers
Few
Many
AI server structure (generation)
Old New
Long
Short
Number of optical transceivers
Communication link distance
Within data centers
Between racks
Connection inside board
Connection between chips
Shift to on-chip optical
Within rack Inside AI server
Highlights - Topics (Functional Materials)Sales of high value-added products such as rolled annealed copper foil and copper titanium alloys have been strong
Copper
Titanium Alloys
In particular, copper titanium alloys is growing faster than expected on expanding AI-server demand Trend in Forecasted Sales Volume
(indexed with FY2024 results as 100)
110
+43%
125
132
143
Rolled Annealed
Copper Foil
103
Surging demand for connectors used in AI servers
AI servers generate significant heat due to high current loads, making high-strength, heat-resistant copper titanium alloys the optimal materials
Our advanced melting, heat-treatment, and rolling technologies enable the production of highly heat-resistant, durable copper titanium alloys
Promoting initiatives to secure stable demand in light of evolving technology trends, including the expansion of optical communications
Solid performance driven by additional smartphone orders and new application demand
Beyond smartphones, adoption is expanding into smart
100
102 102
97
glasses and medical fields with further use cases growing in
robotics and drones
FY2024
Results
FY2025
Forecasts in May
FY2025
Forecasts in Aug.
FY2025
Forecasts in Nov.
FY2025
Forecasts in Feb.
Smart glasses
Medical catheter
Robot
Drone
Highlights - Topics (Functional Materials)Steady progress in review of product portfolio (toward higher value-added products)
Overview of Functional Materials
Manufacture high value-added products such as rolled annealed copper foil and copper titanium alloys, as well as other copper alloys including phosphor bronze at the core production site, Kurami works
Reviewing the product portfolio to prioritize the capacity of key shared equipment toward growth areas, reallocating it from products such as phosphor bronze to high value-added products
With the discontinuation of phosphor bronze production, further
accelerate the shift toward high value-added products
Example of products
Decided to discontinue phosphor bronze production (to End in Mar. 2028)
Device evolution across mobile, data centers, mobility, and robotics has accelerated
Increasing demand for high-performance, high value-added products - such as rolled annealed copper foil and copper titanium alloys - based on our proprietary advanced technologies
Strengthening profitability by allocating Kurami works capacity to high-performance, high value-added products to the maximum extent
Illustrative figure
Capacity
Revenue / Profit
Kurami works
100%
Revenue Profit
Revenue Profit
High value-added products
Rolled Annealed Copper Titanium Copper Foil Alloys
Phosphor
bronze
Phosphor bronze
High value-added
High value-added
Other copper alloys
Other copper alloys
High value-added products
Phosphor Bronze
,
)
(Rolled annealed copper foil
Copper titanium alloys etc.,
0%
While revenue from phosphor bronze will decline, shifting
production capacity toward higher value-added products is expected to improve profitability
Highlights - Topics (New Businesses)Optimizing our product portfolio by focusing on high-growth new businesses expected to become the next pillar of earnings
Nuclear
fusion
Robotics
Next-generation
key technologies
CT
Catheter
Medical
3D printing
Drone
Aerospace &
Space
Catalysts
Batteries
Energy
Advanced
packaging
CVD/ALD
Next-generation
Semiconductor
Focus areas in new businessesOur products (Example)
New Businesses
E.g.,) CVD/ALD precursor materialsLeveraging our high-purity technologies and the
chlorination technologies of Taniobis and TOHO Titanium
High-growth area
Advancing the development and mass-production launch of next-generation precursor materials expected to be used in future logic and memory
(Equipment was installed at our Germany site in November 2024 and has since begun operation)
Semiconductor Materials ICT Materials
Main Products
Sputtering targets Sputtering targets for
InP substrates
for SEMI
magnetic devices
Rolled Annealed
Copper Foil
Copper Titanium Alloys
CdZnTe
subtrates
Tantalum
powder
Production discontinued
Phosphor Bronze
Leveraging synergies among group companies such as TOHO Titanium and TATSUTA Electric Wire, purse both organic and inorganic growth, and further expand into new business domains
FY2025 1Q-3Q (Fiscal year ending March 31, 2026) Results
bil. yen | FY2024 1Q-3Q Results | FY2025 1Q-3Q Results | Difference Absolute | % |
Revenue | 516.9 | 614.5 | ✚97.6 | ✚19% |
(Focus Businesses) | 297.8 | 366.4 | ✚68.6 | ✚23% |
(Base Businesses) | 222.4 | 257.7 | ✚35.3 | ✚16% |
(Other) | -3.3 | -9.6 | - 6.3 | ー |
Operating profit | 86.2 | 124.8 | ✚38.6 | ✚45% |
(Focus Businesses) | 41.1 | 53.7 | ✚12.6 | ✚31% |
(Base Businesses) | 50.8 | 80.2 | ✚29.4 | ✚58% |
(Other) | -5.7 | -9.1 | - 3.4 | ー |
Profit before tax | 82.9 | 120.9 | ✚38.0 ✚46% | |
Net profit | 53.9 | 95.6 | ✚41.7 ✚77% | |
Profit attributable to owners of parent | 46.0 | 79.6 | ✚33.6 | ✚73% |
Exchange rate (JPY/USD) | 153 | 149 | -4 | - 3% | |
LME copper price (¢/lb) | Average | 425 | 460 | ✚35 | ✚8% |
End/start of period | 396/395 | 439/567 |
Difference in operating profit
+5.4
124.8
+29.2
+6.9
86.2
Out of which
Focus Businesses +11.5
Base Businesses -4.6
- 2.9
Exchange rate -5.0 Copper prices, etc +34.0
Sales Volume Growth Rate
(1Q-3Q in FY2025 vs. Same period in FY2024)
Rolled Annealed Copper Foil Copper Titanium Alloys
✚2%
✚40%
FY2024 | FY2025 | Difference Absolute % | |||||
bil. yen | 1Q-3Q Results | 1Q-3Q Results | |||||
Focus | Semiconductor materials | Revenue OP | 110.9 20.2 | 130.2 | ✚19.3 | ✚17% | |
Businesses | 29.9 | ✚9.7 | ✚48% | ||||
ICT materials | Revenue OP | 186.9 20.9 | 236.2 | ✚49.3 | ✚26% | ||
23.8 | ✚2.9 | ✚14% | |||||
Base | Metals & Recycling | Revenue OP | 222.4 50.8 | 257.7 | ✚35.3 | ✚16% | |
Businesses | 80.2 | ✚29.4 | ✚58% | ||||
Other | Common expenses | Revenue OP | - 3.3 - 5.7 | - 9.6 | - 6.3 | ー | |
- 9.1 | - 3.4 | ー | |||||
Revenue | 516.9 | 614.5 | ✚97.6 | ✚19% | |||
Total | |||||||
OP | 86.2 | 124.8 | ✚38.6 | ✚45% | |||
(excl. One-off factors) 80.8 OP | 122.3 | ✚41.5 | ✚51% | ||||
(bil.yen)
Sputtering targets for SEMI Sputtering targets for magnetic devices InP substrates | ✚18% ✚24% ✚31% |
Tantalum Powder for capacitor | ✚48% |
FY2024-1Q-3Q
Results
One-off Exchange
rate, LME Copper, etc
Volume
variance
Cost
variance, etc
FY2025-1Q-3Q
Results
One-off
Exchange rate, LME Copper, etc
Volume variance
Cost variance, etc.
(Details) -2.9 + 29.2 + 6.9 + 5.4
For more details
SEMI | 5.6 | - 1.2 | + | 7.9 | - | 2.6 | P.14 |
ICT | -3.6 | - 1.5 | + | 3.6 | + | 4.4 | P.15 |
Base | -4.9 | + 31.9 | - | 4.6 | + | 7.0 |
Others | - | 3.4 |
P.16
Analysis of difference in operating profit: Semiconductor Materials segment (FY2025 1Q-3Q Results vs. FY2024 1Q-3Q Results)
Analysis of difference in operating profit Segment overview
TaNb
Thin Film Materials
⁻ Despite yen appreciation, OP increased
due to continued growth in sales of main
29.9
+5.6
- 2.6
- 1.2
20.2
[Thin Film] +7.0
[TaNb]+1.0
[TaNb] Reversal of goodwill impairment and structural reform expenses+5.5
[Thin Film] Tariffs and cost increase (depreciation), etc
(bil. yen)
+7.9
AI related products
⁻ OP increased due to the reversal of goodwill impairment and structural reform expenses, as well as significant rise in sales of tantalum powder for capacitors and improvement in selling prices
Revenue and operating profit by segment
FY2024-1Q-3Q
Results
One-off Exchange rate
Volume variance
Cost variance, etc
FY2025-1Q-3Q
bil. yen | FY2024 1Q-3Q Results | FY2025 1Q-3Q Results | Difference Absolute | % | |
Thin film | Revenue | 94.6 | 107.0 | ✚12.4 | ✚13% |
materials | OP | 27.0 | 30.4 | ✚3.4 | ✚13% |
Tantalum and | Revenue | 26.4 | 34.5 | ✚8.1 | ✚31% |
Niobium | OP | -5.9 | 0.4 | ✚6.3 | - |
Adjustments, etc. | Revenue | -10.1 | -11.3 | - 1.2 | - |
OP | -0.9 | -0.9 | - | - | |
Segment total | Revenue | 110.9 | 130.2 | ✚19.3 | ✚17% |
OP | 20.2 | 29.9 | ✚9.7 | ✚48% |
Results
Analysis of difference in operating profit: ICT Materials segment (FY2025 1Q-3Q Results vs. FY2024 1Q-3Q Results)
Functional Materials
Analysis of difference in operating profit Segment overview
[Functional]
+3.5
[Functional]
-1.0
[TOHO/TATSUTA]
-0.5
+3.6
(bil. yen)
⁻ Despite yen appreciation, OP increased through smartphone market recovery (including front-loaded demand to avoid U.S. tariffs), expanded adoption for AI
- 1.5
[Functional] Reversal of
impairment loss at overseas subsidiaries +1.0 [TOHO/TATSUTA] Reversal of negative goodwill in TATSUTA in FY24 -4.5
20.9
FY2024-1Q-3Q
Results
- 3.6
One-off Exchange rate
Volume variance
+4.4
[Functional]
Structual reform+3.0 [TOHO/TATSUTA]
Profit due to
consolidation etc. +1.0
Cost variance, etc
23.8
FY2025-1Q-3Q
Results
servers, and progress in structural reform
TOHO TITANIUM
such as price revisions etc.
⁻ OP declined mainly due to yen appreciation and price effects
TATSUTA Electric Wire and Cable
⁻ OP declined due to reversal of negative goodwill recorded in FY24
bil. yen | FY2024 1Q-3Q Results | FY2025 1Q-3Q Results | Difference Absolute | % | |
Functional | Revenue | 103.5 | 119.3 | ✚15.8 | ✚15% |
materials | OP | 9.8 | 16.1 | ✚6.3 | ✚64% |
TOHO TITANIUM, TATSUTAElectric Wire and Cable, and etc. | Revenue OP | 83.4 11.1 | 116.9 | ✚33.5 | ✚40% |
7.7 | - 3.4 | - 31% | |||
Segment total | Revenue | 186.9 | 236.2 | ✚49.3 | ✚26% |
OP | 20.9 | 23.8 | ✚2.9 | ✚14% |
Revenue and operating profit by segment
Analysis of difference in operating profit: Metals & Recycling segment
(FY2025 1Q-3Q Results vs. FY2024 1Q-3Q Results)
Analysis of difference in operating profit Segment overview
Mineral resources
⁻ Despite reversal of gain from partial divestment of Caserones interest in FY24, OP increased
50.8
- 4.6
[Mineral] +2.0 [Metals & Recycling] -6.5
- 4.9 Yen appreciation -2.5
Copper prices +34.5
[Mineral] Reversal of gain from partial sale of Caserones interest in FY24 -7.5 [Adjustments]Profit due to transfer of interests in the Quechua copper project +2.5
[Mineral]
Mine expenses +2.0 [Metals & Recycling] Sulfuric acid etc.,
+3.0
Reversal of
unrealized profit
elimination+2.0
(bil. yen)
FY2024-1Q-3Q
Results
+31.9
One-off Exchange
rate, LME Copper, etc
Volume variance
+7.0
Cost variance, etc
80.2
FY2025-1Q-3Q
Results
due to higher copper prices
Metals &
Recycling
⁻ Despite a temporary production drop from one-off issues, OP increased mainly due to higher copper prices
Adjustments, etc.
⁻ OP increased mainly due to transfer of interests in the Quechua copper project
Revenue and operating profit by segment
FY2024 | FY2025 | Difference Absolute % | ||||
bil. yen | 1Q-3Q Results | 1Q-3Q Results | ||||
Mineral | Revenue | 2.5 | 2.7 | ✚0.2 | ✚8% | |
resources | OP | 40.4 | 59.5 | ✚19.1 | ✚47% | |
Metals & | Revenue | 220.2 | 255.0 | ✚34.8 | ✚16% | |
Recycling | OP | 12.2 | 19.5 | ✚7.3 | ✚60% | |
Adjustments, etc. | Revenue | -0.3 | 0.0 | ✚0.3 | - | |
OP | -1.8 | 1.2 | ✚3.0 | - | ||
Segment total | Revenue | 222.4 | 257.7 | ✚35.3 | ✚16% | |
OP | 50.8 | 80.2 | ✚29.4 | ✚58% | ||
*Following the loss of control over Pan Pacific Copper and its transition to an equity-method affiliate, all unrealized gains were recognized by the end of FY2023. In FY2024, only profit eliminations were recorded, leading to a temporary significant elimination.
(bil. yen)
March 31, 2025
Interest
bearing debt
301.3
Other liabilities
269.9
Total equity attributable to owners of the parent
615.3
Minority interest
96.5
58.3
Other assets
1,224.7
Cash/Deposit
December 31, 2025 (bil. yen)
Consolidated balance sheet / Cash flowsConsolidated balance sheet
Consolidated cash flows
FY2025
3Q Results
Interest
bearing debt
308.1
Other liabilities
306.0
Total equity
attributable to owners of the parent
663.8
Minority interest
101.4
59.2
Other assets
1,320.1
Cash flows from operating activities | 93.2 |
Cash flows from investing activities | - 58.6 |
Free Cash Flow | 34.6 |
Cash flows from financing activities | - 35.2 |
Cash/Deposit
Net increase (decrease)in cash and cash equivalents
- 0.6
Impact from exchange rate, etc. 1.4
FY2023 | FY2024 | FY2025 |
Results | Results | 1Q-3Q Results |
CAPEX, Depreciation, R&D expenses
(bil. yen)
59.1
92.3
79.2
Net interest- bearing debt | 242.9 248.9 |
Increase in net interest-bearing debt due to expenditures for future capacity expansion in focus businesses, as well as corporate taxes and dividend payments | |
CAPEX
32.6
44.0
39.1
15.2
17.8
15.9
Depreciation R&D Expenses
FY2025 Full-year (Fiscal year ending March 31, 2026) Forecasts
(Focus Businesses) (Base Businesses) (Other)
✚20.0 +4%
✚20.0 +6%
- 10.0 -
Exchange rate: ¥145/USD
Consolidated statement of incomeExchange rate / LME copper price assumption*
bil. yen
FY2025
forecasts (in Nov)
FY2025
forecasts (in Feb)
Difference
Absolute %
Revenue
790.0
820.0
✚30.0
+4%
LME copper price:500¢/lb
1Q | 2Q | 3Q 567 | 4Q | |
455 | 467 | 504 | (500) | |
39 | ||||
444 | ||||
432 | ||||
Beginnin | g / End of the period | |||
Quarterly average | ||||
LME Copper price assumption trend
4
580
Operating profit 125.0 150.0 ✚25.0 +20%
530
(Focus Businesses) | 62.0 | 67.0 | ✚5.0 | +8% |
(Base Businesses) | 74.0 | 94.0 | ✚20.0 | +27% |
(Other) | -11.0 | -11.0 | ー | - |
Profit before tax | 120.0 | 144.0 | ✚24.0 +20% | |
Net profit | 97.0 | 114.0 | ✚17.0 +18% | |
480
470.0 | 490.0 |
320.0 | 340.0 |
- | -10.0 |
430
380
2025/3/31 2025/6/30
2025/9/30
2025/12/31
2026/3/31
Exchange rate (JPY/USD)
LME copper price (¢/lb) Average
End/start of period
✚3 +2%
✚34 +8%
Operating profit sensitivity (4Q)
Profit attributable to
owners of parent
79.0
93.0
✚14.0
+18%
+2.0
ー
LME copper price
+10¢/lb
+2.0
(bil. Yen) Exchange rate 5-yen weaker yen
Focus Businesses +0.5
Base Businesses +1.0
Total +1.5
149
470
439/500
146
436
439/435
*Period covered: Exchange rate Feb. to Mar., LME copper price Jan. to Mar.
Revenue and operating profit by business segmentDifference in operating profit
bil. yen | FY2025 forecasts (in Nov) | FY2025 forecasts (in Feb) | Difference Absolute % | ||||
Focus | Semiconductor materials | Revenue OP | 170.0 40.0 | 180.0 | ✚10.0 | +6% | |
Businesses | 40.0 | ー | - | ||||
ICT materials | Revenue OP | 300.0 22.0 | 310.0 | ✚10.0 | +3% | ||
27.0 | ✚5.0 | +23% | |||||
Base | Metals & Recycling | Revenue OP | 320.0 74.0 | 340.0 | ✚20.0 | +6% | |
Businesses | 94.0 | ✚20.0 | +27% | ||||
Other | Common expenses | Revenue OP | - - 11.0 | - 10.0 | - 10.0 | - | |
- 11.0 | ー | - | |||||
Revenue | 790.0 | 820.0 | ✚30.0 | +4% | |||
Total | |||||||
OP | 125.0 | 150.0 | ✚25.0 | +20% | |||
(bil.yen)
+29.5 +3.2
FY2025 | One-off | Exchange | Volume | Volume | Cost | FY2025 |
Forecasts | rate, LME | variance | variance | variance, | Forecasts | |
(in Nov) | Copper, etc | (Focus) | (Base) | etc. | (in Feb) |
One off
Exchange rate, LME Copper, etc
Volume variance (Focus)
Volume variance (Base)
Cost variance, etc.
(Details) | + | 2.5 | + 29.5 | + | 3.2 | - | 7.9 | - | 2.3 For more details | |
SEMI | - | + 0.7 | + | 0.6 | - | 1.3 | P.21 | |||
ICT | - | + 1.5 | + | 2.6 | + | 0.9 | |||
Base Others | + | 2.5 | + 27.3 | - | 7.9 | - | 1.9 - |
P.22
P.23
- 7.9
150.0
- 2.3
125.0
+2.5
Exchange rate +6.0
Copper prices, etc +23.5
Analysis of difference in operating profit: Semiconductor Materials segment (FY2025 Forecasts: February vs. November Forecasts )
Thin Film Materials
Analysis of difference in operating profit Segment overview
⁻ OP increased driven by higher sales of sputtering
(bil. yen)
targets for SEMI etc. and yen depreciation
TaNb
⁻ Despite growth in sales of tantalum powder for capacitor, OP declined due to structural reform expenses
40.0
+0.7
+0.6
40.0
[Thin film] +0.5
- 1.3
[TaNb] Structural reform -1.0
Revenue and operating profit by segment
FY2025
Forecasts (in Nov)
Exchange
rate
Volume
variance
Cost
variance, etc
FY2025
bil. yen | FY2025 forecasts (in Nov) | FY2025 forecasts (in Feb) | Difference Absolute | % | |
Thin film | Revenue | 140.0 | 150.0 | ✚10.0 | ✚7% |
materials | OP | 40.0 | 41.0 | ✚1.0 | ✚3% |
Tantalum and | Revenue | 50.0 | 50.0 | - | - |
Niobium | OP | 0.0 | -1.0 | - 1.0 | - |
Adjustments, etc. | Revenue | - 20.0 | - 20.0 | - | - |
OP | - | - | - | - | |
Segment total | Revenue | 170.0 | 180.0 | ✚10.0 | ✚6% |
OP | 40.0 | 40.0 | - | - | |
Forecasts (in Feb)
Analysis of difference in operating profit: ICT Materials segment (FY2025 Forecasts: February vs. November Forecasts )
Analysis of difference in operating profit Segment overview
(bil. yen)
+2.6
+1.5
[Functional]
Cost
improvement etc.
22.0
[Functional]+2.5
+0.9
27.0
⁻ OP increased due to higher sales of rolled annealed copper foil and copper titanium alloys for AI servers, as well as yen depreciation
TOHO
TITANIUM
Functional Materials
⁻ OP increased mainly due to yen depreciation
Revenue and operating profit by segment
FY2025
Forecasts (in Nov)
Exchange
rate
Volume
variance
Cost
variance, etc
FY2025
bil. yen | FY2025 forecasts (in Nov) | FY2025 forecasts (in Feb) | Difference Absolute % | ||
Functional | Revenue | 150.0 | 160.0 | ✚10.0 | ✚7% |
materials | OP | 16.0 | 20.0 | ✚4.0 | ✚25% |
TOHO TITANIUM, TATSUTAElectric Wire and Cable, and etc. | Revenue OP | 150.0 6.0 | 150.0 | - | - |
7.0 | ✚1.0 | ✚17% | |||
Segment total | Revenue OP | 300.0 22.0 | 310.0 | ✚10.0 | ✚3% |
27.0 | ✚5.0 | ✚23% | |||
Forecasts (in Feb)
Analysis of difference in operating profit: Metals & Recycling segment (FY2025 Forecasts: February vs. November Forecasts )
Mineral resources, Metals & Recycling, Adjustments etc.
Analysis of difference in operating profit Segment overview
(bil. yen)
+27.3
⁻ OP increased due to yen depreciation, higher copper prices and gain related to the transfer of interests in the Quechua copper project
- 7.9
94.0
- 1.9
74.0
+2.5
[Mineral] -5.0
[Metals & Recycling] -3.0
Profit due to transfer of interests in the Quechua
Yen depreciation +3.5
Copper price etc., +24.0
Revenue and operating profit by segment
FY2025
Forecasts
(in Nov)
One-off Exchange rate, LME
Copper, etc
Volume variance
Cost variance, etc
FY2025
bil. yen | FY2025 forecasts (in Nov) | FY2025 forecasts (in Feb) | Difference Absolute % | ||
Mineral resources | Revenue OP | - 53.0 | - 65.0 | - ✚12.0 | - ✚23% |
Metals & Recycling | Revenue OP | 320.0 19.0 | 340.0 26.0 | ✚20.0 ✚7.0 | ✚6% ✚37% |
Adjustments, etc. | Revenue OP | - 2.0 | - 3.0 | - ✚1.0 | - ✚50% |
Segment total | Revenue OP | 320.0 74.0 | 340.0 94.0 | ✚20.0 ✚20.0 | ✚6% ✚27% |
Forecasts
(in Feb)
Consolidated balance sheet / Cash flows for FY2025, Shareholder returnsConsolidated balance sheet
(bil. yen)
Shares Held by ENEOS
March 31, 2025
(Results)
96.5
Interest
bearing deb
301.3
Other liabilities
269.9
ts
Total equity attributable to owners of the parent
615.3
Minority interest
Other asse
1,224.7
58.3
Cash/Deposit
t
March 31, 2026
(Forecasts in Feb.)
55.0
Cash/Deposit
Interest bearing debt
329.0
Other liabilities
282.0
Other assets
| ||
FY2025 Forecasts | ||
Cash flows from operating activities 101.0 Cash flows from investing activities - 85.0 | ||
Free Cash Flow 16.0 | ||
Cash flows from financing activities - 20.0 | ||
Net increase (decrease)in - 4.0 cash and cash equivalents Impact from exchange rate, etc. 0.0 | ||
Shareholder returns
Holdings, Inc.
Should there be any additional sales of shares, the Company would consider share repurchases financed through asset sales or other funding sources as one of the potential options
1,337.0
Total equity
Dividend Policy
Our dividend policy is based on a consolidated payout ratio of approximately 20%.
In addition, when copper prices exceed our assumptions and result in higher profits from our base business, we return a portion of that excess to shareholders.
FY24 | FY25 (TBD) | ||||
Dividend per share※2 | 18 yen※1 | in Nov. | Latest | ||
21 yen | 27 yen | ||||
Interim 6 yen | Year-end 15 yen | Interim 6 yen | Year-end 21 yen | ||
Dividend payout ratio※2 | 24% | 25% | 27% | ||
attributable to owners of the parent
681.0
100.0
Minority interest
Net interest-bearing debt
242.9
274.0
※1 Exclude the dividend paid in Nov. 2024 (85 bil. yen)
※2 Include increase in copper prices
March 31, 2026
(Forecasts in Nov.)
Copyright © 2026, JX Advanced Metals Corporation, All rights reserved. 24
Appendix
Topics - FY2025 (Fiscal year ending March 31, 2026)Focus Businesses
April Establishment of Indian subsidiary
May Decision to acquire industrial land adjoining new Hitachinaka Factory (tentative name)
June Enhancement of the supply system of high-purity CVD/ALD materials which are essential for the high performance
of next-generation semiconductors- Supporting the continued advancement of rapidlly growing generative AI -
July Certification of the supply assurance plan for sputtering targets for semiconductors by the Ministry of Economy,Trade and Industry
July Decision to make a capital investment for increased production of crystal materialsSeptember Participation in "JOINT3" consortium to develop Next-Generation semiconductor packaging
September Launch of co-creation with Panasonic Group of copper resource circulation scheme targeting used home appliances September Establishment of the Data Infrastructure Materials Business Promotion Department
October Decision to make an additional capital investment to increase production of crystal materials October Acquisition of shares issued by EX-Fusion, Inc., a laser fusion startup
November Development and successful test of a new microturbine utilizing Additive Manufacturing by the Alloyed Group December Receives Development Division Award from Resonac Hard Disk Corporation
January Decision to discontinue production of phosphor bronze strip in Functional materials business
February Decision to make further additional capital investment to increase production of crystal materials
Topics - FY2025 (Fiscal year ending March 31, 2026)
Base Businesses
June Agreement concluded for participation in mineral sands deposit development project (Copi Project) in Austraria
- Toward securing stable, long-term minor metal resources -
June Course of action for strengthening the profitability of the Metals/Recycling BusinessSeptember Decision to make a capital investment for increased processing of recycled raw materials November Marubeni's participation in the development evaluation for the Copi Project in Australia
November Agreement and execution of a memorandum of understanding concerning the integration of Mitsubishi Materials' businesses
into Pan Pacific Copper
December Transfer of interests in the Quechua copper projectFor directors not on the audit committee (excluding outside directors) and executive officers, compensation consists of fixed compensation (cash), short-term
incentive (STI: cash), and long-term incentive (LTI: stock)
Overall, the performance-linked ratio is increased, with gradual variations based on the responsibilities of each position
Stock compensation consists of performance-linked and non-performance-linked components (expected to have transfer restrictions)
Compensation for outside directors not on the audit committee and directors on the audit committee consists only of fixed compensation (determined through discussions among audit committee members)
Separate from the executive compensation system, an executive stock ownership plan has been established, with each executive contributing an appropriate
amount
Introduction of Share-based Remuneration System (RS Trust) for Officers and Employee Stock
Ownership Plan (J-ESOP-RS)
Overview of the Executive Compensation System
Composition Ratio of Our Executive Compensation
Fixed (Cash) STI Performance-Linked (Cash) LTI Performance-Linked (Stock) LTI Fixed (Stock)Director
Approx | . 40% | Approx. 24% | Approx 18% | . | Approx. 18% | |
Stock Compensation Composition Ratio
0.4
0.24
0.175
0.175
取締 役
Approx. 36%
0% 20% 40% 60% 80% 100%
Overview of Employee Stock Ownership Plan
役員持株会+株 式報酬
従業員持株会+株 式給付信託
31-Dec-25 | |
Officers' Shareholding Association + Share-based | 24 |
remuneration | |
(number of shares held by the Shareholding Association) | (0.0%) |
Employees' Shareholding Association + Employee Stock | 209 |
Ownership Plan | |
(number of shares held by the Shareholding Association + number of shares granted to employees in ESOP.) | (0.2%) |
Number of shares held [unit: in 10,000 shares] (shareholding ratio)
Shares are granted to employees in managerial positions who satisfy certain requirements
The objective is to encourage them to approach their duties in ways that improve business performance and drive increases in the share price, and in turn to enhance the Company's corporate value in the medium to long term (transfer restrictions will be imposed)
JX Advanced Metals at a Glance
Leading global supplier of advanced materials in semiconductor and ICT industries
Rolled Annealed Copper Foil (RACF)
#1
78%*2
Metal foil with great ductility
used for FPC (Flexible printed circuits)3
TATSUTA
Copper Titanium Electromagnetic Alloys shielding film
Alloy material with superior
strength, conductivity and
bendability
Functional film to protect
mobile device circuits from electromagnetic noise
Businesses and Main Products
Functional Materials
ICT Materials
Our highly competitive core business with an advanced technological excellence
Thin film Materials
related to AI Server
End Uses AI Servers
Sputtering targets for
Semiconductors
Focus Businesses
Semiconductor Materials
#1
64%*1
Metals required for nano-scale deposition on semiconductor wafers
CdZnTe Substrates
Sputtering targets for
magnetic devices
Metals required for nano-scale deposition Large Capacity HDD
Material for CVD4/ALD5 Precursors
InP Substrates
Light emitting and receiving elements in optical communications
TaNb.
Tantalum powder
Wearable
Smartphones
Single crystal substrates used for radiation
and infrared sensors
Metal raw materials used to form thin film in CVD/ALD process
Metal powders for sputtering targets for SEMI and capacitors
Mobility (xEV/ADAS)
Base Businesses
Support growth of Focus Businesses by reinforcing sustainable supply chains of copper and minor metals (tantalum, titanium, etc.)
Note 1: FUJI KEIZAI CO., LTD. "Semiconductor Materials market's Current Status and Future Outlook 2024" (Excluding AI targets as of 2023 actual on sales basis); Note 2: Fuji Chimera Research Institute, Inc. "Electronics Mounting New Materials Handbook 2024" (actual record in 2023; for FPC only, based on shipping quantity basis); Note 3: FPC (Flexible printed circuits): Electronic circuits with combination of insulated base films and conductive metallic materials made with photolithographic; Note 4: Chemical Vapor Deposition; Note 5: Atomic Layer Deposition
Company history and the vision to which we aspire going forwardEstablished Long-term vision
Transition from a process industry-type firm to a technology-based firm, aiming to contribute to the realization of a sustainable society as a global leader in the semiconductor and ICT materials sectors to realize a highly profitable structure, even in the face of intensifying international competition
Key strategies
Target business portfolio
[Growth] Focus Businesses
- Position as the core of our growth strategy
Aim to achieve profit growth exceeding market growth through technological differentiation
[Business Foundation] Base Businesses
Support growth of Focus Businesses by reinforcing
supply chains
Position copper and minor metals indispensable to
Expanded into metal smelting and refining business
Started operations at
the Saganoseki Smelter & Refinery
Full-scale entry into
metal fabrication business
Established Kurami Works
Launched recycling business
Establisehd Hitachi Works Built new recycling furnace
Full-scale entry into
electronic materials business
Started operations at Isohara Works
Strengthened minor metals business
Acquired H.C. Starck Tantalum & Niobium (now TANIOBIS GmbH) shares
History of the business
Company
history
1905
1916
1929
1964
1978
1985
2002
2010
2016
2018
2019
Founded the Hitachi Mine (origin of JX Advanced Metals Group)
Foundations of the Nissan Conglomerate, which fostered such companies as Hitachi and Nissan Motor under its umbrella
Established Nippon Mining
Established Nippon Mining Holdings
Established Nippon Mining Holdings (now JX Advanced Metals Corporation) as joint holding company of Nikko Metals and Japan Energy
Changed name to JX Nippon Mining & Metals Corporation
Renamed upon the establishment of JXHD (now ENEOS HD) following the merger of Nippon Oil Corporation and Nippon Mining Holdings
Changed to
JX Metals Corporation
Changed English name
semiconductor and ICT materials as core domains
Revised long-term vision 2023
2024
English name changed to
"JX Advanced Metals Corporation"