Jx Advanced Metals Corporation TSE:5016

JX Advanced Metals : FY2025 3Q (Fiscal Year Ending March 31, 2026) Financial Results Presentation Materials

Published

Source: MarketScreener

FY2025 3Q (Fiscal Year Ending March 31, 2026) Financial Results Presentation Materials

February 10, 2026



Table of Contents

1

Highlights

2

FY2025 1Q-3Q (Fiscal year ending March 31, 2026) Results

3

FY2025 Full-year (Fiscal year ending March 31, 2026) Forecasts

4

Appendix

Highlights

1Q-3Q Results

Highlights - FY2025 1Q-3Q Results and Forecasts

Operating 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)

  1. Sputtering

    FY2024

    121

    121

    100

    Results

    FY2025

    Highlights - Sales volume
    • Sales 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

  2. Sputtering targets for magnetic devices

  3. InP

    substrates

    TaNb*

  4. 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 volume
  • Sales 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 businesses

Our products (Example)

New Businesses

E.g.,) CVD/ALD precursor materials
  • Leveraging 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

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

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

Consolidated statement of income Revenue and operating profit by business segment

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

- 9.1

- 3.4

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 flows
  • Consolidated 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 income

    Exchange 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

-

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

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 segment

Difference 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

-

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

-

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 returns
  • Consolidated 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

  • Consolidated cash flows

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 materials

September 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 Business

September 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 project

  • For 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 forward

Established 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"