JFE Holdings, Inc.

5411

JP3386030005

Iron & Steel

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JFE : FY2025 3Q Presentation Material of IR Briefing (140120260212548321)

Published on 02/12/2026 at 02:09 am EST

Publicnow

JFE HOLDINGS, INC.

-0.85%

JFE Group Financial Results for Third Quater of Fiscal Year 2025 ending March 31, 2026

February 5, 2026

JFE Holdings, Inc.

Securities Code：5411.T

Table of Contents

Financial Highlights
Financial Results for Third Quarter of Fiscal Year 2025 (April 1, 2025 to December 31, 2025)
Financial Forecast for Fiscal year 2025 (April 1, 2025 to March 31, 2026)
Dividends 5．Topics

Appendix (1): Eighth Medium-Term Business Plan Related Data Appendix (2): Financial data, Profit/Loss Analysis, etc.

Appendix (3): Business Environmental Indicators, etc. Appendix (4): Published Materials (Links)

This presentation material is for the purpose of publicizing the status of our company's financial results for the Third quarter of FY2025. It is not a disclosure material under the Financial Instruments and Exchange Act and does not guarantee the accuracy or completeness of the information. It does not constitute a solicitation to invest in securities in Japan, the United States or any other countries. The forecasts presented are based on information received at the time of the briefing and include uncertainties. Therefore, please refrain from making investment decisions based solely on this document. Our company shall not be liable for any damages arising as a result of the use of this document.

Financial Highlights

The business environment surrounding our company remains severe. This includes the
sluggish steel market due to China's overproduction and increased exports, as well as the impact of protectionist policies in various countries, including the United States.
(Crude steel production volume: Approx. 21.50 million tonnes (as previously))
The cost of steel products is surging sharply due to factors including yen depreciation and the continued, significant rise in coking coal spot prices following the Australian cyclone in middle of January.
The annual forecast for business profit, segment profit, and profit attributable to owners of parent
is expected to remain as previously announced.
However, the business profit excluding inventory valuation, etc. is expected to be ¥170.0 billion, down ¥20.0 billion from the previous forecast.

The annual dividend for FY2025 is expected to be 80 yen per share based on the 8th Medium-term Business Plan (as previously announced).

Financial Highlights

Results for 3Q of FY2025

Business Profit

[Excluding Inventory Valuation etc.]

97.4

[143.4]

Segment Profit

[Excluding Inventory Valuation etc.]

79.2

[125.2]

(billions of yen, unless otherwise stated)

Forecast of

FY2025

Business Profit

[Excluding Inventory Valuation etc.]

140.0

[170.0]

Segment Profit

[Excluding Inventory Valuation etc.]

110.0

[140.0]

Crude Steel Production (Standalone):

Approx. 21.50 million mt*

Exchange rate:

Approx. ¥150/US$

(4Q: Approx. ¥156/US$)

Profit attributable to owners of parent

75.0

Dividend

80 yen

(Interim dividend 40 yen)

(23.3) [(64.3)]	-
(26.0) [(67.0)]	-
Change FY2024 vs FY2025	Change from the previous forecast
4.7	±0.0
[(66.3)]	[(20.0)]
(4.5)	±0.0
[(75.5)]	[(20.0)]
(16.8)	±0.0
(20 yen)	As previously announced

(billions of yen, unless otherwise stated)

*mt : metric tons

Change

Apr-Dec FY2024 vs Apr-Dec FY2025

Change

from the previous forecast

Consolidated Results for Third Quarter of Fiscal Year 2025 (April 1 to December 31, 2025)

Financial Results for 3Q of Fiscal Year 2025

Business profit for 3Q of FY2025 was ¥97.4bn. (decreased by ¥23.3bn. year-on-year)

* Business profit (excluding Inventory Valuation etc.) for 3Q of FY2025 was ¥143.4bn. (decreased by ¥64.3bn. year-on-year)

	FY2024 actual			FY2025 actual			Change (FY2024 vs FY2025) Total from Apr to Dec
(billions of yen)	1H	Oct to Dec	Total from Apr to Dec	1H	Oct to Dec	Total from Apr to Dec	Change (FY2024 vs FY2025) Total from Apr to Dec
Revenue	2,450.7	1,224.6	3,675.4	2,232.6	1,147.6	3,380.2	(295.2)
Business Profit	81.8	38.8	120.7	45.7	51.7	97.4	(23.3)
[Excluding Inventory Valuation etc.]	[134.8]	[72.8]	[207.7]	[93.7]	[49.7]	[143.4]	[(64.3)]
Finance Income/Costs	(9.8)	(5.6)	(15.5)	(11.5)	(6.7)	(18.2)	(2.7)
Segment Profit	72.0	33.1	105.2	34.1	45.1	79.2	(26.0)
[Excluding Inventory Valuation etc.]	[125.0]	[67.1]	[192.2]	[82.1]	[43.1]	[125.2]	[(67.0)]
Exceptional Items	(12.1)	48.5	36.4	0	0	0	(364)
Profit before Tax	59.9	81.7	141.7	34.1	45.1	79.2	(62.5)
Tax Expense and Profit (Loss) Attributable to Non-Controlling Interests	(17.4)	(24.1)	(41.6)	(7.4)	(10.9)	(18.3)	23.3
Profit Attributable to Owners of Parent	42.4	57.6	100.1	26.6	34.2	60.8	(39.3)

Business profit is profit before tax excluding financial income and one-time items of a materially significant value. Segment profit is profit including financial income in business profit.

Financial Results for 3Q of Fiscal Year 2025 (by Segment)

(billions of yen)		FY2024 Actual			FY2025 Actual			Change (FY2024 vs FY2025) Total from Apr to Dec
(billions of yen)		1H	Oct to Dec	Total from April to Dec	1H	Oct to Dec	Total from Apr to Dec	Change (FY2024 vs FY2025) Total from Apr to Dec
	Steel Business	1,729.3	828.9	2,558.2	1,537.4	773.8	2,311.2	(247.0)
	Engineering Business	269.5	152.4	421.9	287.0	148.3	435.3	13.4
	Trading Business	715.5	366.0	1,081.6	647.5	345.9	993.4	(88.2)
	Adjustments	(263.5)	(122.8)	(386.4)	(239.4)	(120.3)	(359.7)	26.7
Revenue		2,450.7	1,224.6	3,675.4	2,232.6	1,147.6	3,380.2	(295.2)
Business Profit (A）		81.8	38.8	120.7	45.7	51.7	97.4	(23.3)
[Excluding Inventory Valuation etc.]		[134.8]	[72.8]	[207.7]	[93.7]	[49.7]	[143.4]	[(64.3)]
Finance Income/Cost（B）		(9.8)	(5.6)	(15.5)	(11.5)	(6.7)	(18.2)	(2.7)
	Steel Business	34.5	10.4	44.9	(5.3)	28.6	23.3	(21.6)
	[Excluding Inventory Valuation etc.]	[87.5]	[44.4]	[131.9]	[42.7]	[26.6]	[69.3]	[(62.6)]
	Engineering Business	8.9	6.6	15.5	12.6	4.1	16.7	1.2
	Trading Business	22.4	13.6	36.0	21.9	10.7	32.6	(3.4)
	Adjustments	6.2	2.4	8.6	4.8	1.6	6.4	(2.2)
Segment Profit(A+B)		72.0	33.1	105.2	34.1	45.1	79.2	(26.0)
[Excluding Inventory Valuation etc.]		[125.0]	[67.1]	[192.2]	[82.1]	[43.1]	[125.2]	[(67.0)]

Business profit is profit before tax excluding financial income and one-time items of a materially significant value. Segment profit is profit including financial income in business profit.

JFE Steel's Segment Profit Analysis

	Unit	Apr to Dec FY2024	Apr to Dec FY2025
Crude Steel (Standalone)	million mt	16.56	16.12
Shipment (Standalone)	million mt	14.53	14.25
Average Sales Price	000yen /tonne	132.5	119.8
Exchange Rate	¥/US$	152.3	148.5

(billions of yen)	Apr to Dec FY2024	Apr to Dec FY2025
Segment Profit	44.9	23.3
＊Excluding Inventory Valuation, etc.	131.9	69.3

(April to December FY2024 vs April to December FY2025)

JFE Steel

Change

(21.6)

(62.6)

Breakdown

1) Cost	+18.0	Operational improvement, etc.
2) Volume and Mix	(8.0)	Crude steel production (16.56 million mt →16.12 million mt)
3) Spreads*	(62.0)	Deterioration in domestic and overseas steel market conditions Deterioration in export profitability due to yen appreciation compared with the previous fiscal year Impact of raw material price fluctuations and timing differences in adjustments for selling prices（negative impact）
4) Inventory valuation, etc.	+41.0	Inventory valuation -18.0 (-30.0 → -48.0) Carry over +58.0 (-60.0 → - 2.0) Foreign exchange valuation + 1.0 (+ 3.0 → + 4.0)
5) Others	(10.6)	Group Companies +21.0 Others - 31.6 (Depreciation, interest expense, and construction timing differences, etc.）

*Spreads including various prices (metals, energy, materials, logistics, labor costs, foreign exchange effects, etc.)

Segment Profit Analysis

(April to December FY2024 vs April to December FY 2025)

Engineering Business

JFE Engineering JFE Shoji

Revenue and profit declined in the October-December quarter of FY2025 due to differences in project composition. However, due to the consistent execution of secured projects, cumulative revenue and profit for the first three quarters increased compared to last year's figures for the same period.

(billions of yen)	FY2024 Actual			FY 2025 Actual			Change (vs FY2024)
(billions of yen)	1H	Oct to Dec	Apr to Dec	1H	Oct to Dec	Apr to Dec	1H	Oct to Dec	Apr to Dec
Orders received	246.0	100.3	346.3	363.0	213.3	576.3	117.0	113.0	230.0
Revenue	269.5	152.4	421.9	287.0	148.3	435.3	17.5	(4.1)	13.4
Segment profit	8.9	6.6	15.5	12.6	4.1	16.7	3.7	(2.5)	1.2

Trading Business

Due to declining steel market conditions domestically and internationally, as well as a decrease in sales volume, revenue and profit have decreased compared to last year's figures for the same period.

(billions of yen)	FY2024 Actual			FY 2025 Actual			Change (vs FY2024)
(billions of yen)	1H	Oct to Dec	Apr to Dec	1H	Oct to Dec	Apr to Dec	1H	Oct to Dec	Apr to Dec
Revenue	715.5	366.0	1,081.6	647.5	345.9	993.4	(68.0)	(20.1)	(88.2)
Segment profit	22.4	13.6	36.0	21.9	10.7	32.6	(0.5)	(2.9)	(3.4)

Financial Forecasts for Fiscal Year 2025 (April 1, 2025 to March 31, 2026)

Financial Forecast for Fiscal Year 2025

Business profit and Profit Attributable to Owners of Parent for FY2025 are expected as previously announced.

* Business profit (excluding Inventory Valuation, etc.) for FY2025 is ¥170.0bn. (decreased by ¥20.0bn. from the previous forecast)

	FY2024 Actual	FY2025 Forecast (Previous)	FY2025 Forecast (Updated)					Change (FY2024 vs FY2025)	Change （Previous vs Updated）
	Full year	Full year	1H (Actual)				Full year	Full year	Full year
				Oct-Dec (Actual)	Jan-Mar	2H
(billions of yen)				Oct-Dec (Actual)	Jan-Mar	2H
Revenue	4,859.6	4,600.0	2,232.6	1,147.6	1,219.8	2,367.4	4,600.0	(259.6)	0.0
Business Profit [Excluding Inventory Valuation etc.]	135.3 [236.3]	140.0 [190.0]	45.7 [93.7]	51.7 [49.6]	42.6 [26.6]	94.3 [76.3]	140.0 [170.0]	4.7 [(66.3)]	0.0 [(20.0)]
Finance Income/Costs	(20.7)	(30.0)	(11.5)	(6.7)	(11.8)	(18.5)	(30.0)	(9.3)	0.0
Segment Profit [Excluding Inventory Valuation etc.]	114.5 [215.5]	110.0 [160.0]	34.1 [82.1]	45.1 [43.1]	30.8 [14.8]	75.9 [57.9]	110.0 [140.0]	(4.5) [(75.5)]	0.0 [(20.0)]
Exceptional Items	29.7	0.0	0.0	0.0	0.0	0.0	0.0	(29.7)	0.0
Profit before Tax	144.3	110.0	34.1	45.1	30.8	75.9	110.0	(34.3)	0.0
Tax Expense and Profit (Loss) Attributable to Non-Controlling Interests	(52.4)	(35.0)	(7.4)	(10.9)	(16.7)	(27.6)	(35.0)	17.4	0.0
Profit Attributable to Owners of Parent	91.8	75.0	26.6	34.2	14.2	48.4	75.0	(16.8)	0.0

Business profit is profit before tax excluding financial income and one-time items of a materially significant value. Segment profit is profit including financial income in business profit.

Financial Forecast for Fiscal Year 2025 (by Segment)

（billions of yen）		FY2024 Actual Full year	FY2025 Forecast (Previous) Full year	FY2025 Forecast (Updated)					Change (FY2024 vs FY2025) Full year	Change （Previous vs Updated） Full year
				1H (Actual)				Full year
				1H (Actual)	Oct-Dec (Actual)	Jan-Mar	2H	Full year
	Steel Business	3,365.1	3,080.0	1,537.4	773.8	788.8	1,562.6	3,100.0	(265.1)	20.0
	Engineering Business	569.8	600.0	287.0	148.3	164.7	313.0	600.0	30.2	0.0
	Trading Business	1,438.5	1,350.0	647.5	345.9	356.6	702.5	1,350.0	(88.5)	0.0
	Adjustments	(513.9)	(430.0)	(239.4)	(120.3)	(90.3)	(210.6)	(450.0)	63.9	(20.0)
Revenue		4,859.6	4,600.0	2,232.6	1,147.6	1,219.8	2,367.4	4,600.0	(259.6)	0.0
Business Profit (A）		135.3	140.0	45.7	51.7	42.6	94.3	140.0	4.7	0.0
[Excluding Inventory Valuation etc.]		[236.3]	[190.0]	[93.7]	[49.7]	[26.6]	[76.3]	[170.0]	[(66.3)]	[(20.0)]
Finance Income/Cost（B）		(20.7)	(30.0)	(11.5)	(6.7)	(11.8)	(18.5)	(30.0)	(9.3)	0.0
	Steel Business	36.3	40.0	(5.3)	28.6	16.7	45.3	40.0	3.7	0.0
	[Excluding Inventory Valuation etc.]	[137.3]	[90.0]	[42.7]	[26.6]	[0.7]	[27.3]	[70.0]	[(67.3)]	[(20.0)]
	Engineering Business	19.3	20.0	12.6	4.1	3.3	7.4	20.0	0.7	0.0
	Trading Business	47.9	45.0	21.9	10.7	12.4	23.1	45.0	(2.9)	0.0
	Adjustments	10.8	5.0	4.8	1.6	(1.4)	0.2	5.0	(5.8)	0.0
Segment Profit(A+B) [Excluding Inventory Valuation etc.]		114.5 [215.5]	110.0 [160.0]	34.1 [82.1]	45.1 [43.1]	30.8 [14.8]	75.9 [57.9]	110.0 [140.0]	(4.5) [(75.5)]	0.0 [(20.0)]

Business profit is profit before tax excluding financial income and one-time items of a materially significant value. Segment profit is profit including financial income in business profit.

JFE Steel Financial Forecast for Fiscal Year 2025

Business Environment（Domestic）

JFE Steel

Amid population decline and economic slowdown, steel demand continues to decline, creating a challenging environment. Manufacturing: U.S. tariff policies and protectionist movements are risk factors that warrant close monitoring. Construction: Continues sluggishness persists due to rising construction costs and labor shortages.

Outlook for Domestic Auto Production (annual basis)

Unit: 10,000

Trend by sector

800

500

Estimating that it will remain at

the same level as in FY2024

754

810

868

847

FY21 FY22 FY23 FY24 FY25

Shipbuildin g

U.S. tariff policy continues to pose a risk to vehicles bound for export. While the impact on
Autom exports of finished vehicles and their production has been limited thus far, continued monitoring
otive is necessary.
Domestic sales lack significant momentum, and current expectations show no major change

from the sales volume projected at the beginning of FY2025.

The demand environment remains firm, with domestic shipbuilders securing a backlog of orders exceeding three years.
Prolonged lead times due to labor shortages and working-hour regulations continue.
Moves toward capital alliances and collaborations to strengthen competitiveness in Japan's shipbuilding industry are becoming more active, requiring attention to future trends in investment and production efficiency.
Outlook for Domestic Ordinary Steel Consumption (quarter basis)
8 Unit: million mt
6
4
2
0
Construction Manufacturing
YoY: -0.3%
YoY: -4.2%
Constr uction
Civil • Due to increasing costs and labor shortages, actual activity levels and steel demand are engine expected to decrease compared with last year.
ering

In addition to the impact of labor shortages, rising material costs and higher interest rates continue to weigh heavily on construction investment and housing sentiment, resulting in overall sluggish demand.

1H 2H 1H 2H 1H 2H 1H 2H 1H 2H

FY21 FY22 FY23 FY24 FY25

Source: Ministry of Economy, Trade and Industry, "Outlook for Steel Consumption" 23 December. 2025. (The bars for FY2025, 1Q and after are estimates.)

manufa • The environment of sluggish global demand and uncertainty resulting from the impact of tariffs

Other

(Construction machinery)

Concerns are intensifying with the addition of construction machinery to steel-derived product tariffs in August 2025.

cturing

persists.

(Industrial machinery)

It is crucial to closely monitor trends and the effects of U.S. automobile tariffs and reciprocal tariffs.

Business Environment（Overseas）

JFE Steel

Weak domestic demand in China, combined with high production and increased exports, continues to create a challenging supply-demand environment, particularly across Asia.

China's crude steel production and steel export

Trend by sector

120

110

Crude steel Production (million mt/ month))

100

Crude steel production (million mt)

Steel export (million mt)

Ratio

Crude steel production (left axis)

2022	1,010	70	7%	Steel export (right axis) (
2023	1,020	90	9%
2024	1,000	110	11%
2025	960	120	12%

Steel export million mt/ month)

Steel sheet

Automotive

Domestic demand in China remains sluggish, with high production and increased exports, while capacity expansion continues in ASEAN and South Asia, leading to weak market conditions across Asia.
Japan is also subject to Section 232 tariffs, anti-dumping (AD), and safeguard (SG) measures, limiting upward flexibility in sales. In addition, tariff policies in various countries have triggered the distribution of low-priced Chinese materials to third countries and a decline in market conditions, indicating that a challenging environment is likely to persist.
A series of U.S. tariff measures has caused significant disruptions to supply chains, creating an uncertain outlook.
In the ASEAN region, prolonged impacts from high interest rates and stricter loan assessments have delayed recovery, while sluggish domestic sales continue.

60 2

1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12

2022 2023 2024 2025

Real GDP Growth Forecast in 2025

2024		2025 (updated)	2025 (previous)
U.S.	2.8%	2.1%	2.0%
China	5.0%	5.0%	4.8%
India	6.5%	6.5%	6.6%
ASEAN-5*	4.6%	4.2%	4.2%
World	3.3%	3.3%	3.2%

Energy

Concerns over recession risks associated with the easing of OPEC production cuts and
U.S. tariff measures may partially lead to project delays and inventory reductions, particularly for commodity products.
Geopolitical risks in oil-producing countries, such as Venezuela and Iran, also require close monitoring.
Against sluggish global economic growth and heightened geopolitical tensions, the demand for stable energy supplies remains strong, with robust demand expected in the medium term.

Data: IMF World Economic Outlook Update Nov. 2025 and Jan. 2026

*ASEAN5： Thailand, Malaysia, Indonesia, Philippine, and Singapore

Ship-

building

•

Chinese and South Korean shipbuilders are also increasing new orders and

maintaining stable backlogs.

Global shipbuilding demand is expected to remain strong in the future.

Business Environment（Overseas）

JFE Steel

Trend in steel market price by country (HRC price)

China: Steel Market Price

（CNY/ｔ）

12,000

India: Steel Market Price

（INR/ｔ）（US$/ｔ）

150,000

U.S: Steel Market Price

10,000

8,000

120,000

1,500

1,200

HRC Price

Impact of Import Tariffs/Demand recovery

6,000

4,000

HRC Price

Secular Stagnation

90,000

60,000

HRC Price

Recovered following the reimposition of safeguard measures in Dec.

900

600

Approx. USD1050

2,000

Approx. USD470

30,000

Approx. USD570

300

0 0 0

* HRC Price：Average price in 5 cities in China

Raw Materials' Market Trends

JFE Steel

Iron ore: The contract price for the Jan-Mar period settled at $94 (Previous quarter+$6).

Coking coal: Due to the impact of the Australian cyclone in mid-January, the current supply and demand situation has rapidly tightened.

Iron Ore（Iron Ore Fines from Australia）

(US$/DMT)

Coking Coal（Hard Coking Coal from Australia） (US$/WMT)

$200

$175

$400


Term-cntract FOB
Term-cntract FOB

	Cu	rrent l	ev
	Ar	ound	$

$350

$150

$125

$100

$75

$50

level:

Term contract FOB

Curren

Aroun

$100

$300

$250

$200

$150

$100

el: 250

FY2023 112 107 103 113

Term-contract FOB (US$/DMT)

Apr-Jun Jul-Sep Oct-Dec Jan-Mar

Term-contract FOB (US$/WMT)

Apr-Jun Jul-Sep Oct-Dec Jan-Mar

FY2025 183 181 192 -

FY2025 97 91 88 94

FY2023 283 240 327 325

FY2024 121 101 92 89 FY2024 251 230 198 194

Crude Steel Production

JFE Steel

The estimated standalone crude steel production for FY2025 is approximately 21.50 million tonnes
(as previously announced).
Standalone crude steel production＜Annual＞ Unit: million mt
25.88

1H: 10.80

2H: Approx. 10.70

(3Q: 5.32, 4Q: Approx. 540)

Number of blast furnaces 87

(Since 2H of FY2023 ）

24.10

23.45

Banking of No.3 BF at Kurashiki

（Since July 2025）

21.95

Approx.

21.50

Approx.

21.50

FY2021 FY2022 FY2023 FY2024 FY2025 FY2025

(Previous forecast)

Expanding sales of High-Value-Added Products

JFE Steel

We will enhance profit per ton of product by expanding sales of such products as plates and seamless pipes for new energy (replaced exported commodity products), plates for offshore wind power generation, high-strength steel for automobiles, and highly functional electrical steel sheets utilizing the Company's technological capabilities.
While some areas of the current market environment lack momentum, solid demand is expected in the medium to long term.

Ratio of High-Value-Added Products

(*)

Market Environment, etc.

(Medium to The trend towards automotive electrification remains

long term) unchanged in the medium to long term. Driven by rising global electricity demand, transformer manufacturers' demand remains firm, and GOES is expected to stay strong.

September 2024

Phase I of the NOES capacity expansion at Kurashiki (2X the previous capacity)

FY2026 Planned

Phase II of the NOES capacity expansion at Kurashiki (3X the previous capacity)

(Current) The NOES market has deteriorated due to delays in automotive electrification and intensifying global competition.

The GOES market has remained steady, with transformer manufacturers continuing full production.

Electrical Steel Sheet

Type Market Environment Major Capital Investment

48%

54%

60%

High-tensile

(Current) No significant change in domestic sales trends. We are

October 2028

Planned

steel for automobiles

Plates for offshore wind power generation

(Current) The domestic offshore wind power project has commenced and is supplying the Kasaoka Monopile Manufacturing Factory. We have also received many inquiries from overseas projects in Europe and Asia.

June 2021

Construction of a new continuous caster at Kurashiki

(Medium to Positioned as a key energy source for carbon neutrality, steady

long term) demand is expected to continue.

(Medium to long term)

continuing to closely monitor the impact of tariffs.

Globally, automobile sales remain strong, and demand for ultra-high-strength steel is expected to continue to grow.

Construction of CGL for manufacturing ultra-high strength steel at Fukuyama

FY24

Actual

FY25 KPI

FY27 8th MTBP

Target

(Current) A recovery in gas demand is expected to remain strong, driven by the expansion of U.S. LNG export facilities and rising electricity

(*) High value-added products:

Products with a technological edge which are recognized by customers as having added value and earning power

exceeding that of commodity products (definition by the Company)

Steel for New energy

(Medium to long term)

demand.

Demand for stable energy supply remains unchanged. In the future, demand for seamless pipes in areas such as CCS is anticipated to increase.

		Unit	FY2024					FY2025
			1H				Full year	1H				Full year
			1H	3Q	4Q	2H	Full year	1H	3Q	4Q	2H	Full year
Revenue		billions of yen	1,729.3	828.9	806.9	1,635.8	3,365.1	1,537.4	773.8	788.8	1,562.6	3,100.0
Segment Profit		billions of yen	34.5	10.4	(8.6)	1.8	36.3	(5.3)	28.6	16.7	45.3	40.0
	Excluding InventoryValuation etc.*	billions of yen	87.5	44.4	5.4	49.8	137.3	42.7	26.6	0.7	27.3	70.0

Financial Forecast for Fiscal Year 2025

JFE Steel

												FY2025 Previous Forecast (Full Year)
												3,080.0
												40.0
												90.0

Crude Steel (Standalone)	million mt	11.03	5.53	5.39	10.91	21.95	10.80	5.32	Approx. 5.40	Approx. 10.70	Approx. 21.50	Approx. 21.50
Crude Steel (Consolidated)	million mt	11.69	5.83	5.67	11.50	23.20	11.42	5.59	Approx. 5.70	Approx. 11.30	Approx. 22.70
Shipment (Standalone)	million mt	9.66	4.87	4.84	9.71	19.36	9.53	4.72	Approx. 4.80	Approx. 9.50	Approx. 19.00
Export Ratio on Value Basis （Standalone）	%	42.4	40.0	41.9	40.9	41.7	41.3	41.1	Approx. 41	Approx. 41	Approx. 41
Average Sales Price (Standalone)	000 yen /tonne	135.2	127.0	124.0	125.5	130.3	119.8	120.0	Approx. 121	Approx. 121	Approx. 120
Exchange Rate	¥/US$	153.9	149.0	154.1	151.6	152.7	146.2	153.2	Approx. 156	Approx. 154	Approx. 150	Approx. 148
Exchange Rate (End of Term)	¥/US$	142.7	158.2	149.5	149.5	149.5	148.9	156.6	Approx. 155	Approx. 155	Approx. 155	Approx. 150

＊Excluding inventory valuation, carry over and foreign exchange valuation from segment profit

JFE Steel's Segment Profit Analysis

(FY2025 (Previous Forecast) vs FY2025 (Updated Forecast))

JFE Steel

Change

（billions of yen）

FY2025

Updated

Segment Profit

40.0

＊Excluding Inventory Valuation, etc.

90.0

70.0

±0

	Unit	FY2025 Previous	FY2025 Updated
Crude Steel (Standalone)	million mt	Approx. 21.50	Approx. 21.50
Shipment (Standalone)	million mt	-	Approx. 19.00
Average Sales Price	000 yen /tonne	-	Approx. 120
Exchange Rate	¥/US$	Approx. 148	Approx. 150

(20.0)

Breakdown

1) Cost	±0.0
2) Volume and Mix	±0.0	Crude Steel Production: Approx. 21.50 million mt→Approx. 21.50 million mt
3) Spreads*	(25.0)	Surge in main raw materials prices
4) Inventory valuation, etc.	+20.0	Inventory valuation + 2.0 (-47.0 → -45.0) Carry over +13.0 (- 1.0 → +12.0) Foreign exchange valuation + 5.0 (- 2.0 → + 3.0)
5) Others	+5.0	Group Companies +2.0

*Spreads including various prices (metals, energy, materials, logistics, labor costs, foreign exchange effects, etc.)

JFE Steel's Segment Profit Analysis

(FY2024 (Actual) vs. FY2025 (Forecast))

JFE Steel

Change

+3.7

	Unit	FY2024 Actual	FY2025 Forecast
Crude Steel (Standalone)	million mt	21.95	Approx. 21.50
Shipment (Standalone)	million mt	19.36	Approx. 19.00
Average Sales Price	000 yen /tonne	130.3	Approx. 120
Exchange Rate	¥/US$	152.7	Approx. 150

（billions of yen）

FY2024

Actual

FY2025

Forecast

Segment Profit

36.3

40.0

＊Excluding Inventory Valuation, etc.

137.3

70.0

(67.3)

1) Cost	+27.0	Operational improvement, etc.
2) Volume and Mix	(9.0)	Crude Steel Production: 21.95 million mt→Approx. 21.50 million mt Expansion of high-value-added products (Electrical steel, plates for wind power applications, etc.)
3) Spreads*	(78.0)	Deterioration in domestic and overseas steel market conditions Impact of raw material price fluctuations and timing differences in adjustments for selling prices（negative impact） Deterioration in export profitability due to yen appreciation compared with the previous fiscal year
4) Inventory valuation, etc.	+71.0	Inventory valuation -12.0 (-33.0 → -45.0) Carry over +78.0 (-66.0 → +12.0) Foreign exchange valuation + 5.0 (- 2.0 → + 3.0)
5) Others	(7.3)	Group Companies +28.0 Others -35.3（Depreciation, interest expense, and construction timing differences, etc.）

Breakdown

*Spreads including various prices (metals, energy, materials, logistics, labor costs, foreign exchange effects, etc.)

JFE Steel's Segment Profit Analysis

(FY2025 1H (Actual) vs. FY2025 2H (Forecast))

JFE Steel

Change

+50.6

	Unit	FY2025 1H Actual	FY2025 2H Forecast
Crude Steel (Standalone)	million mt	10.80	Approx. 10.70
Shipment (Standalone)	million mt	9.53	Approx. 9.50
Average Sales Price	000 yen /tonne	119.8	Approx. 121
Exchange Rate	¥/US$	146.2	Approx. 154

（billions of yen）

FY2025

1H Actual

FY2025

2H Forecast

Segment Profit

(5.3)

45.3

＊Excluding Inventory Valuation, etc.

42.7

27.3

(15.4)

Breakdown

1) Cost	+10.0	Operational improvement, etc.
2) Volume and Mix	+2.0	Crude Steel Production: 10.80 million mt→Approx. 10.70 million mt Expansion of high-value-added products (Electrical steel, plates for wind power applications, etc.)
3) Spreads*	(35.0)	Deterioration in domestic and overseas steel market conditions Surge in main raw materials prices Impact of raw material price fluctuations and timing differences in adjustments for selling prices（negative impact） Improvement in export profitability due to yen depreciation
4) Inventory valuation, etc.	+66.0	Inventory valuation +39.0 (-42.0→ - 3.0) Carry over +18.0 (- 3.0→ +15.0) Foreign exchange valuation + 9.0 (- 3.0→ + 6.0)
5) Others	+7.6	Group Companies +8.0

*Spreads including various prices (metals, energy, materials, logistics, labor costs, foreign exchange effects, etc.)

JFE Engineering Financial Forecast for Fiscal Year 2025

JFE Engineering

Financial Forecast for Fiscal Year 2025

Current Business Environment/Overview of Financial Status
- Full year segment profit is expected to be ¥20.0bn. (as previously announced).
  JFE Engineering
- We expect to expand orders in the Waste to Resource and Carbon-Neutral (CN) fields (offshore wind and LNG, etc.). (Compared to previous forecast: WtR +¥35.0bn, CN +¥10.0bn.)
- The business of manufacturing monopiles for offshore wind power generation secured its first order in December 2025. The order was for the "Offshore Wind Power Generation Project off the coasts of Oga City, Katagami City, and Akita City in Akita Prefecture." Production is expected to begin at the Kasaoka Monopile Manufacturing Factory in FY2025. (For details, see P.33.)
Financial Forecast

(billions of yen)	FY2024 Actual			FY2025 Forecast (previous) Full year	FY2025 Forecast (Updated)			Change (vs FY2024)			Change (vs previous forecast) Full year
(billions of yen)	1H	2H	Full year	FY2025 Forecast (previous) Full year	1H	2H	Full year	1H	2H	Full year	Change (vs previous forecast) Full year
Orders	246.0	333.5	579.5	700.0	363.0	387.0	750.0	117.0	53.5	170.5	50.0
Revenue	269.5	300.3	569.8	600.0	287.0	313.0	600.0	17.5	12.7	30.2	0.0
Segment profit	8.9	10.4	19.3	20.0	12.6	7.4	20.0	3.7	(3.0)	0.7	0.0

JFE Shoji Financial Forecast for Fiscal Year 2025

JFE Shoji

Financial Forecast for Fiscal Year 2025

JFE Shoji

Current Business Environment/Overview of Financial Status
- Due to the continued sluggishness of domestic construction demand and a decline in export transactions caused by trade policy impacts, as well as a downturn in domestic and international market conditions, the annual segment profit is expected to be ¥45.0bn. (as previously announced).
Financial Forecast

(billions of yen)	FY2024 Actual			FY2025 Forecast (previous) Full year	FY2025 Forecast (Updated)			Change (vs FY024)			Change (vs previous forecast) Full year
(billions of yen)	1H	2H	Full year	FY2025 Forecast (previous) Full year	1H	2H	Full year	1H	2H	Full year	Change (vs previous forecast) Full year
Revenue	715.5	723.0	1,438.5	1,350.0	647.5	702.5	1,350.0	(68.0)	(20.5)	(88.5)	0.0
Segment profit	22.4	25.5	47.9	45.0	21.9	23.1	45.0	(0.5)	(2.4)	(2.9)	0.0

Dividends

Dividends

The year-end dividend for FY2025 is expected to be 40 yen per share.
The annual dividend for FY2025 is expected to be 80 yen per share. (based on the Eighth Medium-term

Business Plan(*))

Dividend per share（yen/share）

(*) Dividend payout ratio of approximately 30%, with a minimum dividend of 80 yen

Year-end divident

Interim divident

20 10

60 50 50

¥80

（40）

50 40

FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

FY2025 FY2026 FY2027

Forecast

Pay-out ratio

33.5% N/A N/A 28.0% 28.5%

30.9% 69.2%

67.8%

Sixth Medium-term Business Plan Seventh Medium-term Business Plan Eighth Medium-term Business Plan

Our indicator

Dividend payout ratio of around 30%

Set a minimum of ¥80/share

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Disclaimer

JFE Holdings Inc. published this content on February 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 12, 2026 at 07:08 UTC.

Latest news about JFE Holdings, Inc.

Apr. 09	JFE Holdings Unit Expands Overseas with India Waste Venture	MT
Apr. 07	Three seriously injured, one missing at JFE Steel construction site after falling about 40 metres from collapsed scaffolding, public broadcaster NHK reports	RE
Mar. 22	JFE Holdings to raise 105 billion yen through subordinated loan, use funds to repay 167.5 billion yen of existing subordinated loans ahead of schedule	RE
Mar. 22	JFE Steel to Receive Loan Guarantees from Japan for Green Steel Project	MT
Mar. 19	Japan to back low-emissions furnace with up to $1.1 billion debt guarantee, Nikkei reports	RE
Mar. 19	From chemical producers to sento baths, Japan feels the heat from Middle East supply crisis	RE
Feb. 18	SoftBank to Lead $33 Billion US Gas Plant Project Under Japan Trade Deal	MT
Feb. 17	Japan trade minister Akazawa: Toshiba, Hitachi, Mitsubishi Electric, SoftBank Group among companies interested in U.S. data center energy project	RE
Feb. 05	JFE Holdings, Inc. Reports Earnings Results for the Nine Months Ended December 31, 2025	CI
Feb. 05	Japan's JFE Holdings 9-month profit down 39% on weak steel market	RE
Jan. 28	JFE Holdings, Inc. Announces Board and Executive Changes	CI
Jan. 22	Japan's Steel Production Hits Lowest Level Since 1969	MT
Jan. 04	Imabari Shipbuilding Co., Ltd. completed the acquisition of an additional 30% stake in Japan Marine United Corporation from JFE Holdings, Inc. and IHI Corporation.	CI
Dec. 26	Samil C&S Wins Transition Piece Production Order for Katagami Offshore Wind Power Project	MT
Dec. 04	Nikkei Jumps as Soft U.S. Jobs Data Fuels Fed Cut Bets	MT

Chart JFE Holdings, Inc.

Duration

Period

5411: Dynamic Chart

Company Profile

JFE Holdings Inc is a Japan-based company mainly engaged in the planning of business strategy, the management of business and risk, as well as the presentation of group investor information. The Company mainly operates its business through three segments. The Steel segment is engaged in the manufacture and sale of steel products, processed steel products and raw materials, as well as the delivery, facility maintenance and construction businesses. The Engineering segment is engaged in engineering, recycling, and electric power retailing businesses related to energy, urban environment, steel structures, and industrial machinery. The Trading segment purchases, processes, and sells steel products, raw materials for steelmaking, non-ferrous metal products, and food products.

Employees

61,296

Sector

Iron & Steel

Calendar

May. 08 - Earnings release - Annual 2026

More about the company