Fiscal 2026 Interim Financial Presentation

Performance Overview

The fiscal 2026 interim presentation reports that revenue increased year-on-year while operating income ended flat or with a slight decline. The metals segment delivered higher profits driven by rising copper prices and improved by-product revenues, but the overall result was offset by factors such as the absence of real estate sale gains, leading to flat-to-lower results compared with the prior-year period. Although the delayed start of operations at the Arcelos mine impacted overall earnings, strong first-half performance and increased gains from the sale of equity holdings resulted in interim net income exceeding the prior year.

Outlook and Shareholder Returns

Full-year profit forecasts were revised upward, and the dividend forecast maintains a policy of increased payouts. Copper price movements and foreign exchange remain important, and segment contributions may vary depending on the Arcelos mine start-up timing and domestic and international demand trends. As a shareholder return policy, the company intends to continue targeting a consolidated payout ratio of 40% as a guideline, aiming for stable dividends by combining measures such as share splits and share buybacks.