Kobelco maintains FY2026 ordinary profit forecast at JPY 120 billion

• Kobelco kept its fiscal 2026 outlook unchanged, projecting ordinary profit of JPY 120 billion, profit attributable to owners of parent of JPY 100 billion.
• Forecast assumes demand stays sluggish from Q2, especially in automotive, construction, civil engineering; ROIC seen at about 5.5%.
• Middle East-driven crude oil cost pressures seen cutting annual earnings by JPY 12 billion, worsening by JPY 2 billion versus the prior forecast.
• Free cash flow forecast cut to JPY 0, citing weaker ordinary profit excluding inventory valuation despite higher inventory valuation gains.
• Guidance follows Q1 ordinary profit of JPY 22.6 billion, down JPY 6 billion year on year; net sales were JPY 578.3 billion.

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