FY3/26 Results — DOWA: Earnings Beat on Metals; Guidance Step‑Up

Research evidence excerpt

FY3/26 Results — DOWA: Earnings Beat on Metals; Guidance Step‑Up

Japan | Metals & Mining

DOWA Holdings EquityMayResearch14, 2026

FLASH NOTEFY3/26 Results — DOWA: Earnings Beat on

RATING HOLDMetals; Guidance Step-Up

PRICE ¥10,185^

DOWA announced FY3/26 results at 15:30 JST. RP was ¥54.3bn, ahead

of company guidance of ¥45bn, driven by stronger-than-expected metal PRICE TARGET | % TO PT ¥10,700 | +5%

prices, higher equity-method income from overseas zinc mines, and a 52W HIGH-LOW ¥11,880 - ¥4,418

sharp narrowing of derivative valuation losses into 4Q. Management guided FLOAT (%) | ADV MM (USD) 84.9% | 26.88

FY3/27 RP at ¥80bn (+47% YoY), supported by a weaker yen assumption MARKET CAP ¥631.4B | $4.0B

(¥155/$), sustained high metal prices, normalization of inventory/hedging TICKER 5714 JP ^Prior trading day's closing price unless otherwise

effects, and higher mine contributions. noted.

FY3/26 results: RP beat supported by broad-based segment growth. DOWA delivered RP

of ¥54.3bn (+245% YoY), with contributions from Environmental Management & Recycling

¥16.5bn (+11% YoY), Nonferrous Metals ¥19.6bn (+15%), Electronic Materials ¥1.1bn (from

¥0.3bn), Metal Processing ¥9.7bn (+64%), Heat Treatment ¥2.7bn (from ¥2.1bn), and Other/

Eliminations ¥4.4bn (from ¥3.0bn). The upside was led by Nonferrous Metals, supported

by higher precious-metal prices and stronger equity-method income from overseas zinc

mines despite smelting margin pressure, and Metal Processing, driven by recovering auto

demand, strong AI-server–related copper shipments, and higher metal prices. Environmental

Management & Recycling remained resilient on firm waste-treatment demand and higher

recycling volumes, while Electronic Materials improved sharply YoY on new product

contributions and non-operating gains.