JFE Holdings, Inc. · TSE:5411

JFE — H1 FY2026 Earnings Presentation

83 slides from JFE's earnings presentation, Nov 6, 2026

  1. Slide 1: JFE Group Financial Results for First Half of Fiscal Year 2026

    JFE Group Financial Results for First Half of Fiscal Year 2026 ending March 31, 2027 November 6, 2026 JFE Holdings, Inc. Securities Code：5411.T

  2. Slide 2: Table of Contents

    Table of Contents 1． Financial Highlights 2． Financial Results for First Half of Fiscal Year 2026 3． Financial Forecasts for Fiscal Year 2026 4． Financial Condition and Dividends 5． Topics Appendix (1) Data on “JFE Vision 2035” and “Eighth Medium-term Business Plan” Appendix (2) Financial Data, Prof

  3. Slide 3: Financial Highlights

    Financial Highlights Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 3

  4. Slide 4: Financial Highlights

    Financial Highlights Business environment  The difficult situation caused by factors such as China’s overproduction and the protectionist policies of various countries continues.  We continue to pass on cost increases resulting from rising prices for coking coal and crude oil, among other factors,

  5. Slide 5: Financial Highlights

    Financial Highlights Change from 1H of Change from (billions of yen, unless otherwise stated) *mt : metric tons FY2025 (Apr-Sep) the previous forecast Results for Business profit 76.7 +31.0 (13.3) 1H of FY2026 [Excluding inventory valuation, etc.] [44.7] [(49.0)] [(15.3)] Crude Steel Production (Sta

  6. Slide 6: JFE Group's Financial Results for First Half of Fiscal Year 2026

    JFE Group’s Financial Results for First Half of Fiscal Year 2026 (April 1 to September 30, 2026) Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 6

  7. Slide 7: Financial Results for 1H of Fiscal Year 2026

    Financial Results for 1H of Fiscal Year 2026  Business profit for 1H of FY2026 was ¥76.7bn. (increased by ¥31.0bn. year-on-year, decreased by ¥13.3bn. from the previous forecast)  Business profit (excluding inventory valuation, etc.) for 1H of FY2026 was ¥44.7bn. (decreased by ¥49.0 bn. year-on-ye

  8. Slide 8: Financial Results for 1H of Fiscal Year 2026 (by Segment)

    Financial Results for 1H of Fiscal Year 2026 (by Segment) FY2026 1H FY2025 FY2026 1H Change Change （billions of yen） Forecast 1H Actual Actual from FY2025 from previous (Previous) (Apr-Sep) (Apr-Sep) 1H forecast (Apr-Sep) Steel business 1,537.4 1,640.0 1,585.6 +48.2 (54.4) Engineering business 287.0

  9. Slide 9: Impact of Heavy Rain and Typhoons in Chiba District

    Impact of Heavy Rain and Typhoons in Chiba District JFE Steel (Temporary)  Some facilities suspended operations due to flooding caused by heavy rains in linear precipitation bands in Chiba on August 13, 2026. While restoration work was underway, additional damage occurred on September 21, 2026, whe

  10. Slide 10: JFE Steel's Segment Profit Analysis (1H Forecast vs 1H Actual)

    JFE Steel's Segment Profit Analysis JFE Steel ((FY2026 1H (Forecast) vs FY2026 1H (Actual)) FY2026 FY2026 Unit 1H Forecast 1H Actual FY2026 FY2026 Change Crude Steel million (billions of yen) 1H Forecast 1H Actual Approx. 10.80 10.31 (Standalone) mt Shipment million Approx. 9.40 9.08 Segment Profit

  11. Slide 11: JFE Steel's Segment Profit Analysis (FY2025 1H vs FY2026 1H)

    JFE Steel’s Segment Profit Analysis JFE Steel FY2025 1H (Actual) vs FY2026 1H (Actual)) FY2025 FY2026 Unit FY2025 FY2026 1H Actual 1H Actual Change (billions of yen) 1H Actual 1H Actual Crude Steel million (Standalone) mt 10.80 10.31 Shipment million Segment Profit (5.3) 15.8 +21.1 (Standalone) mt 9

  12. Slide 12: JFE Engineering / JFE Shoji Segment Profit Analysis

    JFE Engineering / JFE Shoji JFE Engineering Segment Profit Analysis (FY2025 1H vs FY2026 1H) JFE Shoji JFE Engineering  Revenue and segment profit reached record highs in the first half of the year, driven by contributions from the offshore wind monopile business and other operations. The segment p

  13. Slide 13: JFE Group's Financial Forecasts for Fiscal Year 2026

    JFE Group’s Financial Forecasts for Fiscal Year 2026 (April 1, 2026, to March 31, 2027) Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 13

  14. Slide 14: Financial Forecast for Fiscal Year 2026

    Financial Forecast for Fiscal Year 2026  Full-year business profit forecast is expected to be ¥195.0 bn. (increased by ¥59.7 bn. from FY2025, and decreased by ¥20.0 bn. from the previous forecast)  Full-year profit attributable to owners of parent is expected to be ¥130.0 bn. (increased by ¥59.9 b

  15. Slide 15: Financial Forecast for Fiscal Year 2026 (by Segment)

    Financial Forecast for Fiscal Year 2026 (by Segment) FY2026 Change from FY2025 FY2026 Change from Forecast previous Actual Forecast (Updated) FY2025 (Previous) forecast （billions of yen） 1H 2H Full year Full year 1H 2H Full year Full year Full year Steel business 1,537.4 1,551.0 3,088.4 3,350.0 1,58

  16. Slide 16: JFE Steel's Financial Forecasts for Fiscal Year 2026

    JFE Steel’s Financial Forecasts for Fiscal Year 2026 Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 16

  17. Slide 17: Business Environment (Domestic Steel Demand)

    Business Environment (Domestic Steel Demand) JFE Steel  Overall conditions are expected to remain flat compared to FY2025, with no significant change from the previous announcement.  A gradual recovery is expected in certain sectors, including the industrial machinery industry. Outlook for Domesti

  18. Slide 18: Business Environment (Overseas Steel Demand)

    Business Environment (Overseas Steel Demand) JFE Steel  Since the previous announcement, global steel demand has remained largely unchanged, with China's pattern of sluggish domestic demand, high production levels, and rising exports continuing.  In addition to trade issues, ongoing tensions in th

  19. Slide 19: Business Environment (Overseas Steel Market)

    Business Environment (Overseas Steel Market) JFE Steel  Trend in steel market price by country (HRC price) China: Steel Market Price India: Steel Market Price U.S: Steel Market Price Domestic demand continues to lack momentum, Prices are increasing amid import defense The introduction of import tar

  20. Slide 20: Raw Materials' Market Trends

    Raw Materials’ Market Trends JFE Steel  Iron ore: We expect the price to remain at its current level (approx. FOB$80 to $90) for the time being, given that there have been no significant changes to supply or demand.  Coking coal: Since August, a series of coal mine accidents in China has caused sp

  21. Slide 21: Standalone Crude Steel Production

    Standalone Crude Steel Production JFE Steel  Standalone crude steel production for FY2026 is projected to be approximately 20.80 million tonnes due to the impact of the heavy rains and typhoon in Chiba (down 0.70 million tonnes from the precious forecast). Standalone crude steel production (annual)

  22. Slide 22: Status of Sales Price Improvements

    Status of Sales Price Improvements JFE Steel  JFE Steel is working to raise steel product prices in response to rising prices of main raw materials and other input costs, as well as cost increases stemming from the situation in the Middle East. The price increase (+15,000 yen per tonne) announced b

  23. Slide 23: Expanding Sales of High-Value-Added Products

    Expanding Sales of High-Value-Added Products JFE Steel  The ratio of high-value-added products for FY2025 was 53%.  In FY2026, the company aims for 56% through Phase 2 of the Kurashiki electrical steel sheet expansion and increased sales of plates for offshore wind power generation, among other in

  24. Slide 24: JFE Steel Financial Results for Fiscal Year 2026

    JFE Steel Financial Results for Fiscal Year 2026 JFE Steel FY2025 FY2026 FY2026 Previous Unit Forecast 1H 2H Full year 1H 2H Full year 1Q 2Q 3Q 4Q 1Q 2Q (Full Year) billions Revenue of yen 761.2 776.2 1,537.4 773.8 777.2 1,551.0 3,088.4 763.5 822.1 1,585.6 1,734.4 3,320.0 3,350.0 billions Segment Pr

  25. Slide 25: JFE Steel's Segment Profit Analysis (Previous vs Updated Forecast)

    JFE Steel's Segment Profit Analysis JFE Steel (FY2026 (Previous Forecast) vs FY2026 (Updated Forecast)) FY2026 FY2026 Unit Previous Updated FY2026 FY2026 (billions of yen) Previous Updated Change Crude Steel million forecast forecast Approx. 21.50 Approx. 20.80 (Standalone) mt Shipment (Standalone)

  26. Slide 26: JFE Steel's Segment Profit Analysis (FY2025 vs FY2026 Forecast)

    JFE Steel's Segment Profit Analysis JFE Steel (FY2025 (Actual) vs FY2026 (Forecast)) FY2025 FY2026 Unit FY2025 FY2026 Actual Forecast (billions of yen) Actual Forecast Change Crude Steel million (Standalone) mt 21.37 Approx. 20.80 Shipment million 18.86 - Segment Profit 38.0 80.0 +42.0 (Standalone)

  27. Slide 27: JFE Steel's Segment Profit Analysis (1H Actual vs 2H Forecast)

    JFE Steel's Segment Profit Analysis JFE Steel (FY2026 1H (Actual) vs FY2026 2H (Forecast)) FY2026 FY2026 Unit 1H Actual 2H Forecast FY2026 FY2026 Change (billions of yen) 1H Actual 2H Forecast Crude Steel million (Standalone) mt 10.31 Approx. 10.50 Shipment million 9.08 - Segment Profit 15.8 64.2 +4

  28. Slide 28: JFE Engineering's Financial Forecasts for Fiscal Year 2026

    JFE Engineering’s Financial Forecasts for Fiscal Year 2026 Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 28

  29. Slide 29: JFE Engineering Financial Forecast for Fiscal Year 2026

    JFE Engineering Financial Forecast for Fiscal Year 2026 JFE Engineering Business environment / Overview of profit and loss Progress of Orders and Order backlog  While order intake is expected to decline from FY2025 (a record high), Order backlog (billions of yen) when large-scale projects were conc

  30. Slide 30: JFE Shoji's Financial Forecasts for Fiscal Year 2026

    JFE Shoji’s Financial Forecasts for Fiscal Year 2026 Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 30

  31. Slide 31: JFE Shoji Financial Forecast for Fiscal Year 2026

    JFE Shoji’s JFE Shoji Financial Forecast for Fiscal Year 2026 Business environment / Overview of financial profit and loss  Due to the recovery of our business in North America and rising steel prices in Japan, segment profit is expected to be 47.0 billion yen. (Increased by ¥6.8 bn. from FY2025 an

  32. Slide 32: Financial Condition and Dividends

    Financial Condition and Dividends Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 32

  33. Slide 33: Consolidated Cash Flow and Debt/EBITDA Ratio

    Consolidated Cash Flow and Debt /EBITDA Ratio  We project a Debt/EBITDA multiple of 4.5 times for fiscal 2026.  In response to the cash flow deterioration caused by heavy rains and typhoons in Chiba, we will advance our efforts to achieve our fiscal 2027 financial targets. These efforts include re

  34. Slide 34: Dividends

    Dividends  The Board of Directors resolved to pay an interim dividend of 40 yen per share.  The annual dividend for FY2026 is expected to be 80 yen per share (based on the Eighth Medium-term Business Plan(*)) * A dividend payout ratio of approximately 30%, with a minimum of 80 yen per share per ye

  35. Slide 35: Topics

    Topics Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 35

  36. Slide 36: JJSL Announces Expansion of Capacity

    JJSL Announces Expansion of Capacity JFE Steel  Decision made to expand production capacity at JJSL Sambulpur Steelworks (announced October 23, 2026)  The expansion will increase production capacity from 4.50 million to 9.50 million tonnes per year by 2030 in order to capitalize on the expected st

  37. Slide 37: JFE Shoji Initiatives to Strengthen Domestic Business Foundation

    JFE Shoji JFE Shoji Initiatives to Strengthen Domestic Business Foundation (Announced on November 6, 2026)  To merge JFE Shoji Steel Construction Materials Corp. and JFE Shoji Pipe & Fitting Corp., effective April 1, 2027.  To combine their expertise in architecture, civil engineering, sheet metal

  38. Slide 38: JFE Group Report 2026 & Sustainability Report 2026 Released

    JFE Group Report 2026 & Sustainability Report 2026 Released  To help our stakeholders gain a deeper understanding of our Group’s initiatives, we have published the JFE GROUP REPORT 2026 and the JFE Group Sustainability Report. The English version will be issued in November. JFE GROUP REPORT (Integr

  39. Slide 39: This presentation material is not a disclosure material under the Financial Instruments and Exchange

    This presentation material is not a disclosure material under the Financial Instruments and Exchange Act and does not guarantee the accuracy or completeness of the information. The forecasts presented are based on information received at the time of the briefing and include uncertainties. Therefore,

  40. Slide 40: Appendix (1) Data on JFE Vision 2035 and Eighth Medium-term Business Plan

    Appendix (1) Data on “JFE Vision 2035” Eighth Medium-term Business Plan (FY2025 – FY2027) Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 40

  41. Slide 41: JFE Vision 2035 and Eighth Medium-term Business Plan

    JFE Vision 2035 and Eighth Medium-term 8th Medium-Term Business Plan Materials (Reposted) Business Plan  We formulated the JFE Group Long-term Vision, JFE Vision 2035, to announce the JFE Group’s aspirations.  To promote growth strategies aimed at realizing our aspirations, we formulated the Eight

  42. Slide 42: Initiatives to Improve Corporate Value

    8th Medium-Term Business Plan Initiatives to Improve Corporate Value Materials (Reposted)  Promoting management with an awareness of the cost of capital and the stock price for the sustainable improvement of corporate value • Build a slim, resilient domestic production structure Steel • Enhance the

  43. Slide 43: Progress and Plans on Key Initiatives

    Progress and Plans on Key Initiatives Some additions made to the previous release From From Events To FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2036 Kurashiki #3 Fukuyama #4 Kurashiki #2 Temporary shutdown Shutdown Shutdown (Conversion to innovative EAF) Rebuilding production (Restar

  44. Slide 44: Building Optimal Production Structure for Domestic Steelmaking

    Building Optimal Production Structure Previous Announcement Materials JFE Steel for Domestic Steelmaking (Reposted)  We are steadily implementing various measures to establish a structure consisting of five blast furnaces and one innovative EAF.  We enhance the resilience of domestic production by

  45. Slide 45: Keihin District Land Utilization

    Keihin District Land Utilization Some additions made to the previous release Initiatives in FY2025  Carbon-neutral energy zone (Lease): Lease begins with “Japan Suiso Energy“ (from April 2025)  Advanced logistics zone (Sales) ：We signed a land transfer agreement with GLP Japan Inc. (August 2026) 

  46. Slide 46: Financial Strategies

    Financial Strategies Previous Announcement Materials (Reposted) （Balancing growth and Carbon-Neutrality investments with stable shareholder returns）  In light of recent changes to the business environment and to ensure financial soundness, we will accelerate asset sales and review our investment pl

  47. Slide 47: Towards Achievement of 8th Medium-Term Business Plan

    Previous Announcement Towards Achievement of 8th Medium-Term Business Plan Materials (Reposted)  The business environment surrounding our company remains extremely challenging, and we expect results for FY2026 to fall short of initial medium-term projections.  To achieve our earnings targets for F

  48. Slide 48: Toward the Realization of JFE Vision 2035

    Toward the Realization of "JFE Vison 2035" Some additions made to the previous release Key Initiatives to Drive Growth Starting from Nineth Medium-Term ST Steel business EN Engineering business SH Trading business HD Keihin business Rebuiding optimal domestic • Start innovative EAF operation at Kura

  49. Slide 49: Appendix (2) Financial Data, Profit/Loss Analysis, and More

    Appendix (2) Financial Data, Profit/Loss Analysis, and More Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 49

  50. Slide 50: Financial Data

    Financial Data Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 50

  51. Slide 51: Profitability Targets and Main Performance

    Profitability Targets and Main Performance Eighth Medium-term FY2025 FY2026 Business Plan FY2027 FY2027 Actual Forecast ¥ 400.0 billion ¥ 166.3 billion (*) ¥ 125.0 billion (*) ー Consolidated business profit ROE 10% or more 2.7% Approx. 5% ー Groupwide Debt/EBITDA About 3x 4.8x 4.5x ー D/E About 60％ 59

  52. Slide 52: Profit of Operating Companies

    Profit of Operating Companies Eighth Medium-term Business Plan FY2024 FY2025 Actual Value Actual Value （billions of yen） FY2027 Domestic Steelmaking 90.0 43.2 (45.6) Domestic Group Companies 90.0 82.3 90.6 Overseas Steel 75.0 (2.9) 18.3 Solutions 15.0 6.4 10.6 Adjustments (10.0) 8.3 (4.9) Steel busi

  53. Slide 53: Main Financial Data

    Main Financial Data J-GAAP IFRS Fiscal Year FY2017 FY2018 Fiscal Year FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (billions of yen, %, times) (billions of yen, %, times) Ordinary income 216.3 221.1 Business profit 232.0 37.8 (12.9) 416.4 235.8 298.2 135.3 135.3 EBITDA (*1) 388.8 405.9 EB

  54. Slide 54: Financial Trend by Fiscal Year

    Financial Trend by Fiscal Year FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (billions of yen) Full year Full year Full year Full year Full year Full year Full year Full year Steel Business 2,830.6 2,681.3 2,255.2 3,173.4 3,881.1 3,716.0 3,365.1 3,088.4 Engineering Business 485.8 512.2 485

  55. Slide 55: Financial Trend by Quarter

    Financial Trend by Quarter FY2025 FY2026 (billions of yen) 1Q 2Q 1H 3Q 4Q 2H Full year 1Q 2Q 1H 3Q 4Q 2H Full year Steel Business 761.2 776.2 1,537.4 773.8 777.2 1,551.0 3,088.4 763.5 822.1 1,585.6 - - - - Engineering Business 135.3 151.7 287.0 148.3 164.4 312.7 599.7 147.3 157.9 305.2 - - - - Tradi

  56. Slide 56: JFE Holdings Financial Trend / Crude Steel Production

    JFE Holdings Financial Trend/ Crude steel production (by Fiscal Year) (*) Business Profit Business Profit (Excluding inventory valuation, etc.) 30.52 Business profit (HD) Crude steel production (standalone) （million mt） 29.03 28.80 28.67 28.44 28.46 27.97 28.14 27.65 27.36 27.01 26.72 26.90 26.73 25

  57. Slide 57: JFE Steel Segment Profit and Crude Steel Production Trends

    JFE Steel Segment Profit and JFE Steel Crude Steel Production Trends (by Fiscal Year) （million mt） （billions of yen） 500 J-GAAP IFRS 30.00 28.67 28.44 27.97 28.14 27.36 28.46 26.73 Crude Steel （million mt） (Standalone) 400 25.88 （right axis） 26.31 323.7 24.10 25.00 23.45 300 21.95 22.76 21.37 198.8

  58. Slide 58: JFE Engineering Financial Trend (by Fiscal Year)

    JFE Engineering Financial Trend (by Fiscal Year) JFE Engineering （billions of yen） （billions of yen） J-GAAP IFRS Order backlog 1,223.5 60 (right axis) 994.4 11,000 1,100 50 836.1 900 Orders (right axis) 691.9 615.6 613.8 614.7 600.0 614.5 549.0 560.1 564.9 563.0 579.5 700 514.1 505.8 40 525.9 501.1

  59. Slide 59: JFE Shoji Financial Trend (by Fiscal Year)

    JFE Shoji Financial Trend (by Fiscal Year) JFE Shoji （billions of yen） J-GAAP IFRS （billions of yen） 100 1,934.4 2,100 1,907.9 1,743.9 1,781.3 90 1,671.0 1,800 1,756.4 1,514.1 1,476.4 80 1,438.5 1,500 1,333.0 1,231.7 70 1,084.1 Revenue 1,200 65.1 (right axis) 1,125.8 932.5 60 55.9 900 48.9 47.9 50 6

  60. Slide 60: Profit/Loss Analysis

    Profit/Loss Analysis Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 60

  61. Slide 61: JFE Steel Quarter Data

    JFE Steel Quarter Data JFE Steel FY2024 FY2025 FY2026 Unit Full Full Full 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q year year year billions Revenue of yen 860.6 868.7 828.9 806.9 3,365.1 761.2 776.2 773.8 777.2 3,088.4 763.5 822.1 - - - billions Segment Profit of yen 31.5 3.0 10.4 (8.6) 36.3 (12.1) 6.8 28

  62. Slide 62: JFE Steel's Segment Profit Analysis (1Q vs 2Q)

    JFE Steel's Segment Profit Analysis JFE Steel (FY2026 1Q (Actual) vs. FY2026 2Q (Actual)) FY2026 FY2026 Unit 1Q Actual 2Q Actual FY2026 FY2026 (billions of yen) Change Crude Steel million 1Q Actual 2Q Actual (Standalone) mt 5.25 5.06 Shipment million 4.54 4.54 Segment Profit 3.0 12.8 +9.8 (Standalon

  63. Slide 63: JFE Steel's Segment Profit Analysis (FY2025 2H vs FY2026 1H)

    JFE Steel's Segment Profit Analysis JFE Steel (FY2025 2H (Actual) vs. FY2026 1H (Actual)) FY2025 FY2026 Unit 2H Actual 1H Actual FY2025 FY2026 Change (billions of yen) 2H Actual 1H Actual Crude Steel million (Standalone) mt 10.57 10.31 Shipment million Segment Profit 43.3 15.8 (27.5) (Standalone) mt

  64. Slide 64: Key Metrics of JSW JFE Steel Ltd. (JJSL)

    Key Metrics of JSW JFE Steel Ltd. (JJSL) JFE Steel FY2026 FY2026 FY2026 (Apr-Jun) (Jul-Sep) 1H Crude steel production (million mt) 0.99 0.91 1.90 Steel product sales volume (million mt) 0.86 0.92 1.79 Revenue from Operations (billion INR) 60.2 68.2 128.4 EBITDA (billion INR) 10.7 11.4 22.1 Profit af

  65. Slide 65: Appendix (3) Business Environmental Indicators and More

    Appendix (3) Business Environmental Indicators and More Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 65

  66. Slide 66: Domestic Market Environment: Inventories

    [Domestic Market Environment] JFE Steel Combined Inventories of HR, CR and Coated Steel Sheets (000 mt) (month) 5,000 5 Manufacturer Whole Saler Coil Center Inventory Ratio (Right Axis) 4,000 4 3,000 3 INVENTORIES 2,000 2 Aug. 2026 Jul. 2026 Aug. 2025 1,000 MoM YoY 1 Inventories +155 -10 4,051 3,896

  67. Slide 67: Inventories of Plate and Wide Flange Shapes

    [Domestic Market Environment] JFE Steel Inventories of Plate (Plate Shear) and Wide Flange Shapes (month) (000 mt) (month) (000 mt) Inventories of plate (plate shear) Inventory ratio (right axis) Inventories of Shipment Inventory 500 3.5 250 wide flange ratio 4.0 shapes (right axis) 450 3.0 200 3.5

  68. Slide 68: Imported Steel

    [Domestic Market Environment] JFE Steel Trend of Imported Steel (Ordinary Steel / By country) (000 mt) 500 S. Korea China Taiwan Others 450 400 350 300 Imported Steel 250 200 150 Aug. 2026 Jul. 2026 Aug. 2025 MoM YoY 100 Imported steel -74 -41 324 398 365 50 (000 mt) (-18.5%) (-11.1%) 0 Jan Apr Jul

  69. Slide 69: Imported Steel Price

    [Domestic Market Environment] JFE Steel Trend of Imported Steel (Ordinary Steel) (000 yen / mt) 120 110 100 Imported Steel Price 90 80 70 60 50 40 JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJan 2017 2018

  70. Slide 70: Crude Steel & Im/Export, China

    [Overseas Market Environment] JFE Steel Crude Steel & Im/Export, China (million mt) Export (left axis) Import (left axis) Crude steel production (right axis) (million mt) 12 120 10 100 8 80 6 60 4 Sep. 2026 Apr. 2026 40 (monthly) MoM to Sep. 2026 YoY Crude steel 73.6 -1.4% 476.8 -2.0% (million mt) 2

  71. Slide 71: Inventories in China by Product

    [Overseas Market Environment] JFE Steel Inventories in China by Product （million mt） 30.0 100.0% Bar Rod and Wire Plate HR CR Change YoY (Right Axis) 50.0% 25.0 0.0% 20.0 -50.0% YEAR ON YEAR INVENTORIES 15.0 -100.0% -150.0% 10.0 -200.0% 5.0 Sep. 2026 Aug. 2026 Sep. 2025 -250.0% MoM YoY Inventories -

  72. Slide 72: Metal Spread Trend (China Spot Basis)

    [Overseas Market Environment] JFE Steel Metal Spread Trend (China Spot Basis) （US$/mt) （US$/mt) 1,000 1,000 900 900 800 800 700 HRC Price 700 600 600 500 500 400 400 300 300 200 200 100 Metal Spread 100 0 0 Metal Spread = HRC Price – Raw Materials Cost • HRC Price: Chinese Spot basis Raw Materials C

  73. Slide 73: Trend of Sub Materials' Market Price

    60 80 100 120 140 160 180 200 220 240 (￠/lb) 600 1,000 1,400 1,800 2,200 2,600 Jan.2021 (US$/mt) Jan.2021 Apr.2021 Apr.2021 Jul.2021 Jul.2021 Oct.2021 FeCr Oct.2021 Jan.2022 FeMn Jan.2022 Apr.2022 Apr.2022 Jul.2022 Jul.2022 Oct.2022 Oct.2022 Jan.2023 Jan.2023 Apr.2023 Apr.2023 Jul.2023 Jul.2023 Oct.

  74. Slide 74: Trend of Market Prices of Raw Materials

    10,000 20,000 30,000 40,000 50,000 60,000 70,000 (yen/mt) (yen/mt) 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000 220,000 Jan-21 Jan-21 Apr-21 Apr-21 Jul-21 Jul-21 Oct-21 Oct-21 Scrap Jan-22 Jan-22 Apr-22 Apr-22 LNG Jul-22 Jul-22 Oct-22 Oct-22 Jan-23 (customs statistics)

  75. Slide 75: Adoption Status of GX Steel, JGreeX

    Adoption Status of GX Steel, "JGreeX TM " JFE Steel  JFE Steel began supplying GX Steel “JGreeX®,” which significantly reduces GHG emissions during the manufacturing process compared to conventional products, in the first half of FY2023. In FY2024, the adoption increased across all sectors due to t

  76. Slide 76: Efforts to Create GX Steel Market

    Efforts to Create GX Steel Market JFE Steel  The government has clarified its intention to begin pilot projects for public works utilizing GX Steel starting in FY 2026, and to gradually expand the scope of these projects. At the same time, demand-stimulation measures have been expanded, including m

  77. Slide 77: JFE Engineering Orders by Business Field

    JFE Engineering Orders by Business Field JFE Engineering  The order backlog remains at a high level. （billions of yen） Main orders received in 1H of FY2026 FY2025 FY2026 Business field Change ★… New and additional orders received in the Actual value Forecast second quarter Waste to Construction of

  78. Slide 78: Appendix (4) List of Terms and Abbreviations

    Appendix (4) List of Terms and Abbreviations Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 78

  79. Slide 79: Terms and Abbreviations (1)-1 Business and Products

    Terms and Abbreviations (1)-1 Business and Products The main business and product terms are listed below: Abbreviation Long form Definition Electrical steel sheets with excellent unidirectional magnetic properties, used GO Grain-Oriented electrical steel sheet in transformers and other applications

  80. Slide 80: Terms and Abbreviations (1)-2 Finance and Results

    Terms and Abbreviations (1)-2 Finance and Results The main terms related to finance and business results are listed below: Terms Definition EBITDA A metric calculated by adding depreciation and amortization expenses to business profit Debt/EBITDA multiple A metric calculated by dividing the balance

  81. Slide 81: Appendix (5) Published Materials (Links)

    Appendix (5) Published Materials (Links) Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 81

  82. Slide 82: Links of Published Materials

    Links of Published Materials Materials Materials Release (Japanese) (English) Long-term vision “JFE Vision 2035”/ Eighth Medium-term Business Plan May 8, 2025 Japanese English JFE Group Environmental Management Strategy May 29, 2025 Japanese English JFE Steel Corporation Overseas Business Strategy A

  83. Slide 83: This presentation material is not a disclosure material under the Financial Instruments and Exchange

    This presentation material is not a disclosure material under the Financial Instruments and Exchange Act and does not guarantee the accuracy or completeness of the information. The forecasts presented are based on information received at the time of the briefing and include uncertainties. Therefore,

JFE Holdings — H1 FY2026 Earnings Presentation on 6ix