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Financial results presentation3407ASAHI KASEI CORPORATIONMaterials and Chemicals

Financial Results Presentation for Fiscal 2025

In FY2025, revenue, operating income and net income exceeded the previous fiscal year, while operating income reached a record high for the second consecutive fiscal year. For FY2026, the company expects higher earnings, with operating income of ¥248.0 billion and net income of ¥160.0 billion, based on growth in its priority growth businesses.

Worth reading
75Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
168
Year-on-year change in operating income (¥100 million)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationFY2025 full-year results and FY2026 full-year forecast13 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥30,745 100 million+1.2%
Operating profit¥2,312 100 million+9.1%
Net income¥1,588 100 million+17.6%
Operating profit margin
Rate7.5%
Year-on-year change (points)+0.5%
Full-year earnings forecast
Net Sales
¥32,540 100 million
Operating profit
¥2,480 100 million
Operating profit before amortization of goodwill
¥2,860 100 million
EBITDA
¥4,660 100 million
Profit attributable to owners of the parent
¥1,600 100 million
EPS
¥119.65
Annual Dividend
¥44
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Above the previous forecast
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Benefits from higher sales and improved profitability, mainly in priority growth businesses+¥29.4 billion (FY2025 actual)
  • Foreign exchange (including translation differences)+¥3.5 billion
  • Impact of business transfers-¥5.1 billion
  • Market conditions affecting the Essential Chemicals business-¥8.5 billion
  • Benefits from higher sales and improved profitability, mainly in priority growth businesses+¥31.6 billion (FY2026 forecast)
  • Foreign exchange-¥1.0 billion
  • Impact of business transfers-¥3.8 billion
  • Impact of the acquisition of Aicuris-¥10.0 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • Average exchange rate (U.S. dollar)
    FY2026 assumptions¥150
  • Average exchange rate (euro)
    FY2026 assumptions¥175
  • Domestic naphtha price
  • Middle East situation
    AssumptionsNot reflected in the FY2026 earnings forecast
New initiatives
  • Acquisition of Aicuris (acquisition completed on 17 April 2026)
  • Capacity expansion for Paimel (investment of ¥16.0 billion; production start in the first half of FY2028)
  • Expansion of production capacity for alkaline water electrolysis systems for clean hydrogen production (investment of ¥31.0 billion; production start in FY2028)
  • Construction of a new spinning plant for Planova (investment of ¥23.4 billion; commercial production start in the second half of FY2029)
  • Introduction of a special incentive program for the employee stock ownership plan from FY2026
Key KPIsA metric the company considers important as a management benchmark.
  • Envarsus XR U.S. revenue330 USD million
    Year on year against the same period last year+11.8%
  • Tarpeyo U.S. revenue323 USD million
    Year on year against the same period last yearReference: +63.0% year on year, including the period before Calliditas was consolidated
  • ACT revenue1,521 USD million
    Year on year against the same period last yearIncreased
  • CMS revenue1,002 USD million
    Year on year against the same period last yearIncreased
  • PBR1 times
  • ROIC5.9% (FY2025), 5.5% (FY2026 forecast)
    Year on year against the same period last yearImproved in FY2025; slightly worse in the FY2026 forecast
  • ROE10.3% (FY2025), 9.0% (FY2026 forecast)
    Year on year against the same period last yearImproved in FY2025; slightly worse in the FY2026 forecast
Unit price and quantity metricsThese figures show sales broken down by price and volume.
The materials include sales volume, volume-related factors, price-related factors and changes in average unit prices
Segment results
FY2025 actual
Healthcare
Net Sales
¥6,641 100 million+7.8%
Operating profit
¥835 100 million+30.3%
Housing
Net Sales
¥10,774 100 million+4.0%
Operating profit
¥998 100 million+4.0%
Materials
Net Sales
¥13,062 100 million-4.6%
Operating profit
¥683 100 million-14.5%
FY2026 forecast
Healthcare
Net Sales
¥7,490 100 million+12.8%
Operating profit
¥900 100 million+7.8%
Housing
Net Sales
¥11,730 100 million+8.9%
Operating profit
¥1,013 100 million+1.5%
Materials
Net Sales
¥13,010 100 million-0.4%
Operating profit
¥810 100 million+18.6%
Medium-term management plan targets
  • Target fiscal yearFY2027
    Operating profit¥270.0 billion
  • Target fiscal yearFY2030 outlook
    Operating profit¥380 billion
Financial targets
  • ROE
    Actual and forecast10.3% (FY2025), 9.0% (FY2026 forecast)
  • ROIC
    Actual and forecast5.9% (FY2025), 5.5% (FY2026 forecast)
  • D/E ratio
    Actual results0.46 (as of 31 March 2026)
  • Equity ratio
Capital expenditures
Approximately 6,000expansion-related, since FY2018
Annual Dividend
FY2025
Annual42
FY2026 forecast
Annual44
Interim20
End of period22
Payout ratio
35.9% in FY2025 and 36.8% in the FY2026 forecast. The company aims to maintain progressive dividends over the medium to long term, using a DOE of 3% as a benchmark
Acquisition of treasury shares
Maximum amount¥400 100 million
Period6 November 2025 to 31 October 2026
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFY2025 full-year results and FY2026 full-year forecast
Net Sales¥30,745 100 million (YoY +1.2%)
Operating profit¥2,312 100 million (YoY +9.1%)
Net income¥1,588 100 million (YoY +17.6%)
Operating profit marginRate 7.5% / Year-on-year change (points) +0.5%
Full-year earnings forecastNet Sales ¥32,540 100 million / Operating profit ¥2,480 100 million / Operating profit before amortization of goodwill ¥2,860 100 million / EBITDA ¥4,660 100 million / Profit attributable to owners of the parent ¥1,600 100 million / EPS ¥119.65 / Annual Dividend ¥44
Self-assessment against the planAbove the previous forecast
Segment resultsFY2025 actual Healthcare Net Sales ¥6,641 100 million (YoY +7.8%) / Operating profit ¥835 100 million (YoY +30.3%) / Housing Net Sales ¥10,774 100 million (YoY +4.0%) / Operating profit ¥998 100 million (YoY +4.0%) / Materials Net Sales ¥13,062 100 million (YoY -4.6%) / Operating profit ¥683 100 million (YoY -14.5%) / FY2026 forecast Healthcare Net Sales ¥7,490 100 million (YoY +12.8%) / Operating profit ¥900 100 million (YoY +7.8%) / Housing Net Sales ¥11,730 100 million (YoY +8.9%) / Operating profit ¥1,013 100 million (YoY +1.5%) / Materials Net Sales ¥13,010 100 million (YoY -0.4%) / Operating profit ¥810 100 million (YoY +18.6%)
Breakdown of Factors Affecting the ChangeFactors Benefits from higher sales and improved profitability, mainly in priority growth businesses / Amount +¥29.4 billion (FY2025 actual), Factors Foreign exchange (including translation differences) / Amount +¥3.5 billion, Factors Impact of business transfers / Amount -¥5.1 billion, Factors Market conditions affecting the Essential Chemicals business / Amount -¥8.5 billion, Factors Benefits from higher sales and improved profitability, mainly in priority growth businesses / Amount +¥31.6 billion (FY2026 forecast), Factors Foreign exchange / Amount -¥1.0 billion, Factors Impact of business transfers / Amount -¥3.8 billion, Factors Impact of the acquisition of Aicuris / Amount -¥10.0 billion
Key KPIsIndicator name Envarsus XR U.S. revenue / Value 330 USD million / Year on year against the same period last year +11.8%, Indicator name Tarpeyo U.S. revenue / Value 323 USD million / Year on year against the same period last year Reference: +63.0% year on year, including the period before Calliditas was consolidated, Indicator name ACT revenue / Value 1,521 USD million / Year on year against the same period last year Increased, Indicator name CMS revenue / Value 1,002 USD million / Year on year against the same period last year Increased, Indicator name PBR / Value 1 times / Year on year against the same period last year Not disclosed, Indicator name ROIC / Value 5.9% (FY2025), 5.5% (FY2026 forecast) / Year on year against the same period last year Improved in FY2025; slightly worse in the FY2026 forecast, Indicator name ROE / Value 10.3% (FY2025), 9.0% (FY2026 forecast) / Year on year against the same period last year Improved in FY2025; slightly worse in the FY2026 forecast
Unit price and quantity metricsThe materials include sales volume, volume-related factors, price-related factors and changes in average unit prices
Assumptions Underlying the Business OutlookItem Average exchange rate (U.S. dollar) / FY2026 assumptions ¥150, Item Average exchange rate (euro) / FY2026 assumptions ¥175, Item Domestic naphtha price / FY2026 assumptions Not disclosed, Item Middle East situation / Assumptions Not reflected in the FY2026 earnings forecast
Medium-term management plan targetsTarget fiscal year FY2027 / Operating profit ¥270.0 billion, Target fiscal year FY2030 outlook / Operating profit ¥380 billion
Financial targetsIndicator ROE / Actual and forecast 10.3% (FY2025), 9.0% (FY2026 forecast), Indicator ROIC / Actual and forecast 5.9% (FY2025), 5.5% (FY2026 forecast), Indicator D/E ratio / Actual results 0.46 (as of 31 March 2026), Indicator Equity ratio / Actual results Not disclosed
Annual DividendFY2025 Annual 42 / Interim Not disclosed / End of period Not disclosed / FY2026 forecast Annual 44 / Interim 20 / End of period 22
Payout ratio35.9% in FY2025 and 36.8% in the FY2026 forecast. The company aims to maintain progressive dividends over the medium to long term, using a DOE of 3% as a benchmark
Acquisition of treasury sharesMaximum amount ¥400 100 million / Period 6 November 2025 to 31 October 2026 / Number of Shares Not disclosed
Capital expendituresApproximately 6,000
New initiativesAcquisition of Aicuris (acquisition completed on 17 April 2026), Capacity expansion for Paimel (investment of ¥16.0 billion; production start in the first half of FY2028), Expansion of production capacity for alkaline water electrolysis systems for clean hydrogen production (investment of ¥31.0 billion; production start in FY2028), Construction of a new spinning plant for Planova (investment of ¥23.4 billion; commercial production start in the second half of FY2029), Introduction of a special incentive program for the employee stock ownership plan from FY2026
Items this document does not state (11)
Ordinary incomeGross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookOrders received and order backlogMarket Size / ShareKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

Earnings increased in FY2025, mainly due to higher sales volumes of core products in the Pharmaceutical and Life Sciences business, the newly consolidated results of Calliditas, and improvements in construction contracting and real estate-related businesses in the Housing segment. For FY2026, the company expects higher earnings, primarily from higher sales and improved profitability in priority growth businesses such as Critical Care and Electronics, while factoring in the acquisition of Aicuris, license introduction costs and the impact of business transfers.

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Financial Results Presentation for Fiscal 2025 | ASAHI KASEI CORPORATION (3407) timely disclosure | Komori