Komori
Earnings presentation3407ASAHI KASEI CORPORATIONMaterials and Chemicals

FY2026 Second-Quarter Financial Results Presentation Materials

The full-year FY2026 forecasts for revenue, operating profit and net income were revised upward from the initial forecasts issued in May 2026. The operating profit forecast was raised from ¥248.0 billion to ¥290.0 billion, and is now expected to exceed the target in the current medium-term management plan one year ahead of schedule.

Worth reading
79Important
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
420
¥100 million (increase from the initial operating profit forecast)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationSecond quarter of fiscal 2026 (first half)13 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥16,896 100 million+13.7%
Operating profit¥1,654 100 million+54.0%
Net income¥1,022 100 million +54.2%interim net income attributable to owners of the parent
Operating profit margin
Rate9.8 %
Year-on-year change (points)2.6 %
Full-year earnings forecast
Net Sales
¥34,220 100 million
Operating profit
¥2,900 100 million
Operating profit before amortization of goodwill
¥3,280 100 million
EBITDA
¥5,090 100 million
Profit attributable to owners of the parent
¥1,730 100 million
EPS
¥129.12
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
First-half operating profit year on year
Pharmaceuticals and life sciences109
Critical care95
Electronics102
Total for 3 priority growth businesses307
Other businesses, other, common costs, etc.103
Materials inventory impact170
Total change580
Full-year operating profit versus initial forecast
Pharmaceuticals and life sciences78
Critical care28
Electronics123
Total for 3 priority growth businesses229
Other businesses, other, common costs, etc.61
Materials inventory impact130
Total change420
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Average exchange rate (U.S. dollar)¥157/USD
Average exchange rate (euro)¥180
Domestic naphtha price¥99,200/kl (¥108,400/kl in the first half, ¥90,000/kl in the second half)
New initiatives
  • Acquisition of Aicuris in April 2026
  • U.S. FDA approval of Hovilpri and planned launch by year-end
  • Expansion of Paimel production capacity
  • Construction of the Planova new spinning plant
  • Introduction of a special incentive program for the employee shareholding association
  • Cancellation of treasury shares
Key KPIsA metric the company considers important as a management benchmark.
  • EBITDA¥2,726 100 million
    Year on year against the same period last year+34.3%
  • EPS¥75.94
    Year on year against the same period last year+55.6%
  • PBR1 times
  • ROIC7.4 %
  • ROE8 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Volume, selling price and foreign exchange effects were disclosed as factors behind changes in operating profit. In Healthcare for the first half, the volume effect was ¥18.1 billion, the selling price effect was ¥4.8 billion, and the foreign exchange effect was ¥300 million.
Segment results
Healthcare
Net Sales
¥3,892 100 million+26.9%
Operating profit
¥603 100 million+50.5%
Housing
Net Sales
¥5,628 100 million+6.9%
Operating profit
¥441 100 million-5.3%
Materials
Net Sales
¥7,245 100 million+13.6%
Operating profit
¥720 100 million+132.5%
Other
Net Sales
¥131 100 million
Operating profit
¥-110 100 million
Medium-term management plan targets
Operating profit
¥2,700 100 million
Target fiscal yearFY2027
Comparison with actual resultsExpected to exceed the target one year ahead of schedule, in FY2026
Financial targets
Debt-to-equity ratio
Actual results0.56 times
Indicative level0.7 times
ROIC
FY2026 forecast7.4 %
ROE
FY2026 forecast8 %
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Inventory impact from petrochemical market conditionsApproximately -¥20 billion (factor behind the change from the first half to the second half)
Inventory receipts/payments difference due to the Middle East situationApproximately ¥10 billion higher than the previous fiscal year for the full year
Capital expenditures
Approximately ¥600 billion (expansion-related capital investment since FY2018)
Annual Dividend
Annual
¥48 per share
Interim
¥24 per share
End of period
¥24 per share
Payout ratio
37.2 %
DOE
3.1 %
Acquisition of treasury shares
Buyback limit
¥400 100 million
StatusEnded the share buyback and cancelled the treasury shares acquired
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredSecond quarter of fiscal 2026 (first half)
Net Sales¥16,896 100 million (YoY +13.7%)
Operating profit¥1,654 100 million (YoY +54.0%)
Net income¥1,022 100 million (interim net income attributable to owners of the parent) (YoY +54.2%)
Operating profit marginRate 9.8 % / Year-on-year change (points) 2.6 %
Full-year earnings forecastNet Sales ¥34,220 100 million / Operating profit ¥2,900 100 million / Operating profit before amortization of goodwill ¥3,280 100 million / EBITDA ¥5,090 100 million / Profit attributable to owners of the parent ¥1,730 100 million / EPS ¥129.12
Segment resultsHealthcare Net Sales ¥3,892 100 million (YoY +26.9%) / Operating profit ¥603 100 million (YoY +50.5%) / Housing Net Sales ¥5,628 100 million (YoY +6.9%) / Operating profit ¥441 100 million (YoY -5.3%) / Materials Net Sales ¥7,245 100 million (YoY +13.6%) / Operating profit ¥720 100 million (YoY +132.5%) / Other Net Sales ¥131 100 million / Operating profit ¥-110 100 million
Breakdown of Factors Affecting the ChangeFirst-half operating profit year on year Pharmaceuticals and life sciences 109 / Critical care 95 / Electronics 102 / Total for 3 priority growth businesses 307 / Other businesses, other, common costs, etc. 103 / Materials inventory impact 170 / Total change 580 / Full-year operating profit versus initial forecast Pharmaceuticals and life sciences 78 / Critical care 28 / Electronics 123 / Total for 3 priority growth businesses 229 / Other businesses, other, common costs, etc. 61 / Materials inventory impact 130 / Total change 420
Key KPIsIndicator name EBITDA / Value ¥2,726 100 million / Year on year against the same period last year ¥34.3 100 million, Indicator name EPS / Value ¥75.94 / Year on year against the same period last year ¥55.6, Indicator name PBR / Value 1 times, Indicator name ROIC / Value 7.4 %, Indicator name ROE / Value 8 %
Unit price and quantity metricsVolume, selling price and foreign exchange effects were disclosed as factors behind changes in operating profit. In Healthcare for the first half, the volume effect was ¥18.1 billion, the selling price effect was ¥4.8 billion, and the foreign exchange effect was ¥300 million.
Assumptions Underlying the Business OutlookAverage exchange rate (U.S. dollar) ¥157/USD / Average exchange rate (euro) ¥180 / Domestic naphtha price ¥99,200/kl (¥108,400/kl in the first half, ¥90,000/kl in the second half)
Risk amount incorporated into the outlookInventory impact from petrochemical market conditions Approximately -¥20 billion (factor behind the change from the first half to the second half) / Inventory receipts/payments difference due to the Middle East situation Approximately ¥10 billion higher than the previous fiscal year for the full year
Medium-term management plan targetsOperating profit ¥2,700 100 million / Target fiscal year FY2027 / Comparison with actual results Expected to exceed the target one year ahead of schedule, in FY2026
Financial targetsDebt-to-equity ratio Actual results 0.56 times / Indicative level 0.7 times / ROIC FY2026 forecast 7.4 % / ROE FY2026 forecast 8 %
Annual DividendAnnual ¥48 per share / Interim ¥24 per share / End of period ¥24 per share
Payout ratio37.2 %
Acquisition of treasury sharesBuyback limit ¥400 100 million / Period Not disclosed / Status Ended the share buyback and cancelled the treasury shares acquired
Capital expendituresApproximately ¥600 billion (expansion-related capital investment since FY2018)
New initiativesAcquisition of Aicuris in April 2026, U.S. FDA approval of Hovilpri and planned launch by year-end, Expansion of Paimel production capacity, Construction of the Planova new spinning plant, Introduction of a special incentive program for the employee shareholding association, Cancellation of treasury shares
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 forecastSelf-assessment against the planNumber of stores and locationsNumber of employeesOrders 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.

The company cited expanded sales of core pharmaceutical, critical care and electronics products, lower-than-expected pharmaceutical R&D expenses, price pass-through and cost reductions, mainly in Materials, the weaker yen, and inventory movement variances. It noted that demand related to AI was particularly strong in Electronics.

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