Worth reading
69In focus
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
68
¥100 million (year-on-year increase in FY2025 operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFY2026 (FY2025 full-year results and FY2026 full-year forecasts)13 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥2,796 100 million+11.0%
Operating profit¥636 100 million+12.0%
Ordinary income¥659 100 million+14.0%
Net income¥497 100 million+15.0%
Operating profit margin22.7%, up 0.1 percentage points year on year
Results for the three months of the current quarterStandalone results for 3Q and 4Q of FY2025 are presented. 3Q revenue was ¥65.3 billion and operating profit was ¥15.4 billion; 4Q revenue was ¥84.2 billion and operating profit was ¥18.6 billion.
Full-year earnings forecastFY2026: revenue of ¥289.7 billion, operating profit of ¥66.8 billion, ordinary profit of ¥68.8 billion, net income of ¥51.5 billion, EBITDA of ¥85.4 billion, EPS of ¥387.11, and annual dividends of ¥212, with ROE of 19.6%. Figures are in ¥100 million except for EPS and dividends.
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
FY2025 results exceeded the forecast announced in November 2025 by ¥7.4 billion in revenue, ¥4.6 billion in operating profit and ¥5.7 billion in net income.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
FY2025 full-year operating profit: Functional Materials, +¥6.0 billion; Agricultural Chemicals, +¥0.1 billion; Chemicals, +¥0.7 billion; Healthcare, -¥0.5 billion. The FY2026 forecast for Functional Materials shows the effects of volume, price and other differences, as well as fixed costs and other items, in monetary terms.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The FY2026 forecast assumes an exchange rate of ¥150 per US dollar. It is based on higher semiconductor materials volumes, increased customer operating rates, and demand and shipment trends for each product.New initiatives
¥10.5 billion in share repurchases, investment in semiconductor research and production facilities, investment to strengthen the semiconductor supply chain, and joint research and development with MAH on new veterinary pharmaceuticals.Key KPIsA metric the company considers important as a management benchmark.
ROE of 20.3%, EBITDA of ¥79.1 billion, EPS of ¥368.26, No. 1 domestic agrochemical sales, a 36% agrochemical export ratio, and Fluralaner sales in more than 100 countries, among other metrics.Unit price and quantity metricsThese figures show sales broken down by price and volume.
Changes in volumes and demand trends for major products are presented, including higher semiconductor materials volumes and higher Roundup volumes as distribution inventory adjustments progress.Segment results
FY2025 results: Functional Materials, revenue of ¥113.4 billion and operating profit of ¥35.3 billion; Agricultural Chemicals, ¥96.2 billion and ¥26.0 billion; Chemicals, ¥39.3 billion and ¥3.8 billion; Healthcare, ?. The complete numerical table of results for all segments is Not disclosed in the materials.Medium-term management plan targets
Target payout ratio of 55% and target total payout ratio of 75%. Actual results were a 54.9% payout ratio and a 75.7% total payout ratio.Market Size / Share
The semiconductor market is expected to grow at a CAGR of +10% from 2024 to 2030, while the company's semiconductor materials business is expected to grow by +20% or more. No. 1 in domestic agrochemical sales (October 2023 to September 2024).Capital expenditures
¥197 100 million FY2025 actual
Annual Dividend
FY2025 actual: ¥202 (¥70 interim and ¥132 year-end). FY2026 forecast: ¥212 (¥70 interim and ¥142 year-end).Payout ratio
FY2025 actual: 54.9%; FY2026 forecast: 54.8%. The total payout ratio was 75.7% in FY2025 and is forecast at 75.0% for FY2026.Acquisition of treasury shares
FY2025 actual: ¥10.5 billion and 2.2 million shares. For FY2026, ¥10.5 billion is planned, with share repurchases scheduled from May 2026 to March 2027.| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | FY2026 (FY2025 full-year results and FY2026 full-year forecasts) |
| Net Sales | ¥2,796 100 million (YoY +11.0%) |
| Operating profit | ¥636 100 million (YoY +12.0%) |
| Ordinary income | ¥659 100 million (YoY +14.0%) |
| Net income | ¥497 100 million (YoY +15.0%) |
| Operating profit margin | 22.7%, up 0.1 percentage points year on year |
| Results for the three months of the current quarter | Standalone results for 3Q and 4Q of FY2025 are presented. 3Q revenue was ¥65.3 billion and operating profit was ¥15.4 billion; 4Q revenue was ¥84.2 billion and operating profit was ¥18.6 billion. |
| Full-year earnings forecast | FY2026: revenue of ¥289.7 billion, operating profit of ¥66.8 billion, ordinary profit of ¥68.8 billion, net income of ¥51.5 billion, EBITDA of ¥85.4 billion, EPS of ¥387.11, and annual dividends of ¥212, with ROE of 19.6%. Figures are in ¥100 million except for EPS and dividends. |
| Self-assessment against the plan | FY2025 results exceeded the forecast announced in November 2025 by ¥7.4 billion in revenue, ¥4.6 billion in operating profit and ¥5.7 billion in net income. |
| Segment results | FY2025 results: Functional Materials, revenue of ¥113.4 billion and operating profit of ¥35.3 billion; Agricultural Chemicals, ¥96.2 billion and ¥26.0 billion; Chemicals, ¥39.3 billion and ¥3.8 billion; Healthcare, ?. The complete numerical table of results for all segments is Not disclosed in the materials. |
| Breakdown of Factors Affecting the Change | FY2025 full-year operating profit: Functional Materials, +¥6.0 billion; Agricultural Chemicals, +¥0.1 billion; Chemicals, +¥0.7 billion; Healthcare, -¥0.5 billion. The FY2026 forecast for Functional Materials shows the effects of volume, price and other differences, as well as fixed costs and other items, in monetary terms. |
| Key KPIs | ROE of 20.3%, EBITDA of ¥79.1 billion, EPS of ¥368.26, No. 1 domestic agrochemical sales, a 36% agrochemical export ratio, and Fluralaner sales in more than 100 countries, among other metrics. |
| Unit price and quantity metrics | Changes in volumes and demand trends for major products are presented, including higher semiconductor materials volumes and higher Roundup volumes as distribution inventory adjustments progress. |
| Assumptions Underlying the Business Outlook | The FY2026 forecast assumes an exchange rate of ¥150 per US dollar. It is based on higher semiconductor materials volumes, increased customer operating rates, and demand and shipment trends for each product. |
| Medium-term management plan targets | Target payout ratio of 55% and target total payout ratio of 75%. Actual results were a 54.9% payout ratio and a 75.7% total payout ratio. |
| Annual Dividend | FY2025 actual: ¥202 (¥70 interim and ¥132 year-end). FY2026 forecast: ¥212 (¥70 interim and ¥142 year-end). |
| Payout ratio | FY2025 actual: 54.9%; FY2026 forecast: 54.8%. The total payout ratio was 75.7% in FY2025 and is forecast at 75.0% for FY2026. |
| Acquisition of treasury shares | FY2025 actual: ¥10.5 billion and 2.2 million shares. For FY2026, ¥10.5 billion is planned, with share repurchases scheduled from May 2026 to March 2027. |
| Capital expenditures | ¥197 100 million (FY2025 actual) |
| Market Size / Share | The semiconductor market is expected to grow at a CAGR of +10% from 2024 to 2030, while the company's semiconductor materials business is expected to grow by +20% or more. No. 1 in domestic agrochemical sales (October 2023 to September 2024). |
| New initiatives | ¥10.5 billion in share repurchases, investment in semiconductor research and production facilities, investment to strengthen the semiconductor supply chain, and joint research and development with MAH on new veterinary pharmaceuticals. |
Items this document does not state (9)
Gross Profit MarginSelling, general and administrative expensesProgress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookFinancial targetsOrders received and order backlogKey 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.In FY2025, higher revenue from semiconductor and inorganic materials in Functional Materials, higher revenue from Roundup, Raimei, Glacia, Velder, Fluralaner and other products in Agricultural Chemicals, and higher revenue from fine chemicals and basic chemicals in Chemicals contributed to the increase in profit. For FY2026, the company expects higher volumes of semiconductor materials and higher revenue from Roundup and Raimei in Agricultural Chemicals, while factoring in higher fixed costs and other expenses and lower revenue from certain products.
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