Worth reading
63In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
805
¥100 million (year-on-year increase in net sales)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFY2026 second quarter10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥5,797 hundred million+16.1%
Operating profit¥494 hundred million+10.3%
Ordinary income¥492 hundred million+7.4%
Net income¥268 hundred million+262.2%
Full-year earnings forecast
Net Sales
¥12,000 hundred million
Operating profit
¥1,090 hundred million
Ordinary income
¥1,070 hundred million
Profit attributable to owners of the parent
¥590 hundred million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net Sales
Volume variance¥178 hundred million
Price difference¥627 hundred million
Of which, foreign exchange impact¥225 hundred million
Operating profit
Volume variance¥28 hundred million
Terms of trade¥-65 hundred million
Fixed-cost variance and other factors¥83 hundred million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate (JPY/USD)157.2
Exchange rate (JPY/EUR)180.7
Domestic naphtha
¥103,225 /KL
Benzene
1,000～1,100
PVC
800～900
VCM
600～700
Liquid caustic soda
350～420
MDI (monomeric)
2,100～2,250
MDI (polymeric)
2,050～2,200
New initiatives
- Build a new biomass power plant (May 2026)
- Increase production capacity for separation and purification agents (May 2026, planned for spring 2027)
- Increase production capacity for HDI derivatives (September 2026)
- Build a new crude MDI splitter in Vietnam (planned for spring 2027)
- Increase chloroprene rubber production capacity (planned for spring 2030)
Key KPIsA metric the company considers important as a management benchmark.
- Exchange rate (JPY/USD)159.5 JPY/USDYear on year against the same period last year+13.5%
- Exchange rate (JPY/EUR)184.4 JPY/EURYear on year against the same period last year+16.4%
- Domestic naphtha¥107,450 /KLYear on year against the same period last year+42,700.0%
- Benzene1,023 USD/TYear on year against the same period last year+296.0%
- PVC795 USD/TYear on year against the same period last year+132.0%
- VCM673 USD/TYear on year against the same period last year+145.0%
- Liquid caustic soda416 USD/TYear on year against the same period last year-31.0%
- MDI (monomeric)2,203 USD/TYear on year against the same period last year+455.0%
- MDI (polymeric)2,135 USD/TYear on year against the same period last year+352.0%
Segment results
Chain business
Net Sales
¥3,514 hundred million+16.8%
Operating profit
¥120 hundred million+16.5%
Basic materials
Net Sales
¥2,619 hundred million+17.0%
Operating profit
¥-24 hundred million
Value-added materials
Net Sales
¥895 hundred million+16.2%
Operating profit
¥144 hundred million+27.4%
Advanced businesses
Net Sales
¥1,994 hundred million+15.6%
Operating profit
¥338 hundred million+6.3%
Bioscience
Net Sales
¥340 hundred million+5.6%
Operating profit
¥113 hundred million+8.7%
Advanced materials
Net Sales
¥712 hundred million+23.2%
Operating profit
¥73 hundred million+92.1%
Water treatment engineering
Net Sales
¥942 hundred million+14.3%
Operating profit
¥153 hundred million-13.1%
Other
Net Sales
¥289 hundred million+12.0%
Operating profit
¥36 hundred million+33.3%
Number of employees
Number of Employees15,142 people
Change during the period198 people
Capital expenditures
¥438 100 million fiscal 2026 Q1-Q2 actuals
Annual Dividend
¥100 per share
Interim50
End of period50
Payout ratio
52.2 %
Total payout ratio50% as the basic policy
Acquisition of treasury shares
Buyback limit
¥250 100 million maximum
PeriodFY2026
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | FY2026 second quarter |
| Net Sales | ¥5,797 hundred million (YoY +16.1%) |
| Operating profit | ¥494 hundred million (YoY +10.3%) |
| Ordinary income | ¥492 hundred million (YoY +7.4%) |
| Net income | ¥268 hundred million (YoY +262.2%) |
| Full-year earnings forecast | Net Sales ¥12,000 hundred million / Operating profit ¥1,090 hundred million / Ordinary income ¥1,070 hundred million / Profit attributable to owners of the parent ¥590 hundred million |
| Segment results | Chain business Net Sales ¥3,514 hundred million (YoY +16.8%) / Operating profit ¥120 hundred million (YoY +16.5%) / Basic materials Net Sales ¥2,619 hundred million (YoY +17.0%) / Operating profit ¥-24 hundred million / Value-added materials Net Sales ¥895 hundred million (YoY +16.2%) / Operating profit ¥144 hundred million (YoY +27.4%) / Advanced businesses Net Sales ¥1,994 hundred million (YoY +15.6%) / Operating profit ¥338 hundred million (YoY +6.3%) / Bioscience Net Sales ¥340 hundred million (YoY +5.6%) / Operating profit ¥113 hundred million (YoY +8.7%) / Advanced materials Net Sales ¥712 hundred million (YoY +23.2%) / Operating profit ¥73 hundred million (YoY +92.1%) / Water treatment engineering Net Sales ¥942 hundred million (YoY +14.3%) / Operating profit ¥153 hundred million (YoY -13.1%) / Other Net Sales ¥289 hundred million (YoY +12.0%) / Operating profit ¥36 hundred million (YoY +33.3%) |
| Breakdown of Factors Affecting the Change | Net Sales Volume variance ¥178 hundred million / Price difference ¥627 hundred million / Of which, foreign exchange impact ¥225 hundred million / Operating profit Volume variance ¥28 hundred million / Terms of trade ¥-65 hundred million / Fixed-cost variance and other factors ¥83 hundred million |
| Key KPIs | Indicator name Exchange rate (JPY/USD) / Value 159.5 JPY/USD / Year on year against the same period last year 13.5 JPY/USD, Indicator name Exchange rate (JPY/EUR) / Value 184.4 JPY/EUR / Year on year against the same period last year 16.4 JPY/EUR, Indicator name Domestic naphtha / Value ¥107,450 /KL / Year on year against the same period last year ¥42,700 /KL, Indicator name Benzene / Value 1,023 USD/T / Year on year against the same period last year 296 USD/T, Indicator name PVC / Value 795 USD/T / Year on year against the same period last year 132 USD/T, Indicator name VCM / Value 673 USD/T / Year on year against the same period last year 145 USD/T, Indicator name Liquid caustic soda / Value 416 USD/T / Year on year against the same period last year -31 USD/T, Indicator name MDI (monomeric) / Value 2,203 USD/T / Year on year against the same period last year 455 USD/T, Indicator name MDI (polymeric) / Value 2,135 USD/T / Year on year against the same period last year 352 USD/T |
| Number of employees | Number of Employees 15,142 people / Change during the period 198 people |
| Assumptions Underlying the Business Outlook | Exchange rate (JPY/USD) 157.2 / Exchange rate (JPY/EUR) 180.7 / Domestic naphtha ¥103,225 /KL / Benzene 1,000～1,100 / PVC 800～900 / VCM 600～700 / Liquid caustic soda 350～420 / MDI (monomeric) 2,100～2,250 / MDI (polymeric) 2,050～2,200 |
| Annual Dividend | ¥100 per share |
| Payout ratio | 52.2 % |
| Acquisition of treasury shares | Buyback limit ¥250 100 million (maximum) / Period FY2026 |
| Capital expenditures | ¥438 100 million (fiscal 2026 Q1-Q2 actuals) |
| New initiatives | Build a new biomass power plant (May 2026), Increase production capacity for separation and purification agents (May 2026, planned for spring 2027), Increase production capacity for HDI derivatives (September 2026), Build a new crude MDI splitter in Vietnam (planned for spring 2027), Increase chloroprene rubber production capacity (planned for spring 2030) |
Items this document does not state (14)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsOrders 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.Higher overseas market prices for naphtha and major products, reflecting heightened tensions in the Middle East, higher selling prices due to the weaker yen, increased shipments of high-performance materials, and an improvement in inventory receipt and issue differentials contributed to higher revenue and operating profit. Meanwhile, terms of trade deteriorated, as increases in raw material and fuel costs outpaced increases in selling prices. The full-year forecast was revised upward based on naphtha and major-product market prices exceeding assumptions and a recovery in demand for semiconductor-related high-performance materials products.
How to read this page
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