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
2061
¥ million (year-on-year increase in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationSecond quarter (interim period) of the fiscal year ending December 202614 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales82,405 million yen+2.6%
Operating profit7,912 million yen+12.7%
Ordinary income8,580 million yen+14.4%
Net income6,019 million yen+5.3%
Operating profit margin9.6%, up 0.9 percentage points year on year
Results for the three months of the current quarter
Net Sales
43,771 million yen+8.0%
Operating profit
4,706 million yen+28.7%
Operating profit margin10.7%, up 1.7 percentage points year on year
Ordinary income
5,379 million yen+25.0%
Net income
3,245 million yen-12.7%
Full-year earnings forecast
Net Sales
170,000 million yen
Operating profit
15,500 million yen
Operating profit margin9.1%
Ordinary income
16,300 million yen
Net income
11,800 million yen
Annual Dividend
¥72 per share
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Based on first-half results, the full-year earnings forecast was revised upwardBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Year-on-year change in interim operating profit
Volume variance¥-5 100 million
Price difference¥33 100 million
Fixed-cost variance¥-19 100 million
Year-on-year change in interim revenue
Volume variance-3,640 million yen
Price variance5,701 million yen
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Exchange rate¥159 /USD average during the period assumed for 2026
- Naphtha prices¥91,000 /kL average during the period assumed for 2026
- Naphtha price sensitivityApproximately ±¥250 million for every ¥1,000/kL change in the naphtha price
- Foreign exchange sensitivityApproximately -¥100 million for every ¥1 depreciation against the USD
New initiatives
- Consolidate the cationic powder coagulant facilities at the Sakaide Plant and begin commercial operations in July 2026
- Complete next-generation process facilities for high-purity liquefied hydrogen chloride, with full-scale operations scheduled to begin in 2027
- Begin a demonstration test with Yokohama City on the effective use of heat from waste incineration
- Enter into a joint development agreement with Mori to Mizu no Chikara for a small-scale hydropower generation business
- Begin a joint demonstration with Fuji Electric for a hydrogen fuel cell system
- Participate in a technology demonstration of Tokushima Prefecture's hydrogen-engine hybrid vehicle
- Continue the shareholder benefit program introduced in October 2025
Key KPIsA metric the company considers important as a management benchmark.
- Interim net income per share56.56 yenYear on year against the same period last year+9.3%
- Overseas revenue15,255 million yenYear on year against the same period last yearIncreased
- Overseas revenue ratio19 %Year on year against the same period last year+1 percentage point
- Equity ratio74.1 %Year-on-year comparison-0.2 percentage points
- P/B ratio target1 At least 1.0x 2028
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Volume and price variances are disclosed by segment. For interim-period revenue, the volume variance was -¥3,640 million and the price variance was +¥5,701 million.Segment results
Basic Chemicals
Net Sales
33,352 million yen
Operating profit
3,500 million yen
Year-on-year change in revenue-7.8%
Polymers and Oligomers
Net Sales
19,624 million yen
Operating profit
2,396 million yen
Year-on-year change in revenue+11.9%
Adhesive Materials
Net Sales
7,296 million yen
Operating profit
206 million yen
Year-on-year change in revenue+7.9%
Advanced materials
Net Sales
5,727 million yen
Operating profit
903 million yen
Year-on-year change in revenue+14.2%
Plastics processing products
Net Sales
15,208 million yen
Operating profit
1,849 million yen
Year-on-year change in revenue+10.7%
Other and adjustments
Net Sales
1,195 million yen
Operating profit
-944 million yen
Medium-term management plan targets
Operating profit
FY2028¥180 100 million
FY2030¥200 100 million
PBR
2028At least 1x
2030At least 1.2x
ROE
20286.5%
2030Approximately 8%
Financial targets
PBR
2028At least 1x
2030At least 1.2x
ROE
20286.5%
2030Approximately 8%
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Risks in raw material procurement and logistics, and concerns over cost fluctuations. Sensitivity is approximately ±¥250 million for every ¥1,000/kL change in the naphtha price and approximately -¥100 million for every ¥1 depreciation against the USD.Market Size / Share
No. 1 global share in high-purity liquefied hydrogen chloride. Market size: not disclosed.Capital expenditures
¥219 100 million 2026 forecast
Annual Dividend
¥72 per share
Interim36
End of period36
Year on year against the same period last year+¥7 per share
Payout ratio
Approximately 70% during the 2028 medium-term management plan period (period average)| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Second quarter (interim period) of the fiscal year ending December 2026 |
| Net Sales | 82,405 million yen (YoY +2.6%) |
| Operating profit | 7,912 million yen (YoY +12.7%) |
| Ordinary income | 8,580 million yen (YoY +14.4%) |
| Net income | 6,019 million yen (YoY +5.3%) |
| Operating profit margin | 9.6%, up 0.9 percentage points year on year |
| Results for the three months of the current quarter | Net Sales 43,771 million yen (YoY +8.0%) / Operating profit 4,706 million yen (YoY +28.7%) / Operating profit margin 10.7%, up 1.7 percentage points year on year / Ordinary income 5,379 million yen (YoY +25.0%) / Net income 3,245 million yen (YoY -12.7%) |
| Full-year earnings forecast | Net Sales 170,000 million yen / Operating profit 15,500 million yen / Operating profit margin 9.1% / Ordinary income 16,300 million yen / Net income 11,800 million yen / Annual Dividend ¥72 per share |
| Self-assessment against the plan | Based on first-half results, the full-year earnings forecast was revised upward |
| Segment results | Basic Chemicals Net Sales 33,352 million yen / Operating profit 3,500 million yen / Year-on-year change in revenue -7.8% / Polymers and Oligomers Net Sales 19,624 million yen / Operating profit 2,396 million yen / Year-on-year change in revenue +11.9% / Adhesive Materials Net Sales 7,296 million yen / Operating profit 206 million yen / Year-on-year change in revenue +7.9% / Advanced materials Net Sales 5,727 million yen / Operating profit 903 million yen / Year-on-year change in revenue +14.2% / Plastics processing products Net Sales 15,208 million yen / Operating profit 1,849 million yen / Year-on-year change in revenue +10.7% / Other and adjustments Net Sales 1,195 million yen / Operating profit -944 million yen |
| Breakdown of Factors Affecting the Change | Year-on-year change in interim operating profit Volume variance ¥-5 100 million / Price difference ¥33 100 million / Fixed-cost variance ¥-19 100 million / Year-on-year change in interim revenue Volume variance -3,640 million yen / Price variance 5,701 million yen |
| Key KPIs | Interim net income per share 56.56 yen, Overseas revenue 15,255 million yen, Overseas revenue ratio 19 %, Equity ratio 74.1 %, P/B ratio target 1 At least 1.0x (2028) |
| Unit price and quantity metrics | Volume and price variances are disclosed by segment. For interim-period revenue, the volume variance was -¥3,640 million and the price variance was +¥5,701 million. |
| Assumptions Underlying the Business Outlook | Exchange rate ¥159 /USD (average during the period assumed for 2026), Naphtha prices ¥91,000 /kL (average during the period assumed for 2026), Naphtha price sensitivity Approximately ±¥250 million for every ¥1,000/kL change in the naphtha price, Foreign exchange sensitivity Approximately -¥100 million for every ¥1 depreciation against the USD |
| Risk amount incorporated into the outlook | Risks in raw material procurement and logistics, and concerns over cost fluctuations. Sensitivity is approximately ±¥250 million for every ¥1,000/kL change in the naphtha price and approximately -¥100 million for every ¥1 depreciation against the USD. |
| Medium-term management plan targets | Operating profit FY2028 ¥180 100 million / FY2030 ¥200 100 million / PBR 2028 At least 1x / 2030 At least 1.2x / ROE 2028 6.5% / 2030 Approximately 8% |
| Financial targets | PBR 2028 At least 1x / 2030 At least 1.2x / ROE 2028 6.5% / 2030 Approximately 8% |
| Annual Dividend | ¥72 per share |
| Payout ratio | Approximately 70% during the 2028 medium-term management plan period (period average) |
| Capital expenditures | ¥219 100 million (2026 forecast) |
| Market Size / Share | No. 1 global share in high-purity liquefied hydrogen chloride. Market size: not disclosed. |
| New initiatives | Consolidate the cationic powder coagulant facilities at the Sakaide Plant and begin commercial operations in July 2026, Complete next-generation process facilities for high-purity liquefied hydrogen chloride, with full-scale operations scheduled to begin in 2027, Begin a demonstration test with Yokohama City on the effective use of heat from waste incineration, Enter into a joint development agreement with Mori to Mizu no Chikara for a small-scale hydropower generation business, Begin a joint demonstration with Fuji Electric for a hydrogen fuel cell system, Participate in a technology demonstration of Tokushima Prefecture's hydrogen-engine hybrid vehicle, Continue the shareholder benefit program introduced in October 2025 |
Items this document does not state (8)
Gross Profit MarginSelling, general and administrative expensesProgress against full-year forecastNumber of stores and locationsNumber of employeesAcquisition of treasury sharesOrders 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.Products for semiconductors, mobility, electronic materials, pharmaceuticals and cosmetics, and sewerage-related applications performed well, while polymer and oligomer products, high-performance materials, and resin processing products drove profit growth. Core chemicals, however, recorded lower profit due to decreased sales volumes of acrylic monomers and higher scheduled maintenance costs.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.