Worth reading
60In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
94
¥100 million (year-on-year decrease in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFiscal year ending March 2026, full year10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥3,999 hundred million-2.3%
Operating profit¥175 hundred million-8.0%
Net income¥168 hundred million-3.6%
Operating profit margin4.4 %
Results for the three months of the current quarter
FY2025 fourth quarter
Revenue
¥1,006 hundred million-0.2%
Segment profit
¥20 hundred million-56.3%
Pretax profit
¥24 hundred million-40.0%
Profit for the period
¥24 hundred million-29.4%
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Spread (selling price)¥-187 hundred million
- Spread (variable costs)¥207 hundred million
- Number of versions¥41 hundred million
- Processing costs and other¥-18 hundred million
- Selling, general and administrative expenses¥-9 hundred million
- Other income and expenses, and inventory valuation¥-42 hundred million
- Equity-Method Investment Income and Losses¥-28 hundred million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- ¥65,700 /KLAssumptionsNaphtha price (January–March 2026)
- 120000～140000AssumptionsNaphtha price (forecast for April–June 2026)
New initiatives
- Add 3,000 tonnes per year of IONEL® electrolyte production capacity at the Chinese JV (commercial production scheduled to start in the first half of 2026)
- Add 7,000 tonnes per year of IONEL® electrolyte production capacity at the Chinese JV (commercial production scheduled to start in the first half of 2027)
- Build a new IONEL® plant in Kitakyushu City (commercial production from a 3,000-tonnes-per-year facility scheduled to start during FY2028)
- Expand SAP production capacity in Indonesia by 50,000 tonnes per year (commercial operations scheduled to start in July 2027)
- Expand products and facilities for high-performance applications and increase the production capacity of fine-particle manufacturing facilities
Key KPIsA metric the company considers important as a management benchmark.
- ROE4.3 %yoy_change_points-0.2
- ROA3.8 %yoy_change_points-0.5
- ROIC3.3 %yoy_change_points-1
- EBITDA¥548 hundred million-2.3%
- Equity ratio68.4 %yoy_change_points-2.1
- D/E ratio0.17 timesyoy_change0.05
- Overseas revenue¥2,220 hundred million-2.5%
- Overseas Revenue Mix55.5 %yoy_change_points-0.1
Segment results
- Materials BusinessRevenue¥2,788 hundred million (YoY -5.2%)Segment profit¥119 hundred million (YoY -24.8%)
- Solutions BusinessRevenue¥1,211 hundred million (YoY +5.1%)Segment profit¥60 hundred million (YoY -2.4%)
- Corporate and eliminationsSegment profit¥8 hundred million (YoY -24.3%)
Market Size / Share
- Global AA demand (2026 estimate)780 10,000 tonnes
- Global SAP demand (2026 estimate)320 10,000 tonnes
- Acrylic resin market CAGR8 %
Capital expenditures
¥533 hundred million
Annual Dividend
¥113 per share
Interim50
End of period63
Payout ratio
100.8 %
Total payout ratio141.6
DOE4.3
Acquisition of treasury shares
¥70 hundred million
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | ¥3,999 hundred million (YoY -2.3%) |
| Operating profit | ¥175 hundred million (YoY -8.0%) |
| Net income | ¥168 hundred million (YoY -3.6%) |
| Operating profit margin | 4.4 % |
| Results for the three months of the current quarter | FY2025 fourth quarter Revenue ¥1,006 hundred million (YoY -0.2%) / Segment profit ¥20 hundred million (YoY -56.3%) / Pretax profit ¥24 hundred million (YoY -40.0%) / Profit for the period ¥24 hundred million (YoY -29.4%) |
| Segment results | Segment Materials Business / Revenue ¥2,788 hundred million (YoY -5.2%) / Segment profit ¥119 hundred million (YoY -24.8%), Segment Solutions Business / Revenue ¥1,211 hundred million (YoY +5.1%) / Segment profit ¥60 hundred million (YoY -2.4%), Segment Corporate and eliminations / Revenue Not disclosed / Segment profit ¥8 hundred million (YoY -24.3%) |
| Breakdown of Factors Affecting the Change | Spread (selling price) ¥-187 hundred million, Spread (variable costs) ¥207 hundred million, Number of versions ¥41 hundred million, Processing costs and other ¥-18 hundred million, Selling, general and administrative expenses ¥-9 hundred million, Other income and expenses, and inventory valuation ¥-42 hundred million, Equity-Method Investment Income and Losses ¥-28 hundred million |
| Key KPIs | ROE 4.3 %, ROA 3.8 %, ROIC 3.3 %, EBITDA ¥548 hundred million (YoY -2.3%), Equity ratio 68.4 %, D/E ratio 0.17 times, Overseas revenue ¥2,220 hundred million (YoY -2.5%), Overseas Revenue Mix 55.5 % |
| Assumptions Underlying the Business Outlook | ¥65,700 /KL, 120000～140000 |
| Annual Dividend | ¥113 per share |
| Payout ratio | 100.8 % |
| Acquisition of treasury shares | ¥70 hundred million |
| Capital expenditures | ¥533 hundred million |
| Market Size / Share | Global AA demand (2026 estimate) 780 10,000 tonnes, Global SAP demand (2026 estimate) 320 10,000 tonnes, Acrylic resin market CAGR 8 % |
| New initiatives | Add 3,000 tonnes per year of IONEL® electrolyte production capacity at the Chinese JV (commercial production scheduled to start in the first half of 2026), Add 7,000 tonnes per year of IONEL® electrolyte production capacity at the Chinese JV (commercial production scheduled to start in the first half of 2027), Build a new IONEL® plant in Kitakyushu City (commercial production from a 3,000-tonnes-per-year facility scheduled to start during FY2028), Expand SAP production capacity in Indonesia by 50,000 tonnes per year (commercial operations scheduled to start in July 2027), Expand products and facilities for high-performance applications and increase the production capacity of fine-particle manufacturing facilities |
Items this document does not state (14)
Ordinary incomeGross Profit MarginSelling, general and administrative expensesFull-year earnings forecastProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial 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.The company cited higher volumes of electronics materials and SAP and wider spreads resulting from lower raw material prices as positive factors, while identifying higher SG&A expenses and fixed manufacturing costs, lower gains on inventory valuation, impairment losses at equity-method affiliates, and weaker profitability in the Materials business as factors reducing profit. The FY2026 outlook was left undetermined because the escalating situation in the Middle East has increased uncertainty over the procurement environment for raw materials and fuel and over demand trends, making it difficult to set reasonable production and sales assumptions.
How to read this page
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