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Earnings presentation4202Daicel CorporationMaterials and Chemicals

Medium-Term Strategy “Accelerate 2030” (Revised Certain Numerical Targets)

Following changes in the operating environment since the medium-term strategy “Accelerate 2030” was announced in May 2026, the company reviewed its targets for revenue, operating profit, ROE and ROIC for fiscal 2028 and fiscal 2030, taking into account demand and investment returns by business. While targets for the growth businesses were raised, the fiscal 2030 operating loss for the transformation businesses was revised to ¥6 billion, and capital expenditures for the platform businesses were also reduced.

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Contents of this document

Medium-Term Management Plan Presentation12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net SalesFiscal 2028 ¥695 billion; fiscal 2030 ¥775 billion
Operating profitFiscal 2028 ¥72 billion; fiscal 2030 ¥118 billion
Net incomeFiscal 2026 ¥32 billion; fiscal 2028 ¥51 billion; fiscal 2030 ¥78 billion
Full-year earnings forecast
FY2026
Net Sales¥595 billion
Operating profit¥42.5 billion
EBITDA¥87 billion
ROE9.1%
ROIC4.3%
ROA3.9%
Profit attributable to owners of the parent¥32 billion
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Benefits realized in FY2021–FY2025Polyplastics integration and other factors +¥25 billion; business-structure reforms +¥10 billion; Daicel-style production innovation +¥40 billion; supply-chain reforms +¥5 billion
Shortfall versus plan in FY2021–FY2025CO plants ¥18 billion; COC resin plant ¥5 billion; POM and LCP ¥11 billion; commodity chemicals ¥5 billion; lower inflator sales volumes and deteriorating profitability in North America ¥14 billion; next-generation development businesses ¥7 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate¥150/USD
Methanol330 USD/ton
Crude oil70 USD/bbl
Domestic naphtha¥65,000/kl
New initiatives
  • Addressing demand for optical connectors for AI data centers and expanding DURAFIDE® PPS supply capacity
  • Installation of a second COC resin plant
  • Investment to expand POM production capacity and establishment of a supply framework for the second plant in China
  • Consideration of investment to expand LCP capacity
  • Installation of VVCC
  • Installation of a nanodiamond pilot facility in fiscal 2027
  • Introduction of test production and bench equipment for microfluidic devices
  • Installation of a biomass value-chain demonstration facility
  • Use of share buybacks
Key KPIsA metric the company considers important as a management benchmark.
  • Inventory turnover daysDaicel total: 147 days in fiscal 2025, 100 days in fiscal 2028, and fewer than 90 days in fiscal 2030
  • Productivity1.5x
  • Successor readiness rate200% or higher
  • Employee engagement survey score65% or higher
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • POM sales volume for Chinese automakersFiscal 2026→fiscal 2030: +20%
  • POM, PBT and PPS sales volume in IndiaFiscal 2026→fiscal 2030: +40%
  • LCP film and fiber sales volumeFiscal 2026→fiscal 2030: +140%
  • PPS and LCP sales volume in the high-speed communications marketFiscal 2026→fiscal 2030: +100%
  • Sales volume of target resins for the food-contact and medical marketsFiscal 2026→fiscal 2030: +65%
Medium-term management plan targets
FY2028
Net Sales¥695 billion
Operating profit¥72.0 billion
EBITDA¥129 billion
ROE13%
ROIC7.5%
FY2030
Net Sales¥775 billion
Operating profit¥118 billion
EBITDAMore than ¥188 billion
ROEAt least 17%
ROIC12% or more
Financial targets
ROEFiscal 2030: 17% or higher
ROICFiscal 2030: 12% or higher
ROAFiscal 2030: 8% or higher
Net debt-to-equity ratioApproximately 0.70x
DOE5% or more
Market Size / Share
The COC market is expected to expand at a CAGR of more than 5% from 2026 through the first half of the 2030s.
Capital expenditures
Cumulative fiscal 2026–2030: growth investment 280; maintenance investment 100; total 380
Annual Dividend
Annual dividend per shareFiscal 2026 forecast: ¥70
Payout ratio
Total payout ratio of 60% or higher; DOE of 5% or higher
Acquisition of treasury shares
Amount, number of shares and period: Not disclosed. The policy states that share buybacks will be used.
Contents of this document
ItemDetails
Document typeMedium-Term Management Plan Presentation
Net SalesFiscal 2028 ¥695 billion; fiscal 2030 ¥775 billion
Operating profitFiscal 2028 ¥72 billion; fiscal 2030 ¥118 billion
Net incomeFiscal 2026 ¥32 billion; fiscal 2028 ¥51 billion; fiscal 2030 ¥78 billion
Full-year earnings forecastFY2026 Net Sales ¥595 billion / Operating profit ¥42.5 billion / EBITDA ¥87 billion / ROE 9.1% / ROIC 4.3% / ROA 3.9% / Profit attributable to owners of the parent ¥32 billion
Breakdown of Factors Affecting the ChangeBenefits realized in FY2021–FY2025 Polyplastics integration and other factors +¥25 billion; business-structure reforms +¥10 billion; Daicel-style production innovation +¥40 billion; supply-chain reforms +¥5 billion / Shortfall versus plan in FY2021–FY2025 CO plants ¥18 billion; COC resin plant ¥5 billion; POM and LCP ¥11 billion; commodity chemicals ¥5 billion; lower inflator sales volumes and deteriorating profitability in North America ¥14 billion; next-generation development businesses ¥7 billion
Key KPIsIndicator Inventory turnover days / Value Daicel total: 147 days in fiscal 2025, 100 days in fiscal 2028, and fewer than 90 days in fiscal 2030 / Year on year against the same period last year Not disclosed, Indicator Productivity / Value 1.5x / Year on year against the same period last year Not disclosed, Indicator Successor readiness rate / Value 200% or higher / Year on year against the same period last year Not disclosed, Indicator Employee engagement survey score / Value 65% or higher / Year on year against the same period last year Not disclosed
Unit price and quantity metricsIndicator POM sales volume for Chinese automakers / Value Fiscal 2026→fiscal 2030: +20% / Year on year against the same period last year Not disclosed, Indicator POM, PBT and PPS sales volume in India / Value Fiscal 2026→fiscal 2030: +40% / Year on year against the same period last year Not disclosed, Indicator LCP film and fiber sales volume / Value Fiscal 2026→fiscal 2030: +140% / Year on year against the same period last year Not disclosed, Indicator PPS and LCP sales volume in the high-speed communications market / Value Fiscal 2026→fiscal 2030: +100% / Year on year against the same period last year Not disclosed, Indicator Sales volume of target resins for the food-contact and medical markets / Value Fiscal 2026→fiscal 2030: +65% / Year on year against the same period last year Not disclosed
Assumptions Underlying the Business OutlookExchange rate ¥150/USD / Methanol 330 USD/ton / Crude oil 70 USD/bbl / Domestic naphtha ¥65,000/kl
Medium-term management plan targetsFY2028 Net Sales ¥695 billion / Operating profit ¥72.0 billion / EBITDA ¥129 billion / ROE 13% / ROIC 7.5% / FY2030 Net Sales ¥775 billion / Operating profit ¥118 billion / EBITDA More than ¥188 billion / ROE At least 17% / ROIC 12% or more
Financial targetsROE Fiscal 2030: 17% or higher / ROIC Fiscal 2030: 12% or higher / ROA Fiscal 2030: 8% or higher / Net debt-to-equity ratio Approximately 0.70x / DOE 5% or more
Annual DividendAnnual dividend per share Fiscal 2026 forecast: ¥70 / Interim and Year-End Breakdown Not disclosed
Payout ratioTotal payout ratio of 60% or higher; DOE of 5% or higher
Acquisition of treasury sharesAmount, number of shares and period: Not disclosed. The policy states that share buybacks will be used.
Capital expendituresCumulative fiscal 2026–2030: growth investment 280; maintenance investment 100; total 380
Market Size / ShareMarket Size The COC market is expected to expand at a CAGR of more than 5% from 2026 through the first half of the 2030s. / Share Not disclosed
New initiativesAddressing demand for optical connectors for AI data centers and expanding DURAFIDE® PPS supply capacity, Installation of a second COC resin plant, Investment to expand POM production capacity and establishment of a supply framework for the second plant in China, Consideration of investment to expand LCP capacity, Installation of VVCC, Installation of a nanodiamond pilot facility in fiscal 2027, Introduction of test production and bench equipment for microfluidic devices, Installation of a biomass value-chain demonstration facility, Use of share buybacks
Items this document does not state (14)
Fiscal Period CoveredOrdinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planSegment resultsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookOrders 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 reviewed sales volumes and prices, investment amounts, timing and returns, and cost-reduction benefits in light of changes in the operating environment since the announcement in May 2026. For High Performance Polymers, it cited growing demand for optical connectors for AI data centers, while for Materials it cited expanded applications for cellulose acetate and additional cost-reduction benefits.

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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Medium-Term Strategy “Accelerate 2030” (Revised Certain Numerical Targets) | Daicel Corporation (4202) timely disclosure | Komori