Komori
Financial results presentation4221Okura Industrial Co.,Ltd.Materials and Chemicals

Financial Results Presentation for the Second Quarter (Interim Period) of the Fiscal Year Ending December 2026

For the interim period of the fiscal year ending December 2026, revenue, operating profit, ordinary profit and interim net profit exceeded the year-earlier period, mainly due to the consolidation of フジコー as a subsidiary, price revisions and cost reductions. The full-year forecast was revised upward, and the annual dividend was raised from ¥220 to ¥240.

Worth reading
72In 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
17.9
¥100 million (year-on-year increase in operating profit)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationSecond quarter (interim period) of the fiscal year ending December 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales524.9 Hundreds of millions of yen+20.5%
Operating profit53.1 Hundreds of millions of yen+50.8%
Ordinary income54.4 Hundreds of millions of yen+55.9%
Net income¥37.3 100 million +46.3%interim net income attributable to owners of the parent
Operating profit margin10.1 % interim period
Results for the three months of the current quarter
Three-month period of the second quarter of the fiscal year ending December 2026
Net Sales
284.7 Hundreds of millions of yen
Operating profit
30.7 Hundreds of millions of yen
Operating profit margin
10.8 %
Full-year earnings forecast
Net Sales
1,030 Hundreds of millions of yen
Operating profit
85 Hundreds of millions of yen
Ordinary income
87 Hundreds of millions of yen
Net income for the current fiscal year
57.5 Hundreds of millions of yen
Dividend per share
¥240
Progress against full-year forecast　通期の予想に対して、いまどこまで進んだかの割合です。
Consolidated
Net Sales53.6
Operating profit81.8
Ordinary income81.3
Profit attributable to owners of the parent86.8
By segment
Net Sales
Synthetic Resins Business52.1
New Materials Business50.7
Building Materials Business46.2
Other Related Businesses49
Operating profit
Synthetic Resins Business63.8
New Materials Business53.2
Building Materials Business11.8
Other Related Businesses56.4
EBITDA
Synthetic Resins Business57.8
New Materials Business51.3
Building Materials Business29.2
Other Related Businesses54.3
Capital expenditure
Synthetic Resins Business27.4
New Materials Business28.1
Building Materials Business72.5
Other Related Businesses76.3
Corporate Expenses29.3
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
Factors behind the increase
  • +¥8,840 million
  • +¥160 million
  • +¥80 million
Factors reducing profit
  • -¥140 million
Operating profit
Factors behind the increase
  • +¥3,640 million
  • +¥210 million
Factors reducing profit
  • ¥400 million loss
  • -¥1,370 million
  • -¥290 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate
90.0 yen/US$ displayed value in the 2026 forecast
Dubai crude oil price
80.0 US$/bbl displayed value in the 2026 forecast
Domestic naphtha price
98,000 yen/KL displayed value in the 2026 forecast
New initiatives
  • Realization of integration synergies following the consolidation of フジコー as a subsidiary and production integration within Kagawa Prefecture
  • Installation of a gravure coating machine at フジコー (investment of ¥1.16 billion, scheduled to begin operation in 2028, with an expected ¥250 million increase in operating profit)
  • Expansion of the optical film business through the establishment of a joint venture with BOE
  • Start of manufacturing and sales of JAS products at the Takase Plant
  • Integration of 2 plants in the Marugame area into the Marugame Plant
Key KPIsA metric the company considers important as a management benchmark.
  • Overseas revenue186 Hundreds of millions of yen
  • Overseas revenue ratio20 %
    Year on year against the same period last year2025 actual: 21.3%
  • Adjusted ROE target7.5 %
  • DOE4 % level
    Year on year against the same period last year2025 actual: 3.5%
  • Dividend payout ratio47.1 %
    Year on year against the same period last year2025 actual: 58.2%
  • Precautionary demand driven by the situation in the Middle East
Segment results
  • Synthetic Resins Business
    Net Sales352.5 Hundreds of millions of yen (YoY +33.5%)
    Operating profit49.1 Hundreds of millions of yen (YoY +71.2%)
  • New Materials Business
    Net Sales98.9 Hundreds of millions of yen (YoY +1.7%)
    Operating profit15.9 Hundreds of millions of yen (YoY +19.2%)
  • Building Materials Business
    Net Sales63.7 Hundreds of millions of yen (YoY -2.2%)
    Operating profit0.5 Hundreds of millions of yen (YoY -87.3%)
  • Other Related Businesses
    Net Sales9.8 Hundreds of millions of yen (YoY +9.6%)
    Operating profit2.8 Hundreds of millions of yen (YoY +19.5%)
Medium-term management plan targets
Medium-Term Management Plan (2027)
Target fiscal year2027
Net Sales
930 Hundreds of millions of yen
Operating profit
70 Hundreds of millions of yen
Adjusted ROE
7.5 %
Medium-Term Management Plan (2030)
Target fiscal year2030
Net Sales
1,200 Hundreds of millions of yen
Operating profit
100 Hundreds of millions of yen
Financial targets
Adjusted ROE
Target value7.5 %
Equity ratio
Actual value53.4 %
Market Size / Share
Demand for polarizing plates is expected to grow at an annual rate of 2–4%.
Number of employees
Number of Employees2,211 People consolidated, as of the end of June 2026
Capital expenditures
¥76.7 100 million revised 2026 forecast
Annual Dividend
Annual dividend per share¥240
Interim¥110
End of period¥130
Payout ratio
47.1 %
DOE4
DOE unit% level
Acquisition of treasury shares
The company plans to respond flexibly in line with changes in its share price and operating environment. The amount, number of shares and period for the acquisition program are Not disclosed.
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredSecond quarter (interim period) of the fiscal year ending December 2026
Net Sales524.9 Hundreds of millions of yen (YoY +20.5%)
Operating profit53.1 Hundreds of millions of yen (YoY +50.8%)
Ordinary income54.4 Hundreds of millions of yen (YoY +55.9%)
Net income¥37.3 100 million (interim net income attributable to owners of the parent) (YoY +46.3%)
Operating profit margin10.1 % (interim period)
Results for the three months of the current quarterNet Sales 284.7 Hundreds of millions of yen / Operating profit 30.7 Hundreds of millions of yen / Operating profit margin 10.8 % / Subject Three-month period of the second quarter of the fiscal year ending December 2026
Full-year earnings forecastNet Sales 1,030 Hundreds of millions of yen / Operating profit 85 Hundreds of millions of yen / Ordinary income 87 Hundreds of millions of yen / Net income for the current fiscal year 57.5 Hundreds of millions of yen / Dividend per share ¥240
Progress against full-year forecastConsolidated Net Sales 53.6 / Operating profit 81.8 / Ordinary income 81.3 / Profit attributable to owners of the parent 86.8 / By segment Net Sales Synthetic Resins Business 52.1 / New Materials Business 50.7 / Building Materials Business 46.2 / Other Related Businesses 49 / Operating profit Synthetic Resins Business 63.8 / New Materials Business 53.2 / Building Materials Business 11.8 / Other Related Businesses 56.4 / EBITDA Synthetic Resins Business 57.8 / New Materials Business 51.3 / Building Materials Business 29.2 / Other Related Businesses 54.3 / Capital expenditure Synthetic Resins Business 27.4 / New Materials Business 28.1 / Building Materials Business 72.5 / Other Related Businesses 76.3 / Corporate Expenses 29.3
Segment resultsSegment Synthetic Resins Business / Net Sales 352.5 Hundreds of millions of yen (YoY +33.5%) / Operating profit 49.1 Hundreds of millions of yen (YoY +71.2%), Segment New Materials Business / Net Sales 98.9 Hundreds of millions of yen (YoY +1.7%) / Operating profit 15.9 Hundreds of millions of yen (YoY +19.2%), Segment Building Materials Business / Net Sales 63.7 Hundreds of millions of yen (YoY -2.2%) / Operating profit 0.5 Hundreds of millions of yen (YoY -87.3%), Segment Other Related Businesses / Net Sales 9.8 Hundreds of millions of yen (YoY +9.6%) / Operating profit 2.8 Hundreds of millions of yen (YoY +19.5%)
Breakdown of Factors Affecting the ChangeNet Sales Factors behind the increase +¥8,840 million, +¥160 million, +¥80 million / Factors reducing profit -¥140 million / Operating profit Factors behind the increase +¥3,640 million, +¥210 million / Factors reducing profit ¥400 million loss, -¥1,370 million, -¥290 million
Key KPIsIndicator name Overseas revenue / Value 186 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Indicator name Overseas revenue ratio / Value 20 % / Year on year against the same period last year 2025 actual: 21.3%, Indicator name Adjusted ROE target / Value 7.5 % / Year on year against the same period last year Not disclosed, Indicator name DOE / Value 4 % level / Year on year against the same period last year 2025 actual: 3.5%, Indicator name Dividend payout ratio / Value 47.1 % / Year on year against the same period last year 2025 actual: 58.2%, Indicator name Precautionary demand driven by the situation in the Middle East / Value Not disclosed / Year on year against the same period last year Not disclosed
Number of employeesNumber of Employees 2,211 People (consolidated, as of the end of June 2026) / Change during the period Not disclosed / Hiring plan Not disclosed
Assumptions Underlying the Business OutlookExchange rate Value 90.0 yen/US$ (displayed value in the 2026 forecast) / Dubai crude oil price Value 80.0 US$/bbl (displayed value in the 2026 forecast) / Domestic naphtha price Value 98,000 yen/KL (displayed value in the 2026 forecast)
Medium-term management plan targetsMedium-Term Management Plan (2027) Target fiscal year 2027 / Net Sales 930 Hundreds of millions of yen / Operating profit 70 Hundreds of millions of yen / Adjusted ROE 7.5 % / Medium-Term Management Plan (2030) Target fiscal year 2030 / Net Sales 1,200 Hundreds of millions of yen / Operating profit 100 Hundreds of millions of yen
Financial targetsAdjusted ROE Target value 7.5 % / Actual value Not disclosed / Equity ratio Target value Not disclosed / Actual value 53.4 %
Annual DividendAnnual dividend per share ¥240 / Interim ¥110 / End of period ¥130
Payout ratioValue 47.1 % / DOE 4 % / DOE unit % level / Total payout ratio Not disclosed
Acquisition of treasury sharesThe company plans to respond flexibly in line with changes in its share price and operating environment. The amount, number of shares and period for the acquisition program are Not disclosed.
Capital expenditures¥76.7 100 million (revised 2026 forecast)
Market Size / ShareMarket Size Demand for polarizing plates is expected to grow at an annual rate of 2–4%. / Share Not disclosed
New initiativesRealization of integration synergies following the consolidation of フジコー as a subsidiary and production integration within Kagawa Prefecture, Installation of a gravure coating machine at フジコー (investment of ¥1.16 billion, scheduled to begin operation in 2028, with an expected ¥250 million increase in operating profit), Expansion of the optical film business through the establishment of a joint venture with BOE, Start of manufacturing and sales of JAS products at the Takase Plant, Integration of 2 plants in the Marugame area into the Marugame Plant
Items this document does not state (8)
Gross Profit MarginSelling, general and administrative expensesSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsRisk 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 stated reasons include the consolidation of フジコー as a subsidiary, sales price revisions, productivity improvements and cost reductions, precautionary demand for certain raw materials amid the deterioration in the Middle East situation, and improved foreign exchange gains and losses. In the Building Materials Business, lower sales volumes and higher costs associated with the start-up of the Takase Plant reduced profit.

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Financial Results Presentation for the Second Quarter (Interim Period) of the Fiscal Year Ending December 2026 | Okura Industrial Co.,Ltd. (4221) timely disclosure | Komori