Supplementary Explanatory Materials for the Fiscal Year Ending March 2026 Results | FULUHASHI EPO CORPORATION (9221) timely disclosure

Worth reading

90Important

Scored from 4 of 6 sections

Direction

Mixed performance

Direction inferred from the company’s description.

Scale

6.7

Year-on-year change in revenue (%)

Wording

Conditional

How definitive the wording is.

Contents of this document

Supplementary materials to the earnings reportFiscal year ending March 202612 items taken from the company’s own explanation

Financial Results Figures (The key points of this material are explained below)

Net Sales¥10,007 million+6.7%

Operating profit¥1,174 million+1.9%

Ordinary income¥1,174 million-18.0%

Net income¥890 million-13.8%

Gross Profit Margin

Rate44.3%

Operating profit margin

Rate11.7%

Results for the three months of the current quarter

Fourth quarter of the fiscal year ended March 2026

Biomaterials Business

Net Sales

¥1,895 million

Operating profit

¥322 million

Resource-Circulation Business

Net Sales

¥446 million

Operating profit

¥22 million

Full-year earnings forecast

Fiscal year ending March 2027

Net Sales

¥10,823 million

Gross profit

¥4,741 million

Operating profit

¥1,287 million

Ordinary income

¥1,255 million

Profit attributable to owners of the parent

¥891 million

What the company explained in this material

Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.

Biomaterials Business¥501 million
Resource-Circulation Business¥109 million
Other¥12 million
Investment in personnel¥-145 million
Increase in depreciation expense¥-81 million
Increase in cost of sales due to a decrease in ending inventory¥-50 million
Increase in administrative and transportation costs associated with higher sales volumes of wood chips¥-90 million

New initiatives

Launch of the Nagoya CE Center
Planned launch of the Nagoya Narumi CE Park
Introduction of a Shareholder Benefit Program
Progressive dividends during the medium-term management plan period

Key KPIsA metric the company considers important as a management benchmark.

EBITDA¥1,929 million
Year on year against the same period last yearUp 9.5% year on year
EBITDA margin19.3%
ROE15.1%
Year on year against the same period last yearDown
PBR2.3x
PER16.2x
Recycling rate of the Biomaterials Business100%
Recycling rate of the Resource Recycling Business83.2%

Unit price and quantity metricsThese figures show sales broken down by price and volume.

References are made to price revisions, higher sales volumes, and quantitative expansion, but specific figures for volume and unit prices are Not disclosed

Segment results

Biomaterials Business

Net Sales

¥7,336 million+7.1%

Segment profit

¥1,057 million-3.1%

Resource-Circulation Business

Net Sales

¥1,699 million+6.8%

Segment profit

¥89 million+24.4%

Other Businesses

Net Sales

¥1,314 million+0.7%

Segment profit

¥35 million

Medium-term management plan targets

TargetSustained management of ROE above 15%
TargetProgressive dividends during the medium-term management plan period
Target fiscal yearMid-term management plan period

Financial targets

ROE

TargetOver 15%

Actual results15.1%

Number of stores and locations

Recycling plants

End of period22 Locations

New sitesThe Nagoya CE Center began operations as a new site in September 2025, and the Nagoya Narumi CE Park is scheduled to begin operations in the first half of the fiscal year ending March 2027

Number of employees

Number of Employees487 People

Record date31 March 2026

Capital expenditures

¥1,935 million investing cash flow from the acquisition of property, plant and equipment

Annual Dividend

Fiscal year ending March 2026

Annual¥30

Forecast for the fiscal year ending March 2027

Annual¥32

Payout ratio

Fiscal year ending March 202639.0%

Fiscal year ending March 202741.7%

PolicyTargeting a consolidated payout ratio of 35% or higher over the long term

Contents of this document
Item	Details
Document type	Supplementary materials to the earnings report
Fiscal Period Covered	Fiscal year ending March 2026
Net Sales	¥10,007 million (YoY +6.7%)
Operating profit	¥1,174 million (YoY +1.9%)
Ordinary income	¥1,174 million (YoY -18.0%)
Net income	¥890 million (YoY -13.8%)
Gross Profit Margin	Rate 44.3% / Year-on-year change (points) Not disclosed
Operating profit margin	Rate 11.7% / Year-on-year change (points) Not disclosed
Results for the three months of the current quarter	Subject Fourth quarter of the fiscal year ended March 2026 / Biomaterials Business Net Sales ¥1,895 million / Operating profit ¥322 million / Resource-Circulation Business Net Sales ¥446 million / Operating profit ¥22 million
Full-year earnings forecast	Subject Fiscal year ending March 2027 / Net Sales ¥10,823 million / Gross profit ¥4,741 million / Operating profit ¥1,287 million / Ordinary income ¥1,255 million / Profit attributable to owners of the parent ¥891 million
Segment results	Biomaterials Business Net Sales ¥7,336 million (YoY +7.1%) / Segment profit ¥1,057 million (YoY -3.1%) / Resource-Circulation Business Net Sales ¥1,699 million (YoY +6.8%) / Segment profit ¥89 million (YoY +24.4%) / Other Businesses Net Sales ¥1,314 million (YoY +0.7%) / Segment profit ¥35 million
Breakdown of Factors Affecting the Change	Factors Biomaterials Business / Amount ¥501 million, Factors Resource-Circulation Business / Amount ¥109 million, Factors Other / Amount ¥12 million, Factors Investment in personnel / Amount ¥-145 million, Factors Increase in depreciation expense / Amount ¥-81 million, Factors Increase in cost of sales due to a decrease in ending inventory / Amount ¥-50 million, Factors Increase in administrative and transportation costs associated with higher sales volumes of wood chips / Amount ¥-90 million
Key KPIs	Indicator name EBITDA / Value ¥1,929 million / Year on year against the same period last year Up 9.5% year on year, Indicator name EBITDA margin / Value 19.3% / Year on year against the same period last year Not disclosed, Indicator name ROE / Value 15.1% / Year on year against the same period last year Down, Indicator name PBR / Value 2.3x / Year on year against the same period last year Not disclosed, Indicator name PER / Value 16.2x / Year on year against the same period last year Not disclosed, Indicator name Recycling rate of the Biomaterials Business / Value 100% / Year on year against the same period last year Not disclosed, Indicator name Recycling rate of the Resource Recycling Business / Value 83.2% / Year on year against the same period last year Not disclosed
Unit price and quantity metrics	References are made to price revisions, higher sales volumes, and quantitative expansion, but specific figures for volume and unit prices are Not disclosed
Number of stores and locations	Recycling plants End of period 22 Locations / New sites The Nagoya CE Center began operations as a new site in September 2025, and the Nagoya Narumi CE Park is scheduled to begin operations in the first half of the fiscal year ending March 2027 / Number of store openings and closures during the period Not disclosed
Number of employees	Number of Employees 487 People / Record date 31 March 2026 / Changes during the period and hiring plan Not disclosed
Medium-term management plan targets	Target Sustained management of ROE above 15% / Target fiscal year Not disclosed, Target Progressive dividends during the medium-term management plan period / Target fiscal year Mid-term management plan period
Financial targets	ROE Target Over 15% / Actual results 15.1%
Annual Dividend	Fiscal year ending March 2026 Annual ¥30 / Interim Not disclosed / End of period Not disclosed / Forecast for the fiscal year ending March 2027 Annual ¥32 / Interim Not disclosed / End of period Not disclosed
Payout ratio	Fiscal year ending March 2026 39.0% / Fiscal year ending March 2027 41.7% / Policy Targeting a consolidated payout ratio of 35% or higher over the long term
Capital expenditures	¥1,935 million (investing cash flow from the acquisition of property, plant and equipment)
New initiatives	Launch of the Nagoya CE Center, Planned launch of the Nagoya Narumi CE Park, Introduction of a Shareholder Benefit Program, Progressive dividends during the medium-term management plan period

Items this document does not state (9)

Selling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookAcquisition of treasury sharesOrders 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.

Revenue increased due to quantitative expansion and the shift toward higher value-added products in the Biomaterials Business, the acquisition of new customers and a higher transaction ratio with existing customers in the Resource Recycling Business, and growth in environmental consulting services in the Other Business. Operating profit benefited from higher revenue across the businesses, while personnel expenses, depreciation and amortization, cost of sales, and administrative and transportation costs increased. The decline in net income was due to the reversal of the insurance cancellation refund recorded in the previous fiscal year.

How to read this page

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