Toagosei Co., Ltd. · TSE:4045
Toagosei — 1H FY2026 Earnings Presentation
43 slides from Toagosei's earnings presentation, Aug 27, 2026
Slide 1: Semi-annual Financial Results for FY2026
Semi-annual Financial Results for FY2026 1
Slide 2: Contents
Ｃｏｎｔｅｎｔｓ Ⅰ . Semi-annual Results for FY2026 Ⅱ . Full-year Results Forecast for FY2026 Ⅲ . Appendix 2
Slide 3: Semi-annual Results for FY2026
Semi-annual Results for FY2026
Slide 4: Summary of Financial Results for 1H FY2026
Summary of Financial Results for 1H FY2026 Business Environment ◼ The global economy was supported by semiconductor-related demand despite the continued worsening of economic conditions driven by crude oil prices amid the situation in the Middle East. ◼ Crude oil and naphtha markets remained volatil
Slide 5: Overview of Semi-annual Results for FY2026
Overview of Semi-annual Results for FY2026 Rate of 1H FY2025 1H FY2026 Change Change Net sales (Millions of yen） 80,344 82,405 2,061 +2.6% Operating income (Millions of yen） 7,018 7,912 893 +12.7% Operating income ratio 8.7% 9.6% 0.9pp – Ordinary profit (Millions of yen） 7,497 8,580 1,082 +14.4% Net
Slide 6: Analysis of Changes in Operating Income
Analysis of Changes in Operating Income (Billions of yen) 12.0 10.0 3.3 8.0 7.9 7.0 (1.9) 6.0 (0.5) 4.0 2.0 0.0 1H FY2025 Volume Unit price Fixed costs 1H FY2026 Operating income Operating income 6
Slide 7: Consolidated Results (by Segment) 1H
Consolidated Results (by Segment) 1H (Millions of yen) 1H FY2025 1H FY2026 Change Net sales Volume Unit price B－A A B Commodity Chemicals 36,180 33,352 (5,168) 2,340 (2,827) Polymer & Oligomer 17,538 19,624 373 1,711 2,085 Adhesive Material 6,761 7,296 (238) 773 535 Performance Chemicals 5,013 5,727
Slide 8: Consolidated Statement of Income
Consolidated Statement of Income (Non-operating Income/Expenses and Extraordinary Income/Losses) (Millions of yen) (Millions of yen) Non-operating 1H FY2025 1H FY2026 Change Extraordinary 1H FY2025 1H FY2026 Change income/expenses income/losses Gain on sale of non-current Interest and dividend incom
Slide 9: Consolidated Balance Sheet
Consolidated Balance Sheet (Millions of yen) Dec. 31, 2025 Jun. 30, 2026 Change Dec. 31, 2025 Jun. 30, 2026 Change Current assets 110,556 107,424 (3,132) Total liabilities 73,160 75,716 2,555 Cash, deposits and 31,518 22,017 (9,500) Trade Payables (5) 16,513 19,608 3,095 securities (1) Trade Receiva
Slide 10: Cash Allocation (1H FY2026)
Cash Allocation (1H FY2026) (Billions of yen) 50.0 2.3 45.0 12.0 40.0 35.0 31.5 30.0 (14.2) 25.0 (6.2) 22.0 20.0 (3.4) 15.0 10.0 5.0 0.0 Balance at CF from Sale of assets Capital investment Shareholder Other Balance as beginning of period operating returns of June 30, 2026 activities 10
Slide 11: Full-year Results Forecast for FY2026
Full-year Results Forecast for FY2026
Slide 12: Challenges in 2H FY2026
Challenges in 2H FY2026 Business Environment ◼ The situation in the Middle East is expected to continue posing risks to raw material procurement and logistics and raising concerns about cost fluctuations. ◼ Semiconductor-related markets are expected to remain strong, supported by demand for AI and d
Slide 13: Full-year Consolidated Results Forecast for FY2026
Full-year Consolidated Results Forecast for FY2026 (Year-on-year Comparison) FY2025 Results FY2026 Forecast Change Annual 1H 2H Annual (B-A) 1H 2H (A) Results Forecast (B) Net sales 80,344 81,968 162,312 82,405 87,595 170,000 +7,687 Operating income 7,018 7,162 14,180 7,912 7,588 15,500 +1,319 Opera
Slide 14: Analysis of the Forecasted Changes in Operating Income
Analysis of the Forecasted Changes in Operating Income (Billions of yen) 20.0 4.9 18.0 16.0 15.5 14.2 (3.1) 14.0 (0.5) 12.0 10.0 8.0 6.0 4.0 2.0 0.0 FY2025 Volume Unit price Fixed costs Forecasted operating Operating income income for FY2026 14
Slide 15: Full-year Consolidated Results Forecast for FY2026 by Segment
Full-year Consolidated Results Forecast for FY2026 (Year-on-year Comparison by Segment) FY2025 Results FY2026 Forecast Net sales Change 1H 2H Annual 1H 2H Annual Commodity Chemicals 36,180 35,592 71,772 33,352 37,048 70,400 (1,371) Polymer & Oligomer 17,538 18,631 36,169 19,624 20,876 40,500 4,331 A
Slide 16: Trends in Consolidated Results
Trends in Consolidated Results (Billions of yen) 30.0 28.2 28.1 25.5 25.8 117.02yen 25.0 24.8 111.22yen 108.14yen 104.56yen 22.1 101.31yen 23.1 102.78yen 20.0 17.6 15.5 15.0 12.3 14.3 14.2 14.1 13.7 62.43yen 12.4 12.4 12.1 12.7 11.8 11.8 10.0 8.1 5.0 0.0 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2
Slide 17: Shareholder Return Trends
Shareholder Return Trends 2025 Medium-term Management Plan period (Actual) 2028 Medium-term Management Plan period a shareholder benefit program ・Total shareholder return ratio ： 109% (period average) ・Total shareholder return ratio ： approx. 90% (Implemented in Oct. 2025) ・Payout ratio ： 55% （perio
Slide 18: Topics from the 2026–2028 Medium-Term Management Plan
Topics from the 2026–2028 Medium-Term Management Plan
Slide 19: Overview of the Medium-Term Management Plan
1. Overview of the Medium-Term Management Plan (1) Growth Strategy (by Segment) (2) Operating Income by Segment (Results) 2. Medium-Term Management Plan Progress in Key Focus Areas for Polymer & Oligomer (1) Accelerate Growth Strategy: Semiconductors & Electronic Materials, Pharmaceuticals and Cosme
Slide 20: 1. Overview of the Medium-Term Management Plan
1. Overview of the Medium-Term Management Plan With the slogan “Connect and Create 2028,” we will accelerate the expansion of our portfolio of “number-one and unique” products and our evolution into a company that helps solve social issues, toward realizing our vision for 2030. FY2030 Operating inco
Slide 21: Growth Strategy (by Segment)
1. Overview of the Medium-Term Management Plan (1) Growth Strategy (by Segment) (Billions of yen) 2025 2028 Segment operating 2026–2028 initiatives operating income income Expand sales through diverse applications, including land-based aquaculture, water Expand product applications purification chem
Slide 22: Operating Income by Segment
1. Overview of the Medium-Term Management Plan (2) Operating Income by Segment (Billions of yen) 2025 operating income 2026 operating income 2028 operating income Segment (Results) (Forecast) (Plan) Commodity Chemicals 8.7 7.0 8.0 Polymer & Oligomer 3.0 4.6 5.6 Adhesive Material 0.3 0.5 1.1 Performa
Slide 23: Progress in Key Focus Areas for Polymer & Oligomer
2. Medium-Term Management Plan Progress in Key Focus Areas for Polymer & Oligomer Sales continue to grow not only in the key focus areas of semiconductors, electronic materials, and mobility, but also in pharmaceuticals and cosmetics and flocculant applications. 2023 sales = 100 2023 2024 2025 2026
Slide 24: Polymer & Oligomer: Semiconductors & Electronic Materials
成長ドライバー（半導体） 2. Medium-Term Management Plan Progress in Polymer & Oligomer (1) Accelerate Growth Strategy: Growth by Field Semiconductors & Electronic Materials Chemical mechanical planarization (CMP) polymer • A water-soluble polymer is used as an additive to improve planarization in semiconductor
Slide 25: Polymer & Oligomer: Pharmaceuticals & Cosmetics
2. Medium-Term Management Plan Progress in Polymer & Oligomer (1) Accelerate Growth Strategy Pharmaceuticals & Cosmetics Leveraging our proprietary technologies across a wide range of acrylic polymers, we are expanding into high-value-added applications. Our design technologies that create unique te
Slide 26: Increase Productivity: Integration of Flocculant Facilities
2. Medium-Term Management Plan Progress in Polymer & Oligomer (2) Increase Productivity: Streamline through Integration of Flocculant Facilities Flocculants Consolidation of cationic powder flocculant production facilities at our Sakaide Plant has been completed. Commercial operations commenced in J
Slide 27: Strengthen High-Purity Products for Semiconductor Applications
3. Medium-Term Management Plan Progress in Performance Chemicals (1) Strengthen High-Purity Products for Semiconductor Applications High-purity liquefied hydrogen chloride 売上高推移（高純度液化塩化水素） Sales trend (High-purity liquefied hydrogen chloride) 150 • Used in the production of high-quality wafers; 2023
Slide 28: Next-Generation Process for Liquefied Hydrogen Chloride
3. Medium-Term Management Plan Progress in Performance Chemicals Develop a Next-Generation Process for Products under Development for Liquefied Hydrogen Chloride Semiconductor Back-End Processes (Achieve Ultra-High Purity) To meet increasingly stringent quality requirements • Negative thermal expans
Slide 29: Progress in Overseas Net Sales
4. Medium-Term Management Plan Progress in Overseas Net Sales (Billions of yen) Overseas sales ratio 20.0 • Despite a decrease in sales volume in Commodity Chemicals due to raw material procurement constraints arising from the 18% 19% situation in the Middle East, overseas net sales exceeded the 15.
Slide 30: Initiatives to Achieve Carbon Neutrality
5. Initiatives to Achieve Carbon Neutrality We are working to reduce greenhouse gas (GHG) emissions with the goal of becoming carbon neutral (net zero) by 2050. The following initiatives have been undertaken in 2026 to date. Commenced a demonstration project for the effective Concluded an agreement
Slide 31: Appendix
Appendix
Slide 32: Overseas Sales by Region
Overseas Sales by Region (Millions of yen) North Europe Segment 1H FY2025 Asia 1H FY2026 Remarks America Others Commodity Prioritized domestic shipments amid 3,128 (52) (146) (514) 2,416 Chemicals raw material supply constraints. Polymer & Strong battery materials sales in 6,167 (145) 142 159 6,322
Slide 33: Overview of Results for 2Q FY2026
Overview of Results for 2Q FY2026 2Q FY2025 2Q FY2026 Change Rate of Change Net sales (Millions of yen) 40,522 43,771 3,248 +8.0% Operating income (Millions of yen) 3,655 4,706 1,049 +28.7% Operating income 9.0% 10.7% +1.7% – ratio Ordinary profit (Millions of yen) 4,304 5,379 1,075 +25.0% Net incom
Slide 34: Consolidated Results (by Segment) 2Q
Consolidated Results (by Segment) 2Q (Millions of yen) Net sales 2Q FY2025 2Q FY2026 Change Volume Unit price A B B－A Commodity Chemicals 18,315 17,655 (3,150) 2,489 (659) Polymer & Oligomer 8,727 10,471 351 1,393 1,743 Adhesive Material 3,370 3,753 (49) 432 383 Performance Chemicals 2,607 2,965 203
Slide 35: Reference Materials for Commodity Chemicals Business
Reference Materials for Commodity Chemicals Business Year-on-year Sub-segment of Commodity Comparison Chemicals Business 2Q FY2026 1-2Q FY2026 Reason for the Net Sales Change Accounting Cumulative Period Total Inorganic chemicals Net sales increased due to product price revisions implemented 108% 10
Slide 36: Reference Materials for Polymer & Oligomer Business
Reference Materials for Polymer & Oligomer Business Year-on-year Comparison Sub-segment of 2Q FY2026 1-2Q FY2026 Reason for the Net Sales Change Polymer & Oligomer Business Accounting Cumulative Period Total Net sales increased due to higher sales volume in automotive, Polymers 120% 116% pharmaceuti
Slide 37: Reference Materials for Adhesive Material Business
Reference Materials for Adhesive Material Business Year-on-year Sub-segment of Comparison Adhesive Material 2Q FY2026 1-2Q FY2026 Reason for the Net Sales Change Business Accounting Cumulative Period Total Instant glue 124% 113% Net sales increased due to sales price revisions in the U.S. Net sales
Slide 38: Reference Materials for Performance Chemicals Business
Reference Materials for Performance Chemicals Business Year-on-year Sub-segment of Comparison Performance Chemicals 2Q FY2026 1-2Q FY2026 Reason for the Net Sales Change Business Accounting Cumulative Period Total Inorganic functional Net sales decreased due to a decline in sales volume of 84% 78% M
Slide 39: Reference Materials for Plastics Business
Reference Materials for Plastics Business Year-on-year Comparison Sub-segment of Plastics Business 2Q FY2026 1-2Q FY2026 Reason for the Net Sales Change Accounting Cumulative Period Total Environmental & infrastructure Net sales increased due to an increase in sales volume for 133% 119% system produ
Slide 40: Reference for Consolidated Performance
Reference for Consolidated Performance (Billions of yen) FY2026 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (forecast) Capital investment 13.6 11.9 22.8 15.4 26.9 28.1 21.9 Depreciation and amortization 9.8 10.6 10.4 10.6 11.3 11.6 12.6 Research and development expenses 4.0 4.3 4.7 5.0 5.8 6.7 7.0 Ove
Slide 41: ESG Initiatives
ESG Initiatives Dec. 2021 Set a target of achieving carbon neutrality (net zero) by 2050 • By 2030: Greenhouse gas (GHG) emissions reduced to 50% of 2013 level (215,000 tons) • By 2050: Carbon neutrality Jan. 2023 Introduced the Employee Stock Compensation Plan Apr. 2023 Contributed to the 2023 Turk
Slide 42: ESG Initiatives
ESG Initiatives Mar. 2020 Introduced a restricted share remuneration system for directors Oct. 2021 Revised the Toagosei Group Basic Policy on Corporate Governance • Aim for the carrying amount of cross-shareholdings to be about 10% of consolidated net assets • Promote disclosures in English: Disclo
Slide 43: This document is not intended to solicit investment
⚫ This document is not intended to solicit investment. Please make investment decisions based on your own judgment.