Kureha Corporation · TSE:4023
Kureha — Q1 FY2026 Earnings Presentation
24 slides from Kureha's earnings presentation, Aug 7, 2026
Slide 1: FY2026 1Q Financial Report
FY2026 1Q Financial Report August 7, 2026
Slide 2: Contents
Contents Ⅰ. FY2026 1Q Results and FY2026 Full year Forecast Ⅱ．Supplementary Materials ・Summary of FY2026 1Q Results 1. FY2026 1Q Results and FY2026 Full year Forecast ( 3) ～ ( 6) ・Performance by Segment (12) ～ (13) ・PVDF business ( 7) ・Financial Position (14) ・PGA Business ( 8) ・Cash Flow (15) ・Shar
Slide 3: FY2026 1Q Results and FY2026 Full year Forecast
Ⅰ. FY2026 1Q Results and FY2026 Full year Forecast （3）
Slide 4: Summary of FY2026 1Q Results (1)
Summary of FY2026 1Q Results (1) Revenue and Profit （billion yen） FY2026 1Q YoY Change 27/3 26/3 1Q 1Q 1Q YoY • FY2026 1Q revenue and profit increased YoY. • Revenue increased significantly YoY mainly led by PGA (Advanced Materials), Crop Protection Advanced Materials 16.6 15.5 1.1 (Specialty Chemic
Slide 5: Summary of FY2026 1Q Results (2)
Summary of FY2026 1Q Results (2) ＜Variance Analysis of Core Operating Profit： FY2026 1Q Results＞ Advanced Materials: Higher core operating profit from substantial improvement in PGA earnings, including the reversal of inventory valuation losses, and improved PPS earnings, including equity-method ear
Slide 6: Summary of FY2026 Full year Forecast (1)
Summary of FY2026 Full year Forecast (1) Revenue and Profit （billion yen） FY2026 1H and Full year Forecast Revisions 27/3 26/3 27/3 ＜FY2026 1H Forecast Revisions＞ Revised Forecast Actual Diff. Initial Forecast Diff. • Revenue has been revised upward mainly due to a shift in the shipment timing of Cr
Slide 7: Summary of FY2026 Full year Forecast (2)
Summary of FY2026 Full year Forecast (2) ＜Variance Analysis of Core Operating Profit： FY2026 Full year Forecast＞ Compared with FY2025, overall core operating profit is expected to decline as lower profits in PVDF, Home Products, Construction, and Environmental businesses offset strong growth in the
Slide 8: PVDF Business
PVDF Business ＜Market Overview＞ ＜Profit and Loss Summary＞ • We continue to expect LiB demand for automotive applications to expand • In 1Q, sales volume and sales value for ESS applications both exceeded the over the medium to long term. In the short term, while U.S. market remains previous year. st
Slide 9: PGA Business
PGA Business ＜Market Overview ＜Profit and Loss Summary＞ ＞ • PGA recorded the highest sales volume in 1Q, supported by continued strong • The natural gas market has remained robust, supported by strong demand for natural market conditions and sales expansion as seen in the previous fiscal year. Core
Slide 10: Shareholder Returns
Shareholder Returns ※ Reprinted from the disclosure material disclosed on May 12, 2026 Our basic policy for profit allocation is to pay stable dividends while enhancing internal reserves that contribute to active investment for future business development. We plan to maintain DOE of 5% from FY2027 a
Slide 11: Supplementary Materials
Ⅱ．Supplementary Materials １．FY2026 1Q Results ２．FY2026 Full year Forecast ３．Key Metrics （11）
Slide 12: Supplementary Materials
Ⅱ．Supplementary Materials １．FY2026 1Q Results ２．FY2026 Full year Forecast ３．Key Metrics （12）
Slide 13: Segment Performance
Segment Performance Advanced Materials Specialty Chemicals （billion yen） FY2026 FY2025 Diff. FY2026 FY2025 Diff, 1Q 1Q Amount % １Ｑ １Ｑ Amount % PVDF 4.2 3.7 0.5 13% Crop Protection 1.8 0.7 1.0 142% PGA 3.2 2.1 1.1 51% Pharmaceuticals 0.7 0.5 0.2 42% Others 3.6 3.9 -0.3 -8% Life Sciences 2.5 1.2 1.2 1
Slide 14: Segment Performance
Segment Performance Specialty Plastics Construction （billion yen） FY2026 FY2025 Diff. FY2026 FY2025 Diff. 1Q 1Q Amount % 1Q 1Q Amount % Home Products 7.3 5.2 2.1 40% Revenue 2.7 2.4 0.3 11% Core Operating Profit 0.1 0.1 -0.1 -46% Fishing Lines 1.6 1.5 0.1 8% Packaging materials 1.0 1.0 0.1 9% Others
Slide 15: Financial Position
Financial Position Assets Liabilites and Equity （billion yen） Jun.30, Mar.31, Jun.30, Mar.31, Diff. Diff. 2026 2026 2026 2026 Cash and cash Equivalents 30.1 29.7 0.4 Trades and other payables 21.1 21.0 0.1 Trade and other receivables 28.2 32.6 -4.3 Interest-bearing debt 127.9 124.2 3.6 Inventories 4
Slide 16: Cash Flow Results
Cash Flow Results （billion yen） FY2026 FY2025 Diff. 1Q 1Q Profit before income tax 5.9 2.8 3.0 Depreciation and amortization 2.9 3.1 -0.2 Other -1.2 0.2 -1.4 ※1 Cash flow from operating activities 7.5 6.1 1.4 Cash flow from investing activities -6.9 -4.2 -2.8 ※2 Free cash flow 0.6 1.9 -1.4 Cash flow
Slide 17: Supplementary Materials
Ⅱ．Supplementary Materials １．FY2026 1Q Results ２．FY2026 Full year Forecast ３．Key Metrics （17）
Slide 18: Segment Performance
Segment Performance Advanced Materials Specialty Chemicals （billion yen） FY2026 FY2025 Diff. FY2026 FY2025 Diff. Forecast Actual Amount % Forecast Actual Amount % PVDF 14.5 14.9 -0.4 -2% Crop protection 8.0 7.2 0.8 10% PGA 11.5 9.8 1.7 17% Pharmaceuticals 3.0 3.3 -0.3 -9% Others 16.0 14.9 1.1 7% Lif
Slide 19: Segment Performance
Segment Performance Specialty Plastics Construction （billion yen） FY2026 FY2025 Diff. FY2026 FY2025 Diff. Forecast Actual Amount % Forecast Actual Amount % Home Products 24.5 22.7 1.8 8% Revenue 19.5 16.0 3.5 22% Fishing Lines 6.5 5.8 0.7 11% Core Operating Profit 0.8 1.5 -0.7 -48% Packaging Materia
Slide 20: Supplementary Materials
Ⅱ．Supplementary Materials １．FY2026 1Q Results ２．FY2026 Full year Forecast ３．Key Metrics （20）
Slide 21: Key Metrics (1)
Key Metrics （1） （billion yen） Capital Expenditures Depreciation Expense 46.6 50.0 15.0 12.1 12.7 12.3 11.7 11.6 11.6 11.7 12.0 35.3 10.3 22.2 9.9 25.4 10.0 6.1 6.3 6.2 25.0 5.9 5.9 5.9 6.0 16.5 24.4 5.0 5.4 13.2 14.9 14.3 14.3 16.6 12.4 9.8 6.7 8.2 8.2 7.6 24.4 5.0 7.4 5.8 9.8 10.9 6.4 5.8 6.7 6.1 6
Slide 22: Key Metrics (2)
Key Metrics （2） ROE ROIC 9.0% 8.4% 10% 7.1% 7.7% 7.4% 8.1% 10% 7.0% 6.3% 6.5% 6.1% 6.6% 4.5% 4.5% 4.9% 3.6% 3.9% 2.6% 2.8% 0% 0% -4.2% -5.7% -10% -10% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Estimate Estimate ROA PBR 10% 7.9% 1.5 7.1% 7.3%
Slide 23: Key Metrics (3)
Key Metrics （3） Net DE ratio Equity ratio 1 100% 0.57 0.59 0.5 72% 70% 73% 0.31 75% 67% 67% 0.28 0.21 0.18 62% 65% 61% 0.14 0.06 -0.01 -0.03 49% 48% 0 50% 25% -0.5 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Estimate Estimate EPS （yen） Interest
Slide 24: Disclaimer
Disclaimer This presentation material is provided for a deeper understanding of the Company, and is not intended to solicit investment or any other activities. This material has been prepared by the Company based on the information available as of the date of the presentation. Actual results may dif