Resonac Holdings Corporation · TSE:4004
Resonac — Q4 2025 Earnings Presentation
42 slides from Resonac's earnings presentation, Feb 13, 2026
Slide 1: Consolidated Financial Results 2025
Consolidated Financial Results 2025 Director & Managing Corporate Officer Hideki Somemiya, CFO February 13, 2026
Slide 2: Key Takeaways
Key Takeaways Core operating profit in the Semiconductor and Electronic Materials 01 segment reached a record high - a record high achieved for two consecutive quarters Core operating profit increased compared to 2024 02 - driven by the strong performance of the Semiconductor and Electronic Material
Slide 3: Table of Contents
Table of Contents 1. 2025 Consolidated Financial Statements 2. 2026 Performance Forecast 3. Looking Back & For Further Growth ©Resonac Holdings Corporation All Rights Reserved. 3
Slide 4: Summary (2024 vs. 2025)
Summary (2024 vs. 2025) IFRS (Unit: Billions of Yen) Without Crasus Chemical (Olefins & Derivatives) Increase/ Increase/ 2024*1 2025 Decrease 2024*1 2025 Decrease Revenue 1,391.5 1,347.1 (44.4) Revenue 1,061.8 1,046.8 (15.0) Core operating profit 92.1 109.1 17.0 Core operating profit 83.5 104.4 20.9
Slide 5: Breakdown of Core Operating Profit Changes
Breakdown of Core Operating Profit Changes (2024 vs. 2025) Mobility +3.6 Chemicals (11.1) (Unit: Billions of Yen) Semiconductor & Crasus Chemical (29.3) Electronic Materials +27.1 Mobility (5.2) Semiconductor & Semiconductor & 140.0 Electronic Materials (8.8) Electronic Materials +12.9 Crasus Chemic
Slide 6: Breakdown of Segment Core Operating Profit Changes
Breakdown of Segment Core Operating Profit Changes (2024 vs. 2025) Semiconductor & Electronic Materials (bn¥) 120.0 3.4 12.9 108.4 27.1 100.0 (8.8) 80.0 73.7 60.0 40.0 20.0 0.0 2024 *1 Sales volume Sales price Variable/Fixed cost Others 2025 Mobility*2 (bn¥) 10.0 6.3 3.6 0.5 4.4 5.0 0.0 (0.9) (5.2)
Slide 7: Breakdown of Segment Core Operating Profit Changes
Breakdown of Segment Core Operating Profit Changes (2024 vs. 2025) Innovation Enabling Materials (bn¥) 15.0 11.3 2.7 10.4 10.0 (0.9) (1.6) (1.1) 5.0 0.0 2024 *1 Sales volume Sales price Variable/Fixed cost Others 2025 Chemicals*2 (bn¥) 5.0 1.8 0.0 (1.6) 1.5 (5.0) 4.0 (5.5) (10.0) (15.0) (11.1) *1 20
Slide 8: Segment Breakdown (2024 vs. 2025)
Revenue, Core Operating Profit and EBITDA margin: Segment Breakdown (2024 vs. 2025) (Unit: Billions of Yen) Segment 2024* 2025 Increase/Decrease Revenue 445.1 506.3 61.2 14% Semiconductor and Core operating profit 73.7 108.4 34.6 47% Electronic Materials EBITDA margin 25.9% 30.2% 4.3p - Revenue 200.
Slide 9: Revenue, Core Operating Profit and EBITDA margin: Segment Breakdown
Revenue, Core Operating Profit and EBITDA margin: Segment Breakdown 2025 2025 Earlier Forecast* (Unit: Billions of Yen) Segment Increase/ 1Q 2Q 1H 3Q 4Q 2H Full-year Full-year Decrease Revenue 111.2 119.5 230.7 135.0 140.7 275.7 506.3 499.0 7.3 Semiconductor and Core operating profit 19.6 22.9 42.5
Slide 10: Semiconductor and Electronic Materials
Segment Summary (2024 vs. 2025) Semiconductor and Electronic Materials (Unit: Billions of Yen) Increase/ 2024* 2025 Decrease Performance Overview Both revenue and core operating profit increased, Revenue 445.1 506.3 61.2 14% thanks to the recovery in demand for semiconductors; the pace of recovery v
Slide 11: Mobility
Segment Summary (2024 vs. 2025) Mobility (Unit: Billions of Yen) Increase/ 2024* 2025 Performance Overview Decrease Revenue 200.3 178.4 (21.9) (11%) Both revenue and core operating profit decreased, due to the divestiture of secondary Core operating profit 6.3 4.4 (1.9) (31%) battery packaging mater
Slide 12: Innovation Enabling Materials
Segment Summary (2024 vs. 2025) Innovation Enabling Materials (Unit: Billions of Yen) Increase/ 2024* 2025 Decrease Performance Overview Revenue 97.0 92.2 (4.8) (5%) Core operating profit 11.3 10.4 (0.9) (8%) Both revenue and core operating profit decreased due to lower demand for certain products i
Slide 13: Chemicals
Segment Summary (2024 vs. 2025) Chemicals (Unit: Billions of Yen) Increase/ 2024* 2025 Performance Overview Decrease Revenue 202.7 174.4 (28.4) (14%) - Basic Chemicals: Both revenue and core operating profit increased due to higher Basic Chemicals 87.1 88.4 1.3 2% volume of carbon dioxide shipment a
Slide 14: Crasus Chemical
Segment Summary (2024 vs. 2025) Crasus Chemical (Unit: Billions of Yen) Increase/ 2024* 2025 Performance Overview Decrease Revenue 329.7 300.3 (29.4) (9%) Revenue decreased due to the lower selling prices following the drop in naphtha prices. Core operating profit 8.6 4.7 (3.9) (45%) Core operating
Slide 15: Non-recurring Items/Financial Income/Costs, Equity in Earnings
Non-recurring Items/Financial Income/Costs, Equity in Earnings Non-recurring Items (Unit: Billions of Yen) Financial Income/Costs, Equity in Earnings (Unit: Billions of Yen) Increase/ 2024*1 2025 Decrease 2024*1 2025 Increase/ Decrease Gain on sale of non- current assets 28.9 0.6 (28.3) Interest and
Slide 16: Consolidated Balance Sheet
Consolidated Balance Sheet Consolidated Statement of Financial Position (Unit: Billions of Yen) Dec. 31, Dec. 31, Increase/ Dec. 31, Dec. 31, Increase/ Assets 2024*1 2025 Decrease Liabilities and equity 2024*1 2025 Decrease Cash and cash equivalents 294.7 262.0 (32.7) Trade payables 171.4 162.8 (8.7
Slide 17: Table of Contents
Table of Contents 1. 2025 Consolidated Financial Statements 2. 2026 Performance Forecast 3. Looking Back & For Further Growth ©Resonac Holdings Corporation All Rights Reserved. 17
Slide 18: 2026 Consolidated Forecast: Summary
2026 Consolidated Forecast: Summary Net profit expected to increase significantly, driven by higher core operating profit and reduced non-recurring losses Without Crasus Chemical P/L Summary (Unit: Billions of Yen) (Olefins & Derivatives) 2025 2026 Increase/ 2026 Results Forecast Decrease Forecast R
Slide 19: 2026 Consolidated Forecast: Highlights
2026 Consolidated Forecast: Highlights • Semiconductor and Electronic Materials segment continues to grow steadily, while overall revenue declines due to the impact of business transfers • Core operating profit increases, driven by growth in the Semiconductor and Electronic Materials segment and the
Slide 20: 2026 Consolidated Forecast: Segment Summary
2026 Consolidated Forecast: Segment Summary (2025 vs. 2026) Semiconductor and Electronic Materials (Unit: Billions of Yen) Mobility (Unit: Billions of Yen) 2025 2026 Increase/ 2025 2026 Increase/ Results Forecast Decrease Results Forecast Decrease Revenue 506.3 570.0 63.7 13% Revenue 178.4 144.0 (34
Slide 21: 2026 Consolidated Forecast: Segment Summary
2026 Consolidated Forecast: Segment Summary (2025 vs. 2026) Chemicals (Unit: Billions of Yen) Crasus Chemical (Unit: Billions of Yen) 2025 2026 Increase/ 2025 2026 Increase/ Results Forecast Decrease Results Forecast Decrease Revenue 174.4 190.0 15.6 9% Revenue 300.3 280.0 (20.3) (7%) Core operating
Slide 22: 2026 Revenue, Core Operating Profit and EBITDA margin: Segment Breakdown
2026 Revenue, Core Operating Profit and EBITDA margin: Segment Breakdown (Forecast) (Unit: Billions of Yen) 2026 Forecast 2025 Segment Increase/ 1H 2H Full-year Full-year Decrease Revenue 265.0 305.0 570.0 506.3 63.7 Semiconductor and Core operating profit 53.5 74.5 128.0 108.4 19.6 Electronic Mater
Slide 23: 2026 Consolidated Forecast: Financial indicators
2026 Consolidated Forecast: Financial indicators Consolidated P/L 1H/2H (Unit: Billions of Yen) Profitability indicators (Unit: Billions of Yen) 2026 Forecast 2025 2026 Increase/ Results Forecast Decrease 1H 2H Full-year EBITDA*1 203.4 234.5 31.1 Revenue 615.0 695.0 1,310.0 EBITDA margin 15.1% 17.9%
Slide 24: Table of Contents
Table of Contents 1. 2025 Consolidated Financial Statements 2. 2026 Performance Forecast 3. Looking Back & For Further Growth ©Resonac Holdings Corporation All Rights Reserved. 24
Slide 25: Looking Back: Past Years
Looking Back: Past 4 Years • Underwent structural reforms for troubled businesses; enabled turnarounds • Continued necessary investments in core growth area even during the downcycle; laying the groundwork for current AI-related growth 2022 2023 2024 2025 Effective integration Resonac established De
Slide 26: Key Financial Indicators
Key Financial Indicators • Profitability indicators saw significant improvements, driven by growth in the Semiconductor and Electronic Materials business • Although the EBITDA margin has not yet reached the target level, it remains fully achievable through further business growth and portfolio refor
Slide 27: Profitability Indicators and Target Levels
Profitability Indicators and Target Levels Committed to achieve current profitability targets to secure the high profitability required for sustainable growth Profitability indicators and Actions to achieve the target target levels Nearing achievement, with the major phase of portfolio reforms comin
Slide 28: Progress of Portfolio Reforms and Future Direction
Progress of Portfolio Reforms and Future Direction • Through portfolio reforms with strong focus on Semiconductor and Electronic Materials segment, our core growth driver, company-wide profitability have improved • Determined to promptly realize a profit structure in which business growth leads dire
Slide 29: Progress Toward the Partial Spin-Off of Crasus Chemical
Progress Toward the Partial Spin-Off of Crasus Chemical (Petrochemicals Business) Steadily advancing to execute the partial spin-off and list Crasus Chemical within 2026 Fulfillment of Corporate approvals for Tokyo Stock Exchange Key Milestones tax-qualified spin-off execution listing approval requi
Slide 30: Valuation with Room for Further Upside
Valuation with Room for Further Upside • The Semiconductor and Electronic Materials segment has reached record-high revenue and profitability, now at levels comparable to leading global pure-play competitors • Our valuation has risen into EV/EBITDA x11 range; however, it remains undervalued compared
Slide 31: Capital Allocation and Shareholder Return Policy
Capital Allocation and Shareholder Return Policy Capital Allocation Shareholder Return Policy • We maintain our capital allocation policy of • We maintain our current policy of emphasizing prioritizing capital expenditures to support Total Shareholder Return (TSR) in our approach to revenue growth i
Slide 32: Appendix
Appendix ©Resonac Holdings Corporation All Rights Reserved.
Slide 33: Subsidiaries and Associates, Key Outside Factors
Reference Subsidiaries and Associates, Key Outside Factors Subsidiaries and Associates Subsidiaries: 101 (-22 from Dec. 31, 2024) -20: Related to the transfer of regenerative medicine business, secondary battery packaging materials and food packaging materials business, European automotive and indus
Slide 34: Consolidated Cash Flows
Reference Consolidated Cash Flows (Unit: Billions of Yen) 2026 Increase/ Increase/ 2024*(A) 2025(B) Forecast(C) Decrease Decrease (B)-(A) (C)-(B) CF from operating activities 163.7 130.3 166.0 (33.4) 35.7 CF from investing activities (52.3) (87.1) (130.0) (34.8) (42.9) Free Cash flow 111.3 43.2 36.0
Slide 35: Capital Expenditures: Segment Breakdown
Reference Capital Expenditures: Segment Breakdown (Unit: Billions of Yen) 2026 Increase/ Increase/ Segment 2024*(A) 2025(B) Forecast(C) Decrease Decrease (B)-(A) (C)-(B) Semiconductor and Electronic Materials 51.4 64.1 83.7 12.6 19.6 Mobility 10.0 9.4 13.2 (0.6) 3.9 Innovation Enabling Materials 5.1
Slide 36: Capital Expenditures, Depreciation, R&D expenditures and Financial costs
Capital Expenditures, Depreciation, R&D expenditures and Financial costs Reference (Consolidated) (Unit: Billions of Yen) 2026 Increase/ Increase/ 2024*(A) 2025(B) Forecast(C) Decrease Decrease (B)-(A) (C)-(B) Capital expenditures 102.0 112.9 146.2 10.8 33.4 Depreciation and amortization (excluding
Slide 37: Depreciation: Segment Breakdown
Reference Depreciation: Segment Breakdown (Unit: Billions of Yen) 2026 Increase/ Increase/ Segment 2024*(A) 2025(B) Forecast(C) Decrease Decrease (B)-(A) (C)-(B) Depreciation and amortization (excl. PPA) 29.3 32.0 38.5 2.8 6.5 Semiconductor and PPA amortization 12.4 12.4 12.4 - - Electronic Material
Slide 38: Summary (2025 3Q vs. 2025 4Q)
Reference Summary (2025 3Q vs. 2025 4Q) (Unit: Billions of Yen) 2025 2025 Increase/ 3Q 4Q Decrease Revenue 344.2 360.9 16.7 Core operating profit 38.2 36.3 (1.9) Non-recurring items (49.4) (11.1) 38.3 Operating profit (IFRS) (11.1) 25.2 36.3 Financial income/costs, Equity in earnings 0.9 (0.4) (1.3)
Slide 39: 2024 Revenue, Core Operating Profit and EBITDA margin: Segment Breakdown
Reference 2024 Revenue, Core Operating Profit and EBITDA margin: Segment Breakdown 2024* (Unit: Billions of Yen) Segment 1Q 2Q 3Q 4Q Full-year Revenue 97.5 112.1 118.9 116.7 445.1 Semiconductor and Core operating profit 8.3 18.2 26.3 20.9 73.7 Electronic Materials EBITDA margin 18.9% 25.6% 30.8% 27.
Slide 40: Changes in Segmentation (From 2025)
Reference Changes in Segmentation (From 2025) Starting 2025, the segmentation has been changed as follows: Mobility segment - Automotive Products subsegment and Lithium-ion Battery Materials subsegment are consolidated and is reported as the Mobility segment due to the portfolio restructuring - Anod
Slide 41: Topics
Reference Topics Segment Topics Resonac Receives “2025 TSMC Excellent Performance Award”Recognized for Technological Contributions in Advanced Packaging Materials and Localization of High-Purity Gas Semiconductor Production and Electronic Materials Price adjustment of Copper Clad Laminates and Prepr
Slide 42: Note
Note Performance forecast and other statements pertaining to the future as contained in this presentation are based on the information available as of today and assumptions as of today regarding risk factors that could affect our future performance. Actual results may differ materially from the fore