Slide 1: FY2024 Financial Report
FY2024 Financial Report May 12, 2025
Slide 2: Contents
Contents Ⅰ. FY2024 Results and FY2025 outlook ・Summary of FY2024 and FY2025 ( 3) ～ ( 4) ・Improving Capital Efficiency to Enhance Corporate ・Variance Analysis of Operating Profit ( 5) ～ ( 6) Value (24) Ⅱ. Progress in the Mid- to Long-Term Management ・Approach to Equity (25) Plan, The Rolling Plan 202
Slide 3: I. Summary of FY2024 and FY2025
2 I. Summary of FY2024 and FY2025 （2）
Slide 4: Summary of FY2024
Summary of FY2024 FY2024 Results VS FY2023 Revenue and Profit （billion yen） • The PVDF business recorded lower revenue and profit as a result of reduced sales driven by a stagnation in the EV market, especially in FY2024 FY2023 FY2024 2Q Europe. Consequently, operating rates were lowered and product
Slide 5: Summary of FY2025
Summary of FY2025 FY2025 Forecast VS FY2024 Revenue and Profit （billion yen） • PVDF revenue and profit increased due to increased revenue resulting from adoption for ESS applications in the U.S. and the elimination of FY2025 FY2024 26/3 RP2025 inventory valuation losses in the previous fiscal year.
Slide 6: Variance Analysis of Operating Profit
Variance Analysis of Operating Profit With FY2024 marking the bottom of our performance, we expect a significant improvement in profitability in FY2025, driven by the recovery of the PVDF and PGA businesses. （billion yen） ＋48% （5）
Slide 7: Variance Analysis of Operating Profit (vs Mid- to Long-Term Management Plan)
Variance Analysis of Operating Profit (vs Mid- to Long-Term Management Plan) PVDF business: Despite expectations for a recovery in market conditions from PY, its sales significantly lower than the Rolling Plan. PGA business: Continued deterioration in the business environment resulted in persistent
Slide 8: II. Progress in the Mid- to Long-Term Management Plan
Ⅱ. Progress in in the Mid- to Long-Term Management Plan The Rolling Plan 2025 （7）
Slide 9: Performance Targets and Key Performance Indicators (KPIs)
Performance Targets and Key Performance Indicators (KPIs) Measures to Improve ROE To improve capital efficiency, we have implemented measures to optimize our balance sheet (improving the denominator of ROE). However, due to the deteriorating performance of our PVDF and PGA businesses (affecting
Slide 10: Measures for Corporate Value Improvement
Measures for Corporate Value Improvement Measures for Profit Improvement ・Enhance Profitability of Core Businesses ・Enhance Cost Competitiveness ・Manage Risks Related to the External ROE Improvement Environment KPI: 8% or more ・Progress in New Products and Businesses ・Business Portfolio Enhancing Co
Slide 11: II. Progress in the Mid- to Long-Term Management Plan
Ⅱ. Progress in in the Mid- to Long- Term Management Plan The Rolling Plan 2025 • Profit Improvement Measures • Capital Measures • Non-financial measures （10）
Slide 12: PVDF Business (1)
PVDF Business (1) <LiB Market> <Revenue> Higher pricing driven by extraordinary demand and a surge in raw material prices during FY2021 and FY2022 LiB market for automotive and ESS 50 10,000 9,000 4,000 applications 40 8,000 (Unit: GWh/Y) CAGR for ESS 7,000 application: 27.1% 30 (¥billion) 3,000 6,0
Slide 13: PVDF Business (2)
PVDF Business (2) Progress in FY2024 Measures for FY2025 Ternary LiB for automobile application Evaluation of our samples has begun at customer Proceed with sample prototyping on actual equipment of Japanese EV and LiB projects laboratories for new Japanese EV and LiB projects. and expanded customer
Slide 14: PGA Business (1)
PGA Business (1) <Share by area> <Revenue> +30% 10.0 (¥billion) 10% Bakken 7.5 10% Niobrara 0% 5.0 0% Appalachia Anadarko 40% Haynesville 2.5 0% Permian 230% Medium- to high- 5 Ford temperature regions 0.0 Eagle % Low and ultra-low 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY underground Estimate
Slide 15: PGA Business (2)
PGA Business (2) Progress in FY2024 Measures for FY2025 Sales expansion in mid-to-high Market share in Haynesville (primarily gas) remained In addition to market recovery from 2H, we aim to temperatures regions stable at around 40% amid a stagnant market. On the boost revenue through sales activitie
Slide 16: Agrochemicals Business
Agrochemicals Business <Revenue> FY2024 was a year marked by inventory adjustment at customer sites. Although inventory adjustments will be completed, revenue recovery (¥billion) will be modest in FY2025 due to the impact of some shipments being 10.0 brought forward to FY2024. From FY2026 onward, wh
Slide 17: Home Products Business
Home Products Business <Revenue> (¥billion) 20.0 10.0 0.0 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY Estimate From FY2025, we will update our advertising messages and methods tailored to reach each generation. <Kureha Initiatives> Progress in FY2024 Measures for FY2025 Marketing and product enh
Slide 18: Enhance Cost Competitiveness
Enhance Cost Competitiveness Production Transformation Project • Production Transformation Project was launched in April 2025. • Transform production framework to build a cost structure that can compete successfully on a global scale. • Establish a future vision for a competitive production framewor
Slide 19: Risks Related to the External Environment: U.S. Reciprocal Tariffs
Risks Related to the External Environment: U.S. Reciprocal Tariffs Reciprocal tariffs by the Trump administration were implemented on April 5, 2025, and an additional 24% tariff was imposed on Japan starting April 9. It was announced that part of the tariff rates would be suspended for 90 days in al
Slide 20: Risks Related to the External Environment: PFAS Regulations
Risks Related to the External Environment: PFAS Regulations PFAS Regulation in Europe Diagram of PFAS This diagram is for illustrative purposes and does not represent accurate proportions. In Europe, five countries—Denmark, Germany, the Netherlands, Sweden, and Norway—have submitted proposals to res
Slide 21: New Product and Business Development
New Product and Business Development Promoting the development of new products and businesses in three focus areas: Environment and Energy, Life, and Digital Communications Target Launch Timelines/Peak Sales Goals for Major New Businesses & Products (Agricultural Fungicides) Product Name Sales Targe
Slide 22: Progress in New Product and Business Development
Progress in New Product and Business Development 〈Initiatives in Life〉 Agricultural Fungicides Biostimulants Anti-Adhesion Film • Agricultural fungicides targeting • Agricultural field tests have confirmed their • Film designed to prevent post-surgical crops such as cereals, corn, fruits, effectiven
Slide 23: Business Portfolio (Positioning of Each Business)
Business Portfolio (Positioning of Each Business) 1. Promoting ROIC-focused Advanced Specialty Specialty Construction/ Management Materials Chemicals Plastics Other • Maximize corporate value by enhancing the use of ROIC to achieve capital returns exceeding WACC. Growth Driver Home Business PVDF Agr
Slide 24: II. Progress in the Mid- to Long-Term Management Plan
Ⅱ. Progress in in the Mid- to Long- Term Management Plan The Rolling Plan 2025 • Profit Improvement Measures • Capital Measures • Non-financial measures （23）
Slide 25: Improve Capital Efficiency to Enhance Corporate Value
Improve Capital Efficiency to Enhance Corporate Value Challenges and Measures to Improve Capital Efficiency １． Achieve an Appropriate Capital Ratio ２．Achieve a Balance Sheet Focused on Capital Efficiency Pursue an adequate capital structure, reduce the cost of Reduce cross-shareholdings and sell oth
Slide 26: Approach to Equity
Approach to Equity Maintain a sound financial base while pursuing an adequate capital structure, reducing capital costs, and maximizing corporate value. Approach to maintaining a sound financial base and enhancing corporate value • Controlling the level of equity aimed at retaining an A credit ratin
Slide 27: Balance Sheet Efficiency (Cross-shareholdings, Other Asset Sales)
Balance Sheet Efficiency (Cross-shareholdings, Other Asset Sales) Cross-shareholdings Our current policy for cross-shareholdings is to hold less than 10% of consolidated net assets in total, but this will be changed to about 5% by FY2030. Cross-shareholdings: Sales and number of issues held Consolid
Slide 28: Changes in Dividend Policy
Changes in Dividend Policy For improving return on equity (ROE), using the funds generated from the sale of cross-shareholdings and other assets to return profits to shareholders, we will change its dividend policy as follows. FY2025 Cash Allocation(estimated) Changes in Dividend Policy No change in
Slide 29: Shareholder Returns
Revised on May 19, 2025 Shareholder Returns With the introduction of DOE, targeting approximately 5%, we are planning a significant year-on-year increase in dividend for FY2025. In addition, we will proceed as scheduled with the planned share buyback of approximately ¥15 billion in FY2025, aiming to
Slide 30: Capital Strategies
Capital Strategies RP2025 (FY2023～FY2025) Review in FY2025 Continued Equity Equity ratio Approx. 50% *Appropriate review of business environment and portfolio changes as they occur Payout ratio 30% or more Dividend on Equity Ratio (DOE) Dividends minimal annual 5%(approx.) dividend ¥86.7/share or mo
Slide 31: II. Progress in the Mid- to Long-Term Management Plan
Ⅱ. Progress in in the Mid- to Long- Term Management Plan The Rolling Plan 2025 • Profit Improvement Measures • Capital Measures • Non-financial measures （30）
Slide 32: Progress on Reducing Environmental Impact
Progress on Reducing Environmental Impact CO₂ emissions reduction Zero waste emission ratio Over 30％ Below 1.5％ (FY2030 Goal, Compared to FY2013 Levels) (FY2025 Goal) • At the Iwaki Factory's coal-fired power plant, • On track to meet our target of reducing final (landfill) technical studies on fuel
Slide 33: Synergism Between Company and Employees
Synergism Between Company and Employees Employees’ Psychological Connection to the Company (Engagement) Feeling Proud of the Company, Empathizing with the Having Opportunities to Grow Liking Workplace Colleagues, Company’s Vision and Policies through Work Enjoying Daily Work Employees feel a psychol
Slide 34: Supplementary Materials
Supplementary Materials 1. FY2024 Financial Result 2. FY2025 Financial Outlook 3. Key Indicators （33）
Slide 35: 1. FY2024 Financial Results
１. FY2024 Financial Results （34）
Slide 36: FY2024 Revenue and Operating Profit Result
FY2024 Revenue and Operating Profit Result Revenue and Operation Profit by Segment （billion yen） FY2024 FY2023 1H 2H FY 1H 2H FY Revenue 81.6 80.4 162.0 88.5 89.5 178.0 Advanced Materials 28.5 28.8 57.4 34.0 30.5 64.5 Specialty Chemicals 16.2 14.5 30.7 17.1 16.9 33.9 Specialty Plastics 22.8 17.7 40.
Slide 37: Segment Performance Result: Advanced Materials and Specialty Chemicals
Segment Performance Result: Advanced Materials and Specialty Chemicals Advanced Materials Specialty Chemicals （billion yen） FY2024 FY2023 Diff. FY2024 FY2023 Diff. Actual Actual Amount % Actual Actual Amount % PVDF 16.2 22.2 -6.1 -27% Agrochemicals 6.5 9.7 -3.2 -33% PGA 6.2 6.9 -0.7 -10% Pharmaceuti
Slide 38: Segment Performance Result: Specialty Plastics, Construction and Other operations
Segment Performance Result: Specialty Plastics, Construction and Other operations Specialty Plastics Construction （billion yen） FY2024 FY2023 Diff. FY2024 FY2023 Diff. Actual Actual Amount % Actual Actual Amount % Home Products 21.8 23.2 -1.4 -6% Revenue 14.8 13.9 0.9 6% Fishing Lines 5.5 5.1 0.4 9%
Slide 39: Financial Position
Financial Position Assets Liabilities and Equity （billion yen） Mar.31 Mar.31 Mar.31 Mar.31 Diff. Diff. 2025 2024 2025 2024 Cash and cash equivalents 21.5 23.1 -1.6 Trades and other payables 19.5 20.5 -1.0 Trade and other receivables 31.3 40.6 -9.4 Interest-bearing debt 86.0 54.9 31.1 ※2 Inventories
Slide 40: Cash Flow Result
Cash Flow Result （billion yen） FY2024 FY2023 Diff. Profit before income tax 10.2 13.9 -3.7 Depreciation 12.7 11.7 1.0 Other 6.6 -14.0 20.6 Cash flow from operating activities 29.5 11.6 17.9 Cash flow from investing activities -39.4 -34.3 -5.1 Free cash flow -9.9 -22.7 12.8 Main factors Cash flow fro
Slide 41: 2. FY2025 Financial Outlook
２. FY2025 Financial Outlook （40）
Slide 42: FY2025 Revenue and Operating Profit Forecast
FY2025 Revenue and Operating Profit Forecast Revenue and Operating Profit by Segment （billion yen） FY2025 FY2024 Forecast Actual 1H 2H FY 1H 2H FY Revenue 80.0 85.0 165.0 81.6 80.4 162.0 Advanced Materials 32.0 32.0 64.0 28.5 28.8 57.4 Specialty Chemicals 14.0 16.0 30.0 16.2 14.5 30.7 Specalty Plast
Slide 43: Segment Performance Forecast: Advanced Materials and Specialty Chemicals
Segment Performance Forecast: Advanced Materials and Specialty Chemicals Advanced Materials Specialty Chemicals （billion yen） FY2025 FY2024 Diff. FY2025 FY2024 Diff. Forecast Actual Amount % Forecast Actual Amount ％ PVDF 18.0 16.2 1.8 11% Agrochemicals 7.0 6.5 0.5 8% PGA 8.0 6.2 1.8 29% Pharmaceutic
Slide 44: Segment Performance Forecast: Specialty Plastics, Construction and Other operations
Segment Performance Forecast: Specialty Plastics, Construction and Other operations Specialty Plastics Construction （billion yen） FY2025 FY2024 Diff. FY2025 FY2024 Diff Forecast Actual Amount % Forecast Actal Amount % Home Products 24.0 21.8 2.2 10% Revenue 15.0 14.8 0.2 1% Fishing Lines 6.0 5.5 0.5
Slide 45: Cash Flow Forecast
Cash Flow Forecast （billion yen） FY2025 FY2024 Diff. Forecast Actual Profit before income tax 14.0 10.2 3.8 Depreciation 12.3 12.7 -0.4 Other -4.8 6.6 -11.4 Cash flow from opetrating activities 21.5 29.5 -8.0 Cash flow from investing activities -28.6 -39.4 10.8 Free Cash flow -7.1 -9.9 2.8 Main fact
Slide 46: 3. Key Indicators
KUREHA CORPORATION 3. Key Indicators KUREHA (45) 7
Slide 47: Key Indicators (1)
Key Indicators（1） （billion yen） Capital Investment Depreciation Expenses 50.0 46.6 15.0 12.1 11.7 11.6 11.6 11.7 12.7 12.3 40.0 35.3 10.2 9.9 10.3 22.2 30.0 10.0 6.3 6.1 5.9 5.9 5.9 6.0 16.5 24.4 17.5 5.1 5.0 5.4 20.0 10.3 9.8 13.2 14.9 14.3 14.3 5.0 6.7 24.4 10.0 5.5 7.4 8.2 8.2 7.6 5.1 4.9 5.0 6.0
Slide 48: Key Indicators (2)
Key Indicators（2） 9.0% ROE ROIC 10% 8% 7.0% 8.4% 7.7% 8.1% 7.4% 6.3% 6.5% 6.1% 6.6% 8% 7.1% 5.8% 6% 4.9% 6% 4.9% 3.9% 4.5% 3.5% 3.6% 4% 3.4% 4% 2.6% 2% 2% 0% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Estimate 予想 Estimate ROA PBR 1.5 10% 7.
Slide 49: Key Indicators (3)
Key Indicators（3） 1 Net DE Ratio Equity Ratio 100% 0.52 0.48 0.5 0.31 72% 70% 73% 0.28 67% 67% 0.21 0.18 75% 0.14 62% 65% 61% 0.06 57% -0.01 -0.03 53% 0 50% -0.5 25% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Estimate Estimate EPS 288 （yen） In
Slide 50: Disclaimer
Disclaimer • This presentation material is provided for a deeper understanding of our company, and is not intended to be used as a solicitation for investment or other activities. • This material has been prepared by our company based on the information available at the time of the presentation. Act