Tokuyama Corporation · TSE:4043
Tokuyama — Q2 FY2026 Earnings Presentation
37 slides from Tokuyama's earnings presentation, Oct 29, 2026
Slide 1: Presentation for IR Meeting, Q2 Fiscal 2026
Q2 Fiscal 2026 Presentation for IR Meeting October 29, 2026
Slide 2: Key Points of the Second Quarter Fiscal 2026
Key Points of the Secomd Quarter Fiscal 2026 • Net sales increased compared with the corresponding period of the previous fiscal year due to such factors as the inclusion of Tokuyama Life Science(TLS) Group in the Company’s scope of consolidation, sales growth in clinical laboratory systems at A&T C
Slide 3: Contents
CONTENTS 1. Financial Results for Q2 FY2026 2. Forecasts for FY2026 3. Topics Appendix © Tokuyama Corporation All rights reserved. 3
Slide 4: Financial Highlights Income Statements
1. Financial Results for Q2 FY2026 Financial Highlights Income Statements (Billions of yen) Changes Q2 FY2025 Q2 FY2026 Main changing factors Amount % Inclusion of TLS Group in the company’s scope of Net sales 163.7 178.6 +14.9 +9 consolidation (+) Firm sales of semiconductor-related products (+) Co
Slide 5: Financial Highlights Balance Sheets
1. Financial Results for Q2 FY2026 Financial Highlights Balance Sheets (Billions of yen) As of Mar 31,2026 As of Sep 30,2026 Changes Main changing factors Increase in inventories Total assets 569.6 590.4 +20.7 Increase in tangible fixed assets Posting profit attributable to owners of Shareholders’ e
Slide 6: Net Sales / Operating Profit by Business Segment
1. Financial Results for Q2 FY2026 Net Sales / Operating Profit by Business Segment (Year-on-year change) (Billions of yen) Q2 FY2025 Q2 FY2026 Changes Operating Operating Operating Net sales Net sales Net sales % % profit profit profit Chemicals 52.3 5.6 52.7 1.6 +0.3 +1 (3.9) (70) Cement 32.4 4.8
Slide 7: Changes in Operating Profit (Year-on-year change / By factor)
1. Financial Results for Q2 FY2026 Changes in Operating Profit (Year-on-year change / By factor） (Billions of yen) (2.4) +7.6 (2.9) (8.9) +1.2 Higher petrochemical Higher naphtha prices Increase in sales of product prices (-) (+) 19.1 Electronic & Advanced Materials, Life Science 13.5 (+) Decline in
Slide 8: Changes in Net Sales / Operating Profit: Chemicals
1. Financial Results for Q2 FY2026 Changes in Net Sales / Operating Profit by Business Segment Business environment Chemicals Lower earnings on higher sales • Issues surrounding the procurement of naphtha attributable to conditions in the Middel East resolved as of Q1 Operating • While naphtha price
Slide 9: Changes in Net Sales / Operating Profit: Cement
1. Financial Results for Q2 FY2026 Changes in Net Sales / Operating Profit by Business Segment Cement Lower earnings on higher sales Business environment Operating 18% Profit Margin • Continued weak domestic demand 14% (Billions of yen) • Coal, logistics, and other costs on the rise 32.4 33.2 Net sa
Slide 10: Electronic & Advanced Materials Business Environment
1. Financial Results for Q2 FY2026 Changes in Net Sales / Operating Profit by Business Segment Electronic & Advanced Materials Business environment Semiconductor industry remains robust, centered on AI; timing when momentum will flow through to upstream sectors will be key Product Name Business envi
Slide 11: Changes in Net Sales / Operating Profit: Electronic & Advanced Materials
1. Financial Results for Q2 FY2026 Changes in Net Sales / Operating Profit by Business Segment Electronic & Advanced Materials Lower earnings on higher sales Qualitative information Operating Profit Margin (Semiconductor-grade polycrystalline silicon) (Billions of yen) 20% 17% • Earnings decreased d
Slide 12: Changes in Net Sales / Operating Profit: Life Science
1. Financial Results for Q2 FY2026 Changes in Net Sales / Operating Profit by Business Segment Life Science Higher earnings on higher sales Business environment Operating Profit Margin 26% • Dental materials: Growth in emerging countries following Europe and (Billions of yen) 22% the U.S. • Diagnost
Slide 13: Changes in Net Sales / Operating Profit: Eco Business
1. Financial Results for Q2 FY2026 Changes in Net Sales / Operating Profit by Business Segment Eco Business Lower earnings on lower sales Qualitative information Operating Profit Margin 11% (Ion exchange membranes) (Billions of yen) • Earnings decreased owing to a weak in membrane and 2.6 2.5 equipm
Slide 14: Contents
CONTENTS 1. Financial Results for Q2 FY2026 2. Forecasts for FY2026 3. Topics Appendix © Tokuyama Corporation All rights reserved. 14
Slide 15: Key points of Performance Forecasts
2. Forecasts for FY2026 Key points of Performance Forecasts Reasons for the revision of performance forecasts Details of the transfer of the domestic sales business for cement and solidification agents finalized and reflected in second half forecasts; transfer price set at ¥37.0 billion for a gain o
Slide 16: Performance Forecasts (Compared To Previous Forecast)
2. Forecasts for FY2026 Performance Forecasts (Compared To Previous Forecast) The forecast, announced on Jul 29, 2026, has been revised (Billions of yen) FY2026 Forecasts FY2026 Forecasts Changes Main changing factors (Jul 29, 2026) (Oct 29, 2026) Amount % Increase sales of semiconductor-related pro
Slide 17: Changes in Operating Profit (Compared To Previous Fiscal Year / By factor)
2. Forecasts for FY2026 Changes in Operating Profit (Compared To Previous Fiscal Year / By factor） (Billions of yen) △2.4 △2.1 +19.5 △21.8 37.0 Higher petrochemical 34.0 +3.7 product prices Higher naphtha prices (+) (-) Increase in sales of Electronic & Advanced Materials, Life Science （+） FY2025 Ra
Slide 18: Performance Forecasts by Business Segment
2. Forecasts for FY2026 Performance Forecasts by Business Segment (Compared To Previous Forecast) The forecast, announced on Jul 29, 2026, has been revised (Billions of yen) FY2026 Forecasts FY2026 Forecasts Changes (Jul 29, 2026) (Oct 29, 2026) Operating Operating Operating Net sales Net sales Net
Slide 19: Dividend Forecasts
2. Forecasts for FY2026 Dividend Forecasts Policy: Maintain stable and sustainable dividend payments, targeting a DOE of 4% by FY2030 ・The interim dividend for the fiscal year ending March 2027 will be 60 yen, as planned. ・The Year-end dividend is scheduled to be 80 yen, an increase from the previou
Slide 20: Contents
CONTENTS 1. Financial Results for Q2 FY2026 2. Forecasts for FY2026 3. Topics Appendix © Tokuyama Corporation All rights reserved. 20
Slide 21: Transfer of the domestic sales business for cement and solidification agents
3. Topics Transfer of the domestic sales business for cement and solidification agents Details of the transfer of the domestic sales business for cement and solidification agents finalized (October 1, 2026) <Regarding Capital Gains> TOKUYAMA TAIHEIYO Name CORPORATION Received 37 billion yen in consi
Slide 22: Transfer of the domestic sales business for cement and solidification agents
3. Topics Transfer of the domestic sales business for cement and solidification agents Operations After 01 Financial Impact 02 Transfer 03 Target Scope Commence OEM supply of Assets relate to the cement Post the transfer price of cement and solidification business, etc. ¥37.0 billion and gain on bus
Slide 23: [Five-year Business Plan 2030] Investment Progress
3. Topics [Five-year Business Plan 2030] Investment Progress Progress Is On Track Toward Achieving the Mid-Term Plan Goals FY2027 FY2028 OTSM TOKUYAMA Semiconductor-grade Commercial operations Commercial operations （Malaysia） scheduled VIETNAM scheduled polycrystalline Equity-method affiliate Proces
Slide 24: For the People of Tomorrow
For the People of Tomorrow TOKUYAINA \
Slide 25: Appendix
Appendix © Tokuyama Corporation All rights reserved. 25
Slide 26: Consolidated Financial Statements Income Statements
Appendix Consolidated Financial Statements Income Statements (Billions of yen) Changes Q2 FY2025 Q2 FY2026 Amount % Net sales 163.7 178.6 +14.9 +9 Cost of sales 104.3 117.9 (13.5) (13) Selling, general and administrative expenses 40.2 47.1 (6.9) (17) Operating profit 19.1 13.5 (5.5) (29) Non-operati
Slide 27: Consolidated Financial Statements Balance Sheets
Appendix Consolidated Financial Statements Balance Sheets (Billions of yen) Changes As of Mar 31,2026 As of Sep 30,2026 Amount % Total assets 569.6 590.4 +20.7 +4 Current assets 212.0 226.1 +14.0 +7 Tangible fixed assets 190.2 194.6 +4.3 +2 Intangible fixed assets 75.5 74.6 (0.9) (1) Investments and
Slide 28: Non-Operating Income/Expenses, Extraordinary Gains/Losses and Financial Cost
Appendix Non-Operating Income/Expenses, Extraordinary Gains/Losses and Financial Cost (Billions of yen) Q2 FY2025 Q2 FY2026 Changes Interest and dividend income 0.6 0.7 +0.0 Non-operating income Other income 2.5 3.3 +0.7 Total 3.2 4.1 +0.8 Interest expenses 0.5 1.0 (0.4) Non-operating Other expenses
Slide 29: Investment Results / Plan
Appendix Investment Results / Plan (Billions of yen) FY2025 FY2026 Changes First half Fiscal year First half Fiscal year First Fiscal Results Results Results Forecast Half Year Capital expenditures 12.0 32.7 14.1 40.9 ＋2.1 ＋8.2 Depreciation and amortization 9.8 20.9 11.7 24.2 ＋1.8 ＋3.3 R&D expenses
Slide 30: Investment Results / Plan
Appendix Investment Results / Plan (Billions of yen) FY2026 FY2026 Changes Previous forecast Current Forecast Fiscal year First half Fiscal year Fiscal Year Forecast Results Forecast Capital expenditures 46.1 14.1 40.9 (5.2) Depreciation and amortization 23.8 11.7 24.2 +0.4 R&D expenses 21.3 9.4 21.
Slide 31: Performance Trend
Appendix Performance Trend Net sales (Billions of yen) Domestic sales Overseas sales 合計 392.0 400.0 349.3 351.7 341.9 343.0 308.0 324.6 316.0 302.3 293.8 300.0 61.2 59.6 101.7 87.4 92.2 91.8 63.9 63.6 87.3 200.0 244.1 263.4 256.4 238.7 250.0 254.5 250.8 257.5 100.0 206.5 0.0 FY2017 2018 2019 2020 20
Slide 32: Performance Trend by Business Segment
Appendix Performance Trend by Business Segment (Billions of yen) FY2025 FY2026 Net sales Q1 Q2 Q3 Q4 Q1 Q2 Consolidated Results 81.8 81.9 87.7 97.9 85.6 93.0 Chemicals 27.4 24.8 26.8 27.0 24.6 28.0 Cement 16.0 16.3 17.8 16.6 16.0 17.1 Electronic & Advanced Materials 21.2 21.3 20.8 28.2 22.3 24.2 Lif
Slide 33: CAPEX, Depreciation and R&D Expenses Trend
Appendix CAPEX, Depreciation and R&D Expenses Trend (Billions of yen) CAPEX Depreciatin R&D expenses 45.0 40.9 40.0 35.6 35.0 33.3 32.7 29.7 30.0 26.4 23.7 24.6 24.2 25.0 20.7 20.9 21.3 19.7 19.6 20.0 18.5 17.6 17.7 16.1 17.0 16.0 15.9 15.0 13.9 13.6 14.4 15.0 12.6 10.8 9.1 10.0 7.9 8.0 5.0 0.0 FY20
Slide 34: Interest-Bearing Debts Trend
Appendix Interest-Bearing Debts Trend Short-term debt Long-term debt Unsecured bonds D/E ratio (Including Current portion of (Billions of yen) long-term loans payable) 300 1.1 0.8 0.7 0.5 0.6 0.6 0.6 0.5 0.4 0.4 250 200 162.0 165.5 139.9 142.4 150 25.0 25.0 0.0 128.9 15.0 0.0 116.3 109.2 105.7 110.6
Slide 35: Cash Flow Trend
Appendix Cash Flow Trend (Billions of yen) Operating CF Investing CF Free CF 100.0 61.8 55.8 52.3 49.2 52.3 50.9 50.0 43.3 38.5 31.8 25.9 25.4 28.8 22.3 24.0 (7.8) 0.0 (11.8) (12.6) (16.1) (20.5) (19.2) (30.4) (23.4) (33.7) (33.7) (50.0) (45.5) (71.9) (100.0) (122.9) (150.0) FY2017 2018 2019 2020 20
Slide 36: For the People of Tomorrow
For the People of Tomorrow TOKUYAINA \
Slide 37: Disclaimer
Disclaimer This material is supplied to provide information of Tokuyama and its Group companies, and is not intended as a solicitation for investment or other actions. This material has been prepared based on the information currently available and involves uncertainties. Tokuyama and its Group comp