Slide 1: Financial Results for FY2025
Financial Results for FY2025 February 6, 2026 ©AGC Inc. 1
Slide 2: Contents
Contents Financial Results for FY2025 P.4 1. Highlights of the Financial Results P.5 2. Status of Segments P.12 Outlook for FY2026 P.19 Appendix P.27 ©AGC Inc. 2
Slide 3: Key Points of FY2025 Results and FY2026 Outlook
Key Points of FY2025 Results and FY2026 Outlook Financial Results for FY2025 ◼ Net sales were flat and operating profit rose slightly compared with the previous year. Improvement of Automotive contributed the operating profit increase ◼ Profit for the period attributable to owners of the parent impr
Slide 4: Financial Results for FY2025
Financial Results for FY2025 ©AGC Inc. 4
Slide 5: 1. Highlights of the Financial Results
1. Highlights of the Financial Results ©AGC Inc. 5
Slide 6: Highlights of the Financial Results for FY2025
Highlights of the Financial Results for FY2025 （100 million JPY） Main factors in the change FY2024 FY2025 Net sales increase factors Change Full-year Full-year ◼ Product mix improvement and pricing policies effect in Automotive ◼ Pricing policies effect and higher shipments in Performance Chemicals
Slide 7: YoY Performance Comparison by Business Segment
YoY Performance Comparison by Business Segment (100 million JPY) FY2024 FY2025 Change Full-year Full-year (a) (b) (b)-(a) Net sales Operating profit Net sales Operating profit Net sales Operating profit Architectural Glass 4,380 164 4,411 173 + 32 +9 Automotive 4,988 139 5,206 293 + 218 + 153 Electr
Slide 8: Variance Analysis on OP (FY2025 vs FY2024)
Variance Analysis on OP (FY2025 vs FY2024) 1.6 billion JPY up from last year （100 million JPY） ©AGC Inc. 8
Slide 9: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 million JPY) 2024/12/31 2025/12/31 Change Cash and cash equivalents 1,080 947 - 133 Inventories 4,541 4,654 + 113 Property, plant Property, plant and equipment, and equipment, 16,529 17,604 + 1,075 Goodwill Goodwill and and Intangible Intangible asse
Slide 10: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow (100 million JPY) *1 FY2024 FY2025 Full-year Full-year Effect of impairment loss Profit before tax - 501 1,248 +1,248 Depreciation and amortization 1,813 1,798 Increase(decrease) in working capital 94 220 Effect of loss on sale of subsidiaries and Others 1,442 *1
Slide 11: CAPEX, Depreciation and R&D
CAPEX, Depreciation and R&D (100 million JPY) FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 Full-year Full-year Full-year Full-year Full-year Full-year CAPEX 2,575 2,513 Depreciation 1,813 1,798 R&D 618 603 Architectural Architectural Architectural Glass Glass 338 331 Architectural Glass Glass 249 262 A
Slide 12: 2. Status of Segments
2. Status of Segments ©AGC Inc. 12
Slide 13: Architectural Glass Segment
Architectural Glass Segment FY2024 FY2025 Change Full-year Full-year Variance Analysis on OP Net sales 4,380 4,411 + 32 * （100 million JPY） Asia 1,579 1,535 - 44 Europe & Americas 2,777 2,853 + 76 (Inter-segment) 24 23 -1 Operating profit 164 173 +9 * FOREX impact: +53, (100 million JPY) Change in t
Slide 14: Automotive Segment
Automotive Segment FY2024 FY2025 Change Variance Analysis on OP Full-year Full-year Net sales 4,988 5,206 + 218 * （100 million JPY） Automotive 4,986 5,203 + 218 (Inter-segment) 2 3 +0 Operating profit 139 293 + 153 * FOREX impact: +21, (100 million JPY) Change in the Scope of Consolidation: -10 Net
Slide 15: Electronics Segment
Electronics Segment FY2024 FY2025 Change Variance Analysis on OP Full-year Full-year （100 million JPY） Net sales 3,645 3,551 - 95 * Display 1,792 1,847 + 55 Electronic Materials 1,836 1,685 - 151 (Inter-segment) 18 18 +0 Operating profit 545 475 - 69 * FOREX impact: +14, (100 million JPY) Change in
Slide 16: Chemicals Segment
Chemicals Segment FY2024 FY2025 Change Variance Analysis on OP Full-year Full-year （100 million JPY） Net sales 5,936 5,842 - 94 * Essential Chemicals 4,118 3,834 - 284 Performance Chemicals 1,780 1,961 + 182 (Inter-segment) 39 47 +8 Operating profit 568 530 - 37 * FOREX impact: +44, (100 million JPY
Slide 17: Life Science Segment
Life Science Segment FY2024 FY2025 Change Variance Analysis on OP Full-year Full-year （100 million JPY） Net sales 1,412 1,331 - 81 * Life Science 1,373 1,294 - 79 0 (Inter-segment) 39 37 -2 Operating profit -212 -223 - 11 * FOREX impact: +24, (100 million JPY) Change in the Scope of Consolidation: N
Slide 18: Performance Contribution of Strategic Businesses
Performance Contribution of Strategic Businesses ◼ Overall operating profit decreased YoY due to decreased shipments of Electronics and decreased net sales of Life Science although net sales of Performance Chemicals and Mobility increased Performance Trend of Strategic Businesses (100 million JPY) S
Slide 19: Outlook for FY2026
Outlook for FY2026 ©AGC Inc. 19
Slide 20: Assumptions for Major Economies and Markets in 2026
Assumptions for Major Economies and Markets in 2026 ◼ While some markets continue to face challenging conditions, the global economy is growing at a moderate pace Economies and Markets Assumptions for 2026 Businesses Particularly Affected Moderate growth is underpinned by expanding AI-related Global
Slide 21: Outlook for FY2026
Outlook for FY2026 ◼ Despite a challenging business environment, net sales and operating profit will increase ◼ ROE will improve to 5.2% (100 million JPY) FY2025 FY2026e Net sales 20,588 22,000 （First half） 9,955 10,700 Operating profit 1,275 1,500 （First half） 540 600 Profit before tax 1,248 1,240
Slide 22: Outlook Breakdown by Segment (Net Sales and Operating Profit)
Outlook Breakdown by Segment (Net Sales and Operating Profit) ◼ Improvements in Life Science will contribute to overall net sales and operating profit growth (100 million JPY) FY2025 (a) FY2026e (b) Change (b)-(a) Operating Operating Operating Operating Operating Operating Net sales profit profit Ne
Slide 23: Outlook for FY2026 by Business Segment (1)
Outlook for FY2026 by Business Segment (1) Outlook for FY2026 (vs FY2025) Architectural Glass Automotive Electronics Asia ◼ Shipments are expected to decrease Display due to lower automobile production. ◼ Shipments are expected to increase ◼ Shipments of LCD glass substrates are driven by demand rec
Slide 24: Outlook for FY2026 by Business Segment (2)
Outlook for FY2026 by Business Segment (2) Outlook for FY2026 (vs FY2025) Chemicals Life Science Integrated Chemicals ◼ Net sales of Small Molecule Pharmaceuticals and Agrochemicals ◼ Shipments of fluorine-related products CDMO are expected to increase driven for electronics application and chlor- a
Slide 25: Sales and Operating Profit Outlook of Strategic Businesses
Sales and Operating Profit Outlook of Strategic Businesses ◼ Overall net sales and operating profit are expected to improve YoY driven by sales increase in all strategic businesses ◼ Improvement of operating profit is expected to be driven by Life Science Performance Trend of Strategic Businesses (1
Slide 26: Outlook of CAPEX, Depreciation and R&D
Outlook of CAPEX, Depreciation and R&D ◼ Large-scale capacity expansion investments completed in 2025, capital expenditure slow down in 2026 (100 million JPY) FY2025 FY2026e FY2025 FY2026e FY2025 FY2026e CAPEX 2,513 1,900 Depreciation 1,798 1,830 R&D 603 620 Architectural Architectural Architectural
Slide 27: Appendix
AGC Your Dreams, Our Challenge ©AGC Inc.
Slide 28: Sensitivity to FOREX / Market Impacts
Sensitivity to FOREX / Market Impacts Impact on Operating Profit Exchange Crude Chemicals rate oil market 1 Caustic soda 500 million JPY* gain 260 million JPY* loss $1.3 million gain if the if per barrel price increased International market risen by $1 if yen depreciated by 1% by 1 dollar 2 PVC spre
Slide 29: Variance Analysis on OP (4Q FY2025 vs 3Q FY2025)
Variance Analysis on OP (4Q FY2025 vs 3Q FY2025) 8.2 billion JPY down from last quarter （100 million JPY） ©AGC Inc. 29
Slide 30: YoY Performance Comparison by Regional Segments
YoY Performance Comparison by Regional Segments (100 million JPY) FY2024 FY2025 Change Full-year Full-year Net sales 20,676 20,588 - 88 FOREX impact Japan & Asia 13,181 12,990 - 191 +154 Americas 2,569 2,440 - 129 Change in the scope of Europe 4,926 5,158 + 232 consolidation Operating profit 1,258 1
Slide 31: YoY Net Sales Comparison by Regional Segment
YoY Net Sales Comparison by Regional Segment (100 million JPY) Japan& Asia Americas Europe Inter-segment Total 4Q FY2025 438 76 685 4 1,203 Architectural Glass 4Q FY2024 444 67 565 6 1,083 4Q FY2025 692 283 373 1 1,350 Automotive 4Q FY2024 665 260 312 1 1,238 4Q FY2025 827 119 2 5 954 Electronics 4Q
Slide 32: YoY Net Sales Comparison by Regional Segment (cumulative)
YoY Net Sales Comparison by Regional Segment (cumulative) (100 million JPY) Japan& Asia Americas Europe Inter-segment Total FY2025 1,535 298 2,555 23 4,411 Architectural Glass FY2024 1,579 288 2,489 24 4,380 FY2025 2,605 1,146 1,452 3 5,206 Automotive FY2024 2,490 1,097 1,399 2 4,988 FY2025 3,057 46
Slide 33: Performance by Business Segment (1)
Performance by Business Segment (1) （100 million JPY） Architectural Glass 1Q FY2024 2Q FY2024 3Q FY2024 4Q FY2024 1Q FY2025 2Q FY2025 3Q FY2025 4Q FY2025 Net sales 1,103 1,144 1,050 1,083 1,040 1,068 1,100 1,203 Asia 352 386 397 444 346 361 390 438 Europe & Americas 746 750 648 632 685 703 705 761 (
Slide 34: Performance by Business Segment (2)
Performance by Business Segment (2) （100 million JPY） Chemicals 1Q FY2024 2Q FY2024 3Q FY2024 4Q FY2024 1Q FY2025 2Q FY2025 3Q FY2025 4Q FY2025 Net sales 1,436 1,468 1,490 1,542 1,441 1,417 1,455 1,529 Essential Chemicals 1,005 1,006 1,034 1,072 979 912 956 987 Performance Chemicals 421 453 447 458
Slide 35: Chemicals Segment: FY2025 Performance by New Sub-Segment
Chemicals Segment: FY2025 Performance by New Sub-Segment FY2025 Full-year Net sales 5,842 Sub-segment Integrated Chemicals 3,020 ratio to the Integrated operating profit Chemicals 80% Essential Chemicals - SEA 2,775 Essential (before common (Inter-segment) 47 expense allocation) Chemicals - SEA 20%
Slide 36: Scope Definition of Integrated Chemicals and Performance Chemicals
Scope Definition of Integrated Chemicals and Performance Chemicals as a Strategic Business ◼ Integrated Chemicals covers from upstream to downstream of the Chemical Chain in Japan, and Performance chemicals products etc. in Europe and America, Asia ◼ Performance Chemicals, one of the strategic busin
Slide 37: Market Trend
Market Trend Trend of shipment and price 2024 2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q YoY comparision Architectural Japan & Asia shipment -mid 10% range +high single-digit +low single-digit -mid single-digit -mid single-digit -mid single-digit flat +low single-digit （AGC） price +mid single-digit -mid single-di
Slide 38: ROCE and EBITDA by Business Segment
ROCE and EBITDA by Business Segment （100 million JPY） Operating profit EBITDA* ROCE Operating assets FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 Architectural Glass 164 173 413 435 5.5% 5.2% 3,000 3,300 Automotive 139 293 464 611 4.2% 8.5% 3,350 3,450 Electronics 545 475 1,076 971 9.2% 8
Slide 39: Financial Index
Financial Index IFRS 21/12 22/12 23/12 24/12 25/12 Net sales Million JPY 1,697,383 2,035,874 2,019,254 2,067,603 2,058,832 Operating profit Million JPY 206,168 183,942 128,779 125,835 127,465 OP margin % 12.1 9.0 6.4 6.1 6.2 Profit for the year attributable to owners of the Million JPY 123,840 ▲ 3,1
Slide 40: Structural Reforms in Architectural Glass and Automotive
Structural Reforms in Architectural Glass and Automotive ⚫ Transfer of the North ⚫ Sale and closure of non- ⚫ Transfer of the Philippine ⚫ Transfer of soda ash American Architectural glass core assets in Europe Architectural glass business business business in the U.S. ⚫ Cost reduction project Suspe
Slide 41: Sustainability KPIs
Sustainability KPIs ◼ GHG emissions reductions are progressing steadily GHG (Scope 1 + 2) emissions [10,000 t-CO2]*1 Employee engagement score*1 Sustainability KPIs Blue planet Innovation Well-being Shipment volume index for architectural Total sales index for products contributing to Shipment volum
Slide 42: Disclaimer
Disclaimer: ◼ This material is solely for information purposes and should not be construed as a solicitation. Although this material (including the financial projections) has been prepared using information we currently believe reliable, AGC Inc. does not take responsibility for any errors and omiss
Slide 43: Toward Profitability Improvement
Toward Profitability Improvement February 6, 2026 ©AGC Inc. 43
Slide 44: Current Business Performance
Current Business Performance ◼ Operating profit in 2025 increased YoY, although the same profit fell short of the initial plan for four consecutive years ◼ ROE continued to remain below 5% due to major impairment losses (Display business in 2022 and Biopharmaceuticals CDMO in 2024) ROE Major impairm
Slide 45: Current ROCE
Current ROCE ◼ Automotive achieved an ROCE of over 10% while Display showed improvement as well ◼ Profitability of Essential Chemicals in SEA continued to remain sluggish while Life Science continued to incur losses FY2025 ROCE*1 and Size of Capital Employed by Business (before common expense alloca
Slide 46: FY2026 Financial Targets
FY2026 Financial Targets ◼ ROE above 5% in 2026 ◼ ROE above 8% as soon as possible from 2027 onward, exceeding cost of equity capital 2025 2026 Actual Performance Targets as of Feb. 2026 Operating Profit (100 million JPY) 1,275 1,500 Strategic Business Financial KPIs Operating Profit 587 800 (100 mi
Slide 47: Measures for ROCE Improvement
Measures for ROCE Improvement ◼ We will improve operating profit and optimize capital employed in all business segments in order to achieve a group-wide ROCE of 10% (equivalent to ROE 8%) Operating Profit Improvement Capital Employed Optimization Major Exits Announced in 2025 Cost Reduction Meticulo
Slide 48: Current Status of Electronics
Current Status of Electronics ◼ Optoelectronics is currently in the transition period toward further advanced functionality aiming for renewed growth by added-value enhancement ◼ Growth of semiconductor-related materials is expected to continue. Focusing on R&D of cutting-edge areas and sales expans
Slide 49: Current Status of Integrated Chemicals
Current Status of Integrated Chemicals ◼ We strive to optimize the whole chemical chain with Performance Chemicals*1 as the pillar ◼ As for Performance Chemicals, we will focus on the three high profitable product categories: electronics, energy and mobility Outlook of Electronics Market and Corresp
Slide 50: Current Status of Automotive
Current Status of Automotive ◼ Achieved ROCE of 10% in 2025. By continuing the three initiatives to improve earnings, we aim to reach ROCE of 15% within the next few years ◼ Global automobile demand is expected to ROCE Trend (before common expense allocation) grow modestly through 2030, driven by in
Slide 51: Current Status of Architectural Glass
Current Status of Architectural Glass ◼ We are implementing business strategies that match the characteristics of each regional market including profit improvement measures Market Trend and Strategy Europe & Americas Asia Demand remains weak. Actions in Renovation demand underpins Europe capacity ma
Slide 52: Current Status of Display
Current Status of Display ◼ Aiming for ROCE of 10% in 2027, we will steadily implement earnings improvement measures ◼ Total glass demand is expected to ROCE Trend (before common expense allocation) increase modestly through 2030 ROCE due to larger TV screen sizes 10% Market ◼ Demand for large glass
Slide 53: Current Status of Essential Chemicals - SEA
Current Status of Essential Chemicals - SEA ◼ The expanded capacity in Thailand launched in 3Q, 2025 with full-scale operation starting in 2026 ◼ Although demand growth in Southeast Asian market remains steady, market prices of PVC and caustic soda are expected to continue to remain low ◼ We aim to
Slide 54: Current Status of Life Science
Current Status of Life Science ◼ As for mammalian, the challenge is in expansion of contracts intake although the production using SUB* technology is stabilizing ◼ Maintaining firm performance and quality for microbial, cell and gene therapy and small molecule pharmaceuticals and agrochemicals Sales
Slide 55: Initiatives of Life Science and Future Outlook
Initiatives of Life Science and Future Outlook ◼ Currently strengthening various initiatives in order to expand contracts intake of mammalian ◼ Life Science is expected to turn profitable in 2027 or later Initiatives for Mammalian Sales and Operating Profit Outlook (100 million JPY) Contracts Sales
Slide 56: R&D Investment Direction
R&D Investment Direction ◼ Select development areas according to market R&D investment 2022-2024 2025-2027 and technology perspectives areas ◼ Increase share of strategic areas Core Business 3 Development of new Strategic Business Redefining proprietary technologies and businesses Semiconductor proc
Slide 57: Expansion of Semiconductor-related Businesses
Expansion of Semiconductor-related Businesses ◼ We provide diverse products of Electronics and Performance Chemicals for semiconductor manufacturing, ranging from the front-end to back-end processes Semiconductor-related Products Electronics Performance Chemicals Wafer manufacturing to front-end pro
Slide 58: Expansion of Semiconductor Packaging Technologies and Solutions
Expansion of Semiconductor Packaging Technologies and Solutions ◼ Leveraging inorganic and organic material technologies, functional design and processing, manufacturing, and common basic technologies to contribute to the evolution of semiconductor packaging Materials Technology Functional Design an
Slide 59: CAPEX
CAPEX ◼ Large-scale capacity expansion investments completed by 2025 ◼ New investments will be sharply reduced from 2026, and we will focus on recovering the investments made to date CAPEX（100 million JPY） Expansion investments Investment reduction and harvesting Ceramics/Others Life Science Chemica
Slide 60: Shareholder Return Policy
Shareholder Return Policy ◼ Stable dividend with a target DOE* of approx. 3% ◼ The dividend per share for 2026 will be maintained at the 2025 level ◼ From 2027, we will consider reviewing our shareholder returns policy in line with business recovery Dividend Per Share（JPY） Special dividend Year-end
Slide 61: Further Enhancement of Corporate Governance
Further Enhancement of Corporate Governance ◼ We will become a Company with an Audit & Supervisory Committee to further deepen corporate governance. 2002 Corporate Governance Reform Under the framework of a Company with Audit & Supervisory Board, appointed two Board of Total of 10 members independen
Slide 62: Role of Board of Directors after the Transition
Role of Board of Directors after the Transition ◼ Redefined the role of the Board of Directors to drive the realization of further value creation Realizing value creation based on AGC’s competitive advantages Board of Directors Overseeing the management Setting the overall direction of management to
Slide 63: Disclaimer
Disclaimer: ◼ This material is solely for information purposes and should not be construed as a solicitation. Although this material (including the financial projections) has been prepared using information we currently believe reliable, AGC Inc. does not take responsibility for any errors and omiss