Kuraray Co., Ltd. · TSE:3405
Kuraray — FY2026 3Q Earnings Presentation
21 slides from Kuraray's earnings presentation, Nov 11, 2026
Slide 1: FY2026 3Q Earnings Presentation
FY2026 3Q Earnings Presentation November 11, 2026 © 2026 KURARAY CO., LTD. All rights reserved.
Slide 2: Key Points of FY2026 3Q Financial Results
Key Points of FY2026 3Q Financial Results 1-3Q results achieved year-on-year growth in both net sales and profits. • Promoted price revisions in response to rising raw material and fuel prices • Inventory valuation differences of approximately +¥16.0 billion had a positive impact in 3Q, reflecting
Slide 3: FY2026 1-3Q Results
FY2026 1-3Q Results (Billion yen) FY2026 1-3Q FY2025 1-3Q Difference Net Sales 643.4 593.4 49.9 Operating Income 69.7 46.4 23.4 Ordinary Income 65.3 40.1 25.3 Net Income Attributable to Owners of the Parent 40.6 22.8 17.8 Reference JPY/USD (average) 159 148 JPY/EUR (average) 184 166 Domestic naphtha
Slide 4: FY2026 1-3Q Factors Affecting the Change in Operating Income
FY2026 1-3Q Factors Affecting the Change in Operating Income Promoted price revisions in response to rising raw material and fuel prices Inventory valuation differences contributed positively. (Billion yen) 80.0 70.0 15.5 60.0 11.2 50.0 1.3 (4.5) 40.0 30.0 20.0 10.0 +23.4 0.0 Raw Materials Volume/
Slide 5: Net Sales and Operating Income by Segment
Net Sales and Operating Income by Segment (Billion yen) FY2026 1-3Q FY2025 1-3Q Difference Operating Operating Operating Net Sales Income Net Sales Income Net Sales Income Vinyl Acetate 322.6 55.8 301.4 48.6 21.2 7.3 Isoprene 68.7 3.4 58.5 (2.2) 10.2 5.6 Functional Materials 168.1 10.7 149.1 4.7 19.
Slide 6: Vinyl Acetate
Vinyl Acetate Sales of optical-use poval film were strong, while challenging business conditions continued for the advanced interlayer solutions business. Promoted price revisions in response to rising raw material and fuel prices Factors Affecting the Change in Operating Income Business Conditions
Slide 7: Isoprene
Isoprene Promoted price revisions in response to rising raw material and fuel prices In addition to the positive impact of inventory valuation differences, depreciation and amortization expenses decreased due to impairment losses recorded in the previous year. Factors Affecting the Change in Opera
Slide 8: Functional Materials
Functional Materials Sales in the medical business remained firm. Earnings improved through price revisions for activated carbon and restructuring of the methacrylate business. Factors Affecting the Change in Operating Income Business Conditions (Billion yen) Although sales volume fell due to the op
Slide 9: Fibers and Textiles
Fibers and Textiles Promoted a price revision for KURALON in response to rising raw material and fuel prices Inventory valuation differences contributed positively. Factors Affecting the Change in Operating Income Business Conditions (Billion yen) Sales volume increased amid a recovery +7.3 CLARINO
Slide 10: Balance Sheet [1]: Assets
Balance Sheet [1]: Assets (Billion yen) Sep. 30, 2026 Dec. 31, 2025 Difference Current Assets 590.8 578.4 12.4 Non-current 739.6 725.1 14.5 Assets Total Assets 1,330.4 1,303.5 26.9 Sep. 30, 2026 Dec. 31, 2025 JPY/USD (end of period) 157 157 JPY/EUR (end of period) 178 184 © 2026 KURARAY CO., LTD. Al
Slide 11: Balance Sheet [2]: Liabilities and Net Assets
Balance Sheet [2]: Liabilities and Net Assets (Billion yen) Sep. 30, 2026 Dec. 31, 2025 Difference Current Liabilities 215.7 228.2 (12.6) Non-current Liabilities 348.5 320.1 28.3 Total Liabilities 564.1 548.3 15.8 Net Assets 766.3 755.2 11.1 Total Liabilities and Net Assets 1,330.4 1,303.5 26.9 Equi
Slide 12: Forecast for FY2026
Forecast for FY2026 Although there will be a gap between 3Q and 4Q profits, 2H performance is expected to progress in line with the plan. The full-year earnings forecast has not been revised. (Billion yen) FY2026 FY2026 Forecast FY2025 Difference Forecast Difference (Nov. 11, 2026) (Aug. 7, 2026) Ne
Slide 13: FY2026 3Q Results and 4Q Forecast Factors Affecting the Change in Operating Income
FY2026 3Q Results and 4Q Forecast Factors Affecting the Change in Operating Income Inventory valuation differences, which had a positive impact in 3Q, are expected to have a negative impact in 4Q. The impact of regular maintenance at certain plants and decreases in sales volume of optical-use poval
Slide 14: Details of Inventory Valuation Differences and Regular Maintenance Impacts
Details of Inventory Valuation Differences and Regular Maintenance Impacts (FY2026 3Q Results and 4Q Forecast) Billion yen Approximate impact on operating income profit, () loss FY2026 4Q FY2026 3Q 3Q/4Q (Forecast) Difference Inventory Repair cost Capacity utilization Inventory Repair cost Capacity
Slide 15: Ref. Net Sales and Operating Income by Segment
Ref. Net Sales and Operating Income by Segment (Billion yen) FY2026 Forecast FY2026 Forecast FY2025 Difference Difference (Nov. 11, 2026) (Aug. 7, 2026) Operating Operating Operating Operating Operating Net Sales Net Sales Net Sales Net Sales Net Sales Income Income Income Income Income Vinyl Acetat
Slide 16: Ref. Quarterly Net Sales by Segments
Ref. Quarterly Net Sales by Segments (Billion yen) FY2025 FY2026 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY (Forecast) (Forecast) Vinyl Acetate 100.4 102.5 98.5 103.1 404.5 101.9 115.2 105.5 108.4 431.0 Isoprene 19.7 20.3 18.6 21.9 80.4 21.5 24.4 22.9 27.3 96.0 Functional Materials 47.8 50.8 50.6 58.7 207.8 52.8
Slide 17: Ref. Quarterly Operating Income by Segments
Ref. Quarterly Operating Income by Segments (Billion yen) FY2025 FY2026 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY (Forecast) (Forecast) Vinyl Acetate 15.9 14.0 18.7 14.0 62.5 11.0 14.3 30.5 7.2 63.0 Isoprene 2.8 (4.1) (0.9) (2.7) (4.9) 2.9 (1.1) 1.6 (1.9) 1.5 Functional Materials 1.4 0.4 3.0 4.2 8.9 3.4 1.5 5.8
Slide 18: Ref. Modeling Tool (FY2025 Results)
Ref. Modeling Tool (FY2025 Results) Billion yen Approximate impact on operating income profit, () loss FY2025 1H FY2025 2H FY2025 Regular Operation Inventory Regular Operation Inventory maintenance suspension valuation Total maintenance suspension valuation Total Total cost cost differences cost cos
Slide 19: Ref. Modeling Tool (FY2026 1H Results and 2H Revised Forecast)
Ref. Modeling Tool (FY2026 1H Results and 2H Revised Forecast) Billion yen Approximate impact on operating income profit, () loss FY2026 2H FY2026 FY2026 1H (Forecast) (Forecast) Regular Operation Inventory Regular Operation Inventory maintenance suspension valuation Total maintenance suspension val
Slide 20: Ref. Upcoming IR Events (Planned)
Ref. Upcoming IR Events (Planned) Announcement of FY2026 Financial Results February 9, 2027 Announcement of New Long-Term Vision February 22, 2027 Briefing on New Long-Term Vision © 2026 KURARAY CO., LTD. All rights reserved. 20
Slide 21: Forward-looking statements disclaimer
All figures are rounded to the nearest hundred million yen. This presentation contains various forward-looking statements which are based on the current expectations and assumptions of future events. All figures and statements with respect to the future performance, projections, and business plans o