Aica Kogyo Company, Limited · TSE:4206
Aica Kogyo — FY2025 Earnings Presentation
46 slides from Aica Kogyo's earnings presentation, May 25, 2026
Slide 1: Financial Results for the Fiscal Year Ended March 31, 2026
Aica Kogyo Co., Ltd. Financial Results for the Fiscal Year Ended March 31, 2026 May 25, 2026 Stock code: 4206 ⒸAica Kogyo Co., Ltd. 1
Slide 2: Table of Contents
Table of Contents 1. Highlights 2. FY2025 Results 3. FY2025 Results by Segment 4. FY2026 Forecast 5. FY2026 Forecast by Segment 6. Capital Policy and Shareholder Returns 7. Progress of Medium-Term Business Plan “Value Creation 3000 & 300” ⒸAica Kogyo Co., Ltd. 2
Slide 3: FY2025 Results - Key Highlights
1. FY2025 Results - Key Highlights ◼ Record highs in net sales, operating profit, ordinary profit, and net income*1 Consolidated ◼ Operating profit and ordinary profit increased for five consecutive years Results ◼ Ordinary profit reached the Medium-Term Business Plan target one year ahead of the sc
Slide 4: Table of Contents
Table of Contents 1. Highlights 2. FY2025 Results 3. FY2025 Results by Segment 4. FY2026 Forecast 5. FY2026 Forecast by Segment 6. Capital Policy and Shareholder Returns 7. Progress of Medium-Term Business Plan “Value Creation 3000 & 300” ⒸAica Kogyo Co., Ltd. 4
Slide 5: Consolidated Financial Results
2-1. Consolidated Financial Results ◼ Net sales, Operating profit, Ordinary profit, and Net Income*: New Record Highs ◼ Operating Profit and Ordinary Profit: Increased for Five Consecutive Years FY2024 FY2025 Results Profit Margin Forecast Results Profit Margin YoY vs Fcst. [JPY Net Sales million] 2
Slide 6: Historical Consolidated Results
2-2. Historical Consolidated Results ◼ CAGR*1: Net sales +4.1%, Ordinary profit +8.4%, Net income*2 +9.0% [JPY million] 38,000 251,764 Profit Net Sales 248,696 242,055 240,000 236,625 33,000 30,136 28,668 26,135 28,000 214,514 210,000 22,088 21,840 23,000 18,533 16,896 18,000 180,000 15,135 13,117 1
Slide 7: Results by Segment
2-3. Results by Segment ◼ Operating Profit: Chemical Products fell short of the plan, while Laminates & Building materials exceeded it. Net Sales Operating Profit [JPY million] FY2024 FY2025 YoY FY2024 FY2025 YoY 9,331 9,330 -0.0% Amount Chemical 138,587 136,262 -1.7% Products Profit 6.7% 6.8% - Mar
Slide 8: International Sales
2-4. International Sales FY2024 Results FY2025 Results International Sales International Sales Net Sales Net Sales YoY [JPY billion] Ratio Ratio Chemical Products 99.50 71.8% 96.24 -3.3% 70.6% Laminates & 19.90 18.1% 19.09 -4.1% 16.5% Building Materials Total 119.41 48.0% 115.33 -3.4% 45.8% ⒸAica Ko
Slide 9: [Reference] Key Financial Data (Consolidated)
2-5. [Reference] Key Financial Data (Consolidated) FY2023 FY2024 FY2025 [JPY billion] R&D Expenditure 4.07 4.40 4.70 Depreciation 7.04 7.91 8.39 Capital Investment 9.36 9.21 7.88 Outstanding Debts 11.51 11.08 38.59 Equity Ratio 58.9% 60.2% 58.4% ⒸAica Kogyo Co., Ltd. 9
Slide 10: Table of Contents
Table of Contents 1. Highlights 2. FY2025 Results 3. FY2025 Results by Segment 4. FY2026 Forecast 5. FY2026 Forecast by Segment 6. Capital Policy and Shareholder Returns 7. Progress of Medium-Term Business Plan “Value Creation 3000 & 300” ⒸAica Kogyo Co., Ltd. 10
Slide 11: Sales Breakdown for Chemical Products
3-1. Sales Breakdown for Chemical Products ◼ Adhesives, Specialty & Performance Materials: Revenue Decreased; Construction Resins and Others: Flat YoY FY2024 FY2025 [JPY billion] Results Forecast Results vs Fcst. YoY Adhesives 95.89 100.30 94.29 94.0% -1.7% [Of which, AAP* Group] [74.74] [78.2] [72.
Slide 12: Operating Profit Results for Chemical Products
3-2. Operating Profit Results for Chemical Products ◼ Non-consolidated and Japanese group posted profit growth, while the international group saw a decline. [JPY million] 552 103 - 213 - 140 215 9,331 9,330 - 517 Aica Kogyo Non-consolidated 2025/3期 FY2024 増販益 Volume 売価・原材料 Pricing/Raw 製造固定費 Fixed 販管
Slide 13: Results for Chemical Products (International Business)
3-3. Results for Chemical Products (International Business) ◼ AAP Group: Sluggish due to the downturn in the Chinese market; EMC Group: Sluggish performance in polyurethane resin for shoes Sales by Country International Group Performance AAP* Group EMC* Group Indonesia Japan China Thailand Vietnam O
Slide 14: Sales Results for Chemical Products (Japanese Business)
3-4. Sales Results for Chemical Products (Japanese Business) Adhesives Construction Resins Specialty & Performance Materials Various adhesives, Wall/floor coating materials, Functional spherical polymer beads, phenol formaldehyde resins, etc. repair/reinforcing materials UV-curable resins, etc. 21.6
Slide 15: Sales Breakdown for Laminates & Building Materials
3-5. Sales Breakdown for Laminates & Building Materials ◼ High-value-added products (high-pressure laminates (Japan), CERARL, building and housing materials) grew FY2024 FY2025 [JPY billion] Results Forecast Results vs Fcst. YoY High Pressure Laminates 35.09 37.50 35.21 93.9% +0.4% (HPL) Decorative
Slide 16: Operating Profit Results for Laminates & Building Materials
3-6. Operating Profit Results for Laminates & Building Materials ◼ Non-consolidated, Japanese group, and international group all posted profit growth [JPY million] 253 24,803 124 807 1,891 - 345 - 462 22,535 Aica Kogyo Non-consolidated 2025/3期 FY2024 増販益 Volume 売価・原材料 Pricing/Raw 製造固定費 Fixed 販管費 SG&
Slide 17: Sales Results for Laminates & Building Materials (Japanese Business)
3-7. Sales Results for Laminates & Building Materials (Japanese Business) ◼ Despite the challenging environment in the new construction market, high-value-added products* grew (FY2025: YoY +8.5% ) Japanese Construction Market (YoY) Trend of Sales Performance in Japan * Time lag with AICA products’ d
Slide 18: Sales Results for Laminates & Building Materials by Country
3-8. Sales Results for Laminates & Building Materials by Country (International Business) ◼ Net sales have shown a downward trend in recent years due to the slump [JPY billion] in China’s real estate market and other factors 20.24 19.90 18.88 19.09 2.80 2.59 Taiwan 17.16 2.14 2.55 Malaysia, etc. 1.2
Slide 19: Table of Contents
Table of Contents 1. Highlights 2. FY2025 Results 3. FY2025 Results by Segment 4. FY2026 Forecast 5. FY2026 Forecast by Segment 6. Capital Policy and Shareholder Returns 7. Progress of Medium-Term Business Plan “Value Creation 3000 & 300” ⒸAica Kogyo Co., Ltd. 19
Slide 20: Business Outlook Forecast for FY2026
4-1. Business Outlook Forecast for FY2026 Residential Non-residential Japanese (number of constructions) (total area of constructions) Construction Market FY2025 (Results) -6.8% -7.4% FY2026 (Forecast) +4.2％ -5.0% * Time lag with AICA products’ demand period has been adjusted • Geopolitical risks su
Slide 21: FY2026 Full Year Forecast
4-2. FY2026 Full Year Forecast ■ Higher net sales and profit are expected, driven by the consolidation of Stylam and growth in existing businesses, despite the impact of higher raw material costs in 1Q (approximately JPY1.5 billion) due to the Middle East situation. FY2025 FY2026 Results Profit Marg
Slide 22: FY2026 Full Year Forecast by Segment
4-3. FY2026 Full Year Forecast by Segment ■ Chemical Products Segment: Return to growth driven by international market recovery, despite the impact of higher raw material costs in 1Q due to the Middle East situation. Laminates & Building Materials Segment: Growth expected, driven by Stylam consolida
Slide 23: Table of Contents
Table of Contents 1. Highlights 2. FY2025 Results 3. FY2025 Results by Segment 4. FY2026 Forecast 5. FY2026 Forecast by Segment 6. Capital Policy and Shareholder Returns 7. Progress of Medium-Term Business Plan “Value Creation 3000 & 300” ⒸAica Kogyo Co., Ltd. 23
Slide 24: Sales Forecast by Product Group for Chemical Products
5-1. Sales Forecast by Product Group for Chemical Products ■ Revenue growth planned across all product groups, driven by AAP retail business, construction resins, and new market development FY2025 FY2026 [JPY billion] Results Forecast YoY Adhesives 94.29 97.60 +3.5% [Of which, AAP* Group] [72.15] [7
Slide 25: Operating Profit Forecast for Chemical Products
5-2. Operating Profit Forecast for Chemical Products ■ Higher profit expected, driven by growth in international group companies, including the impact of higher raw material costs in 1Q due to the Middle East situation [JPY million] 400 791 9,700 9,330 - 507 - 100 - 200 - 14 Aica Kogyo Non-consolida
Slide 26: Sales Forecast by Product Group for Laminates & Building Materials
5-3. Sales Forecast by Product Group for Laminates & Building Materials ■ In addition to significant growth in high-pressure laminate (HPL) from consolidation of Stylam, higher net sales driven by growth in high-value-added products is forecast. FY2025 FY2026 [JPY billion] Results Forecast YoY High
Slide 27: Operating Profit Forecast for Laminates & Building Materials
5-4. Operating Profit Forecast for Laminates & Building Materials ■ Higher profit expected, driven by growth in international group companies, including Stylam, while incorporating the impact of higher raw material costs in 1Q due to the Middle East situation. [JPY million] 1,791 26,500 1,229 - 423
Slide 28: Overview of Growth Drivers
5-5. Overview of Growth Drivers ■ Growth will continue through expansion of high-value-added products and accelerated global expansion. Chemical Products Laminates & Building (Japan) Materials (Japan) ・ Growth in construction resins through FY2026 ・ Expand sales of high value-added demand capture Co
Slide 29: Chemical Products Growth Drivers: AAP Retail Business
5-6. Chemical Products Growth Drivers: AAP Retail Business ■ Growth will be accelerated in the retail adhesives business by strengthening regional collaboration between Indonesia and Thailand. Indonesia Indonesia × Thailand Thailand Highly profitable INDRIA and ADBS, driving a AICA INDRIA Group majo
Slide 30: Chemical Products Growth Drivers: Japanese Construction Resins
5-7. Chemical Products Growth Drivers: Japanese Construction Resins ■ Continued growth driven by expanding repair and renovation demand and increasing adoption of high-design, high-performance products. Repair/reinforcing Wall coating materials materials Expanding by capturing steadily growing Expan
Slide 31: Growth Drivers: Stylam (1) Overview
5-8. Laminates & Building Materials Growth Drivers: Stylam (1) Overview ■ Acquired Stylam, which combines profitability and growth potential, to capture growth in the Indian market and accelerate global expansion Acquisition of Shares in Stylam Stylam Performance FY2025 performance INR million (Conv
Slide 32: Growth Drivers: Stylam (2) Vision
5-9. Laminates & Building Materials Growth Drivers: Stylam (2) Vision ■ Leverage Stylam’s supply capacity and earnings strength to become a global HPL manufacturer from Asia Stylam’s strengths / features Global expansion Of net sales, 70% are from overseas markets (see net sales ratio by market) Pro
Slide 33: Laminates & Building Materials Growth Drivers: Japan
5-10. Laminates & Building Materials Growth Drivers: Japan ■ Accelerate growth in Japan’s laminates & building materials business through expansion of high value-added products and development of new applications. New applications Ceiling: KABITECT Floor: MELAMINE TILE Smart Sanitary (flooring, ceil
Slide 34: Impact of the Middle East Situation and Response
5-11. Impact of the Middle East Situation and Response ■ Respond flexibly from both supply and earnings perspectives to minimize impact Expected impact Response Procurement difficulties Stable procurement through AICA’s global network Unstable supply of some Respond by leveraging the network of our
Slide 35: Table of Contents
Table of Contents 1. Highlights 2. FY2025 Results 3. FY2025 Results by Segment 4. FY2026 Forecast 5. FY2026 Forecast by Segment 6. Capital Policy and Shareholder Returns 7. Progress of Medium-Term Business Plan “Value Creation 3000 & 300” ⒸAica Kogyo Co., Ltd. 35
Slide 36: Capital Policy: Results
6-1. Capital Policy: Results FY2022 FY2023 FY2024 FY2025 Policy (Results) (Results) (Results) (Results) [JPY billion] ROE 6.9% ROE > ROIC > WACC structure ROE 9.9% ROE 10.1% ROE 10.2% ROIC 8.1% Create ROE and ROIC that exceed the cost of ROIC 8.9% ROIC 9.6% ROIC 8.8% ROE capital ROIC Shareholders’ C
Slide 37: Capital Policy: ROE Target
6-2. Capital Policy: ROE Target ■ In addition to strengthening earnings power, combine asset efficiency and financial strategy to consistently achieve an ROE of 10% or higher. ROE Trend (Results/Forecast) Policy Improving profitability by focusing on high value- Strengthen Profit added products and
Slide 38: Capital Policy: Cash Allocation (FY2023 - FY2026)
6-3. Capital Policy: Cash Allocation (FY2023 - FY2026) ■ Promote growth investment based on an optimal balance between investment and shareholder returns, and reallocate unused cash to growth investments and shareholder returns Cash-In: Total JPY 110 billion Cash-Out: Total JPY 110 billion [Unit: JP
Slide 39: Capital Policy: Dividends
6-4. Capital Policy: Dividends ■ For FY2025, a dividend of JPY 138 is planned, an increase of JPY 12 from the previous FY FY2026, progressive dividends will be maintained, with a further increase of JPY 2 to JPY 140 + JPY 2 YoY + JPY 12 YoY [JPY] 17 consecutive years of dividend increases; * 138 140
Slide 40: Table of Contents
Table of Contents 1. Highlights 2. FY2025 Results 3. FY2025 Results by Segment 4. FY2026 Forecast 5. FY2026 Forecast by Segment 6. Capital Policy and Shareholder Returns 7. Progress of Medium-Term Business Plan “Value Creation 3000 & 300” ⒸAica Kogyo Co., Ltd. 40
Slide 41: Progress of Medium-Term Business Plan: Financial Targets
7-1. Progress of Medium-Term Business Plan: Financial Targets Previous Plan Year 1 Year 2 Year 3 Year 4 [JPY billion] FY2022 Results FY2023 Results FY2024 Results FY2025 Results FY2026 Plan Net Sales 242.0 236.6 248.6 251.7 280.0 Ordinary Profit 22.0 26.1 28.6 30.1 32.0 AS Products *1 Sales*2 19.3 2
Slide 42: Progress of Medium-Term Business Plan: Targets by Segment
7-2. Progress of Medium-Term Business Plan: Targets by Segment Previous Plan Year 1 Year 2 Year 3 Year 4 FY2022 FY2023 FY2024 FY2025 FY2026 [JPY million] YoY Results Results Results Results Plan Net Sales 141,312 130,300 138,587 136,262 -1.7% 141,500 Operating Profit 7,494 9,280 9,331 9,330 -0.0% 9,
Slide 43: Progress of Medium-Term Business Plan: Improvement of Profitability
7-3. Progress of Medium-Term Business Plan: Improvement of Profitability ■ The profitability of international chemical products business needs to be further improved, while laminates & building materials business in Japan is performing solidly <Profitability and growth analysis by business> <Summary
Slide 44: Progress of Medium-Term Business Plan (Materiality 1/2)
7-4. Progress of Medium-Term Business Plan (Materiality 1/2) Scope FY2025 Results FY2026 Forecast*1 Net sales: JPY 251.7 billion Net sales: JPY 280.0 billion Ordinary profit: JPY 30.1 billion Ordinary profit: JPY 32.0 billion ROE: 10.2% ROE: 10% or more (1) Provide economic AICA Group ROIC: 8.8% ROI
Slide 45: Progress of Medium-Term Business Plan (Materiality 2/2)
7-4. Progress of Medium-Term Business Plan (Materiality 2/2) Scope FY2025 Results FY2026 Forecast Labor productivity: JPY 24.36 million/person Labor productivity: JPY 22.8 million or more per person HR Investments: JPY 1.19 billion (3-year cumulative total: JPY 3.32 billion) HR Investments: JPY 4.0
Slide 46: “FY” in this report indicates the fiscal year ending March 31 of the succeeding
“FY” in this report indicates the fiscal year ending March 31 of the succeeding year. The matters such as current plan, prospect, strategy, or conviction which indicated in this report, but not historical fact are only the expectation of the future achievement, and there are the risks or unexpected