Asahi Kasei Corporation · TSE:3407
Asahi Kasei — Investor Day (January 2026)
66 slides from Asahi Kasei's investor day presentation, Jan 8, 2026
Slide 1: First Priority Business Briefing
First Priority Business Briefing Business portfolio transformation for sustainable growth of corporate value January 8, 2026 Asahi Kasei Corp.
Slide 2: Contents
Contents 01 First Priority Businesses in the MTP 02 Healthcare Pharmaceuticals 03 Healthcare Critical Care 04 Homes Overseas Homes 05 Material Electronics 06 Asahi Kasei’s Path to Success and Value Creation 2
Slide 3: Contents
Contents 01 First Priority Businesses in the MTP 02 Healthcare Pharmaceuticals 03 Healthcare Critical Care 04 Homes Overseas Homes 05 Material Electronics 06 Asahi Kasei’s Path to Success and Value Creation 3
Slide 4: Progress on business portfolio transformation and raising corporate value
01 First Priority Businesses in the MTP Progress on business portfolio transformation and raising corporate value Advancing business portfolio transformation for sustainable growth of corporate value FY20181 M&A >¥700 billion FY2025 forecast1 (in November 2025) Healthcare Homes Material Healthcare C
Slide 5: Progress of business portfolio transformation
01 First Priority Businesses in the MTP Progress of business portfolio transformation Advancing business portfolio transformation with both growth investments and structural transformation since previous MTP FY2022 1 FY2023 1 FY2024 1 FY2025 1 Previous MTP “Be a Trailblazer” Current MTP “Trailblaze
Slide 6: Positioning of each business
01 First Priority Businesses in the MTP Positioning of each business Positioning of each business clarified in the current MTP, First Priority businesses as income growth drivers during the current medium term Healthcare Homes Material First Priority Pharmaceuticals ⚫Gaining income from past investm
Slide 7: Main KPIs
01 First Priority Businesses in the MTP Main KPIs Moving to income growth phase through growth of First Priority businesses Impact of low market prices in Chemical business, but overall operating income generally maintained Firm income growth expected by 4 First Priority businesses 11.1% 12.0% 10.3%
Slide 8: Increased income from First Priority businesses up to FY2027
01 First Priority Businesses in the MTP Increased income from First Priority businesses up to FY2027 First Priority businesses are expected to provide operating income increase of ≈¥60 billion by FY2027 (¥ billion) +≈ ¥60 billion -1.5 Electronics +7.9 Other businesses, etc. Overseas Homes +20.7 Crit
Slide 9: Current progress of First Priority businesses
01 First Priority Businesses in the MTP Current progress of First Priority businesses Overall progress is on track despite variations between different businesses due to current operating conditions (¥ billion) Electronics On track Firm performance of AI-related products Other businesses, etc. Overs
Slide 10: Long-term investment plan
01 First Priority Businesses in the MTP Long-term investment plan Planning expansion-related investment of ≈¥670 billion during the 3-year period in order to achieve sustainable growth Total value of investments based on adoption of decisions during the current MTP [Figures for previous MTP shown in
Slide 11: Overview and financial targets of each business (updated)
01 First Priority Businesses in the MTP Overview and financial targets of each business (updated) 1 Development business in real-estate (excl. rental and brokerage business) and land purchase/use in order-built homes 11
Slide 12: Leaders of each sector
01 First Priority Businesses in the MTP Leaders of each sector Healthcare Homes Material Ken Shinomiya Fumitoshi Kawabata Hideyuki Yamagishi Primary Executive Officer Vice-Presidential Executive Officer Primary Executive Officer President, Asahi Kasei Life Science Chairman, Asahi Kasei Homes Directo
Slide 13: Contents
Contents 01 First Priority Businesses in the MTP 02 Healthcare Pharmaceuticals 03 Healthcare Critical Care 04 Homes Overseas Homes 05 Material Electronics 06 Asahi Kasei’s Path to Success and Value Creation 13
Slide 14: Healthcare
Healthcare A major driver of growth for Asahi Kasei, aiming for operating income of ¥150 billion in FY2030 Operating income, operating margin 1 First Priority Pharmaceuticals (¥ billion) (%) ⚫ Firm earnings growth in disease areas with 160 150.0 18 strengths (Veloxis and Calliditas as growth 140 16
Slide 15: Asahi Kasei's Pharmaceuticals Business
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Asahi Kasei’s Pharmaceuticals Business Focus on niche therapeutic areas (specialties) with relatively low risk ⚫ Less competition Current specialties Therapeutic ⚫ Intermediate likelihood of de
Slide 16: Pharmaceuticals & Life Science financial targets (FY2024–27)
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Pharmaceuticals & Life Science financial targets (FY2024–27) On track to exceed expectations in FY2025, the first year of the MTP Pharmaceuticals & Life Science operating income 1 (¥ billion) 5
Slide 17: Tarpeyo – About IgA nephropathy
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Tarpeyo – About IgA nephropathy IgA nephropathy is a rare kidney disease whose cause is not yet fully understood; the market for related therapies is forming 1 Cells in the ileum produce 2 Abno
Slide 18: Tarpeyo – Estimated patient population and share of prescriptions in the U.S.
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Tarpeyo – Estimated patient population and share of prescriptions in the U.S. Peak sales of $500 million expected after FY2030 at the time of acquisition; assuming a 10% share of prescriptions,
Slide 19: Tarpeyo – Market positioning
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Tarpeyo – Market positioning Although competing products are being launched, outlook for market segregation is unchanged 1) Timing of market launch ⚫ The only fully approved disease-modifying d
Slide 20: Tarpeyo – Timing of market launch
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Tarpeyo – Timing of market launch Market penetration with early market launch in the U.S.; still the only formally approved disease-modifying drug for IgA nephropathy Disease-modifying drugs1 S
Slide 21: Tarpeyo – Characteristics
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Tarpeyo – Characteristics Among disease-modifying drugs, Tarpeyo is the only small-molecule drug and has a different administration and mechanism Disease-modifying drugs 1 ❶ ❷ ➌ ➍ Generic name
Slide 22: Tarpeyo – Sales growth outlook
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Tarpeyo – Sales growth outlook Sales momentum exceeding estimate at time of acquisition; outlook for potential of Tarpeyo unchanged even with launch of competing products ⚫ Market penetration w
Slide 23: Outlook of Pharmaceuticals business for 2030
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Outlook of Pharmaceuticals business for 2030 Aiming to establish platform for sustainable growth of the Pharmaceuticals business through forward-looking investment in the current MTP Growth of
Slide 24: Contents
Contents 01 First Priority Businesses in the MTP 02 Healthcare Pharmaceuticals 03 Healthcare Critical Care 04 Homes Overseas Homes 05 Material Electronics 06 Asahi Kasei’s Path to Success and Value Creation 24
Slide 25: Asahi Kasei's Critical Care Business
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Asahi Kasei’s Critical Care Business A market leader with innovative medical devices in the area of serious cardiopulmonary and respiratory conditions A market leader in the area of cardiopulmo
Slide 26: Critical Care financial targets (FY2024–27)
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Critical Care financial targets (FY2024–27) FY2025 forecast revised downward with later than expected launch of new defibrillator product and temporary increase in SG&A expenses; recovery in H2
Slide 27: ACT (defibrillators for medical institutions) – Market
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 1) ACT (defibrillators for medical institutions) – Market Global market potential of >$1 billion total for main hospitals and EMS (equipment only1); ZOLL has major presence in global markets Ma
Slide 28: ACT (defibrillators for medical institutions) – Growth strategy
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 1) ACT (defibrillators for medical institutions) – Growth strategy Aiming for sales CAGR of ≥20% (FY2025–28), above market growth, through measures including new product launch X Series (previo
Slide 29: CMS (LifeVest) – Market
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 2) CMS (LifeVest) – Market Global market potential of ≈$6 billion; continuing growth forecasted in main market of the U.S., accelerating expansion in Europe and other markets U.S. Other markets
Slide 30: CMS (LifeVest) – Strategy in the U.S.
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 2) CMS (LifeVest) – Strategy in the U.S. Maintaining firm position with track record and operational expertise from over 20 years of experience in use by over 1 million patients worldwide Reven
Slide 31: CMS (LifeVest) – Strategy in Europe and other markets
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 2) CMS (LifeVest) – Strategy in Europe and other markets Revenue exceeding $200 million with firm growth in recent years; aiming for further market penetration based on strong record Revenue in
Slide 32: Critical Care initiatives for 2030
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Critical Care initiatives for 2030 Firm growth of sleep apnea related businesses in addition to further growth of main products ACT/ ⚫ Continuous growth of defibrillators and LifeVest Aiming fo
Slide 33: Contents
Contents 01 First Priority Businesses in the MTP 02 Healthcare Pharmaceuticals 03 Healthcare Critical Care 04 Homes Overseas Homes 05 Material Electronics 06 Asahi Kasei’s Path to Success and Value Creation 33
Slide 34: Homes
Homes Expansion with Overseas Homes as the growth driver in addition to steady earnings from Domestic Homes Earnings Base Expansion Domestic Homes (order-built, remodeling, rental/ (¥ billion) Operating income, operating margin （％） real estate brokerage, construction materials) 4 175.0 12.0 ⚫ Streng
Slide 35: Homes
Homes ⚫ Performing selective investments in growing markets in North America and Australia Selective aimed at continually increasing earnings and cash generation investments ✓ Investment: FY2017–23 total ≈¥100 billion overseas ✓ Return: Cumulative sales >¥900 billion and cumulative operating income
Slide 36: Homes
Homes Highly efficient operation through rigorous selectivity of investments centered on Overseas Homes Cumulative Amount of sales increase2/ Amount of operating income investing cash flow1 investing cash flow1 increase2/investing cash flow1 Home builder A ¥420 bn 287% 27% Homes business of Asahi Ka
Slide 37: Homes
Homes FY2025 sales target of ¥1 trillion, shown in December 2021 Homes Business Briefing, reached 1 year early; previous MTP final targets and previous MTP 3-year targets achieved Forecasts and results Business portfolio during previous MTP transformation1 Construction Materials Sales Operating inco
Slide 38: Asahi Kasei's Overseas Homes Business
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Asahi Kasei’s Overseas Homes Business Applying processes continually evolved with Hebel Haus in Japan; advancing innovation in the construction industry of each region ⚫ Business: Subcontractor
Slide 39: Overseas Homes financial targets (FY2024–27)
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Overseas Homes financial targets (FY2024–27) Below initial plan with slow recovery of North American demand; steadily advancing measures anticipating demand recovery Overseas Homes operating in
Slide 40: North American business model
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 1) North American business model Providing an integrated system that combines the core steps of the construction process; being chosen as a subcontractor that provides new value to the builders
Slide 41: North American housing market
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 1) North American housing market Medium- to long-term market growth assured with annual shortage of 1.4–1.7 million units until 2030; cyclical demand fluctuations with large increases in buildi
Slide 42: North American business strategy – Regions
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 1) North American business strategy – Regions Focusing operations on regions with especially high population influx (Arizona, Nevada, Florida) Home building permits by MSA1 in 2024 (thousand)2
Slide 43: North American business strategy – Business model enhancement
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 1) North American business strategy – Business model enhancement Taking times of low demand as opportunities to implement measures that enhance income growth when demand increases again Cycle o
Slide 44: Australian housing market
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 2) Australian housing market Annual population increase of 400 thousand by immigration forecasted until 2030; government target of 1.2 million new homes built over five years from mid 2024 Aust
Slide 45: Australian business strategy – Regions
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 2) Australian business strategy – Regions Operating in regions with ≈80% of the population; focusing on regions where market share can be raised Market scale by region1 Asahi Kasei’s presence ⚫
Slide 46: Australian business strategy – Customers and products
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 2) Australian business strategy – Customers and products Broad lineup of intermediate to high-end homes; pursuing growth with expansion into new target segments Expanding range of target custom
Slide 47: Overseas Homes initiatives for 2030
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Overseas Homes initiatives for 2030 Further income growth by refining business models to meet increased demand over the medium-to-long term ⚫ Raising market share through market America Aiming
Slide 48: Contents
Contents 01 First Priority Businesses in the MTP 02 Healthcare Pharmaceuticals 03 Healthcare Critical Care 04 Homes Overseas Homes 05 Material Electronics 06 Asahi Kasei’s Path to Success and Value Creation 48
Slide 49: Material
Material Advancing business portfolio transformation, transitioning to structure that enables sustainable income growth First Priority Electronics (¥ billion) Operating income, operating margin1 (%) ⚫ Expansion of semiconductor process materials 160.0 12.0 using proprietary technologies 140.0 135.0
Slide 50: Asahi Kasei's Electronics Business
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Asahi Kasei’s Electronics Business Creating products that can become de-facto standards by targeting the leaders of cutting-edge and next-generation markets and designing/developing products in
Slide 51: Electronics financial targets (FY2024–27)
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Electronics financial targets (FY2024–27) Possibility to exceed target with increased demand for electronic materials due to AI-related demand expansion Electronics operating income (¥ billion)
Slide 52: Market changes due to AI-related demand expansion
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Market changes due to AI-related demand expansion Markets for advanced packaging materials and server printed wiring board materials expanding due to AI-related demand AI-related demand expansi
Slide 53: Product portfolio
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Product portfolio Offering optimal materials for advanced semiconductor packaging and printed wiring boards for high-speed communication Illustration of cross section shows where each product i
Slide 54: Pimel photosensitive insulator – Target market and strengths
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 1) Pimel photosensitive insulator – Target market and strengths Leading market share in redistribution layers for advanced semiconductor packaging Target market Business strengths ⚫ Redistribut
Slide 55: Pimel photosensitive insulator – Growth strategy
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 1) Pimel photosensitive insulator – Growth strategy Continued success at the leading edge is important in the semiconductor materials industry; technological development is performed in advance
Slide 56: Pimel photosensitive insulator – Growth outlook
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 1) Pimel photosensitive insulator – Growth outlook Growth rate well above the overall semiconductor industry expected by firmly drawing on AI-related demand Pimel sales Plant expansion CAGR of
Slide 57: Glass fabric for printed wiring boards – Target market and strengths
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 2) Glass fabric for printed wiring boards – Target market and strengths Leading the market with development of advanced products the support high-speed communications infrastructure where deman
Slide 58: Glass fabric for printed wiring boards – Growth strategy
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 2) Glass fabric for printed wiring boards – Growth strategy Launching advanced products on market by looking ahead to future needs and discerning future areas of growth Market trends Product st
Slide 59: Glass fabric for printed wiring boards – Growth outlook
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 2) Glass fabric for printed wiring boards – Growth outlook Gaining firm growth with high value-added product strategy Glass fabric sales Market launch of subsequent generation glass fabric (qua
Slide 60: Electronic components – Growth strategy
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets 3) Electronic components – Growth strategy Firm growth of main products; entering new phase of growth by raising position in existing markets and developing new markets CAGR Market Outlook (FY2
Slide 61: Electronics initiatives for 2030
Pharmaceuticals Critical Care Overseas Homes Electronics Business Financial Markets Strategy model targets Electronics initiatives for 2030 Further refining our strengths in niche technology with highly functional materials and components that support advanced technology ⚫ Accelerating development o
Slide 62: Contents
Contents 01 First Priority Businesses in the MTP 02 Healthcare Pharmaceuticals 03 Healthcare Critical Care 04 Homes Overseas Homes 05 Material Electronics 06 Asahi Kasei’s Path to Success and Value Creation 62
Slide 63: Summary
06 Asahi Kasei’s Path to Success and Value Creation Summary On track to reach FY2027 operating income target of ¥270 billion Solid progress in business portfolio transformation Operating in growth markets of healthcare, North America, and AI/semiconductors Further evolving Asahi Kasei’s ecosystem ha
Slide 64: Asahi Kasei's ecosystem
06 Asahi Kasei’s Path to Success and Value Creation Asahi Kasei's ecosystem Creating unique value through an ecosystem e of mutual utilization of a management platform across diverse businesses Brand strength r and ca trustworthiness H lth om Hea • Achieving management receptive to change by es Fina
Slide 65: Utilizing intangible assets through digital technology and AI
06 Asahi Kasei’s Path to Success and Value Creation Utilizing intangible assets through digital technology and AI Even in different sectors, there are common issues of making products; using AI and digital technology to accelerate utilization of intangible assets Healthcare ⚫ Automation of assembly
Slide 66: Disclaimer
Disclaimer The forecasts and estimates shown in this document are dependent on a variety of assumptions and economic conditions. Plans and figures depicting the future to not imply a guarantee of actual outcomes. Also, this material is issued in order to provide information to the media, shareholder