Kureha Corporation · TSE:4023
Kureha — FY2025 2Q Earnings Presentation
32 slides from Kureha's earnings presentation, Nov 11, 2025
Slide 1: FY2025 2Q Results
FY2025 2Q Results November 11, 2025
Slide 2: Contents
Contents Ⅰ. FY2025 Financial Overview and Outlook Ⅰ-(1) Performance Highlights and Key Items ( 3) ～ (11) Ⅰ-(2) FY2025 2Q Results (12) ～ (16) Ⅰ-(3) FY2025 Earnings Forecast (17) ～ (26) Ⅱ. Progress on the Mid- to Long-Term Management Plan, The Rolling Plan 2025 ・Progress on Reducing Environmental Impa
Slide 3: Ⅰ. FY2025 Financial Overview and Outlook
Ⅰ. FY2025 Financial Overview and Outlook （2）
Slide 4: Ⅰ. FY2025 Financial Overview and Outlook
Ⅰ. FY2025 Financial Overview and Outlook Ⅰ-(1) Performance Highlights and Key Items Ⅰ-(2) FY2025 2Q Results Ⅰ-(3) FY2025 Earnings Forecast （3）
Slide 5: Performance Highlights (1)
Performance Highlights （1） FY2025 2Q Results Revenue and Profit （billion yen） FY2025 2Q YoY changes: Main Factors FY25 FY24 FY25 2Q ・Higher revenue from PGA and PPS in Advanced Materials, but overall revenue declined due to the concentration of Initial 2Q 2Q Diff. Diff. Agrochemical sales in Special
Slide 6: Performance Highlights (2)
Performance Highlights （2） ＜Analysis of Changes in Operating Profit：FY2025 2Q Results＞ PVDF: While revenue decreased, profit increased due to a reversal of inventory write-down in the previous fiscal year. PGA: While revenue increased, profit declined due to the impact of deteriorating profitability
Slide 7: Performance Highlights (3)
Performance Highlights （3） FY2025 Annual Forecast FY2025 Annual YoY Change: Key Differences ・Overall revenue increase slightly due to increase in sales of PGA & PPS Revenue and Profit （million yen） business in Advanced Materials and Home Products in Specialty Plastics, FY25 FY24 FY25 despite a reven
Slide 8: Performance Highlights (4)
Performance Highlights （4） ＜ Analysis of Changes in Operating Profit：FY2025 Full-year Forecast ＞ We expect profits from businesses to increase, mainly for Advanced Plastics such as PPS, PVDF, and PGA. We expect operating profit to increase by 4.6 billion yen due to gain on sale of non-operating asse
Slide 9: Key Items: PVDF Business
Key Items: PVDF Business ＜LiB Market Overview＞ ＜Profit and Loss Summary＞ vs. 2Q YoY/FY2024 Annual Result • Demand for LiB for automotive applications is expected to • For 1H, revenue declined due to a decrease in sales for EV, although expand sustainably in the medium to long term, with no sales for
Slide 10: Key Items: PVDF Business
Key Items: PVDF Business PFAS Regulation in Europe Diagram of PFAS In Europe, five countries—Denmark, Germany, the 4 Specified PFAS Netherlands, Sweden, and Norway—have submitted Substance Substances regulated under proposals to restrict PFAS (organic fluorine compounds gropes the POPs Convention in
Slide 11: Key Items: PGA Business
Key Items: PGA Business ＜Market Overview＞ ＜Profit and Loss Summary＞ • Drilling activity in gas fields (high temperature) has recovered vs. 2Q YoY/FY2024 Annual Result due to the rise in natural gas prices. • Sales increased due to a recovery in drilling activities in gas fields • Oil prices have rec
Slide 12: Enhance Cost Competitiveness
Enhance Cost Competitiveness The Production Transformation Project was launched in April 2025 to gain cost competitiveness in the global market. At the Iwaki Factory, our mother factory, we will not only focus on short-term cost reductions, but also work to strengthen cost competitiveness in the med
Slide 13: Ⅰ. FY2025 Financial Overview and Outlook
Ⅰ. FY2025 Financial Overview and Outlook Ⅰ-(1) Performance Highlights and Key Items Ⅰ-(2) FY2025 2Q Results Ⅰ-(3) FY2025 Earnings Forecast （12）
Slide 14: Segment Performance: Advanced Materials and Specialty Chemicals
Segment Performance: Advanced Materials and Specialty Chemicals Advanced Maerials Specialty Chemicals （billion yen） FY2025 FY2024 Diff. FY2025 FY2024 Diff. 2Q 2Q Amount % 2Q 2Q Amount % PVDF 7.4 8.2 -0.8 -10% Agrochemicals 2.9 4.4 -1.5 -34% PGA 4.3 3.0 1.3 44% Pharmaceuticals 1.2 1.2 0.0 3% Others 8
Slide 15: Segment Performance: Specialty Plastics, Construction and Other Operations
Segment Performance: Specialty Plastics, Construction and Other Operations Specialty Plastics Construction （billion yen） FY2025 FY2024 Diff. FY2025 FY2024 Diff. 2Q 2Q Amount % 2Q 2Q Amount % Home Products 11.5 11.2 0.3 2% Revenue 5.9 5.3 0.6 11% Fishing Lines 2.8 2.7 0.1 3% Operating Proft 0.4 0.4 -
Slide 16: Financial Position
Financial Position Assets Liabilities and Equity （billion yen） Sep. 30, Mar. 31, Sep. 30, Mar. 31, Change Change 2025 2025 2025 2025 Cash and cash equivalents 25.2 21.5 3.7 Trade and other payables 14.9 19.5 -4.6 Trade and other recievables 28.2 31.3 -3.1 Interest-bearing debt 122.5 86.0 36.5 ※1 Inv
Slide 17: Cash Flow
Cash Flow （billion yen） FY2025 FY2024 Diff. 2Q 2Q Profit before income tax 8.5 7.4 1.0 Depreciation and Amortization 6.1 6.4 -0.2 Others -1.3 10.3 -11.6 Cash Flow from Operating Activities 13.3 24.1 -10.8 Main factors Cash Flow from Investing Activities -5.0 -20.8 15.8 CF from operating activities -
Slide 18: Ⅰ. FY2025 Financial Overview and Outlook
Ⅰ. FY2025 Financial Overview and Outlook Ⅰ-(1) Performance Highlights and Key Items Ⅰ-(2) FY2025 2Q Results Ⅰ-(3) FY2025 Earnings Forecast （17）
Slide 19: Segment Forecast: Advanced Materials
Segment Forecast: Advanced Materials ＜YoY Change＞ Revenue Profit （billion yen） FY2025 FY2024 YoY Change FY2025 vs. Initial Forecast Advanced Plastics Revenue for PVDF is expected to decline due to a Initial decrease in sales for EV, despite launch of sales Forecast Actual Amount % Amount % Forecast
Slide 20: Segment Forecast: Specialty Chemicals
Segment Forecast: Specialty Chemicals （billion yen） FY2025 FY2024 YoY Change FY2025 vs. Initial Forecast ＜YoY Change＞ Revenue Profit Initial Agrochemicals Forecast Actual Amount % Amount % Revenue is expected to increase due to higher Forecast sales of agrochemicals. Agrochemicals 7.0 6.5 0.5 8% 7.0
Slide 21: Segment Performance: Specialty Plastics
Segment Performance: Specialty Plastics （billion yen） FY2025 FY2024 YoY Change FY2025 vs. Initial Forecast ＜ YoY Change＞ Revenue Profit Initial Forecast Actual Amount % Amount % Packaging Materials Forecast Revenue is expected to decline due to the end Home Products 24.0 21.8 2.2 10% 24.0 - 0% of sa
Slide 22: Segment Performance: Construction and Other Operations
Segment Performance: Construction and Other Operations 【Construction】 （bullion yen） FY2025 FY2024 YoY Change FY2025 vs. Initial Forecast ＜ YoY Change＞ Revenue Profit Forecast Actual Amount % Initial Amount % Although revenue is expected to increase, Forecast profit will decline due to the compositio
Slide 23: Cash Flow
Cash Flow （billion yen） FY2025 FY2024 Diff. Forecast Actual Profit before taxes 14.0 10.2 3.8 Depreciation and Amortaization 12.0 12.7 -0.6 Others -3.1 6.6 -9.7 Cash flow from operating activities 22.9 29.5 -6.6 Cash flow from investing activities -27.7 -39.4 ※ ※ 11.8 ※ Capital expenditure +19.5 Fre
Slide 24: Key Metrics (1)
Key Metrics （1） （billion yen） Capital Investment 46.6 Depreciation Expenses 50.0 40.0 35.3 15.0 12.1 11.7 11.6 11.6 11.7 12.7 12.0 22.2 10.2 9.9 10.3 30.0 24.4 10.0 6.1 5.9 6.0 6.3 5.9 16.5 24.4 5.9 5.9 20.0 13.2 14.9 14.3 14.3 5.1 5.0 5.4 10.3 9.8 15.6 5.0 8.2 6.7 24.4 10.0 7.4 8.2 7.6 6.0 5.8 5.7
Slide 25: Key Metrics (2)
Key Metrics（2） 9.0% ROE ROIC 10% 8% 7.0% 8.4% 7.7% 8.1% 6.3% 6.5% 6.1% 6.6% 7.1% 7.4% 8% 5.8% 6% 4.9% 5.2% 3.9% 6% 4.5% 3.5% 3.6% 4% 3.4% 2.6% 4% 2% 2% 0% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Estimate Estimate ROA PBR 1.5 10% 7.9% 8%
Slide 26: Key Metrics (3)
Key Metrics （3） 1 Net DE ratio Equity ratio 0.65 100% 0.52 0.5 0.31 72% 70% 73% 0.28 67% 67% 0.21 0.18 75% 0.14 62% 65% 61% 0.06 -0.01 -0.03 53% 49% 0 50% -0.5 25% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Estimate Estimate EPS 288 （yen） Inte
Slide 27: Dividend Forecast
Dividend Forecast ＜Annual dividend per share and DOE＞ 400.0 Approx. 5.0% 300.0 219.0 2.5% Annual 200.0 2.2% 2.1% 2.1% 2.3% 2.1% dividend 1.7% 1.9% （yen/share） 1.6% 90.0 86.7 86.7 DOE 100.0 70.0 （％） 55.0 56.7 56.7 36.7 41.7 0.0 0% FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Slide 28: Ⅱ. Progress on the Mid- to Long-Term Management Plan, The Rolling Plan 2025
Ⅱ. Progress on the Mid- to Long-Term Management Plan, The Rolling Plan 2025 （27）
Slide 29: Progress on Reducing Environmental Impact
Progress on Reducing Environmental Impact CO₂ emissions reduction Zero waste emission ratio Over 30％ Below 1.5％ (FY2030 Goal, Compared to FY2013 Levels) (FY2025 Goal) • At the Iwaki Factory's coal-fired power plant, • On track to meet our target of reducing final (landfill) technical studies on fuel
Slide 30: Synergism Between Company and Employees
Synergism Between Company and Employees Employees’ Psychological Connection to the Company (Engagement) Feeling Proud of the Company, Empathizing with the Having Opportunities to Grow Liking Workplace Colleagues, Company’s Vision and Policies through Work Enjoying Daily Work Employees feel a psychol
Slide 31: Strengthening Corporate Governance
Strengthening Corporate Governance Initiatives Implemented to Strengthen Corporate Governance 2007 2015 2018 2022 2023 2025 Introduced a New Stock Remuneration Plan for Directors and Executive Officers Established the Sustainability Committee Established the Nomination Advisory Committee and the Rem
Slide 32: Disclaimer
Disclaimer • This presentation material is provided for a deeper understanding of our company, and is not intended to be used as a solicitation for investment or other activities. • This material has been prepared by our company based on the information available at the time of the presentation. Act