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N o v e m b e r 6 , 2 0 2 5(1) Summary
1. Summary
2. Financial Results -1st Half
Financial Results and Overview
Net Sales and Operating Income by Segment
Segment Information
Balance Sheet
Cash Flow Statement
3. Forecasts -Full-Year
Response of Top Priority Issues
Forecasts / Analysis of EBITDA
Net Sales and Operating Income by Segment
Segment Information - Forecasts
4. Shareholders Return
(1) Shareholders Return
5. Appendix
(1) Appendix
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Both net sales and operating income were significantly affected by foreign exchange fluctuations, resulting in a decrease in both.
Net sales decreased. Sales of acetate tow in the Materials business decreased due to customer inventory adjustments, and resin compound business in the Engineering Plastics business transferred to an equity-method affiliate in July 2024.
Operating income decreased due to the impact of an decrease in net sales, and an impact on carryover stock and an increase in expenses of shut-down maintenance.
Both net sales and operating income are expected to.
Net sales is expected to decrease due to a decrease in sales volume of acetate tow attributed to customers' inventory adjustments, and a decrease in sales volume of POM in Engineering Plastics business in China.
Operating income is expected to decrease due to the impact of temporary carbon monoxide (CO) plant troubles in Materials business as well as a decrease in net sales.
Results of FY2026/3 1H Financial Results (vs previous year)
Net Sales
Operating Income
EBITDA
Profit attributable to
owners of parent
ROIC
277.1 bn yen
20.1 bn yen
40.5 bn yen
18.8 bn yen
4.9%
(-4.3%)
(-36.3%)
(-21.2%)
(-41.3%)
(-1.8pp)
Exchange Rate USD/JPY ：146 yen (FY2025/3 2Q USD/JPY：153 yen)
Revised Forecasts of FY2026/3(vs Previous Forecasts)Net Sales
Operating Income
EBITDA
Profit attributable to owners of parent
ROIC
583.0 bn yen
46.5 bn yen
89.5 bn yen
50.0 bn yen
4.7%
(-2.8%)
(-13.9%)
(-7.7%)
(-7.4%)
(-0.7pp)
Exchange Rate (Forecast) USD/JPY ：146 yen (Previous Forecast USD/JPY：140 yen)
Maintain stable and continuous shareholders return in accordance with the following policies; "total return ratio of 40% or more" and "dividend on equity (DOE) ratio of 4% or more" .
Shareholders Return
Annual dividends forecasts :
60 yen per share(Unchanged from the previous forecast)
Decided to purchase treasury stock of 15 billion yen for 11 million shares
(maximum)
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Y on Y:Both sales and operating income were significantly impacted by exchange rate fluctuation. Although sales of inflators for airbag increased mainly in China, net sales decreased due to a decline in sales of acetate tow in the Materials Business which was impacted by customer inventory adjustments, and transfer of the resin compound business to an equity-method affiliate in the Engineering Plastics Business in July 2024. Operating income decreased due to a decrease in sales volume of acetate tow in the Materials business, the impact of carryover inventory and increased costs of shut-down maintenance.
Profit attributable to owners of parent decreased due to a gain on the sale of affiliated company shares following the transfer of Daicel Miraizu resin compound business in
the second quarter of FY2025/3.
VS Forecast:Sales of acetate tow in the Materials business fell short of plan, due mainly to inventory adjustments by local tobacco manufacturers, although sales to major tobacco manufacturers were as planend. Regarding Engineering Plastics Business, sales volume of POM fell short of the plan due to changes in the market environment in China (supply-demand balance and market prices), despite a robust trend in LCP sales.
25/3 1H Results | 26/3 1H Forecasts* | 26/3 1H Results | Y on Y | vs Forecasts | |||
Unit: Billion Yen | Change | % | Change | % | |||
Net Sales | 289.7 | 290.0 | 277.1 | -12.6 | -4.3% | -12.9 | -4.4% |
Operating Income | 31.6 | 22.5 | 20.1 | -11.5 | -36.3% | -2.4 | -10.6% |
Ordinary Income | 30.7 | 23.5 | 20.4 | -10.4 | -33.7% | -3.1 | -13.3% |
Profit Attributable to Owners of Parent | 32.1 | 25.0 | 18.8 | -13.3 | -41.3% | -6.2 | -24.8% |
Exchange Rate USD/JPY | 153 | 140 | 146 | ||||
E B I T D A | 51.3 | 43.0 | 40.5 |
*These forecasts were announced on May 13, 2025. 4
Net Sales | |||||||
Unit：Billion Yen | 25/3 1H Results | 26/3 1H Forecasts* | 26/3 1H Results | Y on Y | vs Forecasts | ||
Change | % | Change | % | ||||
Medical / Healthcare | 7.2 | 7.5 | 7.6 | +0.4 | +6.2% | +0.1 | +1.8% |
Smart | 19.6 | 20.0 | 18.2 | -1.4 | -7.3% | -1.8 | -9.1% |
Safety | 47.1 | 50.0 | 49.7 | +2.7 | +5.6% | -0.3 | -0.6% |
Materials | 88.5 | 83.0 | 77.2 | -11.3 | -12.8% | -5.8 | -7.0% |
Engineering Plastics | 124.5 | 127.0 | 121.9 | -2.6 | -2.1% | -5.1 | -4.0% |
Others | 2.8 | 2.5 | 2.5 | -0.3 | -11.3% | +0.0 | +0.3% |
Total | 289.7 | 290.0 | 277.1 | -12.6 | -4.3% | -12.9 | -4.4% |
Operating Income | |||||||
Unit：Billion Yen | 25/3 1H Results | 26/3 1H Forecasts* | 26/3 1H Results | Y on Y | vs Forecasts | ||
Change | % | Change | % | ||||
Medical / Healthcare | 0.2 | -0.2 | 0.2 | +0.0 | +10.1% | +0.4 | - |
Smart | 0.2 | 0.7 | 0.4 | +0.2 | +87.9% | -0.3 | -42.3% |
Safety | 1.3 | 2.9 | 2.7 | +1.4 | +102.8% | -0.2 | -8.2% |
Materials | 14.3 | 7.8 | 5.0 | -9.4 | -65.3% | -2.8 | -36.2% |
Engineering Plastics | 15.2 | 11.0 | 11.5 | -3.7 | -24.5% | +0.5 | +4.3% |
Others | 0.3 | 0.3 | 0.4 | +0.1 | +16.3% | +0.1 | +33.3% |
Total | 31.6 | 22.5 | 20.1 | -11.5 | +36.3% | -2.4 | -10.6% |
*These forecasts were announced on May 13, 2025. 5