Aica Kogyo Company, LimitedTSE: 4206

Earnings Results Briefing for FY2024

· Issued by Aica Kogyo Company, Limited

Aica Kogyo Co., Ltd.

Financial Results for the Fiscal Year Ended March 31, 2025







May 26, 2025

ⒸAica Kogyo Co., Ltd. 1



Stock code: 4206





  1. Highlights

  2. FY2024 Results

  3. FY2024 Results by Segment

  4. FY2025 Forecast

  5. FY2025 Forecast by Segment

  6. Capital Policy and Shareholder Returns

  7. Progress of Medium-Term Business Plan "Value Creation 3000 & 300"





1. Results for FY2024 - Key Highlights

Consolidated

Results

Chemical

Products

Laminates & Building Materials

Current Term Plan

Capital Policy Growth

Investment

Responding to

Climate Change

  • Record highs in net sales, operating profit, ordinary profit, and net income*1

  • Operating profit and ordinary profit increased for four consecutive years

  • Japan: Floor coating materials and specialty and performance materials trended favorably

  • Overseas: AAP Group*2 increased in revenue but decreased in profit while EMC Group*3

    increased in both revenue and profit

  • Japan: High-value added products mainly drove growth and significantly

    contributed to profits

  • Overseas: China and Vietnam were weak, while Thailand and Indonesia grew

  • Our plan is to achieve the ordinary profit target of the current Medium-Term Business Plan

    one year ahead of schedule.

  • Current ROE target of 10% or more in the Medium-Term Business Plan will be raised to

    more than 10%

  • Dividends: FY2024 is revised up by JPY14, with a planned increase of JPY10 for FY2025

  • Decided share buybacks up to JPY 6 billion (2.25 million shares)

  • Signed memorandum on the acquisition of TAKARAINC. CO. Ltd

  • Increased the GHG emissions reduction target for FY2030 from 30% to 42%

*1 Profit attributable to owners of parent

*2 AAP: AICA Asia Pacific *3 EMC: EVERMORE CHEMICAL INDUSTRY

  1. Highlights

  2. FY2024 Results

  3. FY2024 Results by Segment

  4. FY2025 Forecast

  5. FY2025 Forecast by Segment

  6. Capital Policy and Shareholder Returns

  7. Progress of Medium-Term Business Plan "Value Creation 3000 & 300"

[JPY million]

FY2023

FY2024

Results

Profit Margin

Forecast

Results

Profit Margin

YoY

vs Fcst.

Net Sales

236,625

-

250,000

248,696

-

+5.1%

99.5%

Operating Profit

25,286

10.7%

27,200

27,408

11.0%

+8.4%

100.8%

Ordinary Profit

26,135

11.0%

28,300

28,668

11.5%

+9.7%

101.3%

Net Income*

15,135

6.4%

16,200

16,896

6.8%

+11.6%

104.3%

Net sales, operating profit, ordinary profit, and net income* all achieved record highs

[JPY]

ROE

9.9%

-

9.6%

10.1%

-

-

-

Earning Per Share

236.60

-

258.09

266.36

-

-

103.2%

Net Sales 250,000

220,000

190,000

160,000

130,000

248,696

[JPY million]



242,055

236,625

35,000

214,514

30,000

174,628

25,000

20,000

15,000

10,000

5,000

10,759

18,438

13,117

21,840

15,135

26,135

10,059

22,088

16,896

28,668



Profit

100,000

5,000

70,000

FY2020 FY2021 FY2022 FY2023 FY2024

Continued growth trend (Increase in ordinary profit for four consecutive years)

Net Sales

Ordinary Profit
Net Income*



[JPY million]

Net Sales

Operating Profit

FY2023

FY2024

YoY

FY2023

FY2024

YoY

Chemical

Products

130,300

138,587

+6.4%

9,280

7.1%

9,331

6.7%

+0.6%

-

Amount

Profit Margin

Laminates &

20,339

22,535

+10.8%

Amount

Building

Materials

106,325

110,109

+3.6%

19.1%

20.5%

-

Profit

Margin

(Adjustments)

-4,333

-4,458

-

Amount

25,286

27,408

+8.4%

Amount

Total

236,625

248,696

+5.1%

10.7%

11.0%

-

Profit Margin

Operating profit in Laminates & Building Materials segment significantly increased

[JPY billion]

FY2023

Results

FY2024

Results

Net Sales

Overseas Sales Ratio

Net Sales

YoY

Overseas Sales Ratio

Chemical Products

92.79

71.2%

99.50

+7.2%

71.8%

Laminates &

Building Materials

20.24

19.0%

19.90

-1.7％

18.1%

Total

113.04

47.8%

119.41

+5.6%

48.0%

As a result of the significant growth of overseas Chemical Products and domestic Laminates &

Building Materials, the overseas sales ratio reached 48.0% overall

[JPY billion]

FY2022

FY2023

FY2024

R&D Expenditure

Depreciation

3.99

6.79

4.07

7.04

4.40

7.91

Capital Investment

8.69

9.36

9.21

Outstanding Debts

12.52

11.51

11.08

Equity Ratio

58.1%

58.9%

60.2%

  1. Highlights

  2. FY2024 Results

  3. FY2024 Results by Segment

  4. FY2025 Forecast

  5. FY2025 Forecast by Segment

  6. Capital Policy and Shareholder Returns

  7. Progress of Medium-Term Business Plan "Value Creation 3000 & 300"



[JPY billion]

FY2023

FY2024

Results

Forecast

Results

vs Fcst.

YoY

Adhesives

91.94

97.00

95.89

98.9%

+4.3%

(Of which, AAP* Group)

(71.63)

(75.80)

(74.74)

(98.6%)

(+4.3%)

Construction Resins

10.31

11.00

10.97

99.7%

+6.3%

Specialty & Performance Materials

15.86

17.60

17.96

102.1%

+13.2%

Other

12.17

12.60

13.75

109.2%

+13.0%

Total

130.30

138.20

138.58

100.3%

+6.4%

* AAP: AICA Asia Pacific

Growth across all product lines (especially strong performance in Specialty & Performance Materials)

[JPY million]

9,280 9,331

Aica Kogyo Non-consolidated

-128

+44

AAP Group EMC Group

*Operating profit before deducting adjustments

Raw materials cost, etc. Price adjustments Reduced costs

-860

+741

+154

*AAP: AICA Asia Pacific *EMC: EVERMORE CHEMICAL INDUSTRY

Improvements of non-consolidated sales-related profits and product mix contributed to

an increase in segment profit



Domestic Sales Results

Overseas Group Performance Trend

141.3

130.3

138.6

[JPY Billion]



36.24

37.50

28.42

33.20

17.31

20.78

15.23

14.77

10.73

11.55

21.09

24.75

39.07

(28%)

29.81

(22%)

16.87

(12%)

15.05

(11%)

14.65

(10%)

23.10

(17%)

Taiwan

Malaysia

New Zealand, etc.

AAP* Group EMC* Group

*AAP: AICA Asia Pacific *EMC: EVERMORE CHEMICAL INDUSTRY

Vietnam Indonesia

Thailand

[JPY Billion]

[JPY Billion]

80.0

60.0

40.0

20.0

0.0

12

60

8

4

400

11

8

5

2

-1

81.07

71.63

74.74

13.01

12.46

10.67

5.64

5.43

0.41

0.50

- 0.01

FY2022

FY2023

FY2024

FY2022

FY2023

FY2024

5.01



China

Japan

Net Sales
Operating Profit

Net Sales
Operating Profit

FY2022 FY2023 FY2024

*Figures in parentheses indicate percentage of the total

[Operating profit before elimination of consolidated transactions and goodwill]

Sales by country increased in China, Vietnam, and others, with profit rising for the EMC Group

Adhesives

Construction Resins

Specialty & Performance Materials



Various adhesives, phenol

formaldehyde resins, etc.

Wall/floor coating materials,

repair/reinforcing materials

Functional spherical polymer beads,

UV-curable resins, etc.

[JPY Billion]

Billion] [JPY Billion]

19.85

20.62

19.67

9.81

10.22

[JPY

10.81

5.90

5.30

6.30

FY2022 FY2023 FY2024

FY2022 FY2023 FY2024

FY2022 FY2023 FY2024

  • Hot melts for automobiles grew

  • Adhesives for construction, woodwork, and furniture performed steadily

  • Floor coating materials performed well by capturing the needs of the semiconductor plants, data centers, and more

  • Electronic materials, high-function films for automobiles, and functional spherical polymer beads for industries showed favorable trends



[JPY billion]

FY2023

FY2024

Results

Forecast

Results

vs Fcst.

YoY

High Pressure Laminates (HPL)

34.32

37.0

35.09

94.8%

+2.2%

Decorative Polyester Boards,

Decorative Films

12.41

12.70

12.47

98.2%

+0.5%

Melamine Fire Retardant Decorative Panels "CERARL"

23.25

24.30

23.77

97.8%

+2.2%

Fire Retardant/ Noncombustible Decorative Panels

7.52

7.70

7.41

96.3%

-1.4%

Building and Housing Materials

28.80

30.10

31.35

104.2%

+8.8%

Total

106.32

111.80

110.10

98.5%

+3.6%

Building and Housing Materials grew significantly against the backdrop of a favorable trend in Smart Sanitary



3-6. Operating Profit Results for Laminates & Building Materials

[JPY million] 22,535

20,339

Aica Kogyo Non-consolidated

*Operating profit before deducting adjustments

Raw materials cost, etc. Price adjustments Reduced costs

-1,338

+1,345

+765

Improvement of non-consolidated sales-related profits and product mix significantly contributed to the profit of the Group both in Japan and overseas





3-7. Sales Results for Laminates & Building Materials (Japanese Business)

Japanese Construction Market (YoY)

Trend of Sales Performance in Japan

[Figures are aggregated values of sales of each site in Japan]

Residential Non-residential

Newly Built -3.1% -5.1%

81.79

7.80

12.50

86.06

7.52

12.41

90.04

7.41

12.47

[JPY Billion]

Fire Retardant/Noncombustible Decorative Panels

Decorative Polyester Boards and Decorative Films

* Time lag with AICA products' demand period has been adjusted

(Number of constructions) (Total area of constructions)

26.48

28.80

31.35

Building and Housing Materials

Renovation/Renewal +0.5% +5.5%

January to December 2024

(Orders received) (Orders received)

21.20

22.41

22.92

Melamine Fire Retardant Decorative Panels "CERARL"

13.82

14.92

15.92

High Pressure Laminates (HPL)

FY2022 FY2023 FY2024

Continued steady growth, primarily for high-value added products*, despite the weak new housing market

*HPLs, CERARL, and Smart Sanitary (part of building and housing materials) are defined as high-value added products in this slide





3-8. Sales Results for Laminates & Building Materials by Country (Overseas Business)

17.16

18.88

2.14

20.24 19.90

2.80 2.59

[JPY Billion]

Taiwan

Malaysia, etc.

7.58

0.71 0.66

1.18

2.08

2.59

13.93

2.08

0.53

1.19

1.03

1.71

1.64

5.75

2.15

0.63

1.21

1.43

1.96

2.57

7.21

1.00

1.63

2.38

2.44

3.51

5.78

1.29

1.48

2.51

2.91

3.52

5.73

1.01

1.16

2.90

3.59

3.69

4.96

Singapore Vietnam

Indonesia

Thailand

India

China

FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

Thailand and Indonesia grew, while China and Vietnam declined

  1. Highlights

  2. FY2024 Results

  3. FY2024 Results by Segment

  4. FY2025 Forecast

  5. FY2025 Forecast by Segment

  6. Capital Policy and Shareholder Returns

  7. Progress of Medium-Term Business Plan "Value Creation 3000 & 300"

Japanese Construction Market

Residential (number of constructions)

Non-residential

(total area of constructions)

FY2024 (Results) -3.1% -5.1%

FY2025 (Forecast) -2.6% -7.6%

*Time lag with AICA products' demand period has been adjusted

Overseas

Market

While GDPs in Southeast Asia are expected to continue their steady growth, risks such as a weak real estate market in China and the impact of tariffs imposed by the U.S. remain.

Exchange

Rate

FY2024 (Results) 1USD = JPY 151.43

FY2025 (Forecast) 1USD = JPY 143.00

Japan Naphtha Prices

FY2024 (Results) JPY 75,500/kl

FY2025 (Forecast) JPY 69,000/kl

*Since transactions are denominated in local currencies, only a few subsidiaries use US dollars

*Not all raw materials are tied to the cost

of naphtha

FY2024 Results

FY2025 Forecast

YoY

Amount

Profit Margin

Amount

Profit Margin

YoY

YoY(Amount)

Net Sales

248,696

-

265,000

-

+6.6%

+16,304

Operating Profit

27,408

11.0%

29,000

10.9%

+5.8%

+1,592

Ordinary Profit

28,668

11.5%

30,000

11.3%

+4.6%

+1,332

Net Income*

16,896

6.8%

18,300

6.9%

+8.3%

+1,404

[JPY]

ROE

10.1%

-

10% or more

-

-

-

Earning Per Share

266.36

-

291.55

-

-

-



*Profit attributable to owners of parent

Record highs are planned for both sales and profit, while JPY 30 billion is planned for ordinary profit one year ahead of the Medium-Term Business Plan.

Net Sales

Operating Profit

FY2024

Results

FY2025

Forecast

YoY

FY2024

Results

FY2025

Forecast

YoY

Chemical

Products

138,587

145,600

+5.1%

9,331

6.7%

9,900

6.8%

+6.1%

-

Amount

Profit Margin

Laminates &

22,535

23,900

+6.1%

Amount

Building

Materials

110,109

119,400

+8.4%

20.5%

20.0%

-

Profit Margin

(Adjustments)

-4,458

-4,800

-

Amount

27,408

29,000

+5.8%

Amount

Total

248,696

265,000

+6.6%

11.0%

10.9%

-

Profit Margin



Record highs for net sales and operating profit are planned for both segments

Net Sales

Operating Profit

FY2024

H1 Results

FY2025

H1 Forecast

YoY

FY2024

H1 Results

FY2025

H1 Forecast

YoY

Chemical Products

67,571

69,750

+3.2%

4,619

6.8%

4,760

6.8%

+3.1%

-

Amount

Profit Margin

Laminates &

10,518

11,000

+4.6%

Amount

Building

Materials

52,569

56,850

+8.1%

20.0%

19.4%

-

Profit

Margin

(Adjustments)

-1,990

-2,160

-

Amount

13,147

13,600

+3.4%

Amount

Total

120,140

126,600

+5.4%

10.9%

10.7%

-

Profit Margin



Record highs for net sales and operating profit are planned for the interim period

  1. Highlights

  2. FY2024 Results

  3. FY2024 Results by Segment

  4. FY2025 Forecast

  5. FY2025 Forecast by Segment

  6. Capital Policy and Shareholder Returns

  7. Progress of Medium-Term Business Plan "Value Creation 3000 & 300"

[JPY billion]

FY2024 (Results)

FY2025 (Forecast)

H1

Full Year

H1

YoY

Full Year

YoY

Adhesives

(Of which, AAP* Group)

46.44

(36.01)

95.89

(74.74)

48.0

(37.20)

+3.4%

(+3.3%)

100.30

(78.20)

+4.6%

(+4.6%)

Construction Resins

5.29

10.97

5.50

+3.9%

11.50

+4.8%

Specialty & Performance Materials

8.93

17.96

9.15

+2.4%

19.50

+8.5%

Other

Total

6.90

67.57

13.75

138.58

7.10

69.75

+2.9%

+3.2%

14.30

145.60

+4.0%

+5.1%

*AAP: AICA Asia Pacific

For adhesives, JPY 100 billion or more is planned for the full year, as well as other product groups are also expected to exceed the previous fiscal year



[JPY million]

9,900

9,332

Aica Kogyo Non-consolidated

In addition to improving sales profit and the product mix of Aica Kogyo (non-consolidated),

we plan to increase profits through the growth of the Group companies

*Operating profit before deducting adjustments

Raw materials cost, etc.: -240

Price adjustments: +120

Reduced costs: +200

[JPY billion]

AAP*1 Group Performance

For composite boards:

+7.2% YoY

Region Policy



Sales Volume by Resin

Secured sales volume despite sluggish market conditions;

71.63

74.74

5.64

Forecast

5.43



78.20

For industrial: +1.3% YoY

(of which, for retail*2 is +23.0%)

China

increased topline through the launch of the Fujian Plant and improved operational efficiency at the new Guangdong Plant

[Thousand t]

Forecast

237

254

For composite boards

399

404

For industrial (Including for retail)

Thailand

Offset the decrease in sales volume due to worsening market conditions through the effects of ADBS*3consolidation and full operation of the Kuen Bong Plant

Indonesia Maintain favorable trend in retail and accelerate the synergistic effect between ADBS*3

Malaysia

Increase the volume of the resins for use in composite boards and industrial applications as an alternative production site of the Singapore Plant

FY2023 FY2024 FY2025

Net Sales
Operating Profit

FY2023 FY2024 FY2025

Vietnam

Maintain and increase the amount of resins for composite boards through quality and customer response capability; Remain cautious about the U.S. tariff policy

Aim to increase profits by improving the product mix through expanding high added-value retail products

*1 AAP: AICA Asia Pacific

*2 For retail: Small lot products for retail stores and building contractors

*3 ADBS: ADB Sealant





5-4. Plans for Chemical Products (Overseas - EMC Group)

EMC*1 Group Performance

Net Sales by Resin

[Operating profit before elimination of consolidated transactions and goodwill]

[JPY billion]

0.20

[JPY billion]

Major Products Policy

[For shoes]



Grew in conjunction with the recovery of demand for shoes

12.46

10.67

0.50

0.41

Forecast



Other CLA*4 UV*3

0.26

7.30

1.89

1.23

8.48

2.44

1.34

Forecast

PU*2

[PUR-HM*5]

Growth of high-value added products contributed to profit

Grew due to the development of Southeast Asia and synergy with Japan

FY2023 FY2024 FY2025

PU*2

FY2023 FY2024 FY2025

UV*3 Grew in packaging and protective films

CLA

*4Enhancement for Taiwan and Japan and an increase in orders received

Net Sales

Operating Profit

*1 EMC: EVERMORE

CHEMICAL INDUSTRY

*2 PU: Polyurethane resins (for textiles,

shoes, adhesives for construction, etc.)

*3 UV: UV-curable resins

(for packings, hard coatings, etc.)

*4 CLA: Cross-linking agents

(For adhesives, coatings, etc.)

*5 PUR-HM: Reactive

polyurethane hot melts

We aim for further growth through the introduction of new PUR-HM products and the development of sales channels, as well as the expansion of UV-curable resin sales





5-5. Plans for Chemical Products (Japanese Group)

Construction Resins

Specialty & Performance Materials 3D Decorative Hard-coating Films

Floor coating materials

Wall coating materials

Captured demand for plants with a rich lineup and high quality

Construction resins sales

Expanded the lineup of Jolypate, celebrating its 50th anniversary, and high value-added design coating material CLIMATERIA



[JPY billion]

3D decorative hard-coating films sales

Showcased at exhibitions

[JPY million]



5,000 10.31 10.97 11.50

Forecast

127

Passed the specifications of automobile manufacturers

Expanded for 214

interior applications

155

Aim for net sales of JPY 5 billion through adoption for exterior use

Forecast Forecast

FY2023 FY2024 FY2025

FY2022 FY2023 FY2024 FY2025 FY2031

Strengthen our diverse product lineup and high-value added products to achieve beyond stable growth

5-6. Sales Forecast by Product Group for Laminates & Building Materials





[JPY billion]

FY2024 (Results)

FY2025 (Forecast)

H1

Full Year

H1

YoY

Full Year

YoY

High Pressure Laminates (HPL)

16.70

35.09

17.80

+6.6%

37.50

+6.9%

Decorative Polyester Boards, Decorative Films

6.09

12.47

6.55

+7.4%

13.40

+7.5%

Melamine Fire Retardant Decorative Panels "CERARL"

11.43

23.77

12.30

+7.6%

25.70

+8.1%

Fire Retardant/ Noncombustible Decorative Panels

3.64

7.41

3.90

+7.0%

7.90

+6.5%

Building and Housing

Materials

14.68 31.35 16.30

+11.0%

34.90

+11.3%

Total

52.56

110.10

56.85

+8.1%

119.40

+8.4%

Plan to achieve year-on-year growth across all product groups, with building and housing

materials expected to grow by 10% or more year-on-year.