Aica Kogyo Co., Ltd.
H1 Results for the Fiscal Year Ending March 31, 2026
November 26, 2025
ⒸAica Kogyo Co., Ltd. 1
Stock code: 4206
- Highlights
FY2025 H1 Results
FY2025 H1 Results by Segment
FY2025 Full Year Forecast
FY2025 Full Year Forecast by Segment
Progress of Medium-Term Business Plan “Value Creation 3000 & 300”
Record highs in net sales, operating profit, ordinary profit, and net income*1
Operating profit, ordinary profit, net income*1 increased for five consecutive years
Japan: Wall coating materials and other construction resins are performing well
International: AAP Group*2 and EMC Group*3 both posted declines in net sales and profit
Japan: High-value-added products mainly drove growth and contributed to the performance
International: Weak performance due to stagnant real estate market in China
Current TermForecastFor the full year, record-high net sales, operating profit, ordinary profit, and net income*1
are expected
DividendsFY2025 dividends are expected to be JPY 136 per share, an increase of JPY 10
from the previous year.
Growth Investment
Actively exploring investment opportunities across all areas, with a primary focus on M&A
*1 Net income attributable to owners of parent *2 AAP: Aica Asia Pacific *3 EMC: Evermore Chemical Industry
Highlights
- FY2025 H1 Results
FY2025 H1 Results by Segment
FY2025 Full Year Forecast
FY2025 Full Year Forecast by Segment
Progress of Medium-Term Business Plan “Value Creation 3000 & 300”
Net sales, operating profit, ordinary profit, net income*: Record highs updated
Operating profit, ordinary profit, net income*: Five consecutive periods of profit growth
FY2024 H1
FY2025 H1
Res ults
Profit Margin
Forecas t
Res ults
Profit Margin
YoY
vs Fcs t.
Net Sales
[JPY million]
120,140
-
126,600
121,351
-
+1.0%
95.9%
Operating Profit
[JPY million]
13,147
10.9%
13,600
13,348
11.0%
+1.5%
98.1%
Ordinary Profit
[JPY million]
14,230
11.8%
14,300
14,671
12.1%
+3.1%
102.6%
Net
Income*
[JPY million]
8,855
7.4%
8,900
9,424
7.8%
+6.4%
105.9%
Earning Per Share
[JPY]
138.44
-
141.79
151.29
-
+9.3%
106.7%
* Profit attributable to owners of parent
CAGR*1: Net sales + 5.3%, Ordinary profit + 9.6%
Net Sales
117,704
113,307
98,650
6,267
10,156
7,856
12,047
6,436
10,294
8,855
14,230
9,424
14,671
120,000
100,000
80,000
120,140 121,351
[JPY million]
19,000
Profit
17,000
15,000
13,000
11,000
9,000
7,000
60,000
FY2021 H1
FY2022 H1
FY2023 H1
FY2024 H1
FY2025 H1
5,000
*1 Average annual growth rate for FY2021–FY2025
Net Sales
Ordinary ProfitNet income*2*2 Profit attributable to owners of parent
Operating profit: Chemical products fell short of the plan, while Laminates & Building materials exceeded it.
[JPY million] | Net Sales | Operating Profit | |||||||||
FY2024 H1 Results | FY2025 H1 Results | YoY | FY2025 H1 Forecast | vs Fcst. | FY2024 H1 Results | FY2025 H1 Results | YoY | FY2025 H1 Forecast | vs Fcst. | ||
4,619 | 4,368 | -5.4% | 4,760 | 91.8% | Amount | ||||||
Chemical Products | 67,571 | 66,973 | -0.9% | 69,750 | 96.0% | 6.8% | 6.5% | - | 6.8% | - | Profit Margin |
Laminates & Building Materials | 52,569 | 54,378 | +3.4% | 56,850 | 95.7% | 10,518 20.0% | 11,231 20.7% | +6.8% - | 11,000 19.3% | 102.1% - | Amount Profit Margin |
(Adjus tments) | -1,990 | -2,252 | - | -2,160 | - | Amount | |||||
13,147 | 13,348 | +1.5% | 13,600 | 98.1% | Amount | ||||||
Total | 120,140 | 121,351 | +1.0% | 126,600 | 95.9% | ||||||
10.9% | 11.0% | - | 10.7% | - | Profit Margin | ||||||
2-4. International Sales
[JPY Billion] | FY2024 H1 | FY2025 H1 | ||||
Net Sales | International Sales Ratio | Net Sales | YoY | International Sales Ratio | ||
Chemical Products | 48.33 | 71.5% | 47.44 | -1.8% | 70.8% | |
Laminates & Building Materials | 9.68 | 18.4% | 8.64 | -10.7% | 15.9% | |
Total | 58.01 | 48.3% | 56.09 | -3.3% | 46.2% | |
2-5. [Reference] Key Financial Data (Consolidated)
[JPY Billion] | FY2023 H1 | FY2024 H1 | FY2025 H1 | |||
R&D Expenditure | 1.94 | 2.06 | 2.12 | |||
Depreciation | 3.02 | 3.55 | 3.79 | |||
Capital Inves tment | 3.48 | 3.86 | 4.26 | |||
Outs tanding Debts | 12.32 | 11.97 | 10.41 | |||
Equity Ratio | 5.85 | 6.09 | 6.24 | |||
Highlights
FY2025 H1 Results
- FY2025 H1 Results by Segment
FY2025 Full Year Forecast
FY2025 Full Year Forecast by Segment
Progress of Medium-Term Business Plan “Value Creation 3000 & 300”
Adhesives, specialty & performance materials: decrease in revenue; construction resins: increase in revenue
[JPY Billion]
FY2024
FY2025
H1 Res ults
Full Year Res ults
H1 Forecas t
H1 Res ults
YoY
vs Fcs t.
Adhes ives
46.44
95.89
48.00
46.03
-0.9%
95.9%
[Of which, AAP* Group]
[36.01]
[74.74]
[37.20]
[35.28]
[-2.0%]
[+94.9%]
Cons truction Res ins
5.29
10.97
5.50
5.43
+2.7%
98.8%
Specialty & Performance Materials
8.93
17.96
9.15
8.25
-7.6%
90.2%
Other
6.90
13.75
7.10
7.24
+5.0%
102.1%
Total
67.57
138.58
69.75
66.97
-0.9%
96.0%
* AAP: Aica Asia Pacific
SG&A
Japanese
Group
International
Group
FY2025 H1
Non-consolidated results and Japanese group posted profit growth, while the international group posted a profit decline
[JPY million]
4,619
4,368
-330
Aica Kogyo Non-consolidated
FY2024 H1
Volume and Mix
Pricing/Raw Materials Cost, etc.
Fixed Manufacturing Costs
Raw materials cost, etc.
Price adjustments/cost reduction
-27
+220
* Operating profit before deducting adjustments
In the interim period of FY2025, the AAP Group faced deterioration in the market conditions in China
Sales by Country
International Group Performance
7.22 10.38
5.18
Japan China Thailand
Indonesia Vietnam
Other
AAP* Group EMC* Group
18.39
19.23
19.52
13.83
13.35
* AAP: Aica Asia Pacific * EMC: Evermore Chemical Industry
FY2023
H1
[JPY Billion]
9.14
[JPY Billion]
35.05 36.01 35.28
6.18
[JPY Billion]
5.55
4.97
0.25
0.11
0.13
2.42
2.63
2.29
11.43
7.15
8.79 7.11
FY2024 H1
FY2025 H1
FY2023 H1 FY2024 H1 FY2025 H1
FY2023 H1 FY2024 H1 FY2025 H1
11.37
6.63
7.73
8.78
12.91
[Operating profit before elimination of consolidated transactions and goodwill]
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]
9.73
10.14
10.51
FY2023 H1 FY2024 H1 FY2025 H1
[JPY Billion]
4.99
5.24 5.39
FY2023 H1 FY2024 H1 FY2025 H1
[JPY Billion]
2.86
3.13 3.11
FY2023 H1 FY2024 H1 FY2025 H1
Hot melt for packaging performed well
Adhesives for plywood and acrylic emulsions for fiber and paint were also steady
Floor coating materials decreased as a reaction to the strong performance in the previous year
Meanwhile, wall coating material “JOLYPATE” performed well
High-function films for electronic
materials performed well
Meanwhile, functional spherical polymer beads for cosmetics were sluggish
High-value-added products (high-pressure laminates (Japan), CERARL, building and housing materials) grew
[JPY Billion]
FY2024
FY2025
H1 Res ults
Full Year Res ults
H1 Forecas t
H1 Res ults
YoY
vs Fcs t.
High Pres s ure Laminates (HPL)
16.70
35.09
17.80
16.25
-2.7%
91.3%
Decorative Polyes ter Boards , Decorative Films
6.09
12.46
6.55
5.70
-6.4%
87.2%
Melamine Fire Retardant Decorative Panels "CERARL"
11.43
23.77
12.30
12.19
+6.6%
99.1%
Fire Retardant/
Noncombus tible Decorative Panels
3.64
7.41
3.90
3.75
+3.0%
96.3%
Building and Hous ing Materials
14.68
31.35
16.30
16.46
+12.1%
101.0%
Total
52.56
110.10
56.85
54.37
+3.4%
95.7%
Non-consolidated, Japanese group, and international group all posted profit growth
[JPY million]
11,231
10,518
Aica Kogyo Non-consolidated
FY2024 H1
Volume
and Mix
Pricing/Raw Materials Cost, etc.
Fixed Manufacturing Costs
SG&A Japanese
Group
International
Group
FY2025 H1
* Operating profit before deducting adjustments
Raw materials cost, etc.
Price adjustments/cost reduction
-803
+636
3-7. Sales Results for Laminates & Building Materials (Japanese Business)
Despite the challenging environment in the construction market, high-value-added products grew (FY2025 H1 : YoY + 9.6%)
Japanese Construction Market (YoY)
Trend of Sales Performance in Japan
* Time lag with AICA products’ demand
period has been adjusted
[Figures are aggregated values of sales of each site in Japan]
[JPY Billion]
Residential Non-residential
New construction -5.9% -12.6%
40.09
3.46
5.84
42.69
3.64
6.06
45.63
3.75
5.70
Fire Retardant/Noncombustible Decorative Panels
Decorative Polyester Boards and Decorative Films
July 2024 to June 2025
(Number of constructions) (Total area of constructions)
13.56
14.68
16.46
Building and Housing Materials
Renovation -7.8% +14.8% and renewal (Orders received) (Orders received) January to June 2025
10.55
6.66
10.92
7.37
11.73
7.96
CERARL
High Pressure Laminates (HPL)
FY2023 H1 FY2024 H1 FY2025 H1
Note: In this slide, high-pressure laminates (HPL), CERARL, and building and
housing materials are defined as high-value-added products
3-8. Sales Results for Laminates & Building Materials by Country (International Business)
For FY2025 H1, net sales are expected to decline due to the slump in China’s real estate market and other factors
0.71 |
0.54 |
0.86 |
1.07 |
3.37
5.20
1.14
0.46
0.38
1.79
0.56
0.87
7.68
1.26
0.57
0.63
3.14
1.04
1.04
8.35
1.56
0.70
1.07
2.10
1.78
1.14
9.47
1.89
0.73
1.10
2.63
1.73
1.37
9.68
1.79
0.56
1.35
1.70
8.64
1.76
0.55
1.78
[JPY Billion]
Singapore Taiwan and other regions
1.19 | Indonesia | ||
2.39 | 1.65 | China | |
1.87 | 1.68 | India |
Vietnam
Thailand
FY2019 H1 FY2020 H1 FY2021 H1 FY2022 H1 FY2023 H1 FY2024 H1 FY2025 H1
Highlights
FY2025 H1 Results
FY2025 H1 Results by Segment
- FY2025 Full Year Forecast
FY2025 Full Year Forecast by Segment
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) [Initial→ Latest] -2.6% → -6.6% -7.6% → -7.4%
* Time lag with AICA products’ demand period has been adjusted
International Market
The downturn in China’s real estate market and the impact of US tariffs continue to be risk
factors.
Meanwhile, Southeast Asia is expected to see stable growth, and India is expected to achieve strong growth centered on manufacturing and technology.
Exchange
Rate
FY2024 (Results) 1 USD = JPY 151.43
FY2025 (Forecast) 1 USD = JPY 150.00
* Since transactions are denominated in local currencies, only a few subsidiaries use US dollars
Japan Naphtha Prices
H1 Full Year
FY2024 JPY 75,800 /kl (Results) JPY 75,500 /kl (Results)
FY2025 JPY 69,900 /kl (Results) JPY 67,200 /kl (Forecast)
* Not all raw materials are tied to the cost of naphtha
Maintaining the initial plan while projecting record-high net sales and profits
FY2024 Res ults
FY2025 Forecas t
Amount
Profit Margin
Amount
Profit Margin
YoY
YoY (Amount)
+16,304
Net Sales
[JPY million]
248,696
-
265,000
-
+6.6%
Operating Profit
[JPY million]
27,408
11.0%
29,000
10.9%
+5.8%
+1,592
Ordinary Profit
[JPY million]
28,668
11.5%
30,000
11.3%
+4.6%
+1,332
Net Income*
[JPY million]
16,896
6.8%
18,300
6.9%
+8.3%
+1,404
ROE
10.1%
-
10% or more
-
-
-
Earning Per Share
[JPY]
266.36
-
291.55
-
-
-
* Profit attributable to owners of parent
Initial plan maintained; record-high net sales and operating profit projected for both segments
[JPY million]
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 & Building Materials
110,109
119,400
+8.4%
22,535
20.5%
23,900
20.0%
+6.1%
-
Amount
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
Highlights
FY2025 H1 Results
FY2025 H1 Results by Segment
FY2025 Full Year Forecast
- FY2025 Full Year Forecast by Segment
Progress of Medium-Term Business Plan “Value Creation 3000 & 300”
Forecast net sales exceeding the prior year across all product groups
[JPY Billion]
FY2024 Res ults
FY2025 Forecas t
Full Year
Full Year YoY
Adhes ives
[Of which, AAP* Group]
95.89
[74.74]
100.30
[78.20]
+4.6%
[+4.6%]
Cons truction Res ins
10.97
11.50
+4.8%
Specialty & Performance Materials
17.96
19.50
+8.6%
Other
13.75
14.30
+4.0%
Total
138.58
145.60
+5.1%
* AAP: Aica Asia Pacific
Although international business conditions remain challenging, we forecast higher profits due to improved profitability, including price pass-through by Aica Kogyo on a non-consolidated basis
[JPY million]
9,332
-247
-202
-427
9,900
FY2024
Volume and Mix
Pricing/Raw Materia
Cost, etc.
Fixed Manufacturing Costs
SG&A Japanese Group
International Group
FY2025
Raw materials cost, etc.:
+451
ls
Price adjustments/cost reduction: +420
* Operating profit before deducting adjustments
Strengthen retail business
Expand high value-added products and improve the product mix by strengthening our retail business
Distribution Strengths
Expand retail sales volumeADBS consolidated
(December 2024)
AAP
Dealers
Users
Extensive lineup Procurement capability leveraging the group network
+20.5%
18,053
[t]
Builders, hardware stores, general consumers, etc.
Robust sales and logistics network Wholesalers: approx. 2,400 (Indonesia)
Brand strength LemFOX, DB
14,243
14,985
FY2023 H1 FY2024 H1 FY2025 H1
Strengthen
synergies
AAP×ADBS
Leverage brand Enhance lineup
Expand sales
channels
Strengthen distributors Leverage the AICA network
Strengthen
retail business
Profit growth through product mix improvement
Future measuresStarted operation of Fujian plant
Started operations in August 2025 to capture demand in the Fujian area
Overview of Aica Fujian plantRole of the Fujian plantAica Nanjing plant
Aica Fujian plant
Aica Guangdong plant
Capture demand in untapped areas not yet covered by the Nanjing and Guangdong plants.
Products manufactured
Applications
Expand market share in the Fujian area
(Phenolic resins, formalin)
Phenolic resins, formalin, etc.
For bamboo materials, flooring materials, plywood, etc.
Market size* approx. 550,000 t/year
2025
About 9 %
2030 (forecast)
30%* In the Fujian area, market demand for products manufactured at the Fujian plant (company research)
Adhesives Hot melt
Automotive lamp and packaging applications drive growth
Specialty & Performance Materials
3D decorative film Lumiart
Expected first adoption for exterior parts
of mass-produced vehicles in international markets
Hot melt net sales trend [million JPY]
Features
Promotional activities
Manufacturers
1,000
800
600
400
200
0
CAGR +25.1％
524
604
320
375
(FY2021–FY2025)
784
Dedicated website
Painting process compression
CO2emission
reduction
Design appeal
Japan
Asia
North
America
Trade shows (Japan and international)
Recyclable
FY2021 H1 FY2022 H1 FY2023 H1 FY2024 H1 FY2025 H1
Elicit requirements
Fulfill
Capturing user needs
Sales capabilities
Development capabilities
Performance, quality, and cost
× ＝
Enhance awareness of Lumiart through proactive promotion, leading to adoption
Accelerate adoption in automotive exteriors, aiming for net sales in
FY2031 of JPY 5 billion as the goal
5-6. Sales Forecast by Product Group for Laminates & Building Materials
Above the previous year across all product groups; building and housing materials forecast to grow by 10% or more year-over-year
[JPY Billion]
FY2024 Res ults
FY2025 Forecas t
Full Year
Full Year YoY
High Pres s ure Laminates (HPL)
35.09
37.50
+6.9%
Decorative Polyes ter Boards , Decorative Films
12.46
13.40
+7.5%
Melamine Fire Retardant Decorative Panels "CERARL"
23.77
25.70
+8.1%
Fire Retardant/Noncombus tible Decorative Panels
7.41
7.90
+6.6%
Building and Hous ing Materials
31.35
34.90
+11.3%
Total
110.10
119.40
+8.4%
5-7. Operating Profit Forecast for Laminates & Building Materials
Despite the impact of raw material prices, we forecast profit growth driven by the expansion of high-value-added products and contributions from group companies
[JPY million]
-264
-327
23,900
22,535
-727
FY2024
Volume and Mix
Fixed Manufacturing Costs
SG&A Japanese Group
International Group
FY2025
Raw materials cost, etc.:
-2,172
Price adjustments/cost reduction: +1,908
Pricing/Raw Materials Cost, etc.
* Operating profit before deducting adjustments