Aica Kogyo Co., Ltd.
Support Data for the Summary of Consolidated Financial Results for the Year Ended March 31, 2026
May 1, 2026
ⒸAica Kogyo Co., Ltd.
Stock code: 4206
1. Consolidated Financial Results
Net Sales, Operating Profit, Ordinary Profit, Net Income*：Reached a record high
- Operating Profit, Ordinary Profit：Increased 5 consecutive fiscal year
FY2024 | FY2025 | |||||||
Results | Profit margin | Forcast | Results | Profit margin | YoY | vs Fcst. | ||
Net Sales | [JPY million] | 248,696 | ー | 265,000 | 251,764 | ー | +1.2% | 95.0% |
Operating Profit | [JPY million] | 27,408 | 11.0% | 29,000 | 29,143 | 11.6% | +6.3% | 100.5% |
Ordinary Profit | [JPY million] | 28,668 | 11.5% | 30,000 | 30,136 | 12.0% | +5.1% | 100.5% |
Net Income * | [JPY million] | 16,896 | 6.8% | 18,300 | 18,533 | 7.4% | +9.7% | 101.3% |
R O E | 10.1% | ー | 10% or more | 10.2% | ー | ー | ー | |
Earnings per share | [JPY] | 266.36 | ー | 291.55 | 296.48 | ー | +11.3% | 101.7% |
*Profit attributable to owners of parent
ⒸAica Kogyo Co., Ltd.
2
2. Historical Consolidated Results
[JPY million]
38,000
利益
Net sales Profit248,696
242,055
236,625
214,514
13,117
21,840
15,135
26,135
10,059
22,088
16,896
28,668
18,533
30,136
251,764
240,000
33,000
28,000
210,000
23,000
18,000
180,000
13,000
150,000
FY2021 FY2022 FY2023 FY2024 FY2025
8,000
Net Sales
Ordinary Profit Net Income*[JPY million] | Net Sales | Operating Profit | ||||||
FY2024 | FY2025 | YoY | FY2024 | FY2025 | YoY | |||
Chemical Products | 138,587 | 136,262 | -1.7% | 9,331 | 9,330 | -0.0% | Amount | |
6.7% | 6.8% | ー | Profit margin | |||||
Laminates & Building | 110,109 | 115,502 | +4.9% | 22,535 | 24,803 | +10.1% | Amount | |
Materials | 20.5% | 21.5% | ー | Profit margin | ||||
(Adjustments) | -4,458 | -4,990 | ー | Amount | ||||
27,408 | 29,143 | +6.3% | Amount | |||||
Total | 248,696 | 251,764 | +1.2% | |||||
11.0% | 11.6% | ー | Profit margin | |||||
3. Results by Segment
[JPYmillion] | FY2025(Results) | FY2026(Forecast) | |
Full Year | Full Year | YoY | |
Net Sales | 251,764 | 280,000 | +11.2% |
Chemical Products | 136,262 | 141,500 | +3.8% |
Laminates & Building Materials | 115,502 | 138,500 | +19.9% |
Operating Profit | 29,143 | 31,000 | +6.4% |
Profit margin | 11.6% | 11.1% | - |
Ordinary Profit | 30,136 | 32,000 | +6.2% |
Profit margin | 12.0% | 11.4% | - |
Net Income* | 18,533 | 18,600 | +0.4% |
Profit margin | 7.4% | 6.6% | - |
4. FY2026 Forecast
5. Medium Term Business Plan Progress(1/3) -Financial Target-
[JPY billion] | Previous Plan |
FY2022 (Results) | |
Net Sales | 242.0 |
Ordinary Profit | 22.0 |
AS product*1 Sales *2 | 19.3 |
Overseas Sales Ratio | 51.2% |
R O E | 6.9% |
R O I C | 8.1% |
Year1 | Year2 | Year3 | Year4 |
FY2023 (Results) | FY2024 (Results) | FY2025 (Results) | FY2026 (Forecast) |
236.6 | 248.6 | 251.7 | 280.0 |
26.1 | 28.6 | 30.1 | 32.0 |
21.7 | 24.1 | 27.2 | 29.0 |
47.8% | 48.0% | 45.8% | 50% or more |
9.9% | 10.1% | 10.2% | 10% or more |
8.9% | 9.6% | 8.8% | 9% or more |
*1 Stands for AICA solution products. Product that resolves social issues *2 Aica Kogyo Non-consolidated
[JPY million] | FY2022 (Results) | |
Net Sales | 141,312 | |
Operating Profit | 7,494 | |
Chemical | ||
Products | Profit margin | 5.3% |
EBITDA | 11,119 | |
EBITDA margin | 7.9% | |
Net Sales | 100,743 | |
Laminates | Operating Profit | 16,740 |
& | ||
Building | Profit margin | 16.6% |
Materials | ||
EBITDA | 19,910 | |
EBITDA margin | 19.8% | |
Year1 | Year2 | Year3 | Year4 | |
FY2023 (Results) | FY2024 (Results) | FY2025 (Results) | YoY | FY2026 (Forecast) |
130,300 | 138,587 | 136,262 | -1.7% | 141,500 |
9,280 | 9,331 | 9,330 | -0.0% | 9,700 |
7.1% | 6.7% | 6.8% | - | 6.9% |
13,406 | 14,202 | 14,294 | +0.7% | 14,817 |
10.3% | 10.2% | 10.5% | - | 10.5% |
106,325 | 110,109 | 115,502 | +4.9% | 138,500 |
20,339 | 22,535 | 24,803 | +10.1% | 26,500 |
19.1% | 20.5% | 21.5% | - | 19.1% |
23,254 | 26,460 | 28,756 | +8.7% | 31,843 |
21.9% | 24.0% | 24.9% | - | 23.0% |
5. Medium Term Business Plan Progress(2/3) - Financial Target by Segment -
Previous Plan
5. Medium Term Business Plan Progress(3/3) - Cash Allocation (FY23-26) -
Promote growth investments under an optimal balance of investment and returns; reallocate unused cash to
Cash Inflow total 110 JPY billion
Cash Outflow total 110 JPY billion
growth and shareholder returns.
Non-Operating
Assets
4.0 25.1 2.5 1.5Sale of Cross-Shareholdings, etc
Growth Investment
29.0
Reallocate unused cash to growth investments and shareholder returns
M&A, etc
21.7
[JPY billion]
Partially financed with
bank borrowings
Operating Cash Flow
106.0
80.9*
Expansion of High-Value-Added Products
*Including a temporary deposit for the Stylam share acquisition (approx. JPY 17.0 billion)
Capital Investment
Share Buyback
Dividend
40.0
10.0
31.0
9.023.0
10.0
Progressive Dividend
9.026.5
Flexible Share Buybacks
Results
FY23-25
Plan
FY26
Legend
Initial Plan (Mid-Term Plan
Operating Cash Flow
Non-Operating Assets
Initial Plan (Mid-Term Plan
Dividend Share Buyback Capital Investment
Growth Investment
Period)
Period)
*A portion of treasury shares will also be utilized for executive and employee compensation
6. Dividends
FY2025: Dividend increased by JPY 12 to JPY 138
FY2026: Progressive dividend policy maintained; dividend to increase by a further JPY 2 to JPY 140
+JPY 2
[JPY]
140
120
100
80
60
40
20
17 consecutive years of dividend increases,+JPY 12
138*
140*
Year-end
H1
0
FY2008 FY2010 FY2012 FY2014 FY2016 FY2018 FY2020 FY2022 FY2024
and no dividend cuts for 28 consecutive years(as of FY2025)
126
Continue the progressive dividend policy
Payout ratio: 46.5% (FY2025)
103
106
107
108
109
112
72
*
72*
(Forecast)
85
92
70
56
57
58
58
59
60
47
50
46
28
13
15
30
15
15
32
17
15
34
17
36
38
43
19
19
23
25
66
68*
(Forecast)
38
42
47
49
49
50
50
52
56
17
17
19
20
21
FY2025
FY2026
*The General Meeting of Shareholders officially scheduled for June will determine dividends for FY2025. Dividends for FY2026 are current forecast values
[JPY billion] | FY2024 Results | FY2025 Results | ||||
Net Sales | Overseas Sales Ratio | Net Sales | YoY | Overseas Sales Ratio | ||
Chemical Products | 99.50 | 71.8% | 96.24 | -3.3% | 70.6% | |
Laminates & Building Materials | 19.90 | 18.1% | 19.09 | -4.1% | 16.5% | |
Total | 119.41 | 48.0% | 115.33 | -3.4% | 45.8% | |
【Appendix】 Results by International Sales
［JPY billion］ | FY2024 | FY2025 | |||
Results | Forecast | Results | vs Fcst. | YoY | |
Adhesives | 95.89 | 100.30 | 94.29 | 94.0% | -1.7% |
[ Of which, AAP* Group ] | [74.74] | [78.20] | [72.15] | [92.3%] | [-3.5%] |
Construction Resins | 10.97 | 11.50 | 10.98 | 95.5% | +0.1% |
Specialty & Performance Materials | 17.96 | 19.50 | 16.71 | 85.7% | -7.0% |
Other | 13.75 | 14.30 | 14.26 | 99.7% | +3.7% |
Total | 138.58 | 145.60 | 136.26 | 93.6% | -1.7% |
【Appendix】 Sales Breakdown for Chemical Products
* AAP: AICA Asia Pacific
Vietnam
[JPY Billion]
Others
Japan
China Thailand
Indonesia
FY23
FY24
FY25
23.26
13.74
15.23
16.78
27.20
40.01
23.10
15.05
16.87 14.65
29.81
39.07
21.09
10.73 15.23
17.31
28.42
37.50
Net Sales by Country
AAP* Group
International Group
*AAP: AICA Asia Pacific
[JPY billion]
【Appendix】 Results for Chemical Products
EMC* Group
* EMC: EVERMORE CHEMICAL INDUSTRY
Operating profit before elimination of
consolidated transactions and goodwill
71.63 74.74 72.15
12.46
5.64
5.43
5.08
10.67
11.07
0.41
0.50
0.25
FY23 FY24 FY25
Net Sales
Operating ProfitJapanese Sales Breakdown
FY23 FY24 FY25
Net Sales Operating ProfitSpecialty & Performance Materials
[JPY Billion]
Adhesives
Construction Resins
10.22
10.81
10.88
5.90
6.30
6.42
19.67
20.62 21.61
FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25
［JPY billion］ | FY2024 | FY2025 | |||
Results | Forecast | Results | vs Fcst. | YoY | |
High Pressure Laminates [HPL] | 35.09 | 37.50 | 35.21 | 93.9% | +0.4% |
Decorative Plywood Boards, Architectural Films | 12.47 | 13.40 | 12.03 | 89.8% | -3.5% |
Melamine Fire Retardant Decorative Panels "CERARL" | 23.77 | 25.70 | 25.79 | 100.4% | +8.5% |
Fire Retardant / Noncombustible Decorative Panels | 7.41 | 7.90 | 7.90 | 100.0% | +6.5% |
Building and Housing Materials | 31.35 | 34.90 | 34.54 | 99.0% | +10.2% |
Total | 110.10 | 119.40 | 115.50 | 96.7% | +4.9% |
【Appendix】 Sales Breakdown for Laminates & Building Materials
86.08
20.24
90.20
19.90
96.41
19.09
FY23
Net Sales by Country
Japan International
FY23
International Sales by Country
Vietnam
[JPY billion]
FY24
FY24
FY25 FY25
ボード・フィルム等
China
5.72
Thailand
2.91
India
3.52
Indonesia
2.51 1.48
Others
4.08
4.96
3.59
3.69
2.90
1.16
3.58
4.13
3.82
3.56
2.59
1.32
3.64
Japanese Sales Breakdown
[JPY Billion]
High Pressure Laminates [HPL]
Decorative Plywood Boards, Architectural Films
Building and Housing Materials
Fire Retardant
/ Noncombustible
Decorative Panels
Melamine Fire Retardant Decorative Panels "CERARL"
34.54
31.35
28.80
22.41
22.92
24.95
14.92
15.92
16.69
12.40
12.42
11.98
7.52
7.41
7.90
FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25
【Appendix】 Results for Laminates & Building Materials
Exchange Rate
Japan Naphtha Prices
FY2024
FY20251USD＝JPY151.4
【Appendix】 Business Outlook Results
1USD＝JPY150.4
FY2024
FY2025JPY75,500/kl
JPY67,100/klJapanese Construction Market (YoY)
*Time lag with AICA products demand period has been adjusted
Residential Non-Residential Newly builtJuly 2024 to December 2025
-6.8 % -7.4 %
(Number of constructions) (Total area of constructions)
Renovation/RenewalJanuary to December 2025
+8.7 % +22.2 %
(Orders received) (Orders received)
"FY" in this material indicates the fiscal year ending March 31 of the succeeding year.
This document has been translated from the Japanese original for reference purpose only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
The matters such as current plan, prospect, strategy, or conviction which indicated in this report but not historical fact are only the expectation of the future achievement, and there are the
risks or unexpected factors.
This information has made based on the judgment of the manager of Aica Kogyo Co., Ltd. using current available information. The actual result can be difference from the current prospect because of various important elements, so please avoid depending on fully to only this prospect.
This document is not a thing for investment inducement. We request that the decision about the investment will be performed by the judgment of each user.
ⒸAica Kogyo Co., Ltd.