Aica Kogyo Company, LimitedTSE: 4206

Support Data for the Summary of Consolidated Financial Results for the Nine Months Ened December 31, 2025

· Issued by Aica Kogyo Company, Limited

Aica Kogyo Co., Ltd.

Support Data for the Summary of Consolidated Financial Results

for the Nine Months Ended December 31, 2025



ⒸAica Kogyo Co., Ltd.





February 3, 2026





Stock code: 4206



1. Consolidated Financial Results



  • Net Sales, Operating Profit, Ordinary Profit, Net Income*：Reached a record high

  • Operating Profit, Ordinary Profit , Net Income* ：Increased 5 consecutive fiscal year

FY2024

FY2025

Q1-Q3

Results

Profit

margin

Q1-Q3

Results

Profit

margin

YoY

Full Year

Forecast

vs Fcst.

Net Sales

[JPY million]

184,785

ー

186,239

ー

+0.8%

265,000

70.3%

Operating Profit

[JPY million]

21,199

11.5%

22,079

11.9%

+4.2%

29,000

76.1%

Ordinary Profit

[JPY million]

22,548

12.2%

24,033

12.9%

+6.6%

30,000

80.1%

Net Income *

[JPY million]

14,338

7.8%

15,391

8.3%

+7.3%

18,300

84.1%

Earnings per share

[JPY]

225.25

ー

246.66

ー

+9.5%

291.55

84.6%

*Profit attributable to owners of parent

［JPY million］

Net Sales

Operating Profit

FY2024 Q1-Q3

Results

FY2025 Q1-Q3

Results

YoY

FY2025

Full Year Forecast

vs Fcst.

FY2024 Q1-Q3

Results

FY2025 Q1-Q3

Results

YoY

FY2025

Full Year Forecast

vs Fcst.

7,410

6,987

-5.7%

9,900

70.6%

Amount

Chemical Products

103,303

101,327

-1.9%

145,600

69.6%

7.2%

6.9%

ー

6.8%

ー

Profit

Margin

Laminates

16,870

18,529

+9.8%

23,900

77.5%

Amount

&

Building

81,482

84,912

+4.2%

119,400

71.1%

Materials

20.7%

21.8%

ー

20.0%

ー

Profit

Margin

[Adjustments]

-3,081

-3,437

ー

-4,800

ー

Amount

21,199

22,079

+4.2%

29,000

76.1%

Amount

Total

184,785

186,239

+0.8%

265,000

70.3%

11.5%

11.9%

ー

10.9%

ー

Profit Margin

2. Results by Segment



［JPY billion］

FY2024 Q1-Q3

FY2025 Q1-Q3

Net Sales

International

Sales Ratio

Net Sales

YoY

International

Sales Ratio

Chemical Products

73.76

71.4%

71.50

-3.1%

70.6%

Laminates & Building Materials

14.84

18.2%

13.70

-7.7%

16.1%

Total

88.61

48.0%

85.20

-3.8%

45.8%

3. Results by International Sales



［JPY billion］

FY2024

FY2025

Q1-Q3

Results

Full Year Results

Q1-Q3

Results

YoY

Full Year Forecast

vs Fcst.

Adhesives

71.11

95.89

69.73

-1.9%

100.30

69.5%

[ Of which, AAP* Group ]

[55.33]

[74.74]

[53.37]

[-3.5%]

[78.20]

[68.3%]

Construction Resins

8.32

10.97

8.22

-1.1%

11.50

71.5%

Specialty & Performance Materials

13.40

17.96

12.44

-7.1%

19.50

63.8%

Other

10.46

13.75

10.91

+4.4%

14.30

76.4%

Total

103.30

138.58

101.32

-1.9%

145.60

69.6%

4-1. Sales Breakdown for Chemical Products



* AAP: AICA Asia Pacific

4-2. Results for Chemical Products



Vietnam

[JPY Billion]

Others

Japan

China Thailand

Indonesia

FY23

Q1-Q3

28.24

20.62

13.15 8.02 11.22 15.46

FY24

Q1-Q3

29.53

21.52

12.90 10.89 11.22 17.21

FY25

Q1-Q3

29.82

19.82

12.92 11.48 10.11 17.15

Net Sales by Country

International Group

[JPY billion]

EMC* Group

AAP* Group

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

Operating profit before elimination of

consolidated transactions and goodwill

9.33

7.84

8.29

0.40

0.24

0.21



52.80 55.33 53.37

4.04

4.19

3.63



FY23 Q1-Q3

FY24 Q1-Q3

FY25 Q1-Q3

FY23 Q1-Q3

FY24 Q1-Q3

FY25 Q1-Q3

Net Sales

Operating Profit

Japanese Sales Breakdown

Net Sales

Operating Profit

[JPY Billion]

Adhesives

Construction Resins

7.70

8.20

8.16

4.36

4.68

4.73

Specialty & Performance Materials

14.81 15.39 15.98

FY23

Q1-Q3

FY24

Q1-Q3

FY25

Q1-Q3

FY23

Q1-Q3

FY24

Q1-Q3

FY25

Q1-Q3

FY23

Q1-Q3

FY24

Q1-Q3

FY25

Q1-Q3

［JPY billion］

FY2024

FY2025

Q1-Q3

Results

Full Year Results

Q1-Q3

Results

YoY

Full Year Forecast

vs Fcst.

High Pressure Laminates [HPL]

25.75

35.09

25.31

-1.7%

37.50

67.5%

Decorative Plywood Boards, Architectural Films

9.13

12.47

8.82

-3.4%

13.40

65.8%

Melamine Fire Retardant Decorative Panels "CERARL"

17.68

23.77

19.13

+8.2%

25.70

74.4%

Fire Retardant / Noncombustible Decorative Panels

5.68

7.41

5.99

+5.5%

7.90

75.9%

Building and Housing Materials

23.22

31.35

25.65

+10.4%

34.90

73.5%

Total

81.48

110.10

84.91

+4.2%

119.40

71.1%

5-1. Sales Breakdown for Laminates & Building Materials



FY23 Q1-Q3

13.70

63.27

66.63

71.21

14.84

14.86

Net Sales by Country

Japan International

FY23 Q1-Q3

International Sales by Country

Vietnam

[JPY billion]

FY24 Q1-Q3

FY24 Q1-Q3

FY25 Q1-Q3

FY25 Q1-Q3

China

4.36

Thailand

2.12

India

2.57

Indonesia

1.81 1.14

Others

2.83

3.72

2.64

2.74

2.19

0.84

2.69

2.78

2.76

2.55

1.90 0.90

2.79

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"

25.65

21.44

23.22

16.66

17.04

18.36

10.58

11.45

12.16

8.99

9.11

8.79

5.54

5.68

5.99

FY23 Q1-Q3

FY24 Q1-Q3

FY25 Q1-Q3

FY23 Q1-Q3

FY24 Q1-Q3

FY25 Q1-Q3

FY23 Q1-Q3

FY24 Q1-Q3

FY25 Q1-Q3

FY23 Q1-Q3

FY24 Q1-Q3

FY25 Q1-Q3

FY23 Q1-Q3

FY24 Q1-Q3

FY25 Q1-Q3

5-2. Results for Laminates & Building Materials



6. Laminates & Building Materials Segment: Stylam (1)



Acquisition of Shares in Stylam

On December 26, 2025, we announced our intention to acquire shares in Stylam, which manufactures and sells high pressure laminate (HPL) in India. This will be a step in a new global growth strategy.

Performance

Results of FY2024

INR million converted to

JPY billion*

Purpose of

acquisition

  • Deepen penetration of the rapidly growing Indian market

  • Build a truly global presence, moving beyond Asia-centric

Net sales

10,326

[18.07]

Profit before tax

% vs net sales

1,649

16%

[2.89]

Net income

1,218

[2.13]

ROE

20.4%

Total assets

7,783

[13.62]

Net assets

6,573

[11.50]

Interest-bearing debt

360

[0.63]

Market capitalization (as of end-December 2025)

37,300

[65.27]

In accordance with Indian securities regulations, we plan to acquire shares via a tender offer and from the founding family, with closing scheduled at the end of this fiscal period

Company Overview

*1 INR = 1.75 JPY

Company Name

Stylam Industries Limited

Performance Trends

[Unit: INR million]

Location

Chandigarh, India

Sales Profit

Established Capital Representative

Employees

Business content

Company Type

1991

84.74 INR million (0.14 JPY billion) Mr.Jagdish Gupta

1,820 employees

Laminated sheets with high-pressure laminate (HPL) as the main product

Listed company (BSE and NSE stock exchanges)

Stylam

ALIP *

New Delhi



* ALIP: Aica Laminates India

12,000

10,000

8,000

6,000

4,000

2,000

0

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

Net sales EBITDA Net income

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

6. Laminates & Building Materials Segment: Stylam (2)



Stylam's Strengths and Future Potential

Global Expansion

Of net sales, 70% are from international markets (see sales ratio by market)

Profitability & Growth Potential

Robust profitability and sustainable growth potential (see previous page)

Global Standard

Overwhelming production volume, abundant and inexpensive labor, and the introduction of cutting-edge equipment establish world-class competitiveness.

Strategic Investment

To meet strong demand, the third plant will start full-scale operation from 2026 (forecast 20 million sheets per year)

Capturing Domestic Growth in India

India has the world's largest population, approximately 1.4 billion; a real GDP growth rate of 6-7%; and an urbanization rate of around 35%.

Sales Ratio by Market（FY2024） AICA's Position and Vision in the HPL Market



Sales Revenue of Asian HPL Manufacturers

Others

Middle

24%

Net Sales

Approximately

29%

India

[JPY billion]

40

AICA Group

Sales Revenue of Asian HPL*

＋ Stylam

Sales Revenue of Asian HPL

Leading HPL Manufacturers in Asia

From Asia to the World

Major HPL manufacturers

East

6% 18

8%

JPY billion

35 AICA

Sales Revenue of Asian HPL*

* including Japan

in India

United

States

9%

Asia

24%

Europe

Global HPL

30 manufacturers (in Asia)

AICA Competitors

Challenging Global HPL Manufacturers

7. Dividends



The dividend plan for FY2025 has been revised to increase by JPY 12 from the previous fiscal year's actual

dividend, reaching JPY 138 (Previous Forecast at 136 JPY)

[JPY] 140

120

100

  • 16 consecutive years of dividend increases;

    no dividend reductions for 27 consecutive years (through FY2024)

  • Continue the progressive dividend policy

85

103 106 107 108

92

+JPY 12

109 112

126

70

138 *

72*

(Forecast)

Year-end

80

60

40

28 30

32 34 36 38

43 46

23 25

56 57 58

50

47

58 59 60

66 H1

20

13 15 17 17 19 19

15 15 15 17 17 19

0

20 21

38 42 47 49

49 50

50 52 56

FY2008 FY2010 FY2012 FY2014 FY2016 FY2018 FY2020 FY2022 FY2024

* Year-end dividend for FY2025 is current forecast value

FY2025

Exchange Rate

Japan Naphtha Prices

【 Appendix 】 Business Outlook Results



FY2024

Q1-Q3

FY2025

Q1-Q3

1USD＝JPY150.6

1USD＝JPY148.8

FY2024

Q1-Q3

FY2025

Q1-Q3

JPY76,100/kl

JPY67,600/kl

Japanese Construction Market (YoY)

*Time lag with AICA products demand period has been adjusted

Residential Non-Residential Newly built

July 2024 to September 2025

-6.5 % -9.0 %

(Number of constructions) (Total area of constructions)

Renovation/Renewal

January to September 2025

+4.7 % +21.2 %

(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.

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