Consolidated Financial Results for the Nine Months Ended December 31, 2025 [PDF: 248.3 KB]

Consolidated Financial Results for the Nine Months Ended December 31, 2025

(All financial information has been prepared in accordance with Generally Accepted Accounting Principles in Japan)

February 5, 2026

Company name : DAICEL CORPORATION Stock Exchange on which the shares are listed : Tokyo Stock Exchange in Japan Code number 4202

URL : https://www.daicel.com/en/

Representative : Yasuhiro Sakaki, President and CEO

Contact person : Misa Goto, Head of Investor Relations, Corporate Planning & Strategy Office Phone +81-3-6711-8120

Scheduled date for dividend payment : -The additional materials of the Financial Results : Yes

The briefing session of the Financial Results : Yes (for institutional investors and analysts)

1. Consolidated Financial Results for the Nine months ended December 31, 2025 (Amounts are rounded down to the nearest million)

   1. Consolidated Operating Results (% of change from previous year)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      	Millions of Yen	%	Millions of Yen	%	Millions of Yen	%	Millions of Yen	%
      Nine months ended Dec. 31, 2025	424,824	(1.8)	32,444	(25.0)	33,891	(24.3)	35,703	(18.9)
      Nine months ended Dec. 31, 2024	432,545	4.4	43,245	(2.8)	44,795	(7.0)	44,042	(0.4)

      (Note) Comprehensive income: 49,712 millions of yen [7.0%] for the Nine Months Ended December 31, 2025 and 46,446 millions of yen [(19.3)%] for the nine months ended December 31, 2024

      	Profit per share	Diluted profit per share
      	Yen	Yen
      Nine months ended Dec. 31, 2025	134.99	-
      Nine months ended Dec. 31, 2024	160.30	-

   2. Consolidated Financial Position

   	Total assets	Net assets	Capital adequacy ratio	Net assets per share
   	Millions of Yen	Millions of Yen	%	Yen
   As of Dec. 31, 2025	884,089	400,209	43.5	1,482.95
   As of Mar. 31, 2025	813,831	375,037	44.2	1,357.77

   (Reference) Shareholders' equity: 384,685millions of yen as of December 31, 2025 and 359,984 millions of yen as of March 31, 2025

2. Dividends

   	Cash dividends per share
   (Reference data)	1st quarter	2ｎd quarter	3rd quarter	4th quarter	Annual
   	Yen	Yen	Yen	Yen	Yen
   Year ended Mar. 31, 2025	-	30.00	-	30.00	60.00
   Year ending Mar. 31, 2026	-	30.00	-
   Year ending Mar. 31, 2026 (Forecast)				30.00	60.00

   (Note) Revisions to the latest announced dividend forecast: Not Applicable

3. Forecast of Consolidated Financial Results for the Year Ending March 31, 2026

   (% of change from same period of previous year)

   	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent		Profit per share
   Year ending Mar. 31, 2026	Millions of Yen 583,000	% (0.6)	Millions of Yen 46,500	% (23.8)	Millions of Yen 47,500	% (23.8)	Millions of Yen 50,000	% 1.0	Yen 192.75

   (Note) Revisions to the latest announced forecast of consolidated financial results: Not Applicable

   *Notes

   1. Significant changes in the scope of consolidation during the period: Not applicable

   2. Adoption of specific accounting methods for presenting quarterly financial statements: Not applicable

   3. Changes in accounting policies, changes in accounting estimates and restatements

      1. Changes in accounting policies due to revisions of accounting standards: Not Applicable

      2. Changes in accounting policies other than (3)-i: Not applicable

      3. Changes in accounting estimates: Not applicable

      4. Retrospective restatements: Not applicable

   4. Number of issued shares (common share)

   ⅰ Number of issued shares at the end of each period (including treasury shares)	As of Dec. 31, 2025	266,942,682 shares	As of Mar. 31, 2025	276,942,682 shares
   ⅱ Number of treasury shares at the end of each period	As of Dec. 31, 2025	7,536,706 shares	As of Mar. 31, 2025	11,814,115 shares
   ⅲ Average number of shares during each period (Cumulative from the beginning of the fiscal year)	Nine months ended Dec. 31, 2025	264,484,011 shares	Nine months ended Dec. 31, 2024	274,755,844 shares

   *Review of the attached quarterly consolidated financial statements performed by certified public accountants or accounting firm: Not applicable

   * Explanations or other special matters to appropriate use of the forecast of consolidated financial results

   The forecast of consolidated financial results and certain other statements contained in this document are forward-looking statements, which are rationally determined based on information currently available to the company. For a variety of reasons, actual performance may differ substantially from these projections.

4. Qualitative Information on the Period under Review

   1. Overview of the operating results

      During the consolidated third quarter of the fiscal year ending March 2026 (nine months ended December 31, 2025), the global economy continued to show signs of a gradual recovery, with some regions, such as China, stalling. In addition, the outlook remained uncertain due to concerns over the impact of the U.S. tariff policy on prices and consumption.

      As a result, sales revenue for the consolidated third quarter of the fiscal year under review totaled 424,824 million (down 1.8% year-on-year). On the income front, operating income amounted to 32,444 million (down 25.0% year-on-year), ordinary income was 33,891 million (down 24.3% year-on-year), and profit attributable to owners of parent was 35,703 million (down 18.9% year-on-year).

      Segment information is summarized as follows. [Medical / Healthcare]

      In the life sciences business, sales revenue increased due to an increase in sales volume of chiral columns.

      In the healthcare business, sales revenue increased due to an increase in sales volume of health food ingredients, owing to favorable sales of supplements by clients.

      The overall segment sales came to ¥12,048 million (up 10.7% year-on-year). Operating income was ¥639 million (up 75.1% year-on-year) due to factors such as an increase in sales volume in the healthcare business.

      [Smart]

      In the functional products business, although sales of caprolactone derivatives decreased due to price competition in China, sales revenue increased, reflecting higher sales of epoxy compounds in the U.S. and Europe.

      In the advanced technology business, although demand in the semiconductor materials market was solid, sales volume of resist materials decreased due to factors such as customers' production schedules shifting from the previous fiscal year, and demand for functional films for automotive applications decreased, resulting in a decrease in revenue.

      The overall segment sales came to ¥27,468 million (down 3.5% year-on-year). Operating income was ¥372 million (operating loss of 555 million in the same period of the previous fiscal year) due to improved profitability resulting from the withdrawal from the organic semiconductor business in the previous fiscal year.

      [Safety]

      In the mobility business, which produces products such as inflators (gas generators) for automotive airbags, sales volumes increased due to a recovery of production in Chinese automakers in the Chinese market and sales expansion in India, leading to increased revenue.

      Consequently, the overall segment sales came to ¥77,033 million (up 5.8% year-on-year). Operating income was ¥5,033 million (up 64.8% year-on-year) due to increased sales volume and improved productivity at North American bases.

      [Materials]

      In the acetyl business, while demand for its main derivatives, vinyl acetate and purified terephthalic acid, remained sluggish and market conditions deteriorated, sales volume of acetic acid increased due to sales adjustments implemented in the previous fiscal year because of problems at the raw material (carbon monoxide) plant.

      Sales revenue for acetate tow decreased due to a decrease in sales volume, reflecting inventory adjustments by some customers and the impact of exchange rates.

      In the chemical business, sales revenue of cellulose acetate decreased due to a decrease in demand for plastic applications in the Chinese market, despite maintaining the previous period's level for display material applications.

      Sales revenue for other chemical products increased due to an increase in sales volume of ethyl acetate, for which sales adjustments were implemented in the previous fiscal year, as well as steady demand for 1,3-butylene glycol in the cosmetics market.

      Consequently, overall segment sales amounted to ¥118,386 million (down 8.3% year-on-year). Operating income was

      ¥10,468 million (down 45.2% year-on-year), due to factors such as a decrease in sales volume, the effects of inventory carried over from the previous term and the impact of exchange rates.

      [Engineering Plastics]

      In the business of Polyplastics Co., Ltd., such as polyacetal (POM), polybutylene terephthalate (PBT) resin, and liquid crystal polymer (LCP), sales revenue increaseｄ due to an increase in sales volume of products other than POM resin, such as those for electronic materials, and adjustments to sales prices, despite a decrease in sales volume of P0M resin for various industrial sectors and the impact of exchange rates.

      In the business of Daicel Miraizu Ltd., including water-soluble polymers, barrier films for packaging, and AS resins, sales revenue decreased due to the transfer of the resin compound business to equity method affiliate Novacel Co., Ltd. in July 2024.

      Consequently, overall segment sales amounted to ¥185,912 million (down 0.5% year-on-year). Operating income was

      ¥15,305 million (down 25.6% year-on-year) due to an increase in depreciation expenses, regular inspection expenses and the impact of exchange rates.

      [Other Businesses]

      In the other businesses, sales revenue decreased due to a decrease in sales of the membrane business, including membrane modules for water treatment.

      Consequently, overall segment sales amounted to 3,975 million (down 9.9% year-on-year). Operating income was 625 million (down 11.2% year-on-year).

   2. Overview of financial position for the period under review

      Total assets as of December 31, 2025, were 884,089 million, an increase of 70,257 million from March 31, 2025, due to increases in property, plant and equipment.

      Total liabilities were 483,880 million, an increase of 45,085 million from March 31, 2025, due to an increase in long-term borrowings.

      Total net assets were 400,209 million. Total shareholders' equity, which is calculated as the net assets minus non-controlling interests, was 384,685 million. Shareholders' equity ratio was 43.5%.

5. Consolidated Financial Statements

(1) Consolidated Balance Sheets

Assets

Current assets

(Unit: Millions of Yen)

As of Mar. 31, 2025 As of Dec. 31, 2025

Non-current assets

Intangible assets