Translation ― Original text in Japanese
FY03/2026 (April 1, 2025 to March 31, 2026)
Financial Results Materials
(Highlights)
April 28, 2026Key Points of the Summary
The Final Fiscal Year of the Medium-Term Management Plan,
Chori Innovation Plan 2025 (CIP2025)
While net sales fell short of the plan, net profit attributable to owners of parent, ROE, and other key indicators met the targets.
Profitability improved through the promotion of high value-added businesses, resulting in an
increase in the gross profit margin.
Stable operation of SAP was established, and preparations for data-driven management steadily progressed.
POINT
Net sales and profit decreased YoY.
Owing to a decrease in income tax expenses, net profit attributable to owners of parent increased.
ROE*1 12.4% CIP2025 achieved.
*2
ROIC 11.1% CIP2025 achieved.
efficiency Dividends*1: Net profit attributable to owners of parent basis
*2: ROIC = Operating profit after income taxes / Invested capital (Equity + Interest-bearing debt) average during the period
The year-end dividend increased from the dividend forecast. Continued dividend increase.
Year-end dividend ¥75 per share (Dividend increase of ¥3 per share from the dividend forecast)
Annual dividend ¥147 per share (Dividend increase of ¥5 per share from the payment for the year ended March 31, 2025)
Consolidated dividend payout ratio: 30.2% Dividend on shareholders' equity (DOE) ratio: 4.1%
TopicsDisclosed the new Medium-Term Management Plan, Chori Innovation Plan 2028 (CIP2028).
Business Results Breakdown (YoY Comparison)
The Japanese economy continues to show a moderate recovery trend, with stable employment and income
conditions.
The outlook for the global economy is uncertain due to factors such as sluggish growth in domestic demand in
China and the deteriorating of the situation in the Middle East.
Overall sales remained sluggish, resulting in a decline in net sales. Although gross profit increased due to improved profitability, operating profit declined due to the inability to absorb an increase in SG&A expenses, including increased personnel and system-related costs. Income taxes decreased due to the dissolution and debt forgiveness of a consolidated subsidiary, resulting in an increase in net profit attributable to owners of parent.
POINT
Unit: billions of yen | FY03/2025 | FY03/2026 | Difference | Ratio |
Net sales | 311.5 | 299.3 | -12.3 | -3.9% |
Gross profit | 40.5 | 41.1 | +0.6 | +1.5% |
Selling, general and administrative expenses | 26.0 | 28.1 | +2.0 | +7.9% |
Operating profit | 14.5 | 13.1 | -1.4 | -9.9% |
Ordinary profit | 16.2 | 14.2 | -2.0 | -12.4% |
Profit before income taxes | 16.3 | 14.2 | -2.1 | -13.0% |
Net profit attributable to owners of parent | 11.7 | 12.0 | +0.4 | +3.0% |
Reasons for Changes in Profit before Income Taxes
Unit: billions of yen
16.3
14.2
-1.0 +0.3
Effect of decreased sales
Improved gross profit margin
Increased
SG&A
expenses
One-off profit recorded in FY03/2025
Decreased interest expenses, etc.
Reversal of allowance for doubtful accounts: ¥0.8 billion Gain on sale of investment securities: ¥0.8 billion
Loss on valuation of investment securities: -¥0.3 billion Impairment loss on fixed assets: -¥0.3 billion
FY03/2025 FY03/2026
Trends in Business PerformanceFY03/2025 | FY03/2026 | ||||||||||
1Q | 2Q | 3Q | 4Q | Full-year total | 1Q | 2Q | 3Q | 4Q | Full-year total | ||
Net sales | 77.0 | 77.5 | 75.8 | 81.3 | 311.5 | 71.6 | 73.4 | 76.6 | 77.7 | 299.3 | |
Profit (loss) before income taxes | 5.6 | 3.7 | 3.4 | 3.6 | 16.3 | 3.2 | 3.6 | 3.9 | 3.4 | 14.2 | |
Fibers, Textiles, and Garments | 2.6 | 1.8 | 1.7 | 1.6 | 7.7 | 1.5 | 1.8 | 1.9 | 1.9 | 7.1 | |
Chemicals | 2.8 | 1.8 | 2.2 | 2.2 | 8.9 | 2.0 | 1.9 | 2.2 | 1.8 | 8.0 | |
Machinery | 0.1 | 0.2 | 0.1 | 0.2 | 0.6 | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | |
Others* | 0.1 | -0.0 | -0.6 | -0.4 | -0.9 | -0.4 | -0.2 | -0.2 | -0.4 | -1.2 | |
Net profit attributable to owners of parent | 4.2 | 2.9 | 2.1 | 2.5 | 11.7 | 2.5 | 2.6 | 2.5 | 4.4 | 12.0 | |
*"Others" includes adjustments.
Segment Results
Net sales
Unit: billions of yen
Fibers, Textiles, and Garments
FY03/2025
FY03/2026
Difference
Fibers, Textiles,
and Garments
152.7
145.8
-7.0
Chemicals
157.9
152.7
-5.2
Machinery
0.9
0.8
-0.1
Others
0.1
0.1
-0.0
Total
311.5
299.3
-12.3
Chemicals ■ Machinery ■ Others
0.8
0.1
0.1
0.9
152.7
157.9
145.8
152.7
FY03/2025 FY03/2026
FY03/2025 | FY03/2026 | Difference | |
Fibers, Textiles, and Garments | 7.7 | 7.1 | -0.6 |
Chemicals | 8.9 | 8.0 | -0.9 |
Machinery | 0.6 | 0.3 | -0.3 |
Others* | -0.9 | -1.2 | -0.3 |
Total | 16.3 | 14.2 | -2.1 |
Unit: billions of yen
Fibers, Textiles, and Garments
8.9
0.6
-0.9
0.3
-1.2
8.0
7.1
7.7
Chemicals ■ Machinery ■ Others*
FY03/2025 FY03/2026
*"Others" includes adjustments.
Fibers, Textiles, and Garments Chemicals Machinery
Decreased sales and profit
Decreased sales and profit
Decreased sales and profit
Steady
Sluggish
Career Apparel & Workwear
Industrial textiles
Textile sales to the Middle East Apparel
Inorganic Fine Materials Fine chemicals
Steady
Sluggish Performance chemicals
Absence of the reversal of
Sluggish
Automotive sales for Europe
Decreased
allowance for doubtful accounts
CHORI CO., LTD. 4
Net Sales by Operation
Overseas sales (export and overseas) decreased due to weak market conditions,
including the inflow of low-priced products from China in the Chemicals business.
Trade ratio: 66.5% 1.5pt decrease YoY
POINT
Unit: billions of yen
Net sales 311.5 Net sales 299.3 Net sales -12.3Overseas transactions
211.8Overseas transactions
199.1Overseas transactions
-12.7Trade ratio 68.0%
Trade ratio 66.5%
Trade ratio -1.5pt
Overseas
78.4
-3.9
82.3
33.6
40.9
87.2
88.6
100.2
99.7
Diff.
Import
sales
Amount of net sales from
overseas to Japan
Export
sales
Amount of net sales from Japan
to overseas
Overseas
sales
Amount of net sales from
overseas business
Domestic
Amount of domestic sales
sales from domestic suppliers
Overseas transactions
+0.5
DomesticImport
Export
-1.4
-7.4
FY03/2025 FY03/2026
Financial Position
Unit: billions of yen
Total assets ■ Equity
153.4
Financial soundness146.1
63.0%
92.0
66.7%
102.3
31-Mar-25 | 31-Mar-26 | Difference | |
Total assets | 146.1 | 153.4 | +7.3 |
Equity | 92.0 | 102.3 | +10.3 |
Equity ratio | 63.0% | 66.7% | +3.7pt |
31-Mar-25 | 31-Mar-26 | Difference | |
ROA*1 | 8.1% | 8.0% | -0.1pt |
ROE*1 | 13.4% | 12.4% | -1.0pt |
ROIC*2 | 11.1% | 11.1% | +0.0pt |
(Reference) ROA (Ordinary profit basis) | 11.2% | 9.5% | -1.7pt |
31-Mar-25 31-Mar-26
*1: Net profit attributable to owners of parent basis
*2: ROIC = Operating profit after income taxes
/ Invested capital (Equity + Interest-bearing debt) average during the period
Cash Flows
Operating activities : Provided ¥11.5 billion due to profit before income taxes
(+¥14.2 billion), the payment of income taxes (-¥4.7 billion) and others
Investing activities: Used ¥1.8 billion due to purchase of property, plant and equipment and intangible assets (-¥1.0 billion) and others
Financing activities : Used ¥5.0 billion due to dividend payments (-¥3.8 billion) and others
POINT
(+: cash in, -: cash out)
Unit: billions of yen | FY03/2025 | FY03/2026 | Difference |
Cash flows from operating activities | 7.1 | 11.5 | +4.4 |
Cash flows from investing activities | -1.0 | -1.8 | -0.8 |
Cash flows from financing activities | -4.8 | -5.0 | -0.2 |
Effect of exchange rate change on cash and cash equivalents | 0.8 | 0.3 | -0.5 |
Total cash flows | 2.1 | 5.0 | +2.9 |
Cash and cash equivalents at end of period | 23.2 | 28.2 | +5.0 |
FY03/2027 Business Results Forecast
Launched the new Medium-Term Management Plan, Chori Innovation Plan 2028 (CIP2028). Promoting its basic policy Advancing Expertise, Globalization, and Strategic Business Investment to realize a Trading Company That Continues to Be Chosen.
For FY03/2027, both net sales and profits are expected to increase YoY. Net profit attributable to owners of parent is expected to decrease due to the absence of the decline in income tax expenses recorded in FY03/2026.
POINT
Unit: billions of yen | FY03/2026 Result | FY03/2027 Forecast | Difference | Ratio | FY03/2029 Plan | ||
Net sales | 299.3 | 320.0 | +20.7 | +6.9% | 350.0 | ||
Fibers, Textiles, and Garments | 145.8 | 155.0 | +9.2 | +6.3% | 165.0 | ||
Chemicals | 152.7 | 164.5 | +11.8 | +7.8% | 184.5 | ||
Others | 0.9 | 0.5 | -0.4 | > | 0.5 | ||
Operating profit | 13.1 | 14.5 | +1.4 | +11.1% | 17.5 | ||
Fibers, Textiles, and Garments | 7.2 | 7.5 | +0.3 | +4.0% | 9.0 | ||
Chemicals | 7.5 | 8.0 | +0.5 | +7.0% | 10.0 | ||
Others* | -1.6 | -1.0 | +0.6 | > | -1.5 | ||
Net profit attributable to owners of parent | 12.0 | 10.5 | -1.5 | -12.6% | ー | ||
* "Others" includes adjustments.
Dividend
Dividend policy
FY03/2026
Year-end dividend
FY03/2027
Dividend forecast
From FY03/2027, the dividend policy has been revised to a consolidated dividend payout ratio of 40% or more* and a dividend on equity (DOE) ratio based on net assets of 3.5% or more.
* Raised from a consolidated dividend payout ratio of 30% or more.
Based on the FY03/2026 consolidated results, the year-end dividend will be ¥75 per share, an increase of ¥3 per share from the previous forecast of ¥72 per share. Combined with the interim dividend of ¥72 per share, the annual dividend is ¥147 per share (dividend increase of ¥5 per share from the payment for the year ended March 31, 2025).
Based on the full-year business results forecast and the dividend policy above, the annual dividend forecast is
DOE
(based on shareholders' equity)
of 3.5% or more
DOE
(based on net assets) of 3.5% or more
¥171 per share (interim dividend of ¥85 per share, year-end dividend of ¥86 per share), an increase of ¥24 per share from FY03/2026.
Trends in dividends per share (Annual)
Fiscal year-end
487
75
86
Fiscal year-end
Unit: yen
Consolidated dividend payout ratio of 30% or more
85
Interim
72
Interim
426
Annual 171
40.1%
Annual 147
30.2%
330
277
391
142
30%
473
84
30%
105
32%
118
30%
Dividends in yen, % shows consolidated dividend payout ratio EPS: Net profit per share
Consolidated dividend payout ratio of 40% or more
FY03/2022 FY03/2023 FY03/2024 FY03/2025 FY03/2026 FY03/2027
(Forecast)
Making your dreams come trueForecasts of operational performance, as well as future predictions described in this document, were prepared based on information available as of the day on which this document was released. This document in no way guarantees the condition and operational performance of the Company in the future.