Kaneka : Financial Summary for the Nine Months Ended December 31, 2025

‌Financial Summary‌

for the Nine Months Ended December 31, 2025

February 10, 2026

‌I N D E X

FY2025 Results for the first nine months

Net sales

(YoY▲0.8％)

Operating income

(YoY▲23.8％)

Net income

(YoY +4.0％)

• Net sales: largely unchanged year-on-year

• Operating income:

  (Factors for increase) Continued sales expansion for Medical, driving performance of the Company (Factors for decrease) Sluggishness in Asian market for Vinyls

  Prolonged slow housing and construction demand in the U.S. for MOD and MS

  Slow demand recovery for E&I

• Net income: (Factors for increase) Further reduction of cross-shareholdings (April-December gains on sales: ¥10.2 billion)

  Topics: Newly developed priority products have been smoothly adopted by society

  • Green Planet: Received the top prize at the 2025 Nikkei Excellent Products and Services Awards

    Mizuno's artificial turf made with Green Planet was adopted for the first time at Vantelin Dome Nagoya

  • Perovskite solar cell: Selected for NEDO Green Innovation Fund Project on Next-Generation Tandem Solar Cell Mass

Production Technology Demonstration

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(Billions of yen)

Difference (YoY)

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(Billions of yen)

※SU：Solutions Unit

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‌Performance （Material Solutions Unit）

Sluggishness in Asian market for Vinyls,

Prolonged slow housing and construction demand in the U.S. for MOD and MS

Net Sales

Billions of yen

255.5

241.5

⇒ Decreased sales and profits

FY2024 1Q-3Q

(Apr.-Dec.)

FY2025 1Q-3Q

(Apr.-Dec.)

Operating Income

Billions of yen

22.7

17.8

Vinyls and Chlor-Alkali

• Performance in 3Q: Sluggish PVC sales continued in the Asian market and domestic demand was weak.

• Outlook for *4Q: Weak Asian market conditions will persist and demand recovery is expected from the next fiscal year

  onward.

  Performance Polymers（MOD）

• Performance in 3Q: Demand adjustments continued in the U.S. housing and construction markets. Sales of high-value-added products such as non-PVC use and epoxy masterbatch expanded.

• Outlook for 4Q: Expect modest recovery of the U.S. housing and construction market.

  Performance Polymers（MS）

• Performance in 3Q: Progress had been made in replacing other materials.⇒Demand recovered on the global scale.

• Outlook for 4Q: Will promote steady sales expansion in global bases including Asia.

  Green Planet

  FY2025 1Q-3Q

  (Apr.-Dec.)

  FY2024 1Q-3Q

  (Apr.-Dec.)

  • Performance in 3Q: Customer evaluation for large-scale projects made further progress. Received the top prize at the

    2025 Nikkei Excellent Products and Services Awards.

  • Outlook for 4Q: Expect the acquisition of new projects and sales expansion.

    4

    *4Q: January 1 to March 31, 2026

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    ‌Performance （Quality of Life Solutions Unit）

    Solid performance in Foam, PV, and Fiber, while demand recovery in E&I was delayed

    ⇒ Increased sales and decreased profits

    Net Sales

    Billions of yen

    144.3 145.4

    Foam & Residential Techs

  • Performance in 3Q: Improvement of profit margins progressed through price revision and cost reduction.

  • Outlook for 4Q: Expect the improvement of profitability despite the off-season.

    E & I Technology

    FY2024 1Q-3Q

    (Apr.-Dec.)

    FY2025 1Q-3Q

    (Apr.-Dec.)

    Operating Income

    Billions of yen

    15.7 14.3

    FY2024 1Q-3Q

    (Apr.-Dec.)

    FY2025 1Q-3Q

    (Apr.-Dec.)

  • Performance in 3Q: Strong sales of polyimide films and optical acrylic resins. Declined profits due to rising raw material costs and impact of exchange rates.

  • Outlook for 4Q: Expect increased earnings by ensuring steady sales expansion of high-value-added grades, such as high-frequency polyimide (PI) and modified optical acrylic resins.

    PV & Energy management

  • Performance in 3Q: Firm sales of high-efficiency photovoltaic modules for the domestic residential market.

  • Outlook for 4Q: Will implement government-private joint technical development of next-generation photovoltaic modules (perovskite) with the goal of releasing tandem-type modules.

    Performance Fibers

  • Performance in 3Q: Strong sales of hair attachment products. Rising cost of certain raw materials for flame-retardant fabric impacted on profit margins.

  • Outlook for 4Q: Demand for hair attachment products will continue. Will promote the transition to antimony-free

    materials for flame-retardant fabric.

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    ‌Performance （Health Care Solutions Unit）

    Net Sales

    Billions of yen

    Ongoing sales expansion for Medical, with sales concentrated in 4Q for Pharma

    ⇒ Increased sales and profits

    57.3

    55.4

    Medical

    FY2025 1Q-3Q

    (Apr.-Dec.)

    FY2024 1Q-3Q

    (Apr.-Dec.)

    • Performance in 3Q: Substantial sales expansion of both blood purification devices and catheters, resulting in the largest earning-generating business. New production facility in Hokkaido (Tomatoh Manufacturing Site for blood purification devices) had already ramped up production as planned.

    • Outlook for 4Q: Sales expansion of each product will continue. Construction of a new catheter production facility is making steady progress.

      Operating Income

      Billions of yen

      8.7 9.6

      Pharma

  • Performance in 3Q: Closing of sales deals for biopharmaceuticals were pushed back to 4Q.

    FY2025 1Q-3Q

    (Apr.-Dec.)

    FY2024 1Q-3Q

    (Apr.-Dec.)

  • Outlook for 4Q: Will focus on the acquisition of new projects in small molecule pharmaceuticals and biopharmaceuticals

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    ‌Performance （Nutrition Solutions Unit）

    Strong performance for Supplemental Nutrition and improved profitability of Foods

    Net Sales

    Billions of yen

    ⇒ Higher sales but lower profits overall

    147.1

    153.3

    Supplemental Nutrition

    • Performance in 3Q: Sales of the active form of coenzyme Q10 expanded in the global market.

      FY2025 1Q-3Q

      (Apr.-Dec.)

      FY2024 1Q-3Q

      (Apr.-Dec.)

    • Outlook for 4Q: Sales will continue to expand and earnings are expected to grow steadily.

Operating Income

Foods & Agris

• Performance in 3Q: Profit margins improved through price revisions and the shift toward high value-added products in addition to the high demand period.

• Outlook for 4Q: Will aim to improve profitability by expanding sales of new products in the "Business to Consumer" (B-to-C) business.

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  ‌Business Performance by Segment (Quarter-on-Quarter)

  (Billions of yen)

  	Net Sales				Operating Income
  	FY2025		Difference(QoQ)		FY2025		Difference (QoQ)
  Material SU	2Q	3Q	Amount	%	2Q	3Q	Amount	%
  	80.1	79.0	(1.1)	(1.4%)	6.3	5.2	(1.2)	(18.4%)
  Quality of Life SU	48.6	48.4	(0.2)	(0.4%)	4.2	4.8	0.6	13.8%
  Health Care SU	19.1	20.0	0.9	4.7%	2.9	3.6	0.7	23.9%
  Nutrition SU	50.8	53.2	2.4	4.7%	3.3	3.5	0.3	7.8%
  Others	0.2	0.3	0.1	32.6%	0.1	0.1	0.1	114.4%
  Adjustment	-	-	- -		(10.0)	(10.0)	(0.0)	-
  Total	198.7	200.8	2.1	1.1%	6.8	7.2	0.4	6.3%

  ※SU：Solutions Unit

  Factors for difference in operating income Profitability improved in all SUs except for Material SU

  • Material: Prolonged downturn in Asian market conditions for Vinyls, and delayed demand recovery in Europe and the U.S. for MOD and MS.

  • QOL: Improvement of profit margins for Foam, and smartphone demand adjustment and large LCD TV production adjustment for E&I.

  • Health Care: Further sales expansion on a global scale for Medical.

  • Nutrition: Progress on the shift toward high-value-added products and sales expansion during high demand periods for Foods.

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(Billions of yen)

22.1

11.3

33.3

6.1

14.8

21.0

11.0

1.3

12.4

33.3

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(Billions of yen)

(7.2) -

(6.1) (3.0)

(4.6) (3.1)

6.2 (1.5)

• Strengthen Life Science businesses, which is the priority area, to speed up portfolio transformation.

• Will gain strong momentum for performance recovery, driven by Health Care SU.

• Expect that weak overseas market conditions will persist for Vinyls, and recovery of the European and the U.S. housing and construction

  markets will remain modest for MOD and MS.

  → Have revised the forecast for consolidated financial results, which was announced on November 12, 2025.

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  ‌Earning Forecasts and Other Forward-looking Statements

  ※SU: Solutions Unit

  (Billions of yen)

  	Net Sales
  	FY2024	FY2025		Difference
  	Result	Previous forecast (November. 12, 2025)	Revised forecast	Vs. previous year	Vs. previous forecast
  Material SU	342.9	323.0	318.0	(24.9)	(5.0)
  Quality of Life SU	191.0	195.0	194.0	3.0	(1.0)
  Health Care SU	77.3	84.0	87.0	9.7	3.0
  Nutrition SU	195.0	197.0	200.0	5.0	3.0
  Others	1.1	1.0	1.0	(0.1)	-
  Adjustment	-	-	-	- -
  Total	807.2	800.0	800.0	(7.2)	-

  Operating Income

  FY2024	FY2025		Difference
  Result	Previous forecast (November. 12, 2025)	Revised forecast	Vs. previous year	Vs. previous forecast
  31.0	26.8	24.5	(6.5)	(2.3)
  20.0	18.3	18.3	(1.7)	-
  13.4	17.0	16.5	3.1	(0.5)
  13.1	14.7	13.7	0.6	(1.0)
  0.5	0.4	0.5	(0.0)	0.1
  (37.9)	(40.2)	(39.5)	(1.6)	0.7
  40.1	37.0	34.0	(6.1)	(3.0)

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  ‌Earning Forecasts and Other Forward-looking Statements

  • Business forecasts (outlook for 4Q)

• Material:

• QOL:

• Health Care:

• Nutrition:

  Prolonged downturn in Asian market conditions is expected for Vinyls.

  Gradual recovery to be projected for housing and construction demand in Europe and the U.S. for MOD. Sales expansion in global bases including Asia will be promoted for MS.

  Demand for polyimide films and optical acrylic resins had bottomed out and is expected to recover, and

  sales of high-value-added grades will expand for E&I.

  High-level sales of hair attachment products will continue for Fiber.

  New product sales will expand, and sales regions will grow (Asia and the U.S) for Medical.

  Delayed sales expansion in the CDMO market is expected to materialize for both small molecule pharmaceuticals and biopharmaceuticals for Pharma.

  While domestic demand is predicted to be lower than expected, the shift toward high-value-added products

  will move forward, and sales of "Business to Consumer" products will expand for Foods.

  Sales are predicted to remain strong for Supplement.

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  ‌Topics -Awareness Expansion of Green Planet-

  Green Planet received the top prize at the 2025 Nikkei Excellent Products and Services Awards*

  • Key points for award: Biodegradable into CO₂ and water not only in soil but also in seawater, with functionality comparable to conventional plastics

*Nikkei Excellent Products and Services Awards: An annual award program organized by Nikkei Inc. to recognize outstanding new products and services. It has a long tradition and marked its 44th anniversary in 2025.

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• Jointly developed biodegradable artificial turf for indoor sports with Mizuno.

  ⇒ It can address microplastic pollution resulting from artificial turf fragments entering the ocean.

  【Characteristics】

• More than 90% of the resin used in the turf blades is derived from biomass⇒ Enabling a reduction in CO₂ emissions compared with petroleum-based artificial turf.

• Ensure safety, durability, and cushioning performance for play.

Photos by Nagoya Dome Co., Ltd

Photos by Nagoya Dome Co., Ltd

* The world's first use of biodegradable artificial turf made with Green Planet in indoor sport application based on research by Kaneka

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• A tandem perovskite solar cell combines a perovskite top cell with heterojunction crystalline silicon (HJT) solar cell as the bottom cell, enabling higher conversion efficiency while maintaining durability comparable to conventional crystalline silicon solar cells.

• Demonstration tests will be conducted for residential applications such as ZEH (Net Zero Energy Houses) and for ZEB (Net Zero Energy Buildings), including installation on rooftops and exterior walls, with product commercialization planned for FY2028.

• We will strive to achieve conversion efficiencies exceeding 40% and aim to realize power generation costs lower

than those of conventional crystalline silicon solar cells.

Tandem perovskite solar cell Lightweight module

Tandem perovskite solar cell

Residential roof tile-integrated module

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18

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Health Care SU

Health Care Solutions Unit

Medical

Pharma

Medical Solutions Vehicle

Pharma & Supplemental Nutrition Solutions Vehicle (Pharma)

‌KANEKA CORPORATION

https://www.kaneka.co.jp/en/