Mitsubishi Gas Chemical Company, Inc. TSE:4182

Mitsubishi Gas Chemical : Full Year Results Presentation Fiscal Year 2025(April 1, 2025-March 31, 2026)

Published May 13, 2026 at 6:36 a.m. UTC

Source: MarketScreener

FY2025

Consolidated Financial Results

May 13, 2026

TSE 4182

(Note) No change from previous forecast

(Interim dividend:50yen, the year-end dividend:50yen)

100 yen

Annual dividend

Dividend

Policy

Decline in profitability due to lower market prices in
methanol market prices
Decline in profitability of MXDA and its derivatives

Operating

profit

Increase in sales volume of BT materials

Lower market prices in polycarbonate (PC) and
methanol market prices
Withdrawal from the ortho-xylene (OX) chain business

Net Sales

Increase in sales volume of BT materials

１． FY２０２5 Results
[JPY in billions]		YoY
Net Sales	738.2	-35.3
Operating profit	45.2	-5.5
Profit attributable to owners of parent	(４０.3)	-85.8

Impairment losses recorded at meta-xylenediamine (MXDA) plant in the Netherlands, super-pure hydrogen peroxide plant in Taiwan, and multiple businesses

2． FY2026 Full-Year Forecast
[JPY in billions]		YoY
Net Sales	840.0	+101.7
Operating profit	59.0	+13.7
Profit attributable to owners of parent	46.0	+86.3

Net Sales

Assumptions regarding Middle East Situation:

-High fuel and raw material costs and supply chain disruption expected to continue for the time being

(Note) FY2026Assumed crude oil prices: Full-year $90/bbl. (1H $100 /bbl. ,2H $80/bbl.)

-Based on the above assumptions, reflected the factors that can currently be incorporated into the forecast. Manufacturing costs, which are on a rising trend, will be passed through to selling price.

Operating profit

+ Increase in methanol market price, price pass-through of higher raw material costs

+ Continued robust demand and expanded applications for electronic materials

+ Increase in methanol market prices

+ Continued robust demand and expanded applications

for electronic materials

Dividend Policy

- Increases in depreciation costs and R&D expenses

Annual dividend planned 110 yen

(Interim dividend:55yen, the year-end dividend:55yen)

(Note) 10yen increase planned for the year based on ordinary dividend

(Note) Figures shown on this and the following pages are rounded down to the closest 0.1 billion. Percentage figures, per-share indicators, and performance assumptions are rounded off to the closest whole number.

ー The impact of the deteriorating situation in the Middle East is limited at present, except for our Saudi Arabia methanol plant

ー Manufacturing costs are on a rising trend due to high raw material prices. We are working to pass through costs to avoid deterioration of profitability

ー We plan to update specific impacts on earnings at our June Management Overview Presentation and quarterly results presentations, etc

Green Energy & Chemicals

Methanol and derivatives	Constraints have arisen on product shipments from our Saudi Arabia plant. We continue to sell to customers through reallocation of products from other sites. However, procurement costs have increased above usual levels, and we are working to pass them through to selling price Methanol derivatives have not been particularly impacted in production or sales
Xylene separators and derivatives (including MXDA and its derivatives)	Mixed xylene is expected to remain procurable for the time being Xylene derivatives, including MXDA and its derivatives, have not been particularly impacted in production or sales

Specialty

Chemicals

Inorganic chemicals/Optical materials/Electronic materials	Raw materials have been secured for the time being, and production and sales have not been particularly impacted
Engineering plastics	For both polycarbonate (PC) and polyacetal (POM), raw materials have been secured for the time being, and production and sales have not been particularly impacted We are working to pass through soaring prices for the primary materials BPA and methanol

Major Losses Recorded in the FY2025 4Q

ー During the fourth quarter, losses were recorded in multiple businesses, including impairment loss at a super-pure hydrogen peroxide production subsidiary in Taiwan

ー We decided on PC production capacity reduction as part of structural reform of the PC business. We will continue to improve the profitability and capital efficiency of this business. As for other businesses that recorded a loss, we will quickly take measures to improve profitability

Site/Business	Details	Amount	Overview
Super-pure hydrogen peroxide production subsidiary in Taiwan (MGC Pure Chemicals Taiwan, INC.)	Impairment loss	10.6 billion yen	Recorded impairment loss on fixed assets due to ongoing severe profitability conditions caused by increased fixed costs with the new construction of a plant for raw material hydrogen peroxide, and delays in receiving certification from customer
MGC's PC business (MGC's Kashima Plant, etc.)	Impairment loss	5.3 billion yen	As part of the restructuring of the PC business- a business requiring intensive management-we decided to discontinue production at the PC plant of the Kashima Plant around March 2028. Accordingly, impairment loss was recorded for noncurrent assets related to the business
Methanol production company in Trinidad and Tobago (Caribbean Gas Chemical Limited)	Impairment loss (*Recorded in non-operating expenses as share of loss of entities accounted for using the equity method）	4.2 billion yen	Recorded impairment loss (7.4 billion yen) last time in FY2023. Subsequently, profitability did not improve, and further impairment loss was recorded
MXDA production subsidiary in the Netherlands (MGC Specialty Chemicals Netherlands B.V.)	Impairment loss	1.9 billion yen	Due to impairment loss recorded on non-current assets newly acquired in the fourth quarter, as well as a reassessment of foreign exchange valuation amounts previously recorded during FY2025
	Losses on termination of construction work	1.0 billion yen	Discontinuation of construction was decided in February 2026. Provision for removal of plant and other losses on termination of facility construction was recorded. From FY2026 onward, we expect to record contract penalty payments, however, the impact should be mitigated by a reduction in tax expenses due to recording deferred tax assets

INDEX

１

FY2025 Results

FY2026 Forecast

３

Results and Forecast by Segment

１

FY2025 Results

FY2026 Forecast

３

Results and Forecast by Segment

Net sales: Decreased mainly due to lower PC/methanol prices and withdrawal from OX chain business, despite higher sales volume of electronic materials driven by strong demand

Operating profit: Decreased mainly due to above-mentioned lower prices, intensifying competition in MXDA and its derivatives, and higher fixed costs for capacity expansion in inorganic chemicals

Ordinary profit: Decreased mainly due to lower operating profit and decline in equity in earnings of affiliates, such as impairment loss at the methanol production company in Trinidad and Tobago

Profit attributable to owners of parent: Net loss posted mainly due to lower ordinary profit, as well as impairment losses recorded at MXDA plant in the Netherlands and other businesses

Changes FY2025

[JPY in billions] FY20２4 FY2025

Amount ％

Forecast*1 Changes

Net sales	773.5	738.2	-３5.3	-４.6		730.0	+8.2
Operating profit	50.8	45.2	-5.5	-10.9		47.0	-1.7
Ordinary profit	60.3	51.9	-8.3	-13.9		55.0	-3.0
Profit attributable to 45.5		(40.3) -85.8 -				(18.0) -22.3
EBITDA 973		92.8				97.2
(EBITDA Margin(%)) 12.6		12.6				13.3
*1 Announced on Feb. 10, 2026 E P S （ＪＰＹ） 22８．93		(207．04)				(92.43)
R O E (%) 6.9		-				-
R O Ｉ	Ｃ*2	(%)	6.4	3.2	3.9
ＦＸ (JPY/USD)	153	151				150

owners of parent

*2 ROIC=(Operating profit - Income taxes + Equity in earnings of affiliates) / invested capital

(YoY) Net sales-￥35.3 bn, Operating profit-￥5.5 bn, Ordinary profit-￥8.3 ｂｎ, Profit attributable to owners of parent-￥85.8 bn.

ー Net sales: （－） Lower market prices for PC and POM

（－） Lower market prices for methanol

（－） Withdrawal from OX chain business

（＋） Increase in sales volume of electronic materials

ー Operating profit：（－） Decline in profitability due to lower market prices for methanol

（－） Intensifying competition on MXDA and its derivatives

（－） Increase in fixed costs associated with expanding production capacity of chemicals for use in semiconductor manufacturing

（－） Lower market prices for PC and POM

（＋） Increase in sales volume of BT materials and other semiconductor-related products

ー Ordinary profit：（－） Impairment loss at overseas methanol production company and lower market prices for methanol

（＋） Improvement of foreign exchange gains and losses

ー Profit attributable to owners of the parent：

（－） Impairment loss on noncurrent assets at MXDA plant in the Netherlands and several businesses

（＋） Gain on sale of non-business assets and strategic shareholdings

DPS: Annual 100 yen (interim 50 yen, year-end 50 yen*)(Increased by 5 yen from the previous year)

* Scheduled to be formally authorized by the Board of Directors on May 26, 2026

（+） BT materials, etc.

（－） Optical polymer, PC, etc.

[JPY in billions]

Quantity factors 9.5

Forex factors

+0.8

50.8

45.2

(Forex rates) FY2024： ¥153/$ FY2025： ¥151/$

Price factors

-7.1

Others

-8.8

(ー) Methanol, PC, MXDA, etc.

（－） Depreciation costs, MSCN-related, etc.

OP -5.6

FY2024

FY2025

[JPY in billions]	FY2024	FY2025	Changes
Non-operating items	9.4	6.6	-2.8
Equity in earnings of affiliates	10.9	1.5	-9.4
Financial income or losses	2.6	2.5	-0.1
Foreign exchange gains or losses	(1.3)	4.6	+6.0
Others	(2.8)	(2.1)	+0.7

Extraordinary income	3.0	14.7	+11.6
Gains on sales of noncurrent assets	-	9.0	+9.0
Gain on sales of investment securities	1.4	4.9	+3.4
Others	1.5	0.7	-0.8
Extraordinary losses	(7.0)	(82.7)	-75.7
Impairment losses	(0.7)	(78.4)	-77.7
Business structure improvement expenses	(1.0)	(1.8)	-0.7
Losses on termination of construction work	-	(1.0)	-1.0
Loss compensation	(2.3)	(0.6)	+1.6
Provision allowance for doubtful accounts	(0.2)	(0.5)	-0.3
Others	(2.7)	(0.1)	+2.5
Total extraordinary income and losses	(3.9)	(68.0)	-64.0

(Note) Increase/decrease in this table shows increase/decrease vs. profit/loss.

Content of the Difference

Equity in earnings of affiliates
GEC -8.8
(Impairment of methanol plant in Trinidad and Tobago - 4.2)
Specialty Chemicals -0.5
- Extraordinary income＋11.6 Gain on sale of non-business assets (2 properties) +9.0 Gain on sale of strategic shareholdings +3.4
Etc.
Conducted as part of
short-term intensive improvement measures announced in 2Q financial results)
Content of the Difference
Impairment losses -77.7
MXDA plant in the Netherlands -55.4 Super-pure hydrogen peroxide plant in Taiwan -10.6
Hydrogen peroxide plant in China
-5.3
MGC's PC business -5.3
Etc.
Losses on termination of construction work -1.0

MXDA plant in the Netherlands -1.0

１

FY2025 Results

FY2026 Forecast

３

Results and Forecast by Segment

FY2026 Forecast

Net sales: Forecast to increase year on year, mainly due to recovery in methanol market prices, pass-through of raw material cost increases, and continued strong demand for electronic materials

Operating profit: Forecast to increase year on year, mainly due to increase in net sales along with decrease in depreciation expense due to recording impairment loss in the previous fiscal year

Ordinary profit: Forecast to increase year on year, mainly due to higher operating profit, as well as the absence of impairment losses recorded in FY2025

Profit attributable to owners of the parent: Forecast to increase year on year, mainly due to higher ordinary profit along with the absence of

extraordinary losses recorded in FY2025

Changes

[JPY in billions]	FY2025	FY2026(F)	Amount	％
Net sales	738.2	840.０	+101.7	+13.8
Operating profit	45.2	59.０	+13.7	+30.3
(Operating profit margin(%))	6.1	7.0
Ordinary profit	51.9	66.0	+14.0	+27.１
Profit attributable to owners of parent	(40.3)	4６.０ +86.3 -
EBITDA	92.8	110.9
(EBITDA margin) (%)	12.6	13.2
E P S （ＪＰＹ）	(207.04)	236.06
R O E (%)	-	7.1
R O Ｉ	Ｃ*	(%)	3.2	6.0
ＦＸ (JPY/USD)	１５1	１55

＊ROIC= (Operating profit - Income taxes + Equity in earnings of affiliates) / invested capital

(YoY) Net sales +¥101.7 bn, operating profit +¥13.7 bn, ordinary profit +¥14.0bn, Profit attributable to owners of parent +¥86.3bn

ー Net sales：（＋） Improvement in market price for methanol and pass-through of raw materials cost increase

（＋） Continued robust demand and expanded applications for electronic materials

ー Operating profit：

（＋） Increase in net sales and decrease in depreciation expenses due to recording impairment loss in FY2025

（－） Increases in depreciation costs due to start of facility operation, R&D expenses, etc.

- Ordinary profit, and profit attributable to owners of the parent：

（＋） Increase in operating profit, absence of losses (impairment losses, etc.) recorded in FY2025,

and improvement in on equity in earnings of affiliates

ー DPS: The annual dividend for FY2026 is planned to be ¥110 per share (an increase of 10 yen per share on an ordinary dividend basis).

Impact of Middle East Situation

High fuel and raw material costs and supply chain disruption expected to continue for the time being (note)FY2026 Assumed crude oil prices: Full-year $90/bbl. (1H $100 /bbl., 2H $80/bbl.)
Based on the above assumptions, reflected the factors that can currently be incorporated into the forecast
Manufacturing costs are on a rising trend, but we will pass through costs to avoid a decline in profitability

Assumed exchange rate (FY): $1=¥155, €1=¥180
Sensitivity (USD, rough estimate): with an appreciation (depreciation) of ¥1 against the USD, annual operating profit falls (increases) by ¥0.5bn, while annual ordinary profit falls (increases) by ¥0.4bn
Sensitivity (EUR, rough estimate): with an appreciation (depreciation) of ¥1 against the EUR, annual operating profit falls (increases) by ¥0.1bn, while annual ordinary profit falls (increases) by ¥0.1bn.
Assumed crude oil prices (FY): $90/bbl. (Sensitivity is currently under reexamination） *Crude oil sensitivity in the FY2025 earnings forecasts was disclosed as $1/bbl. Drop (increase) in crude oil raises (reduces) income by 0.3bn yen/year
Methanol: Market price forecast at $375. ($1/MT increase (drop) in market price raises (reduces) equity in earnings of affiliates by ¥0.1 bn.)

Price factors

+12.1

Others

-9.6

[JPY in billions]

Quantity factors

+8.2

Forex factors

59.0

45.2

FY2026： ¥155/$

(+) BT materials, OPETM,

Electronic chemicals, etc.

(+) Methanol, BT materials, etc.

(－) R&D expenses,

Depreciation costs, etc.

+3.1

(Forex rates) FY2025： ¥151/$

OP +13.8

FY2025 FY2026 (F)

ー The return policy under the current medium-term management plan is for the adoption of a progressive dividend policy, the total payout ratio aiming for 50% and DOE (dividend on equity) of 3%

ー Despite recording a net loss in FY2025, the Company retains a sound financial position. The forecast for the annual dividend for FY2025 remains unchanged at 100 yen. (an increase of 5 yen from the previous year)

ー In the final fiscal year of the medium-term management plan, FY2026, based on the above policy, we expect to increase the dividend by 10 yen. Going forward, we will continue to actively engage in shareholder returns

The annual dividend for FY2026 is planned to be 110 yen per share (an increase of 10 yen per share on an ordinary dividend basis)

Dividends Share buybacks Total payout ratio (single year) (Billions of yen)

16.6

67%

74%

48%

Forecast

47%

34%

FY2021

FY2022

Grow UP 2023

FY2023

FY2024

FY2025 FY2026(F)

Grow UP 2026

16.2

16.3

18.7

7.0

10.0

15.0

19.5

21.4

Profit

48.2

49.0

38.８

45.5

(40.3)

46.0

Annual

dividend

(Yen per share)

80 *

100

110

*Incl. ¥10 commemorative dividend

Progressive dividend policy

１

FY2025 Results

FY2026 Forecast

３

Results and Forecast by Segment

FY2025 Results

Net sales, operating profit: Decrease in sales and profit due to deterioration of market price for methanol and decline in profitability of MXDA and its derivatives.

Ordinary profit: Profit decreased due to the decrease in operating profit as well as recording of impairment loss at the methanol production company in Trinidad and Tobago, and a decline in equity in earnings of affiliates due to deterioration of market price for methanol.

Extraordinary loss: Recorded impairment loss on non-current assets following the discontinued construction of an MXDA plant in the Netherlands

FY2026 Forecast

Net sales, operating profit: Sales and profits are forecast to increase due to recovery in methanol market prices, pass-through of increased raw material costs, and increase in sales volume of MXDA and its derivatives

Ordinary profit: Profit is forecast to increase due to improvement in operating profit, as well as the absence of impairment losses recorded in FY2025, and improvement in equity in earnings of affiliates as methanol market prices increase.

Operating profit Ordinary profit Net sales

[JPY in billions]

323.1

353.4

286.9

17.7

12.7

12.3

5.6

3.8

20.5

FY2024 FY2025 FY2026(F)

【 Increase and Decrease Factors of Operating Profit (YoY)】 Operating Profit -7.1 Operating Profit +6.7

（ー） Methanol, MXDA, etc.

(－) R&D expenses, etc.

(+) MSCN-related, etc.

（＋） Methanol,

Forex factors, etc.

（＋） MMA-related products, etc.

+1.7

-7.3

+1.0

5.6

12.3

12.7

+9.2 -4.2

（ー） MSCN-related, etc.

-0.8

FY2024 Quantity factors Price factors Others FY2025 Quantity factors Price factors Others FY2026(F)

[JPY in billions]

FY2025

Results

2026

Forecast

Changes

Net sales	286.9	353.4	+66.4
Natural Gas	213.5	270.0	+56.5
Aromatic	73.8	83.7	+9.9
Adjustment	(0.4)	(0.4)	+0.0
Operating profit	5.6	12.3	+6.6
Natural Gas	5.7	9.0	+3.3
Aromatic	(0.0)	3.1	+3.2
Adjustment	0.0	0.0	-0.0
Ordinary profit	3.8	17.7	+13.9
Natural Gas	1.6	14.0	+12.4
Aromatic	2.2	3.6	+1.4
Adjustment	0.0	0.0	-0.0

(Note) Breakdown shows segments by major product group

		FY２０２5 Results （Compared with FY2024 Results）		FY２０２6 Forecast （Compared with FY2025 Results）
Natural Gas	Methanol		Decreases in both net sales and earnings due mainly to lower market prices compared with the previous fiscal year. （FY2024 $334→FY2025 $317)		Full-year market prices of $375 are expected, reflecting improvement in supply and demand and impact of the Middle East situation. Earnings are expected to increase year on year as profit and loss are projected to improve due to rising market prices.
	Methanol and ammonia-based chemicals		Increased in earnings, despite lower sales prices, thanks to such positive factors as the higher sales volume of MMA-related products and lower fixed costs.		Earnings are expected to increase, driven by solid sales of MMA related products, despite an expected year on year increase in fixed costs.
	The energy resources and environme ntal business		Operating profit on par with the previous fiscal year, backed by the robustness of iodine sales, even though net sales declined due to the lower sales volume of LNG for power generation use.		Earnings are expected to decrease due to factors such as contracting spreads on LNG for power generation use and the electric power business, and increased fixed costs for the iodine-related business, etc.
Aromatic	MXDA,aro matic aldehydes and polymer materials including derivatives		Decreaseｄ in net sales and earnings, reflecting such factors as intensifying competition and a resulting decline in sales prices, along with higher fixed costs.		Earnings are expected to increase, driven by MXDA demand recovery associated with response to aging infrastructure in Europe, and strong sales of aromatic aldehydes. Decrease in operation scale at the Netherlands site due to discontinued construction of the new plant.
Aromatic	Xylene separators and derivatives		Decreaseｄ in net sales due to the withdrawal from the ortho-xylene chain. However, earnings from these offerings were on par with the previous fiscal year thanks to lower repair costs, with no major periodic repair conducted in the fiscal year ended March 31, 2026.		Profits are expected to decline due mainly to increased fixed costs in meta-xylene, despite expected improvement in the spread for PIA.

FY2025 Results

Net sales, operating profit: Sales and profits are forecast to increase due to strong demand in BT materials, and brisk sales of products for advanced semiconductors (hybrid chemicals, OPETM)

Extraordinary loss: Impairment losses were recorded at inorganic chemical operations in Taiwan and China, along with impairment losses associated with discontinuation of PC production at MGC's Kashima Plant.

FY2026 Forecast

Net sales, operating profit: Sales and profits are forecast to grow, reflecting the effects of a recovery in demand for chemicals for use in semiconductor manufacturing, price revision and new expanded adoption of BT materials, and a decrease in depreciation following impairment of non-current assets in FY2025, despite expectation of increased fixed costs associated with growth investments in the inorganic chemicals and electronic materials fields.

Operating profit Ordinary profit Net sales

481.9

444.1 448.3

[JPY in billions]

41.3

43.9

43.8

49.1

51.7

52.6

FY2024 FY2025 FY2026(F)

【 Increase and Decrease Factors of Operating Profit (YoY)】 Operating Profit +2.5 Operating Profit +7.9

+8.2

+1.0 -6.7

（＋） Electronic chemicals, etc.

（－） PC, etc.

（ー） Depreciation costs, etc.

（＋） BT materials, etc.

（－） Optical polymer, PC, etc.

51.7

43.８

41.3

+5.8

-4.1

+6.2

(+) BT materials, Forex factors etc.

（＋） BT materials, OPETM, Electronic chemicals, etc.

(－) Depreciation costs,

R&D expenses, etc.

FY2024 Quantity factors Price factors Others FY2025 Quantity factors Price factors Others FY2026(F)

						FY２０２5 Results		FY２０２6 Forecast
	FY2025	2026	Changes			（Compared with FY2024 Results）		（Compared with FY2025 Results）
				Specialty
[JPY in billions]	Results	Forecast					Increased in net sales due to the higher sales volume of chemicals for use in		Earnings are expected to increase driven mainly by expected recovery trend in demand
Net sales	448.3	481.9	+33.5				semiconductor manufacturing. However,		for chemicals for use in semiconductor
					Inorganic		earnings from these offerings decreased due mainly to growth in fixed costs		manufacturing due to higher customer operation rates, as well as a decrease in
					chemicals		associated with the expansion of capacity		depreciation following impairment losses in
Specialty	350.8	370.7	+19.8
							at a production base in Taiwan. These		FY2025.
							offerings were also affected by the
							impairment of noncurrent assets at
							manufacturing subsidiaries in China and

Information & Advanced Materials	97.5	111.2	+13.6				Taiwan.
							Decreased in net sales and earnings due to		PC: Earnings are expected to increase due to
							deterioration in the profitability of		reduction of fixed costs through
Adjustment	(0.0)	(0.0)	-0.0
					Engineering plastics		overseas manufacturing bases on the back of lower sales prices for polycarbonate and polyacetal as well as a decrease in		concentration of sheet film production sites and decrease in depreciation following impairment losses in FY2025.
Operating profit	43.8	51.7	+7.9
							their sales volume. These offerings were		POM: Earnings are expected to decrease due
							also affected by the impairment of		to fall in sales prices and increase in raw
							noncurrent assets related to the		material prices .
							polycarbonate business.
Specialty	21.3	25.5	+4.1
							Decreased in net sales and earnings. This		Earnings are expected to decrease, mainly
							was due to the lower sales volume of		reflecting increased depreciation following
					Optical materials		products for use in smartphones, a primary application of optical polymers. Other factors leading to decreases in net sales and earnings included growth in such fixed		the start-up of new lens monomer facility, despite forecast for strong performance in optical polymers and lens monomers.
Information & Advanced Materials	22.4	26.2	+3.8
Adjustment	0.0	0.0	-0.0
							costs as depreciation.
				Information & Advanced Materials			Increased in net sales and earnings, even		BT material demand expected to remain
							though the strengthening of quality		strong. Increased sales and profits with
Ordinary profit	49.1	52.6	+3.5
							management measures for BT materials for		expected emergence of price revision effects
							IC plastic packaging resulted in higher		and expanded adoption for new applications.
							costs. The above increases were		OPETM is also expected to grow, driven by
Specialty	24.1	25.3	+1.1
					Electronic		attributable to growth in demand in a		strong demand from the AI server market and
					materials		broad range of fields, a customer trend toward securing stockpiles in response to		expanded applications.
							anxiety regarding the supply of some raw materials, and the higher sales volume of
Information &
Advanced Materials	24.9	27.2	+2.3				OPETM substrate material for AI servers.
Adjustment	0.0	0.0	-0.0
					Living Tech		Decreased in earnings due mainly to the		In oxygen absorbers, earnings are expected to
					and Hygiene Solutions		lower sales volume of oxygen absorbers for export and higher raw material prices.		increase as sales volumes for overseas customers increase.
(Note) Breakdown shows segments by major product group