Results Briefings for Fiscal 2024（ 1,846KB）

May 13, 2025

UACJ Corporation

*Throughout this document, FY2024 refers to the fiscal year ended March 31, 2025.

© UACJ Corporation. All rights reserved.

Key Points of Today's Announcements

• FY2024 Business profit*: ¥45.9 billion (YoY: +¥2.5 billion)
• FY2025 Full-year forecast: ¥46.0 billion (YoY: +¥0.1 billion)

  • FY2024 Business profit results: ¥45.9 billion (YoY: +¥2.5 billion)

    1

    • Japan: Can stock and thick plates, etc. made steady progress in 1H and secured

      earnings

    • Overseas: Captured solid demand for can stock continuing globally, but centered on North America

  • FY2025 Forecast of Business Profit: ¥46.0 billion (YoY: +¥0.1 billion)

    • Despite uncertainty regarding outlook for global economy, we do not expect drastic

      2

      changes in the U.S. can stock market

    • We perceive tariffs in the U.S. to be a risk, but we have not incorporated the impact into earnings because we believe it will be insignificant

    • Planning an annual dividend of 160 yen per share, an increase of 10 yen (dividend

payout ratio of 36.2%)

© UACJ Corporation. All rights reserved.

* Business profit: The end result of sustainable business activities. Obtained by deducting from operating profit the impact of metal price lag, and other

material profit or loss items that are temporary or extraordinary in nature 1

Contents

1. Results for FY2024
2. Forecasts for FY2025
3. Initiatives Aimed at Enhancing Corporate Value
4. Reference Data

© UACJ Corporation. All rights reserved. 2

1. Results for FY2024

   © UACJ Corporation. All rights reserved.

   
   
   

   1. Results for FY2024

   Results for FY2024

   
   
   

   	FY2023	FY2024	Change
   (Billions of yen)	(A)	(B)	(B)－(A)
   Revenue	892.8	998.8	106.0
   Business profit	43.4	45.9	2.5
   Metal price lag, etc.	(12.0)	11.5	23.5
   Operating profit	31.4	57.4	26.0
   Profit attributable to owners of parent	13.9	28.0	14.1
   Net profit (loss) per share (yen/share)	287	585	298
   Adjusted EBITDA*	79.8	84.0	4.2
   LME	2,202	2,526	324
   Foreign exchange rate (JPY/USD)	145	153	8
   Foreign exchange rate (THB/USD)	35.2	34.9	△ 0.3
   Crude oil	82	78	△ 4

   Assumptions

   © UACJ Corporation. All rights reserved.

   * Adjusted EBITDA: EBITDA excluding metal price lag, etc. 4

   1. Results for FY2024

   Sales Volume, Flat-rolled Products

   
   
   

   (Thousands of tons)

   	FY2023 (A)	FY2024 (B)	Change (B)－(A)
   Can stock*	791	851	60
   Foil	45	42	(3)
   IT	8	10	2
   Automotive materials	142	134	(8)
   Thick plates	34	42	8
   Other general-purpose materials	175	187	12
   Total	1,195	1,266	71
   For Japanese market	475	489	14
   For overseas market	720	777	57

   © UACJ Corporation. All rights reserved.

   *Sales volume after eliminating internal transactions 5

   1. Results for FY2024

      Analysis of Business Profit and Adjusted EBITDA (FY2023 → FY2024)

      Full-year assumptions (FY23 → FY24) LME 2,202 2,526 $/t

      (Billions of yen)

      Foreign

      exchange

      145 153 ¥/$

      35.2 34.9 THB/$

      +4.2

      Crude oil 82 78 $/B

      Adjusted EBITDA

      Other

      Energy prices, etc.

      Cost and utilization ratio differences

      Differences related

      to sales

      UWH*3

      TAA*2

      79.8

      Depreciation and amortization

      36.4 8

      Business profit

      UATH*1

      43.4

      (2.6)

      10

      +2.5

      43

      0.7

      (3.1)

      1.4

      Depreciation and amortization

      38.1

      Business profit

      45.9

      Adjusted

      EBITDA

      84.0

      FY2023

      Results

      © UACJ Corporation. All rights reserved.

      *1 UATH UACJ (Thailand) Co., Ltd.

      *2 TAA Tri-Arrows Aluminum Holding Inc.

      , Inc.

      *3 UWH UACJ Automotive Whitehall Industries

      FY2024

      Results

      6

      
      
      

      1. Results for FY2024

      Consolidated Statement of Financial Position

      
      
      

      Increase in working capital due to including inventories

      (Billions of yen)	March 31, 2024 (A)	March 31, 2025 (B)	Change (B)－(A)
      Cash and cash equivalents	40.2	26.3	(13.9)
      Trade and other receivables	179.7	187.3	7.7
      Inventories	187.9	244.1	56.2
      Other current assets	23.4	21.8	(1.7)
      Property, plant and equipment	385.2	394.3	9.2
      Other non-current assets	98.1	96.1	(1.9)
      Total assets	914.4	970.0	55.6
      Trade and other payables	141.7	140.6	(1.0)
      Borrowings	310.9	340.7	29.9
      Other	159.9	169.1	9.2
      Total equity attributable to owners of parent	277.0	290.6	13.6
      Non-controlling interests	25.0	29.0	4.0
      Total liabilities and equity	914.4	970.0	55.6

      Consolidated Statement of Financial Position Application of Funds Statement

      Application of funds

      Capital expenditures

      Long-term Payment of income taxes

      funds

      Payment of dividend

      Surplus of long-term funds Increase in inventories

      Short-term Change in payables/

      funds

      receivables

      36.9

      6.8

      6.1

      31.4

      55.2

      3.9

      Sources of funds

      Profit (loss) before tax Depreciation and

      amortization

      43.0

      38.1

      Shortage of short-term funds 59.1

      © UACJ Corporation. All rights reserved.

      Long-term funds ¥31.4 billion Short-term funds ¥(59.1) billion

      Total ¥(27.8) billion

      7

      1. Results for FY2024

      Consolidated Statement of Cash Flow

      
      
      

      Maintaining D/E ratio at target of 1.0x at the end of FY2024

      Consolidated Cash Flows in FY2024

      (Billions of yen)

      Consolidated Cash Flows

      FC

      94.9

      (Billions of yen)

      Interest-Bearing Debt, D/E Ratio*

      (Billions of yen)

      Profit (loss) before tax 43.0

      Depreciation and amortization 38.1

      Change in payables/receivables, etc. (72.1)

      Cash flows from operations 9.1

      Capital expenditures (36.9)

      Free cash flow (27.8)

      Financing schemes, dividends, etc. (14.7)

      Decrease (increase) in cash and deposits 13.9

      F 58.7

      9.1

      (36.9)

      Operating CF Investing CF Free CF

      400

      350

      300

      250

      Interest-bearing debt (left)
      D/E ratio (right)
      
      

      2.0

      357.0

      340.7

      326.4

      310.9

      320.9

      1.1

      1.0

      1.0

      1.0

      1.0

      
      
      

      1.5

      1.0

      0.5

      Conversion losses (gains) on foreign

      currency-denominated borrowings

      (1.3)

      FCF (27.8)

      200

      
      
      

      (36.2)

      Interest-bearing debt (increase) (29.9)

      FY2023 FY2024

      150

      Mar. 31, Q1 Q2

      Q3 Mar. 31,

      0.0

      © UACJ Corporation. All rights reserved.

      * D/E ratio: Factoring in subordinated loan

      2024

      FY2024

      FY2024

      FY2024

      2025 8

      1. Results for FY2024

      Situation in Thailand (UATH)

      
      
      

      Grew volumes by steadily capturing global can stock demand, resulting in higher sales and profits

      Overview

      Demand : Global can stock demand is steady

      Sales : [North America]

      Shipments of products continued in response to recovery in can stock demand

      [ASEAN and other regions]

      • Worked to win new customers, expanded sales area

      • Number of inquiries has increased following the abolition of the Chinese value-added tax refund in Dec

        Breakdown of Sales by Sales Area (25 Countries)

        India/Others

        12%

        Middle East/Africa

        14%

        Thailand

        27%

        North/South America

        17%

        Southeast Asia 20%

        Oceania

        10%

        Sales other than Thailand account for approximately 70% of UATH's market

        (Based on most recent sales results for Q3 ＦY2024)

Profit : • Expanded sales volume and profit despite fluctuations in the exchange rate and rising raw material prices

Business profit and Adjusted EBITDA (Billions of yen)

2.6

3.4

FY23

FY24

FY23

FY24

Adjusted EBITDA

Business profit

*Includes shipments to TAA

© UACJ Corporation. All rights reserved.

*Refer to p.30 for performance since FY2023. 9

1. Results for FY2024

Situation in United States (TAA)

Despite higher sales achieved by steadily capturing strong can stock demand,

higher costs led to lower profits

Overview

Demand : • Unchanged the trend of expanding demand for can stocks in North America

Production : • Production continuing at high levels

Business profit and Adjusted EBITDA (Billions of yen)

FY23

FY24

FY23

FY24

Adjusted EBITDA

Business profit

Changes in US Can Stock Demand

（Billion Pounds）

CAGR

Approx. 3%

4.3

4.2

4.7

© UACJ Corporation. All rights reserved.

*Refer to p.30 for performance since FY2023.

2021 2022 2023 2024 2025 2026 2028 2030

Source: Research by UACJ 10

1. Results for FY2024

Situation in United States (UWH)

Business environment

Overview

Sales to HV/ICE have been strong, with cost-reduction initiatives bearing fruit

over the full year to drive profit higher

: • Rising demand for lighter vehicle weight in response to environmental regulations, etc.

• We see no change in the medium- to long-term growth of the automotive market as a whole

• Despite recent weakness in EV market, HV/ICE market

  continues to grow

  Business profit and Adjusted EBITDA (Billions of yen)

  Sales : • Continued to provide stable supply to Japanese OEMs

  • Activities for capturing rising demand generated by shift to lighter vehicle weight, etc. and winning new projects

    Profit : • Volume of sales to EVs decreasing

    3.8

0.4

FY23 FY24 FY23 FY24

Adjusted EBITDA

Business profit

Comparison of sales ratio

FY2024

Actions for FY2025 and beyond

© UACJ Corporation. All rights reserved.

*Refer to p.30 for performance since FY2023.

For EVs

18％

44％

38％

For HV, ICE etc.

Other

11

1. Forecasts for FY2025

   © UACJ Corporation. All rights reserved.

   
   
   

   2. Forecasts for FY2025

   Key Points of Forecasts for FY2025

   
   
   

   Understanding of External Environment in FY2025
   to increase in size levels

   • We expect the aluminum market to continue

   • Outlook for world economy uncertain due to impact of U.S. tariff policy

   • Raw material prices continue to trade at high

   • Personnel expenses and other prices rising

   • Abolishment of China value-added tax refund system for exports

   Direction in FY2025
   incorporated

   • We will expand our Japan-United States-Thailand production structure to address growing demand for can stock

   • Impact of U.S. tariff policy is limited and has not been incorporated into forecasts

   • Increases in raw material prices have been incorporated into forecasts

   • Impact of a certain level of price revisions has been

   Respond to changes in global external environment, aim for further growth

   © UACJ Corporation. All rights reserved. 13

   2. Forecasts for FY2025

   Additional U.S. Tariffs on Aluminum Products, and Their Impact

   
   
   

   Green: Positive impact Yellow: Negative impact

At this point in time we assume that the impact on the Group as a whole will not be large, but we continue to watch tariff trends closely

• Sales structure of the Flat Rolled Products Business

  *Figures are FY2024 sales volumes

• Impact on UACJ Group

  
  
  

  U.S.

  1

  TAA

  U.S. market

  (Manufacturers, consumers, etc.)

  U.S.

  customers

  Area	Major impact on UACJ Group
  1 Direct impact
  Can stock	concluded in 2025
  Automotive-related materials
  2 Indirect impact
  Automotive-related materials
  Aluminum parts exported to the U.S. by Japanese customers	For many products there are no alternative suppliers within the U.S., so the risk of a short-term decline in , sales is low
  Can stock
  Automotive-related materials
  Raw materials

  • Do not expect any significant change in sales volume for contracts

  • From 2026 onwards, additional tariffs and the abolishment of the exclusion system may lead to lower sales from Thailand

  • In response to closure of competing factories within the U.S., export sales of automotive materials from Japan and Thailand may increase

  • A decrease in units exported to the U.S. from Japan, Mexico or other countries could result in decline in automotive materials sales

  • Impact on U.S. sites (TAA, UWH)

  • Local production/local consumption trend among U.S. manufacturers likely to accelerate, TAA transactions increasing

  • Switch by U.S. OEMs to parts made in the U.S. could lead to an increase in parts inquiries to UWH

  • Virgin ingot prices (MWP*) are rising

  • Paying close attention to direction of scrap prices going forward

  (U.S.)

  450,000 tons

  Direct impact (UACJ export to the U.S.)

  Exports to TAA (Approx. 30,000 to

  310,000 tons

Exports to U.S. customers (Approx. 20,000 tons)

ns)

Exports to the U.S.

by customers

2 Indirect impact

(Customer exports to U.S.)

• North America can stock market (2024)

Entire market: Approx. 2,000,000 tons

*UACJ estimates

Import

・Chinese materials

・Production outside the

U.S. by global competitors

© UACJ Corporation. All rights reserved.

Composition： Approx. 15%

*MWP: Mid West Premium 14

2. Forecasts for FY2025

Full-Year Forecast for FY2025

(Billions of yen)

Assumptions

© UACJ Corporation. All rights reserved. 15

2. Forecasts for FY2025

Sales Volume, Flat-rolled Products

(Thousands of tons)

© UACJ Corporation. All rights reserved.

*Sales volume after eliminating internal transactions 16

1. Forecasts for FY2025

Analysis of Business Profit (FY2024 → FY2025)

Full-year assumptions (FY23 → FY24) LME 2,526 2,500 $/t

Foreign

exchange

153 145 ¥/$

34.9 34.5 THB/$

(Billions of yen)

Depreciation and amortization

38.1

Adjusted EBITDA

84.0

Business profit

45.9

0.7

(6.1)

Other

Energy prices, etc.

UWH

TAA

UATH

0.3

+1.5

+0.1

7.0

(1.7)

0.1

(0.2)

Crude oil 78 80 $/B

Depreciation and amortization

Business profit

46.0

39.5

Adjusted EBITDA

85.5

Cost and utilization ratio differences

Differences related to sales

FY2024

Results

© UACJ Corporation. All rights reserved.

FY2025

Forecast

17

2. Forecasts for FY2025

Capital Investment and Depreciation and Amortization

In FY2025 we will bring forward some of the capital investment that we had planned for the period of the Medium-term Management Plan

© UACJ Corporation. All rights reserved. 18

1. Forecasts for FY2025

   Strategic Investment: To Contribute to Stability of Supply Chain in Advanced Fields

   Doubling the production capacity of thick-plate quenching for aircraft, space, defense, and SPE

   Total investment: ¥11.0 billion Operation start date: 2H FY2027 Production capacity: Approx. 10,000 tons

   Areas of demand: Materials for aircraft, space, defense,

   semiconductor production equipment

Introducing thick-plate quenching equipment to Fukaya Works

Aim to pay a stable and continuous dividend

~ Dividend payout ratio target for period of 4th Mid-term Management Plan (FY24-27) is 30% or more of net profit*

Dividend payout ratio (%)

585

36.2%

25.6%

442

150

160

FY24

FY25

(Forecast)

© UACJ Corporation. All rights reserved.

*Net profit: Profit (loss) attributable to owners of parent

Dividend payout ratio (%) Dividend per share (yen)

Net income per share (yen)

20

1. Initiatives Aimed at Enhancing Corporate Value

   © UACJ Corporation. All rights reserved.

   
   
   

   3. Enhancing Corporate Value

   Activities Related to Sustainability

   
   
   

   Initiatives to enhance UACJ value in future

   Leading a Circular Economy in Aluminum

   • Began technical trials of processes, etc. for dismantling auto components with the aim of expanding the use of recycled materials derived from vehicle recycling

   • Expanded procured raw materials and product groups using green materials that are eligible for ALmitas + SMART Mass Balance certification

   • Completed the establishment of a production system for the mass production of next-generation EcoEnd™ beverage can lids

   • Selected for NEDO aluminum advanced research program, seeking to achieve recycling of low-purity scrap into high-purity aluminum

   • Launched ALmitas+ FusPlate SMART, the first thick plates in Japan to

     use 100% recycled raw materials

     Response to climate change

   • Won the Outstanding Prize for our "Water Bridge" at the 10th Japan Resilience Awards

     Branding activities

   • UWH won the double of Quality/Delivery prize and Value in Excellence prize Honda North America Supplier Awards

   • Consolidated Group product brands under "ALmitas+" and promoted co-creation with society

     Creating a Culture of Diversity, Equity and Inclusion

   • Continued support for the 4th Paralym Art Contest

     © UACJ Corporation. All rights reserved.

     Protecting UACJ's value in the future

     Supporting to the Nature Positive

     (Nature positive)

     • Obtained a score of "A-" at the Leadership level for "Climate

       change" and "Water security"

       Respecting Human Rights

     • Implement human rights due diligence

       Human Capital Utilization, Corporate Value Enhancement, and Organizing

     • Working on systematizing the impact of human capital utilization on

       corporate value improvement

       Occupational health and safety

     • Chosen as Certified Health & Productivity Management Outstanding Organization (White 500, 2025)

       Improve engagement

     • Developed the Workshop no MotoTM workshop tool, which uses aluminum foil, and began trial sales

     • Won "Overall" award in the "FY2024 Keidanren Recommended Internal Newsletter Review"

       Regional revitalization and co-creation, development of next generation

     • Actively rolling out sponsorship and support of sports teams

     • Continued to implement educational support activities 22

     
     
     

     [1. Project for development of advanced circulation technology (upgrade recycling technology)]

     • Participation in NEDO subsidized project that has been underway since 2021 as a public-private-academic collaboration

     • UACJ aims to lead the development of technology to reduce impure elements and of advanced processing technologies to render trace impurities harmless

     • In September we completed installation within the R&D Center of a vertical high-speed twin-

       roll caster prototype, with the aiming of being the first to achieve mass production globally

       [Our vision for the future]

       • Expanding annual manufacturing capacity by around 200,000 tons through use of wrought material scrap

       • Enabling the domestic circulation of aluminum scrap resources through closed-loop recycling, thus making a significant contribution to the global environment

       • Targeting a reduction of about 18 million tons of CO2emissions in aluminum supply chain by 2050

         Vertical high-speed twin-roll caster prototype (R&D Center: Nagoya)

         
         
         

         https://www.uacj.co.jp/release/20240911.htm

         [2. Selected for research and development into processes for conversion into high-purity aluminum using low-temperature electrolytic methods (led by NEDO)]

         Low-purity scrap

• Public-private-academic collaboration to verify suitability for volume production of technology to enable recycling of low-purity aluminum scrap (High-grade recycling), which had hitherto been discarded, into aluminum with a level of purity equivalent of that of new ingots (99.9%), thus enabling social implementation (to FY2026, at the latest)

  [Our vision for the future]

  • Reuse of discarded aluminum resources (domestic circulation of aluminum resources)

  • Significant reduction in CO2emissions compared to current manufacturing

High-purity aluminum High

Price

Low

Low

Scrap

Cast materials

Purity

Wrought materials

High-purity aluminum

High

methods for new ingots https://www.uacj.co.jp/release/20240823.htm

© UACJ Corporation. All rights reserved. 23

3. Enhancing Corporate Value

R&D Activities Aimed at Achieving a Circular Economy - Participation in National Projects

1. Enhancing Corporate Value

Won "Overall" Award in the "FY2024 Keidanren Recommended Internal Newsletter Review"

FY2024 Keidanren Recommended Internal Newsletter Review

Award: Overall Prize "ALUMINIST" No.53/54 Sponsor: KEIDANREN Business Services

Internal Newsletter Center

Objective: To evaluate and encourage the day-to-day activities of editors and to help them raise their game, with the aim of promoting internal newsletter activities that contribute to management

Determination: Whether the purpose of publication and editorial policy appropriately reflect the management environment, social environment, and the internal newsletter strategy of the company/group, and whether the candidate publications achieve those

Overall Prize certificate and shield

Since 2017, we have won the Outstanding Prize, Special Prize, Design Prize, Overall Prize, and other prizes, and have being selected for the Overall Prize or higher for the second consecutive year

13 winners for the FY2024 Overall Prize were selected from

among 112 candidate publications

Cover of the prize-winning "ALUMINIST" No.54

High marks were given for "explaining the Mid-term Management Plan in detail over eight pages, using page layouts that could be of reference even to other companies"

2

Our goal is to foster a sense of unity as members of the UACJ Group, and strengthen organizational capabilities and the management foundation

orporation. All rights reserved.

4

© UACJ C

3. Enhancing Corporate Value

Toward Management Conscious of Cost of Capital and Stock Price

FY2023

5.3%

FY2024

9.9%

• Business profit (¥43.4 ⇒ ¥45.9

  bn)

• Net profit (¥13.9 ⇒ ¥28.0 bn)

• Purchase of treasury stock, etc.

Improve ROE

Actions for FY2025 and beyond

Targets for

Continue to enhance return on capital and reduce cost of capital, with the aim of achieving a PBR of at least 1.0× as quickly as possible

4th Mid-term

Management Plan

ROE

9% or more

FY2023

9%

FY2024

8-9%

range

Improve beta

Improved accuracy of p/l management, stable and continuous profit

⇒Improved creditworthiness (Achieved A rating）

⇒Promoted understanding of our company (Active investor relations and disclosure)

Further expansion

Equity spread

7-8% range

Cost of capital

Reduce cost of capital

© UACJ Corporation. All rights reserved. 25

Change in Business Profit/Adjusted EBITDA

Steady progress towards 4th Mid-term Management Plan targets; further improvements beyond

100.0

(Billions of yen)

Business profit

Adjusted EBITDA

79.8

84.0

85.5

60.5

56.1

60.0

48.7

44.6

43.4

45.9

46.0

29.9

20.9

21.3

14.6

FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY27

© UACJ Corporation. All rights reserved. 26

Future IR Events

IR-DAY For achieving the Fourth Mid-term Management Plan

Date: Tuesday, May 27, 2025 9:30-12:00

Speakers: Shinji Tanaka Representative Director & President

Keizo Hashimoto Executive Vice President, Chief Executive of Flat Rolled Products Division

Henry Gordinier Senior Managing Executive Officer, CEO/President of

Tri-Arrows Aluminum Inc., CEO of UACJ North America Inc. Minami Takahashi Managing Executive Officer, Chief Executive of Aerospace and

Defense Materials Business Division

Kozo Okada Executive Officer, Chief Executive of Finance and Accounting Division

Mike Wergener President of UACJ Automotive Whitehall Industries, Inc.

Teerapun Pimtong Executive Officer of UACJ (Thailand) Co., Ltd., Deputy

© UACJ Corporation. All rights reserved.

Director of Bangkok Office

27

1. Reference Data

© UACJ Corporation. All rights reserved.

4. Reference Data

Trends in Key Indicators

Japanese GAAP IFRS

(Billions of yen)

Shareholders' equity (JGAAP)

182.7 177.5 209.0 209.6 210.5 222.8 223.2 225.8 213.9 - -

© UACJ Corporation. All rights reserved.