Uacj CorporationTSE: 5741

Results Briefings for Fiscal 2025 PDF （1,827KB） PDF （1,827KB）

· Issued by UACJ Corporation
Res ults Briefing for Fis cal 2025

May 14, 2026

UACJ Corporation

TSE Prime

Code

5741







FY2025 Results and Full-Year Forecas ts for FY2026 Unders tanding of Business Environment Toward Management Conscious of Cost of Capital and Stock Price Reference Data

[Points to note about the materials as a whole]

  • Business profit: The end result of sustainable business activities. Obtained by deducting from operating profit the metal price lag, and other material profit or loss items that are temporary or extraordinary in nature

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

  • Adjusted EBITDA： EBITDA － Metal price lag, etc.

  • Stock and share price: Executed a 4-for-1 stock split on October 1, 2025. Figures for previous fiscal years have been restated on a post-split basis

  • UATH: UACJ (Thailand) Co., Ltd.

  • TAA: Tri-Arrows Aluminum Inc.

  • UWH: UACJ Automotive Whitehall Industries, Inc

1

2

3

4



Financial Results for FY2025

  • Positive impact ● Negative impact

    Revenue exceeded ¥1 trillion for the firs t time. Business profit, net profit, and Adjusted EBITDA all hit highest-ever levels

    • Can stock demand is growing steadily at the global level

    • Raw material recycling capacity in the U.S. expanded,

      contributed to profits

    • Seeing effects of increasing exports from Japan and of price revisions

    • Exchange rate fluctuations (strong baht/weak dollar) reduced profits at UATH

    • Annual dividend revised up to 55 yen/share

    FY2025 year-end dividend revised up from 25 yen/share* to 35 yen/share (+10 yen/share), annual dividend to be 55 yen/share

    (Billions of yen)

    FY2024

    Results

    FY2025

    Results

    Difference

    Sales volume

    (Thousands of tons)

    1,266

    1,317

    51

    48.2

45.9

Business profit



Revenue 998.8 1,181.7 182.9

2.3

Net profit 28.0 38.9 10.9

4.3

88.3

84.0

Adjusted EBITDA

Annual dividends

(yen/share)

37.5 55.0 17.5



Full-Year Forecast for FY2026

  • Positive impact ● Negative impact

  • Global aluminum demand is growing steady

    In Japan, recovery of thick plates used in semiconductor production equipment becoming firmer

  • Expect impact from Middle East situation to be about 20%

    of business profit, is factored into full-year forecasts

  • Projecting increase in business profit from capturing demand, revising prices, and other factors, but expecting net profit to decline due to decrease in metal price lag, etc.

  • Planning annual dividend of 58 yen/share (+3 yen/share YoY)

Despite geopolitical risks in the Middle East, and uncertainties about the business environment, such as trends in North America, we aim to achieve further increases in revenue, business profit, and Adjusted EBITDA

(Billions of yen)

FY2025

Results

FY2026

Forecast

Difference

Sales volume

(Thousands of tons)

1,317

1,365

48

Revenue 1,181.7 1,300.0 118.3

16.8

65.0

48.2

Business profit



Net profit 38.9 28.0 (10.9)

20.7

109.0

88.3

Adjusted EBITDA

Annual dividends

(yen/share)

55.0 58.0 3.0





FY2025 Results and Full-Year Forecas ts for FY2026

Unders tanding of Business Environment

Toward Management Conscious of Cost of Capital and Stock Price

Reference Data

1



1

Results ●Positive impact ●Negative impact

Understanding of Business Environment (FY2025-FY2026)

Trend of global growth in aluminum demand continues

Japan

North America

Southeas t Asia and other regions

Demand trends

Can stock

Moving steadily

Can

No change in demand forecasts, expect

Can stock

Steady expansion

Southeast Asia: Expansion driven by economic growth

Europe: expansion of demand being driven by substitution of glass bottles

stock

annual growth of 3%

Semiconductor production equipment

Demand is on a recovery trend Demand flipped positive in second half of 2025. 2026 looks likely to be a solid recovery phase

Automotive Automobile production/sales volume is

Automotive parts

Shift to BEV is losing momentum

heat on moderate recovery trend, but risk of exchanger progressive inflation slowing

materials consumption

Aerospace and defense-related materials

Demand expected to expand over the long term against the backdrop of geopolitical risk

Sales/profit

  • Increase in can stock exports to Europe

  • Product mix has flipped to positive due to increase in thick plates for use in semiconductor production equipment

  • Effects of price revisions implemented in FY2025 to be manifested through the whole of the year

  • Paying close attention to impact of soaring prices for raw materials/secondary materials

Can stock

  • Winning sustainable sales

    agreements based on relationships of trust with long-term customers

  • Full-scale effects of investments to increase capacity of hot-rolling equipment to emerge in FY2026

  • Securing more revenue following start of operations at recycling facility

  • Some can stock materials shipped to Middle East, but impact is small

  • Contributing to supply chain through the stable supply capacity of the Group

  • New shipments of UATH can stock to Europe

    expected to begin in 2H FY2026

  • Watching carefully for effects of soaring prices for raw materials/secondary materials,

exchange rate fluctuations

Automotive parts

  • Steadily capturing demand related to vehicle weight reductions, continuing with thorough cost-cutting



1

Results

FY2025 Results and Full-Year Forecas ts for FY2026

Expect to achieve business profit target for 4th Mid-Term Management

Assumptions

Plan one year ahead of schedule

(Billions of yen)

FY24

(Results)

FY25

(Results)

Change

FY26

(Forecast)

Change

Revenue

998.8

1,181.7

182.9

1,300.0

118.3

Business profit

45.9

48.2

2.3

65.0

16.8

Metal price lag, etc.*

11.5

28.7

17.2

(1.0)

(29.7)

Operating profit

57.4

76.9

19.5

64.0

(12.9)

Profit (loss)

attributable to owners of parent

28.0

38.9

10.9

28.0

(10.9)

Net profit (loss) per share

(yen/share)

146.5

214.7

68.3

154.6

(60.1)

Adjusted EBITDA

84.0

88.3

4.3

109.0

20.6

LME ($/t)

2,526

2,772

246

3,200

428

Foreign exchange rate (¥/$)

153

151

(2)

153

2

Foreign exchange rate (THB/$)

34.9

32.3

(2.6)

32.5

0.2

Crude oil ($/bbl)

78

72

(6)

90

18



1

Results

Sales Volume, Flat-rolled Products

Planning highest-ever sales volume in FY2026 by capturing expansion of global can

FY24

(Results)

FY25

(Results)

Change

FY26

(Forecast)

Change

Can stock

851

901

50

947

46

Japan*1

215

214

(1)

231

17

TAA*2

405

443

38

443

0

UATH*3

262

274

12

298

24

Internal transaction*4

(31)

(30)

1

(25)

5

Automotive materials

134

137

3

138

1

Thick plates

42

39

(3)

47

8

Foil

42

41

(1)

42

1

Other general-purpose materials

197

199

2

191

(8)

stock demand

(Thousands of tons)

51

Total

1,266

1,317

51

1,365

48

*1 Sales in Japan (including export portion) *3 Sales at UATH



1

Results

[FY2024 Results vs. FY2025 Results] Analysis of Business Profit and Adjus ted EBITDA

Rise in sales volume, use of recycled raw material, and effects of price revisions contributed to profit, etc.

Domestic flat rolled: +¥5.2 billion UATH: +¥0.1 billion

TAA: +¥0.6 billion

Assumptions (FY24 Full-year → FY25 Full-year)

LME

2,526

2,772

$/t

153

151

¥/$

FX rate

34.9

32.3

THB/$

Crude oil 78 72 $/bbl

88.3

84.0

Domestic flat rolled: ¥(2.2) billion UATH: ¥(5.7) billion

TAA: +¥6.2 billion

40.1

38.1

45.9

5.1

(1.9)

4.0

(2.0)

(2.9)

48.2

Adj, EBITDA Depreciation and

amortization

Business profit Differences

related to sales

Manufacturing cost difference

Energy/ additive metals

Amortization difference

Other Business profit

Depreciation and amortization

Adj, EBITDA

FY2024 Results FY2025 Results



1

Results

[FY2025 Results vs. FY2026 Forecas ts ] Analysis of Business Profit and Adjus ted EBITDA

Trend of higher profit continuing on back of sales volume increases, use of recycled raw materials, etc.

Domestic flat rolled: +¥6.0 billion

UATH: +¥2.7 billion TAA: ¥7.4 billion

Assumptions (FY25 Full-year → FY26 Full-year)

LME 2,772 3,200 $/t

151 153 ¥/$

109.0

88.3

Domestic flat rolled: ¥(0.6) billion

FX rate

32.3 32.5 THB/$

UATH: +¥2.9 billion

TAA: ¥20.0 billion

(2.5)

Crude oil 72 90 $/bbl

40.1

22.6

(3.9)

0.3

(15.0)

65.0

44.0

15.3

48.2

Adj, EBITDA

Depreciation and amortization

Business profit Differences

related to sales

Manufacturing cost difference

Energy/ additive metals

Amortization difference

Other Middle East risk Business profit

Depreciation andAdj, EBITDA

amortization

FY2025 Results FY2026 Forecast



1

Results

Consolidated Statement of Financial Position

Soaring prices for virgin ingots, etc. has led to increase in inventories

End-FY2024 Total assets

Total equity

319.6

Non-current assets

490.5

Other liabilities

309.7

Interest-bearing liabilities

340.7

Current assets

479.5

¥970.0 billion

End-FY2025 Total assets

Total equity

384.9

Non-current assets

524.2

Other liabilities

347.6

Interest-bearing liabilities

388.7

Current assets

597.1

Change in amount: +¥151.2 billion

¥1,121.2 billion

Main factors driving change

Current assets

Inventories +¥50.9 billion

Impact of soaring market

prices for ingots

Non-current assets

Property, plant and equipment

+¥28.5 billion

Progress in strategic, investment, recording of impairment loss at UATH

Goodwill ¥(5.6) billion

Recording of impairment loss at UWH

Interest-bearing liabilities

+¥48.0 billion

Working capital increased

due to soaring ingot prices

D/E ratio

1.0x

⇒Adhering strictly to 4th MTMP target levels



1

Results

Recording of Impairment Loss for Group Companies

(UWH) Goodwill

Reason for

occurrence

  • Result of revising future plans based on sudden changes in business environment led to writing down of

valuation of goodwill at time of acquisition

Changes in business environment

  • Relaxing of environmental regulations for fossil fuels in the U.S. and rethinking of EV subsidies have led to dramatic rise in uncertainty for the automobile industry in North America, focused on electric vehicles, and new model development programs are being canceled in rapid succession

Accounting impact

  • Reduction in operating profit of ¥5.6 billion (no impact on cash flows)

Outlook

  • U.S. automobile market expected to grow over medium to long term

  • Role of aluminum parts in helping to address need for vehicle weight reductions will continue

  • Will revise investment allocations to the automobile industry, and maximize use of existing production capacity

~ Seeking to rebuild automotive parts business in North America

(UATH) Idle facilities

Reason for occurrence

  • As a result of consolidating production facilities to enhance productivity, certain facilities are no longer in operation

  • With no prospect of use going forward, carrying amount of facilities was written down

Accounting impact

  • Reduction in operating profit of ¥1.8 billion (no impact on cash flows)



1

Results

Consolidated Cash Flow Statement

Consolidated Cash Flows (Billions of yen)

FY2024 FY2025

Interest-Bearing Liabilities (Billions of yen), Consolidated D/E Ratio (x)

Interest-bearing liabilities (left axis) D/E ratio (right axis)

Profit (loss) before tax 43.0 63.7

378.8

382.1

365.8

340.7

1.0

1.0

1.0

1.1

1.0



Depreciation and amortization 38.1 40.1

388.7

Change in payables/receivables, etc. (72.1) (39.7)

Cash flows from operations 9.1 64.0

Capital investment (36.9) (59.5)

Free cash flow (27.8) 4.5

Financing schemes, dividends, etc. (14.7) (12.0)

Decrease (increase) in cash and deposits

13.9 (32.1)

Conversion losses (gains) on foreign

currency-denominated borrowings

(1.3)

(8.4)

Interest-bearing liabilities (increase) (29.9) (48.0)

End of FY2024 Q1 FY2025

Q2 FY2025

Q3 FY2025

Q4 FY2025

*Consolidated D/E ratio calculation is based on borrowings and bonds within interest-bearing liabilities, and also factors in subordinated loans



1

Results

Capital Inves tment and Depreciation and Amortization

Capital investments progressing as planned.

Build stable operating structure through general investments, proactively implement strategic

investments to it enhance corporate value (Billions of yen *Inspected value basis)

FY24

FY25

FY26

(Forecas t)

FY24-26

Cumulative

FY24-27

Forecast

Capital investment

41.9

52.7

50.0

144.6

185.0

General investment

18.8

20.8

30.0

69.6

90.0

Strategic investment

23.1

31.9

20.0

75.0

95.0

Subsidies, etc.

(12.0)

(12.0)

(20.0)

Total capital investments

(after excluding subsidies)

-

-

-

132.6

165.0

.

Depreciation and

amortization

38.1

40.1

44.0

122.2

166.5





FY2025 Results and Full-Year Forecas ts for FY2026

Unders tanding of Business Environment

Toward Management Conscious of Cost of Capital and Stock Price

Reference Data

2



2

Understanding of Business Environment

The Middle East Situation and Its Effects

Closely monitoring the impact of the Middle East s ituation on our business and performance; continuing all necessary actions to ensure stable supply.

Perception of the

current s ituation

(as of May 14, 2026)

Procurement: Some virgin ingot and secondary materials, etc. transactions for Japan and UATH. TAA procures most of its virgin

ingots from Canada

Sales: UATH has executed some transactions but the impact has been small

  • No effects on the business or results of the UACJ Group have emerged at this point in time

  • For items for which there is a possibility of delays we are moving forward with negotiations for substitute procurement

  • We will continue to ascertain developments in the situation to maintain stable operations and sales, and respond

appropriately

What has been factored into FY2026 full-year earnings forecasts

Assumed risks

  • Procurement aspects: Higher costs caused by soaring procurement prices for raw materials, including secondary materials,

    and delays in passing these on to selling prices

  • Sales aspects: Downturn in overall demand caused by expansion of impacts arising from interruption of supply in supply chain

Amount of risk

factored in

(as of May 14, 2026)

About 20% of FY2026 full-year business profit forecast (Amount of impact on business profit: ¥15.0 billion）



2

Understanding of Business Environment

Global Demand Forecast for Aluminum Rolled Products by Market

Trend of global growth in aluminum demand continues in all fields

(Thous ands of tons)

Gathering momentum in shift away from plastic and ris ing demand for glass bottle substitutes to lead to growth in overall demand for aluminum

Temporary decrease in demand caused by adjustments to excess inventories

Increase in can stock from home drinking demand

Decline in demand caused by COVID-19 pandemic

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Other

Machinery and equipment

Durable consumer goods

Electrical equipment Foil

Can stock

Packaging materials

Construction materials

Transport equipment and vehicles

*Source: Research by UACJ (February 2026)

(Forecast values)



2

Understanding of Business Environment

Demand Forecast for Aluminum Can Stock and Main Sites of Supply

1,160

Research by UACJ (as of December 2025)

UATH

6,890

UACJ

Fukui, Nagoya

(Thous ands of tons) Growth rate is CAGR

2,170

2,750

TAA

730

1,080

North America

  • CAGR of around 3% expected

  • Demand growing due to

    substitution of other containers against the backdrop of aluminum's superior recyclability

    Europe

  • Average annual growth rate of 3% or more is expected

  • Expanding demand for glass bottle replacement

    Southeast Asia

  • CAGR of 4% or more expected

  • Beverage consumption itself to expand with increases in population and economic growth (GDP improvement)

    Japan

  • Demand to be more or less flat

    © UACJ Corporation. All rights reserved.

    or slightly up out to 2030 18

    1,600

    2021 2031

    *Excludes Japan, China, India, and the Middle East

    EU

    +3.3%

    3,000

    2,500

    2,000

    1,500

    1,000

    500

    0

    2031

    2021

    2,000

    0

    8,780

    4,000

    Global

    10,000

    +2.5%

    8,000

    6,000

    3,000

    2,500

    2,000

    1,500

    1,000

    500

    0

    Asia*,

    Oceania

    +4.0%

    2021 2031

    3,000

    2,500

    2,000

    1,500

    1,000

    500

    0

    North America

    +2.4%

    2021 2031

    3,000

    2,500

    2,000

    1,500

    1,000

    500

    0

    Middle East, India,

    Africa

    +4.7%

    710

    450

    2021 2031

    3,000

    2,500

    2,000

    1,500

    1,000

    500

    0

    Japan

    -0.8%

    400

    370

    2021 2031



    2

    Understanding of Business Environment

    Aluminum Can stock: TAA Highlights

    No change in US can stock demand forecast of a CAGR of around 3% out to 2030

    Market environment

    Changes in US Can Stock Demand (Thousands of tons)

    CAGR

    Approx. 3%

    • Can stock demand remains strong.

      Maintaining growth outlook of approx. 3% CAGR out to 2030

      2,132

      1,905

      1,950

      1,996

      2,041

      2,177

      2,313

    • Can stock demand being driven by increased adoption of aluminum for launch of new products in U.S., as well as choices by consumers

    • Coil supply remains tight within the U.S., high level of imports expected

    • Production and supply chain have not been disrupted by Middle East situation

      Production and sales

      Other

      Can stock

      2022 2023 2024 2025 2026 2028 2030

      Source: Research by UACJ

      109

      118

      128

      122

      121

      106

      116

      116

      Changes in TAA sales volume (Thousands of tons)

      Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

      (year )

    • FY2025 sales volumes up 8% year on year. Both production and sales

      hit new records

    • Establishing competitive advantage based on differentiation through reliability and responsiveness

    • Have already secured sales volumes through long-term contracts out to 2029

    • Additional investments in capacity coming fully online, contributing to highest-ever profitability levels

      FY2026 Forecast

    • Expect aluminum transaction prices in U.S. to remain at high level against backdrop of geopolitical risks and uncertainties regarding trade policy

    • Unprecedentedly favorable environment for scrap prices leading to financial performance that is also positive by historical standards

    • Production capacity investments to achieve further efficiency gains, and

      further enhancing our competitiveness

      FY2024 Cumulative 449,000 tons

      FY2025 Cumulative 487,000 tons

      +8% YoY

  • Considering further additions to production capacity in preparation for 5th MTMP

    © UACJ Corporation. All rights reserved.



    2

    Understanding of Business Environment

    Aluminum Can stock: UATH Highlights

    Demand on ris ing trend against backdrop of growth in population and economic expansion driving increases in beverage consumption

    Market environment



    Expansion of sales area (sales results for FY2025)

    India/Others

    12%

    Middle East/Africa

    10%

    Thailand

    29%

    North/South America

    19%

    • Expect global can stock demand to increase.

      Supply particularly tight in Europe and U.S., demand in Asia has also been resilient

    • Chinese manufacturers are also working to pass on higher costs to

      selling prices

      Situation in FY2025

    • Production expanded steadily in FY2025

      Southeast Asia

      21%

      Oceania

      9%

      • Some can stock materials shipped to Middle East, but proportion is low and impact is small

      • Profits under pressure from exchange rate fluctuations (strong baht/weak dollar)

        FY2026 Forecast

        72

        77

        78

        79

        74

        83

        84

        78

        Changes in UATH sales volume (Thousands of tons)

        Other

        Can stock

        FY2024 Cumulative 306,000 tons

        FY2025 Cumulative 318,000 tons

        +4% YoY

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

  • Plan to continue sales of support coils to TAA until FY2028

  • Will build optimal balance of production costs by expanding UBC* procurement route

  • Working to expand production and sales volume by capturing robust

    Indian demand

  • Continuing to revise prices using stable quality and delivery times as points of differentiation

  • Aiming to improve sales portfolio by beginning shipments of can stock to Europe



2

Understanding of Business Environment

Trend in Semiconductor Production Equipment-related Demand

Demand for thick plates for use in semiconductor production equipment to recover in FY2026





Demand forecast for semiconductor production equipment

Shipments of thick plates for semiconductor production equipment

Used in vacuum chamber application

Source: "Market Forecast Report Semiconductor and FPD Manufacturing Equipment Released in January 2026 (Fiscal years 2025 to 2027)," Semiconductor Equipment Association of Japan (January 15, 2026)



2

Understanding of Business Environment

Trend in Aerospace and Defense-related Demand

Aviation industry demand (aircraft passenger transportation volume)

Space industry demand (scale of the global space industry)



(%)

500

400

300

200

(Index with 2010 as 100%)

Results

Forecasts from before COVID-19

Forecasts (base on latest GDP, etc.)

*Research by UACJ

(%)

(Index with 2020 as 100%)

*Research by UACJ



400

300

200

100

0

100

0

[Policy actions]

  • Recovery in aircraft passenger demand ⇒ Obtain certification

    from North American aircraft manufacturer

  • Growth in space business market ⇒ Expand market share at domestic prime manufacturers

  • Increase in defense budget ⇒ Capture demand by building up

production capacity

Maximize supply capabilities for flat-rolled, extruded, and

forged products in all areas, raising likelihood of

2.3× increase by FY2030 (compared to FY2024)

Defense industry demand (defense spending in Japan)



(Trillions12

of yen)

10

8

6

4

Source: Prepared by UACJ, based on 2024 Japan Defense White Paper and Japan Draft FY2026 Budget

Approx. ¥10 trillion

Approx. ¥9 trillion



1

TOPIX

An Important Development for the Growth of the Aerospace and Defense Materials Business

UACJ Enters Strategic Partnership with Safran, world leading company for aerospace.



We leverage the strengths of both companies and promote technical collaboration.

March 31, 2026 MOU (Memorandum of Understanding) concluded with Safran

As an initial focus, a system for die-forged landing gear wheels is being established, with production scheduled to

begin in 2026.



More robust supply chains and stable suppliers are being

sought against a background of heightened geopolitical risk

UACJ will accelerate the global expansion of the aerospace and defense materials business in order to achieve the UACJ VISION 2030 long-term management vision



Landing gear wheel (Photo: Courtesy of Safran)

UACJ's contribution





  1. A circular production system that both reduces environmental impacts and facilitates cost competitiveness

  2. Facilities for realizing mass production of large components and abundant experience in the same

  3. Contribution to expectations of stable supply based on robust relationships of trust between Japan and France

Reference: UACJ and Safran seal strategic partnership for Landing Gear Wheel supply starting in 2026 (May 14, 2026)

From left: Minami Takahashi, Chief Executive, UACJ Aerospace and Defense Materials Business Division, Tadashi Nishiyama, Director, Aircraft Component and Material Industries Office, Ministry of Economy, Trade and Industry, Ms. Béatrice le Fraper du Hellen, Ambassador of the French Republic to Japan

Mr. Thierry Thomas, Senior VP, Safran Landing Systems Right: Safran LS Senior VP Mr. Thierry Thomas)

Signing ceremony at the French Embassy

Right: Mr. Thierry Thomas, Senior VP, Safran LS

Left: Minami Takahashi, Chief Executive, UACJ Aerospace and Defense Materials Business Division

© UACJ Corporation. All rights reserved. 23



2

TOPIX

"Extra Super Duralumin" Received a Certificate of the 4th Aerial Space Technology and Engineering Heritage

Using technology and trust backed by decades of history to drive the expansion of the

business and mid- to long-term increases in corporate value

The historical footprints we have left on the expansion of

Japan's aerospace technology development



Aerospace Technology and

Engineering

Heritage:

Historically s ignificant invention:

In order to convey Japan's technology to future generations, the Japan Society for Aeronautical and Space Sciences operates this system whereby it awards certificates and prizes for epoch-making products and technologies that helped create the history of aerospace technology

In 1936, Sumitomo Metal Industries (our predecessor) invented a super-strong alloy that achieved the highest level of strength at the time, and overcame the "natural cracking problem" that had been the most significant problem faced

Reason for

certification:

This alloy, including derivatives, is now used in aircraft and other machinery all over the world, and was certified as an important technology in the history of Japan's era space technology in May 2026

Contribution to UACJ's technological superiority and growth

Certificate of Aerial Space Technology and Engineering Heritage ceremony

From left: Hirokazu Tanaka, Head of UACJ R&D Center / Mr. Shujiro Sawai, former Chairman of The Japan Society for Aeronautical and Space Sciences / Shinji Tanaka, President of UACJ / Fumiharu Jito, Chief Executive, Marketing & Technology Division of UACJ

Trust and technology

passed down:

Creation of added value:

Customer trust based on technologies accumulated over many years and on broadly scoped track record of use that includes derivative alloys

Creating new added value through "materials + α" mainly at UACJ's R&D Center

Leverage technologies that have been accumulated over many years to grasp the growth of the aerospace sector

Reference: "Extra Super Duralumin" receives a certificate of Aerial Space Technology and Engineering Heritage - rated highly for contributing to the development of Japan's aerospace technology over a wide range of applications - (May 11, 2026)

© UACJ Corporation. All rights reserved. 24





FY2025 Results and Full-Year Forecas ts for FY2026

Unders tanding of Business Environment

Toward Management Conscious of Cost of Capital and Stock Price

Reference Data

© UACJ Corporation. All rights reserved.

3



3

Toward Management Conscious of Cost of Capital and Stock Price

Policy on Shareholder Returns

FY2025 year-end dividend revised up (+10 yen/share vs. previous forecas t), annual dividend to be 55 yen/share

FY2026 annual dividend planned to be 58 yen/share (+3 yen/share YoY)

Policy on Shareholder Returns (4th Mid-term Management Plan)

Basic policy： Aim to pay a stable and continuous dividend

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

FY2025 dividend forecast Annual: 55 yen/share

(interim dividend: 20.0 yen/share; year-end dividend: 35.0 yen/share)

*10 yen/share increasein year-end dividend announced in February 2026

FY2026 dividend plan

Annual: 58 yen/share (interim dividend: 29.0 yen/share; year-end dividend: 29.0 yen/share)

250

10.5

Dividend per share (right axis: yen/share)

Total dividend amount (left axis: billions of yen) Purchase of treasury stock (left axis: billions of yen)

22.0

37.50

55.00

58.00

15.0

21.25

21.25

22.50

10.0

4.1

4.1

4.3

7.0



25

200

20

150

15

100

10

50

5

0

2021

2022

2023 2024 2025 2026 (Forecast)

(FY)

60.00

50.00

40.00

30.00

20.00

10.00

0.00

Net profit (billions of yen)

Dividend payout ratio (%)

32.1 4.7 13.9 28.0 38.9 28.0

12.8 87.1 31.3 25.6 25.6 37.5

Average dividend payout ratio during the period of the mid-term plan (%)

24.8 29.3



3

Toward Management Conscious of Cost of Capital and Stock Price

Improvements in Return on Capital and Management That Is Conscious of the Stock Price

We focus our efforts on enhancing corporate value and reducing the cost of capital to generate

an equity spread

ROE

Cost of equity capital

Improved profitability

Growth investments

Stabilization of financial position

Address cost of equity capital

- Improve beta value-

  • Optimize balance sheet

    ⇒Financial soundness

  • Strengthen financing capacity

  • Efficient use of management resources

  • Dialogue with capital markets

  • Improve disclosure

  • Non-financial value creation

Creation of corporate value

FY2023

5.3%

FY2025

12.2%

FY2027 Target

9％ or more

Reduce cost of capital

FY2023

9%

FY2025 FY2027 Target

8％ range 7％ range

(Improvement in beta)



  • Growth investments under the 4th Mid-Term Management Plan

    ⇒Spending in recycling field (Capital investments/R&D expenses)

  • Invest in aerospace and defense

  • Value creation process

  • Business strategy/growth scenarios

  • Business profit: ¥60.0 billion

  • ROIC target: 9%

  • Business profit + interest rate/tax management

Beta

1.8 1.8 1.8

1.6

1.2 1.1

Resource for Corporate Value Creation (EBITDA)

2020 2021 2022 2023 2024 2025

(FY)



3

Toward Management Conscious of Cost of Capital and Stock Price

Trends in Share Price and PBR

(Share price/yen) (PBR in x)

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

2.0

Share price

PB*R

PBR 1.0x

FY2022

Results announcement

FY2023 Results announcement 4th Mid-term Management Plan…

FY2024

Results announcement

Purchase of 3 million of treasury stock



1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0

4 7 10 1 4 7 10 1 4 7 10 1 4

0.0

FY2023

FY2024

FY2025

FY2026



Overview of IR-DAY

Date

Friday, May 29, 2026 9:30-11: 30

Format

Online (ZOOM)

Speakers

Shinji Tanaka, Representative Director, President

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

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

Henry Gordinier, Senior Managing Executive Officer, CEO of Tri-Arrows Aluminum Inc. and UACJ North America Inc.





FY2025 Results and Full-Year Forecas ts for FY2026

Unders tanding of Business Environment

Toward Management Conscious of Cost of Capital and Stock Price

Reference Data

4



4

Reference Data

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

Tariffs will become a factor that pushes up profit for TAA. Expect to continue importing coils from UATH until 2028

  • Sales structure of the Flat Rolled Products Business



    *Figures are FY2025 sales volumes

    U.S. market (Manufacturers, consumers, etc.)

    U.S.

    customers

    U.S.

  • Impact on UACJ Group

    • Positive impact

    • Negative impact

    1

    Customers

    Southeast Asia, etc.

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

TAA

(U.S.)

490,000 tons

Exports to TAA

(Approx. 30,000 tons)

320,000 tons

(Thailand)

UATH

Exports to

U.S. customers

(Approx. 20,000 tons)

Customers

Japan, EU, etc.

Area

Major impact on UACJ Group

1 Direct impact

Can stock

  • Do not expect any significant change in sales volume for contracts concluded in 2025

  • From 2026 onwards we expect abolishment of the exclusion system for additional tariffs, but plan to continue sales from UATH until 2028

Automotive-related materials

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

2 Indirect impact

Automotive-related materials

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

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

  • Impact on U.S. s ites (TAA, UWH)

Can stock

  • Trend of local production/local consumption among U.S. can manufacturers could accelerate further

Automotive-related materials

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

Raw materials

  • Virgin ingot prices (MWP*) are rising

  • Paying close attention to direction of scrap prices going forward

Exports to the U.S. by customers

UACJ

(Japan) 540,000 tons

2 Indirect impact

(Exports to the U.S. by customers)

  • Structure of U.S. can stock market (2025)

Import

U.S. production by competitors

TAA



*UACJ estimates Entire market

Approx.

2 million tons

・Chinese materials

・Production outside the U.S. by global competitors



4

Reference Data

Japanese GAAP

IFRS

Trends in Key Indicators

FY2020

FY2021

FY2022

FY2023

FY2024

Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025

(Non-cumulative) (Non-cumulative) (Non-cumulative) (Non-cumulative)

FY2025

FY2026

(Forecast)

Net sales

569.8

782.9

962.9

892.8

998.8

262.0

278.1

301.5

340.1

1,181.7

1,300.0

Operating income

11.1

59.5

17.2

31.4

57.4

8.5

14.1

28.5

25.8

76.9

64.0

Business profit

-

-

-

43.4

45.9

7.9

9.0

17.1

14.2

48.2

65.0

Ordinary income before metal price lag

6.2

21.3

16.1

-

-

-

-

-

-

-

-

Ordinary income

6.0

52.3

8.7

-

-

-

-

-

-

-

-

Profit (loss) attributable to owners of the parent

(3.3)

32.1

4.7

13.9

28.0

1.3

6.1

17.5

14.0

38.9

28.0

Capital investment General investment

10.9

12.9

21.0

21.7

18.8

2.3

5.4

5.1

8.0

20.8

30.0

Strategic investment

7.2

7.9

5.4

11.4

23.1

8.9

10.5

5.1

7.4

31.9

20.0

Total

18.1

20.7

26.4

33.1

41.9

11.2

15.9

10.2

15.4

52.7

50.0

Depreciation and amortization

33.4

34.0

37.3

36.4

38.1

9.5

9.8

10.4

10.4

40.1

44.0

Interest-bearing liabilities

335.8

339.4

336.7

310.9

340.7

378.8

365.8

382.1

388.7

388.7

-

ROE (%)

(1.8)

15.6

1.9

5.3

9.9

-

-

-

-

12.2

8.1

ROIC (%)

2.2

11.1

3

7.5

7.6

-

-

-

-

7.1

9.1

D/E ratio (x)

1.56

1.36

1.25

1.0

1.0

1.1

1.0

1.0

1.0

1.0

1.0

Operating cash flows

38.6

7.8

52.6

94.9

9.1

(8.2)

36.3

(0.4)

36.3

64.0

-

Investing cash flows

(21.0)

(21.0)

(26.9)

(36.2)

(36.9)

(17.2)

(18.5)

(8.8)

(15.0)

(59.5)

-

Free cash flow

17.7

(13.2)

25.7

58.7

(27.8)

(25.4)

17.8

(9.2)

21.3

4.5

-

Shareholders' equity (JGAA) 177.5 209.0 209.6 210.5 213.9

209.6

215.0

227.5

242.3

242.3 -



4

Reference Data

Trends in Performance at Main Overseas Subsidiaries

FY2025

FY2024

FY2026

UATH

1Q

Q2

1H

Q3

Q4

2H

Full-year

Sales volume

(Thousands of tons)

72

77

149

78

79

157

306

Revenue

45.3

49.4

94.7

52.1

54.6

106.7

201.4

Business profit

19.0

11.0

30.0

6.0

(32.6)

(26.6)

3.4

(Metal price lag, etc.）

33.0

(4.0)

29.0

(11.0)

(16.0)

(27.0)

2.0

Operating profit

52.0

7.0

59.0

(5.0)

(48.6)

(53.6)

5.4

1Q

Q2

1H

Q3

Q4

2H

Full-year

74

83

157

84

78

162

319

46.7

52.5

99.2

56.8

61.4

118.2

217.4

0.0

0.5

0.5

0.3

(2.1)

(1.8)

(12.0)

(1.5)

(1.0)

(2.5)

3.9

3.9

7.8

5.3

(1.5)

(0.5)

(1.9)

4.2

1.8

6.0

4.1

Full-year forcast

345

22.3

2.3

0.0

2.3

TAA

1Q

Q2

1H

Q3

Q4

2H

Full-year

Sales volume

(Thousands of tons)

109

118

227

106

116

222

449

Revenue

71.3

72.1

143.4

68.5

79.8

148.3

291.7

Business profit

8.3

7.7

16.0

5.2

3.7

8.9

24.9

(Metal price lag, etc.）

2.4

(0.2)

2.2

2.1

3.6

5.7

7.9

Operating profit

10.7

7.5

18.1

7.3

7.4

14.7

32.8

1Q

Q2

1H

Q3

Q4

2H

Full-year

128

122

250

116

121

237

487

84.5

95.2

179.7

10.3

12.6

22.9

202.6

5.0

5.3

10.3

9.9

10.7

20.6

31.0

1.6

7.3

8.9

8.3

12.8

21.2

30.0

6.6

12.6

19.2

18.2

23.6

41.8

61.0

Full-year

forcast

478

455.2

59.1

(7.8)

51.3

40.5

(0.1)

(0.2)

(0.2)

Full-year

forcast

UWH

1Q

Q2

1H

Q3

Q4

2H

Full-year

1Q

Q2

1H

Q3

Q4

2H

Full-year

Revenue

10.1

9.3

19.5

8.4

9.6

18.0

37.5

9.4

10.0

19.4

9.6

10.5

20.0

39.5

Business profit

0.5

0.3

0.8

(0.2)

0.8

0.6

1.4

0.1

0.7

0.8

0.1

0.0

0.1

0.9

(Metal price lag, etc.）

(0.1)

0.0

(0.2)

0.0

(0.3)

(0.3)

(0.5)

(0.1)

(0.1)

(0.2)

0.0

(5.8)

(5.7)

(5.9)

Operating profit

0.4

0.2

0.6

(0.2)

0.5

0.3

0.9

(0.0)

0.6

0.6

0.1

(5.7)

(5.6)

(5.0)



4

Reference Data

Changes in Domestic Flat Rolled Products Sales Volume

(Thousands of tons/Q)

149

133 132

144

148

133 132

128

126 127

132 131

142

130

136

133

140

133

138

131

Q1

Q2 Q3

Q4

Q1

Q2 Q3

Q4

Q1

Q2 Q3

Q4

Q1

Q2 Q3

Q4

Q1

Q2 Q3

Q4

FY2021

FY2022

FY2023

FY2024

FY2025



4

Reference Data

Changes in UATH Sales Volume

(Thousands of tons/Q)

89

83

78 81 81 79

74

64 66 65

62

77 77 79

72 74

83 84

78

49

Q1

Q2 Q3

Q4

Q1

Q2 Q3

Q4

Q1

Q2 Q3

Q4

Q1

Q2 Q3

Q4

Q1

Q2 Q3

Q4

FY2021

FY2022

FY2023

FY2024

FY2025



4

Reference Data

Changes in TAA Sales Volume

(Thousands of tons/Q)

123

129

124 123

138

131

124

112

98

110

104

129

109

118

106

116

128

122

116

121

Q1

Q2 Q3

Q4

Q1

Q2 Q3

Q4

Q1

Q2 Q3

Q4

Q1

Q2 Q3

Q4

Q1

Q2 Q3

Q4

FY2021

FY2022

FY2023

FY2024

FY2025



4

Reference Data

[FY2024 Results vs. FY2025 Results] Analysis of Business Profit and Adjus ted EBITDA

Profit contribution on back of sales volume increases, use of recycled raw materials, and effects of price revisions, etc.

Assumptions (FY24 Full-year → FY25 Full-year)

88.3

LME

2,526

2,772

$/t

153

151

¥/$

84.0

FX rate

Crude oil

34.9

78

32.3

72

THB/$

$/bbl

40.1

38.1

45.9

(0.5)

(1.6) 1.7

(3.4)

48.2

6.1

4.6

(4.6)

Adj, EBITDA Depreciation and

Business profit UATH TAA UWH Differences

Cost and

Energy/additive

Other Business profit

Depreciation and Adj, EBITDA

amortization

FY2024 Results

related to sales utilization ratio

differences

metal prices

amortization

FY2025 Results



(¥/kg)

180

150

120

90

60

30

0

38

© UACJ Corporation. All rights reserved.

2025/8

2024/11

2024/2

2023/5

2022/8

2021/11

2021/2

LNG CIF (¥/kg)

2020/5

2019/8

2018/11

2018/2

Crude oil CIF (¥/L)

2017/5

2016/8

2015/11

2015/2

2014/5

2013/8

2012/11

Reference Data

Changes

2012/2

in Unit Fuel Costs

2011/5

2010/8

2009/11

4

(¥/L)

120

100

80

60

40

20

0

2009/2



4

Reference Data

Nikkei Average Primary Ingot Price/Standard Primary Aluminum Ingot Price

(¥/kg)

750

($)

4,000

650

550

3,500

3,000

2,500

450 2,000

350

250

1,500

1,000

500

2026/1

2025/1

2024/1

2023/1

2022/1

2021/1

2020/1

2019/1

2018/1

2017/1

2016/1

2015/1

2014/1

2013/1

2012/1

2011/1

2010/1

2009/1

150 0

Nikkei market price of aluminum (¥/kg) Standard primary aluminum ingot price (¥/kg) LME ($)

© UACJ Corporation. All rights reserved. 39



4

Reference Data

Assumptions and Sensitivities

FY2024

Average during the period

FY2025

Average during the period

FY2026

Assumptions Sensitivity on operating profit

LME ($) 2,526

2,772

3,200

$100/t rise

→ +¥2.2-¥3.5 billion/year

*Included in metal price lag, etc., so no effect on business profit

Foreign exchange 153

151

153

  • Fuel and additional metal cost: become positive by stronger yen

Foreign exchange 4.4

4.7

4.7

  • Rolling margin, forex conversion: become

positive by weaker yen

Foreign exchange 34.9

32.3

32.5

  • Fuel and additional metal cost: become positive by stronger THB

  • Rolling margin, forex conversion: become

positive by weaker THB

Crude oil

(Dubai: $) 78

72

90

$10 rise

→ Approx. ¥(1.0)-¥(1.5) billion/year

(¥/$)

(¥/Thai baht)

(Thai baht/$)

*Surcharge system partially introduced

© UACJ Corporation. All rights reserved. 40



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