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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Asahi Kasei
Asahi Kasei (3407) investor relations material
Asahi Kasei Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2027 earnings summary5 Nov, 2026
Executive summary
H1 FY2026 net sales rose 13.7% YoY to ¥1,689,609m; operating income increased 54.0% to ¥165,441m and parent-attributable net income rose 54.2% to ¥102,198m.
FY2026 forecasts were revised to net sales of ¥3,422,000m, operating income of ¥290,000m and parent-attributable net income of ¥173,000m.
Financial highlights
H1 operating margin was 9.8%; EBITDA was ¥272.6bn with a 16.1% margin.
H1 operating income before goodwill amortization rose 49.0% to ¥184.5bn; EPS before goodwill amortization increased 48.2% to ¥90.09.
Basic EPS was ¥75.94 versus ¥48.79 a year earlier; ordinary income was ¥161,380m, up 52.1%.
Operating income growth included ¥30.7bn from three First Priority businesses; Material also benefited from inventory valuation and improved pricing.
Operating cash flow fell to ¥94,951m from ¥134,771m; inventories increased ¥110,960m during H1.
Outlook and guidance
FY2026 forecasts: net sales ¥3,422,000m (+11.3%), operating income ¥290,000m (+25.4%), ordinary income ¥283,000m (+22.8%) and parent-attributable net income ¥173,000m (+8.9%).
Forecast operating income before goodwill amortization is ¥328.0bn; EBITDA ¥509.0bn and EPS ¥129.12.
Guidance implies H2 operating income of ¥124.6bn, down ¥40.9bn from H1, reflecting seasonality, higher pharmaceutical R&D and launch costs, and ~¥20bn negative inventory valuation impact.
FY2026 inventory valuation benefit in Material is expected to be limited to ~¥10bn YoY as petrochemical market prices decline in H2.
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Latest events from Asahi Kasei
- Net income returned to profit as FY2024 guidance targets stronger earnings.3407
Q4 2024 - Q1 2026 delivered double-digit sales and profit growth, with a strong outlook for the full year.3407Q1 2027
- On track for ¥270 billion operating income in FY2027, driven by Healthcare and Electronics growth.3407Corporate presentation
- Record earnings growth driven by Pharmaceuticals, Electronics, and Healthcare, with strong FY 2026 outlook.3407Q4 2026
- FY2027 operating income target of ¥270 billion is within reach, led by Healthcare and AI/semiconductors.3407Investor presentation
- Aicuris acquisition secures a robust infectious disease pipeline, accelerating pharma growth.3407Acquisition presentation
- Record operating income and net income growth, with an upwardly revised full-year forecast.3407Q3 2026
- Net income up 10% YoY, full-year profit guidance raised, and dividend maintained.3407Q2 2026
- Operating income rose but net income plunged on one-time and extraordinary losses; outlook and dividends improved.3407Q1 2026
Next Asahi Kasei earnings date
Q3 20274 Feb, 2027
Asahi Kasei
Next Asahi Kasei earnings date
Q3 20274 Feb, 2027
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Frequently asked questions
Asahi Kasei Corp is a diversified Japanese company operating in multiple sectors, primarily focused on materials, homes, and health care. In the materials segment, the company produces a wide range of chemical products including acrylonitrile, styrene, and various polymers, which are used in industries such as automotive, electronics, and construction. The homes segment involves the construction of residential homes and the supply of related materials like insulation panels and foundation systems. The health care segment provides medical devices, diagnostic reagents, and systems for acute critical care, including dialysis and transfusion equipment. Asahi Kasei Corp is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.