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DIC (4631) investor relations material
DIC Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales for the first half of FY2025 declined 2.9% year-over-year to ¥523.2 billion, mainly due to slower shipments, diverging demand trends, and tariff-related uncertainties.
Operating income rose 22.9% to ¥27.0 billion, driven by overseas pigment business profitability, price revisions, and cost reductions, especially in the Color & Display segment.
Net income attributable to owners of the parent more than doubled to ¥13.1 billion, reflecting lower extraordinary losses.
EBITDA for the first half increased 12.0% to ¥49.1 billion, supported by improved profitability and cost controls.
Dividends for FY2025 are set to double to ¥200 per share, including a special increase, with a revised year-end forecast of ¥150.00 per share.
Financial highlights
Operating margin improved to 5.2% from 4.1% year-over-year.
Gross profit increased to ¥116.8 billion from ¥113.1 billion year-over-year.
Earnings per share (basic) rose to ¥138.27 from ¥67.77 year-over-year.
Net interest-bearing debt rose slightly to ¥424.6 billion, with a net D/E ratio of 1.07.
Free cash flow for the first half was ¥6.0 billion.
Outlook and guidance
Full-year net sales forecast revised down to ¥1,060.0 billion, but operating income forecast raised to ¥50.0 billion.
Net income forecast remains at ¥24.0 billion, with ordinary income revised down due to higher forex losses.
Record-high operating income is expected in FY2026, with a plan to raise the minimum annual dividend to ¥120.
Management expects continued economic uncertainty due to tariffs and global market conditions.
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