Daicel (4202) Q3 2025 earnings summary

Executive summary

• Net sales for April–December 2025 rose 4.4% year-over-year to ¥432.5 billion, driven by recovery in electronic materials, demand recovery, and favorable exchange rates, despite challenges in automotive and acetate tow segments.

• Operating income declined 2.8% year-over-year to ¥43.2 billion, while EBITDA increased 8.4% to ¥73.5 billion, reflecting higher depreciation and plant issues.

• Net income attributable to owners was ¥44.0 billion, down 0.4% year-over-year; comprehensive income fell 19.3% to ¥46.4 billion.

• Segment performance varied, with strong growth in engineering plastics and smart segments, but declines in materials and medical/healthcare operating income.

Financial highlights

• Net sales: ¥432.5 billion (+4.4% YoY); operating income: ¥43.2 billion (–2.8%); EBITDA: ¥73.5 billion (+8.4%).

• Ordinary income fell 7.0% year-over-year to ¥44.8 billion; net income attributable to owners was ¥44.0 billion (–0.4%).

• Gross profit increased to ¥121.1 billion from ¥116.2 billion year-over-year.

• EPS for the nine months was ¥160.30, up from ¥155.42 year-over-year.

• Shareholders’ equity ratio improved to 44.0%.

Outlook and guidance

• Full-year net sales forecast remains at ¥600.0 billion, with operating income at ¥60.0 billion and net income at ¥51.0 billion.

• Annual dividend forecast is ¥60 per share, up ¥10 from the previous year, with a planned treasury stock buyback of up to ¥15 billion.

• No revision to forecasts since November 2024; exchange rate assumptions updated to USD/JPY 149.

• EPS forecast for the full year is ¥184.70.