DIC (4631) Q3 2026 earnings summary

Executive summary

• 9M 2026 net sales rose 13.9% to ¥895.3B; operating income reached a first-nine-month record ¥79.5B, up 96.5%.

• Parent-attributable net income increased 144.9% to ¥53.2B; semiconductor-related demand and stronger high-value-added product sales supported growth.

Financial highlights

• Operating margin expanded to 8.9% from 5.2%; ordinary income rose 143.5% to ¥79.9B.

• Gross profit was ¥219.9B versus ¥174.1B; SG&A increased to ¥140.4B from ¥133.6B.

• EBITDA rose 52.6% to ¥118.9B; free cash flow increased to ¥52.1B from ¥25.9B.

• Net income was ¥54.6B; parent-attributable basic EPS was ¥562.82 versus ¥229.52.

• Reported operating income included a ¥5.9B repair-liability reversal; operating income excluding the gain was ¥73.6B.

Outlook and guidance

• FY2026 forecasts were raised to net sales ¥1,180.0B, operating income ¥100.0B, ordinary income ¥98.0B and parent-attributable net income ¥58.0B.

• Forecast EBITDA is ¥145.0B, basic EPS ¥615.60, operating margin 8.5%, ROIC 8.2% and ROE 12.0%; earnings forecasts reflect stronger high-value sales, pricing and cost reductions.

• Annual dividend forecast remains ¥150/share; planned buybacks are ¥10.0B and forecast payout ratio is 41.5%.

• FY2026 segment operating income forecasts are ¥49.8B for Packaging & Graphic, ¥15.4B for Color & Display and ¥41.1B for Functional Products.