Kureha Corporation (4023) Q2 2026 earnings summary

Executive summary

• Revenue for FY2025 2Q was ¥77.4 billion, down 5.2% year-over-year, mainly due to lower sales in Specialty Chemicals and Specialty Plastics, despite growth in Advanced Materials and Construction.

• Operating profit rose to ¥8.1 billion, up 16.5% year-over-year, driven by improved profitability in Advanced Materials, higher PPS resin sales, lower raw material prices, and gains from non-operating asset sales.

• Profit attributable to owners increased to ¥6.3 billion, up 11.8% year-over-year.

• The business environment remained uncertain due to global economic conditions and U.S. trade policy developments.

Financial highlights

• EBITDA for 2Q reached ¥14.2 billion, up ¥0.9 billion year-over-year.

• Free cash flow improved to ¥8.3 billion in 2Q, up ¥5.0 billion year-over-year, due to lower investing outflows.

• Interest-bearing debt increased to ¥122.5 billion as of September 30, 2025, up ¥36.5 billion from March 31, 2025.

• Equity ratio stood at 49% as of September 30, 2025, with total equity at ¥179.8 billion.

• Basic earnings per share for the period was ¥151.03, up from ¥105.33 in the prior year.

Outlook and guidance

• FY2025 full-year revenue forecast is ¥165.0 billion, up 1.8% year-over-year, with operating profit projected at ¥14.0 billion, up 48.5% year-over-year.

• Profit attributable to owners is forecast at ¥10.0 billion (up 28.2%), and basic EPS at ¥249.82.

• While PVDF sales for EVs are expected to fall short, overall revenue is supported by Construction and Other Operations.

• No changes have been made to the previously disclosed full-year forecast.

• Dividend per share planned at ¥90.0 for FY2025; dividend policy targets a consolidated DOE of 5%.