Kureha Corporation (4023) Q3 2025 earnings summary

Executive summary

• Revenue and profit declined year-over-year in FY2024 3Q, mainly due to stagnation in the EV market affecting PVDF for LiB binders and lower gains in PGA inventory valuation reversal.

• Operating profit, profit before tax, and net profit all saw significant decreases compared to the same period last year.

• Despite lower PPS sales, operating profit increased due to improved equity in earnings.

• Cost reductions of 1.3 billion yen were achieved by 3Q, exceeding the 1.1 billion yen target.

Financial highlights

• Revenue: 122.0 billion yen, down 10.8 billion yen year-over-year.

• Operating profit: 10.5 billion yen, down 5.0 billion yen year-over-year.

• Profit attributable to owners: 8.1 billion yen, down 2.1 billion yen year-over-year.

• Free cash flow improved to -0.3 billion yen from -21.8 billion yen in the previous year.

• Basic earnings per share was 153.18, reflecting the impact of a three-for-one stock split.

Outlook and guidance

• Steady progress against the earnings forecast disclosed in November 2024.

• Full-year revenue forecast is 160.0 billion yen, up 10.1% year-over-year.

• Operating profit forecast is 10.0 billion yen, down 21.9% year-over-year.

• PVDF plant to resume operations in March for ESS applications, with increased inventory valuation loss expected.

• New ESS project in North America to start shipping in early FY2025.