Resonac (4004) Q4 2025 earnings summary

Executive summary

• Core operating profit reached a record high in the Semiconductor and Electronic Materials segment for two consecutive quarters, offsetting weakness in Chemicals.

• 2025 revenue declined 3.2% year-over-year to ¥1,347.1 billion, with only the Semiconductor and Electronic Materials segment showing growth.

• Core operating profit rose 18.4% to ¥109.1 billion, driven by strong performance in semiconductors, but operating profit fell 47.6% due to impairment losses and absence of prior year one-time gains.

• Profit attributable to owners of the parent dropped 60.5% to ¥29.0 billion.

• Structural reforms and divestitures over the past four years have improved profitability and set the stage for growth in Al-related semiconductors.

Financial highlights

• 2025 revenue: ¥1,347.1bn (down ¥44.4bn YoY); core operating profit: ¥109.1bn (up ¥17.0bn YoY); EBITDA margin: 15.1%.

• Net income attributable to owners: ¥29.0bn (down ¥44.5bn YoY); EPS: ¥160.49 (down from ¥406.61 in 2024).

• 2026 forecast: revenue ¥1,310.0bn (down ¥37.1bn YoY), core operating profit ¥140.0bn (up ¥30.9bn YoY), EPS ¥425.45.

• Operating profit: ¥46.7bn (down ¥42.4bn YoY); forecast to more than double to ¥105.0bn in 2026.

• Annual dividend per share: ¥65.00 (unchanged).

Outlook and guidance

• 2026 core operating profit forecast at ¥140.0bn, driven by continued strength in Semiconductor and Electronic Materials and a return to profitability in Chemicals.

• Net profit and EPS expected to increase significantly in 2026 due to higher core operating profit and reduced non-recurring losses.

• Crasus Chemical partial spin-off planned for 2026, with business to be classified as discontinued operations post-spin-off.

• 2026 revenue forecast: ¥1,310.0bn (down 2.8% YoY); profit attributable to owners projected at ¥77.0bn.