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© 2026 KURARAY CO., LTD. All rights reserved. FY2025 Earnings Presentation (Overview) February 10, 2026
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2© 2026 KURARAY CO., LTD. All rights reserved. FY2025 FY2024 Difference Net Sales 808.4 826.9 (18.4) Operating Income 58.9 85.1 (26.2) Ordinary Income 51.5 81.5 (30.0) Net Income Attributable to Owners of the Parent 7.5 31.7 (24.3) JPY/USD (average) 150 152 JPY/EUR (average) 169 164 Domestic naphtha JPY 1,000/kl 68 75 US natural gas USD/MMBtu 3.6 2.4 Europe natural gas EUR/MWh 37 34 Operating income declined due to negative impacts from inventory valuation differences and a decrease in sales volume. Net income decreased, primarily reflecting the recognition of impairment losses in the Isoprene segment. FY2025 Previous Forecast (Nov. 12, 2025) Difference 810.0 (1.6) 60.0 (1.1) 53.0 (1.5) 23.0 (15.5) Reference FY2025 Results (Billion yen) 149 168 68 3.5 39
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3© 2026 KURARAY CO., LTD. All rights reserved. FY2025 Factors Affecting the Change in Operating Income (7.2) (3.7) (4.0) (11.4) 85.1 58.9 FY2024 Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2025 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 (Billion yen) FY2024 FY2025 JPY/USD (average) 152 150 JPY/EUR (average) 164 169 FY2024 FY2025 Domestic naphtha JPY 1,000/kl 75 68 US natural gas USD/MMBtu 2.4 3.6 Europe natural gas EUR/MWh 34 37 ( ) Inventory valuation differences, SG&A etc.
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4© 2026 KURARAY CO., LTD. All rights reserved. Medium-Term Management Plan “PASSION 2026” Progress 1 Optimization of production capacity in methacrylate business Transfer of noncore businesses (Okayama Rinkoh Co., Ltd., Takarazuka Nakayamadai Newtown) FY2025 FY2026 Execution of construction work for new EVALTM plant in Singapore Further growth of genestar business and dental material business Decision to increase reactivated carbon production capacity in Europe and the U.S. Focused allocation of resources to core businesses, and downsize or withdraw from noncore businesses Expansion of optical-use poval film production line Restructuring of polyester business End of production of KURARITYTM and VECSTAR FCCL Transfer of a methacrylic resin sheet manufacturing subsidiary in China and stamper business Decided Completed
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5© 2026 KURARAY CO., LTD. All rights reserved. *3 PSA(Portfolio Sustainability Assessment): Product-portfolio metrics established by WBCSD (World Business Council for Sustainable Development) *4 ICP(Internal Carbon Pricing): A mechanism for creating economic incentives to reduce CO2 emissions and save energy, promoting low-carbon investment and encouraging climate change response by setting an internal carbon price and using it to calculate the monetary cost of emissions. Medium-Term Management Plan “PASSION 2026” Progress 2 - Three Challenges - Setting new targets for reducing GHG emissions by 2035 Virtual PPA*1 signed in the U.S. Acquisition of SBT certification. Initiatives for post-PASSION 2026 Establishment of technology development issues that contribute to GHG emission reductions, and creation of new value indicators combining the Kuraray PSA *3 system and ICP *4 Acquisition of Nelumbo Inc. Co-creation with partner companies for industrialization and social implementation of regenerative medicine Drive global organizational structure and business process transformation Build a global HR function that contributes to business growth Challenge for new business models through the use of digital technology and collaboration with other companies
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6© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Forecast FY2025 Variance FY2026 Previous Forecast (Feb. 12, 2025) Variance Net Sales 850.0 808.4 41.6 900.0 (50.0) Operating Income 70.0 58.9 11.1 110.0 (40.0) Ordinary Income 64.0 51.5 12.5 Net Income Attributable to Owners of the Parent 40.0 7.5 32.5 66.0 (26.0) CAPEX(decision basis) 75.0 101.0 (26.0) CAPEX(acceptance basis) 119.0 107.3 11.7 Depreciation and Amortization (incl. amortization of goodwill) 85.0 84.7 0.3 R&D Expenses 27.0 28.4 (1.4) Reference JPY/USD (average) 150 150 155 JPY/EUR (average) 175 169 160 Domestic naphtha (JPY 1,000/kl) 61 68 75 US natural gas*2 USD/MMBtu 3.8 3.6 Europe natural gas*2 EUR/MWh 37 37 Forecasts for FY2026 *Assumptions for U.S. and European natural gas are announced from the 2Q FY2025 results. (Billion yen)
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7© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Factors Affecting the Change in Operating Income 15.8 4.9 1.9 (11.5)58.9 70.0 FY2025 Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2026 Forecast 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 (Billion yen) FY2025 FY2026 Forecast JPY/USD (average) 150 150 JPY/EUR (average) 169 175 FY2025 FY2026 Forecast Domestic naphtha JPY 1,000/kl 68 61 US natural gas USD/MMBtu 3.6 3.8 Europe natural gas EUR/MWh 37 37 ( ) Depreciations, ( ) Inventory valuation differences, SG&A etc.
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8© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Factors Affecting the Change in Operating Income (vs. Previous Forecast) (29.0) (10.0) 8.0 (9.0) 110.0 70.0 FY2026 Forecast Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2026 Forecast 0.0 20.0 40.0 60.0 80.0 100.0 120.0 (Billion yen) FY2026 Previous Forecast (Feb. 2025) FY2026 Forecast JPY/USD (average) 155 150 JPY/EUR (average) 160 175 FY2026 Previous Forecast (Feb. 2025) FY2026 Forecast Domestic naphtha JPY 1,000/kl 75 61 US natural gas*2 USD/MMBtu 3.8 Europe natural gas*2 EUR/MWh 37 (Feb. 12, 2025) *Assumptions for U.S. and European natural gas are announced from 2Q FY25 results. Previous Forecast
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9© 2026 KURARAY CO., LTD. All rights reserved. Financial KPIs Financial KPIs EBITDA Margin reference *Operating income + depreciation and amortization FY2026 Forecast FY2026 Previous Forecast Feb. 12, 2025 6% 9 ¥ 155.0 billion ¥ 186.0 billion 5% 9% 18% 21% FY2024 7.3% ¥ 170.3 billion 4.3% 20.6% FY2025 5.1% ¥ 143.6 billion 1.0% 17.8%
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10© 2026 KURARAY CO., LTD. All rights reserved. Shareholder Return Plans to pay a commemorative dividend of ¥10 per year to celebrate the Kuraray’s 100th anniversary Decided to conduct ¥10.0 billion buyback 10 628.1% (plan)2025 2026 plan ¥10.0 billion* Approx. 74% ¥30.0 billion * Dividend Maintain and increase dividends per share Share Buybacks Aim for continuous conduct Total Return Ratio 50% or more Maximum number of shares : Up to 8.0 million shares (Approx. 2.61% of total outstanding shares, excluding treasury stock) Maximum value of buyback : Up to ¥10.0 billion Buyback period : February 12, 2026, to May 31, 2026 ¥54(plan) ¥64(plan) Breakdown Interim Year-end Normal dividend ¥27 ¥27 Commemorative dividend ¥5 ¥5 Total ¥32 ¥32 Breakdown Interim Year-end Normal dividend ¥27 ¥27
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© 2026 KURARAY CO., LTD. All rights reserved. FY2025 Earnings Presentation (Details) February 10, 2026
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12© 2026 KURARAY CO., LTD. All rights reserved. FY2025 FY2024 Difference Net Sales Operating Income Net Sales Operating Income Net Sales Operating Income Vinyl Acetate 404.5 62.5 414.9 87.6 (10.4) (25.1) Isoprene 80.4 (4.9) 76.4 (9.5) 4.0 4.6 Functional Materials 206.9 10.8 208.0 12.9 (1.0) (2.1) Fibers & Textiles 60.7 2.6 62.7 1.2 (1.9) 1.4 Trading 68.8 6.0 67.6 5.9 1.1 0.1 Others 40.8 1.8 50.9 2.3 (10.1) (0.5) Elimination & Corporate (53.7) (20.1) (53.5) (15.4) (0.2) (4.7) Total 808.4 58.9 826.9 85.1 (18.4) (26.2) Net Sales and Operating Income by Segment (Billion yen)
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13© 2026 KURARAY CO., LTD. All rights reserved. Vinyl Acetate FY2024 FY2025 Difference Net Sales 414.9 404.5 (10.4) Operating Income 87.6 62.5 (25.1) PVOH resin Sales volume decreased due to weakened demand, especially in Europe and the United States, and due to the dissipation of the special demand that arose in the previous year to work around logistics disruptions to Europe. Profit was impacted by the rising raw material and fuel prices. Optical-use poval film Sales volume increased on the back of Chinese government measures to support home appliance replacement and demand for TV replacement ahead of international sports events. Inventory valuation differences had a negative impact on profit. Advanced Interlayer Solutions Although sales of SentryGlas remained favorable, especially in the Americas, the competitive environment for PVB film has intensified, particularly in Europe and Asia. As a result, sales volume has decreased for both construction and automotive applications. Water-soluble PVOH film MonoSol Sales volume increased due to higher demand for soluble-unit- dose detergent. EVAL Although sales volume for food packaging applications did not increase as much as assumed in Europe and Asia, automotive applications held steady, resulting in an increase in the overall sales volume. Profit, however, was negatively affected by inventory valuation differences and rising raw material and fuel prices. Main reason of increase/ decrease Sales volume did not increase due to the European economic stagnation and other factors, and overall segment income decreased due to the negative impact of inventory valuation differences and higher raw material and fuel prices. (Billion yen) (Billion yen) Factors Affecting the Change in Operating Income (9.8) (4.9) (5.6) (4.7) 87.6 62.5 FY2024 Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2025 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0
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14© 2026 KURARAY CO., LTD. All rights reserved. Isoprene Isoprene Chemicals and Elastomers As a result of a pull-forward in demand in the first half of the year caused by U.S. tariff policies in addition to stagnant demand for construction applications in China, isoprene chemicals experienced a period of adjustment from the third quarter onward. In addition, elastomers faced intensified competition with Asian competitors in the European market and other regions due to U.S. tariff policies despite an increase in sales volume. GENESTAR Sales volume increased due to expanded sales for both electric and electronic applications and automotive applications. Main reason of increase/ decrease Overall segment income increased thanks to the stabilization of operations at the Thai base, which was also leveraged to contribute to sales expansion. FY2024 FY2025 Difference Net Sales 76.4 80.4 4.0 Operating Income (9.5) (4.9) 4.6 (Billion yen) (Billion yen) Factors Affecting the Change in Operating Income (9.5) 1.9 1.1 0.5 1.1 (4.9) FY2024 Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2025 0.0 (1.0) (2.0) (3.0) (4.0) (5.0) (6.0) (7.0) (8.0) (9.0) (10.0)
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15© 2026 KURARAY CO., LTD. All rights reserved. Functional Materials Methacrylate Sales volume fell due to temporary production difficulties in addition to reduced production capacity for methyl methacrylate and some downstream products from July 2025. Medical Sales of cosmetic dental materials, mainly in Europe and the U.S., remained brisk. We continued strengthening marketing aimed at expanding sales. Environmental Solutions Although the sales volume of activated carbon increased, mainly for drinking water application, a trend has emerged among some customers of revising purchasing timing due to U.S. tariff policies and an uncertain economic outlook, resulting in sales volume failing expectation. In addition, the diatomite and perlite business were transferred in December 2024, resulting in a decrease in sales. Profit was negatively impacted by a cold wave and production difficulties in the United States. Main reason of increase/ decrease Overall segment income decreased due in part to the negative effects of a cold wave in the U.S. and production difficulties. (Billion yen) (Billion yen) FY2024 FY2025 Difference Net Sales 208.0 206.9 (1.0) Operating Income 12.9 10.8 (2.1) Factors Affecting the Change in Operating Income 12.9 (0.3) (0.8) 0.4 (1.5) 10.8 FY2024 Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2025 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0
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16© 2026 KURARAY CO., LTD. All rights reserved. Fibers and Textiles CLARINO Although the performance of shoes applications remained steady due to the effects of new recruitment efforts, sales volume decreased, especially for luxury and automotive applications due in part to the effects of production adjustments in EVs, stagnant demand in the European market, and slowing growth in the Chinese economy. Fibers and Industrial Materials Sales in Europe for construction material applications remained weak, but the sales composition continued to improve due in part to expanded sales of the liquid crystal polymer fiber VECTRAN . Main reason of increase/ decrease Despite impacts from the European economic slowdown and EV production adjustments, overall segment income increased due to contributions from improvements in sales composition and other factors. (Billion yen) (Billion yen) FY2024 FY2025 Difference Net Sales Operating Income Factors Affecting the Change in Operating Income 1.0 0.6 0.8 (0.9) 1.2 2.6 FY2024 Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2025 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0
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17© 2026 KURARAY CO., LTD. All rights reserved. FY2025 FY2024 Difference Operating CF 98.6 138.3 (39.7) Investing CF* (98.1) (76.0) (22.1) Free CF* 0.5 62.3 (61.8) CAPEX(acceptance basis) 107.3 84.3 23.1 Depreciation and Amortization (incl. amortization of goodwill) 84.7 85.2 (0.5) R&D Expenses 28.4 25.7 2.7 Cash Flows and Key Data *Cash flows from investing activities and free cash flow exclude net cash used in fund management and M&A. (Billion yen)
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18© 2026 KURARAY CO., LTD. All rights reserved. Balance Sheet [1]: Assets Dec. 31, 2025 Dec. 31, 2024 Difference Current Assets 578.4 565.3 13.1 Non-current Assets 725.1 726.0 (0.9) Total Assets 1,303.5 1,291.2 12.3 Dec. 31, 2025 Dec. 31, 2024 JPY/USD (end of period) 157 158 JPY/EUR (end of period) 184 165 (Billion yen)
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19© 2026 KURARAY CO., LTD. All rights reserved. Balance Sheet [2]: Liabilities and Net Assets Dec. 31, 2025 Dec. 31, 2024 Difference Current Liabilities 228.2 198.2 30.0 Non-current Liabilities 320.1 311.2 8.9 Total Liabilities 548.3 509.4 38.9 Net Assets 755.2 781.8 (26.6) Total Liabilities and Net Assets 1,303.5 1,291.2 12.3 Equity Ratio 57.0% 59.2% (2.2)% Dec. 31, 2025 Dec. 31, 2024 JPY/USD (end of period) 157 158 JPY/EUR (end of period) 184 165 (Billion yen)
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20© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Forecast FY2025 Difference Net Sales Operating Income Net Sales Operating Income Net Sales Operating Income Vinyl Acetate 420.0 63.0 404.5 62.5 15.5 0.5 Isoprene 93.0 3.0 80.4 (4.9) 12.6 7.9 Functional Materials 222.0 14.5 207.8 8.9 14.2 5.6 Fibers & Textiles 63.0 4.5 60.7 2.6 2.3 1.9 Trading 70.0 6.5 68.8 6.0 1.2 0.5 Others 41.0 1.0 39.9 3.7 1.1 (2.7) Elimination & Corporate (59.0) (22.5) (53.7) (20.1) (5.3) (2.4) Total 850.0 70.0 808.4 58.9 41.6 11.1 Net Sales and Operating Income by Segment (Billion yen) *From FY2026, the segment classification of the Electronics Materials Promotion Division is changed from “Others” to “Functional Materials.” Accordingly, figures presented under result for FY2025 reflect this change.
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21© 2026 KURARAY CO., LTD. All rights reserved. Ref. Factors Affecting the Change in Operating Income by Segment (Billion yen) Vinyl Acetate (Billion yen) Isoprene 8.7 (1.0) 1.3 (8.5) 62.5 63.0 FY2025 Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2026 Forecast 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 2.3 1.4 0.7 3.6 (4.9) 3.0 FY2025 Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2026 Forecast (6.0) (5.0) (4.0) (3.0) (2.0) (1.0) 0.0 1.0 2.0 3.0 4.0 ( ) : Inventory valuation differences, Repair costs etc. (+) : Depreciation
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22© 2026 KURARAY CO., LTD. All rights reserved. Ref. Factors Affecting the Change in Operating Income by Segment (Billion yen) (Billion yen) 3.7 3.2 0.2 (1.5) 8.9 14.5 FY2025 Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2026 Forecast 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 1.2 1.3 (0.2) (0.3) 2.6 4.5 FY2025 Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2026 Forecast 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Functional Materials Fibers & Textiles
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23© 2026 KURARAY CO., LTD. All rights reserved. Ref. Net Sales and Operating Income by Segment (vs. Previous Forecast) FY2026 Forecast FY2026 Previous Forecast (As of Feb. 12, 2025) Difference Net Sales Operating Income Net Sales Operating Income Net Sales Operating Income Vinyl Acetate 420.0 63.0 438.0 89.0 (18.0) (26.0) Isoprene 93.0 3.0 95.0 0.0 (2.0) 3.0 Functional Materials 222.0 14.5 230.0 25.0 (8.0) (10.5) Fibers & Textiles 63.0 4.5 70.0 7.0 (7.0) (2.5) Trading 70.0 6.5 75.0 7.0 (5.0) (0.5) Others 41.0 1.0 39.5 2.0 1.5 (1.0) Elimination & Corporate (59.0) (22.5) (47.5) (20.0) (11.5) (2.5) Total 850.0 70.0 900.0 110.0 (50.0) (40.0) (Billion yen) *From FY2026, the segment classification of the Electronics Materials Promotion Division is changed from “Others” to “Functional Materials.” Accordingly, figures presented under previous forecast for FY2026 reflect this change.
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24© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Forecast FY2025 Difference 1H 2H FY 1H 2H FY 1H 2H FY Net Sales 410.0 440.0 850.0 400.0 408.5 808.4 10.0 31.5 41.6 Operating Income 24.0 46.0 70.0 26.3 32.6 58.9 (2.3) 13.4 11.1 Ordinary Income 21.0 43.0 64.0 21.3 30.2 51.5 (0.3) 12.8 12.5 Net Income Attributable to Owners of the Parent 13.0 27.0 40.0 14.0 (6.6) 7.5 (1.0) 33.6 32.5 Ref. Forecast for FY2026 (Billion yen)
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25© 2026 KURARAY CO., LTD. All rights reserved. Ref. Net Sales Forecast by Segment (Billion yen) FY2026 Forecast FY2025 Difference 1H 2H FY 1H 2H FY 1H 2H FY Vinyl Acetate 205.0 215.0 420.0 202.9 201.6 404.5 2.1 13.4 15.5 Isoprene 44.0 49.0 93.0 39.9 40.4 80.4 4.1 8.6 12.6 Functional Materials 106.0 116.0 222.0 98.6 109.3 207.8 7.4 6.7 14.2 Fibers & Textiles 31.0 32.0 63.0 29.8 31.0 60.7 1.2 1.0 2.3 Trading 34.0 36.0 70.0 33.9 34.9 68.8 0.1 1.1 1.2 Others 17.0 24.0 41.0 21.7 18.2 39.9 (4.7) 5.8 1.1 Elimination & Corporate (27.0) (32.0) (59.0) (26.8) (26.9) (53.7) (0.2) (5.1) (5.3) Total 410.0 440.0 850.0 400.0 408.5 808.4 10.0 31.5 41.6 *From FY2026, the segment classification of the Electronics Materials Promotion Division is changed from “Others” to “Functional Materials.” Accordingly, figures presented under result for FY2025 reflect this change.
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26© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Forecast FY2025 Difference 1H 2H FY 1H 2H FY 1H 2H FY Vinyl Acetate 22.0 41.0 63.0 29.9 32.7 62.5 (7.9) 8.3 0.5 Isoprene 1.5 1.5 3.0 (1.3) (3.6) (4.9) 2.8 5.1 7.9 Functional Materials 6.0 8.5 14.5 1.7 7.2 8.9 4.3 1.3 5.6 Fibers & Textiles 1.5 3.0 4.5 (0.1) 2.7 2.6 1.6 0.3 1.9 Trading 3.0 3.5 6.5 3.0 3.0 6.0 0.0 0.5 0.5 Others 0.0 1.0 1.0 1.9 1.8 3.7 (1.9) (0.8) (2.7) Elimination & Corporate (10.0) (12.5) (22.5) (8.9) (11.2) (20.1) (1.1) (1.3) (2.4) Total 24.0 46.0 70.0 26.3 32.6 58.9 (2.3) 13.4 11.1 Ref. Operating Income Forecast by Segment (Billion yen) *From FY2026, the segment classification of the Electronics Materials Promotion Division is changed from “Others” to “Functional Materials.” Accordingly, figures presented under result for FY2025 reflect this change.
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27© 2026 KURARAY CO., LTD. All rights reserved. FY2024 FY2025 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY Vinyl Acetate 99.0 109.8 106.7 99.4 414.9 100.4 102.5 98.5 103.1 404.5 Isoprene 17.2 20.4 18.5 20.3 76.4 19.7 20.3 18.6 21.9 80.4 Functional Materials 48.7 54.0 49.6 55.7 208.0 47.6 50.5 50.4 58.4 206.9 Fibers & Textiles 13.8 17.4 15.0 16.5 62.7 13.4 16.3 14.0 17.0 60.7 Trading 15.3 16.9 16.0 19.4 67.6 16.7 17.2 15.1 19.7 68.8 Others 11.7 13.3 12.1 13.8 50.9 11.1 11.0 9.8 8.9 40.8 Elimination & Corporate (13.6) (12.8) (14.2) (12.9) (53.5) (14.1) (12.7) (12.9) (14.0) (53.7) Total 192.2 219.0 203.6 212.1 826.9 194.8 205.2 193.5 215.0 808.4 Ref. Quarterly Net Sales by Segments (Billion yen)
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28© 2026 KURARAY CO., LTD. All rights reserved. FY2024 FY2025 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY Vinyl Acetate 24.8 19.1 26.7 17.0 87.6 15.9 14.0 18.7 14.0 62.5 Isoprene 0.0 (4.0) (1.5) (3.9) (9.5) 2.8 (4.1) (0.9) (2.7) (4.9) Functional Materials 3.2 3.2 2.8 3.6 12.9 2.0 0.9 3.4 4.5 10.8 Fibers & Textiles (0.2) 1.0 1.5 (1.0) 1.2 (0.6) 0.5 1.4 1.3 2.6 Trading 1.3 1.4 1.4 1.8 5.9 1.4 1.7 1.2 1.8 6.0 Others 0.4 0.5 1.0 0.4 2.3 0.1 0.6 0.7 0.3 1.8 Elimination & Corporate (0.8) (4.5) (3.3) (6.8) (15.4) (3.0) (5.9) (4.4) (6.8) (20.1) Total 28.8 16.7 28.5 11.2 85.1 18.7 7.6 20.1 12.5 58.9 Ref. Quarterly Operating Income by Segments (Billion yen)
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29© 2026 KURARAY CO., LTD. All rights reserved. Ref. Net Sales and Operating Income by Segment (vs. Previous Forecast) FY2025 FY2025 Previous Forecast (As of Nov. 12, 2025) Difference Net Sales Operating Income Net Sales Operating Income Net Sales Operating Income Vinyl Acetate 404.5 62.5 408.0 64.0 (3.5) (1.5) Isoprene 80.4 (4.9) 81.0 (5.5) (0.6) 0.6 Functional Materials 206.9 10.8 207.0 10.5 (0.1) 0.3 Fibers & Textiles 60.7 2.6 62.0 2.0 (1.3) 0.6 Trading 68.8 6.0 67.0 6.0 1.8 0.0 Others 40.8 1.8 42.0 1.0 (1.2) 0.8 Elimination & Corporate (53.7) (20.1) (57.0) (18.0) 3.3 (2.1) Total 808.4 58.9 810.0 60.0 (1.5) (1.1) (Billion yen)
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30© 2026 KURARAY CO., LTD. All rights reserved. Ref. Modeling Tool FY2025 1H FY2025 2H FY2025 Regular maintenance cost Operation suspension cost Inventory valuation differences Total Regular maintenance cost Operation suspension cost Inventory valuation differences Total Total Vinyl Acetate (2.0) (2.0) (3.0) (7.0) (0.5) 2.0 3.0 4.5 (2.5) Isoprene (2.0) 0.0 0.5 (1.5) 0.0 0.0 (1.0) (1.0) (2.5) Functional Materials (0.5) (2.0) 0.0 (2.5) 0.0 0.0 0.5 0.5 (2.0) Fibers & Textiles 0.0 0.0 (0.5) (0.5) 0.0 0.0 0.5 0.5 0.0 Total (4.5) (4.0) (3.0) (11.5) (0.5) 2.0 3.0 4.5 (7.0) Billion yen profit, () lossApproximate impact on operating income
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31© 2026 KURARAY CO., LTD. All rights reserved. Ref. Modeling Tool for Operating Income FY2026 1H (Forecast FY2026 2H (Forecast） FY2026 (Forecast) Regular maintenance cost Operation suspension cost Inventory valuation differences Total Regular maintenance cost Operation suspension cost Inventory valuation differences Total Total Vinyl Acetate (4.0) 0.0 (5.0) (9.0) (1.5) 0.0 1.0 (0.5) (9.5) Isoprene (2.0) 0.0 0.5 (1.5) 0.0 0.0 (0.5) (0.5) (2.0) Functional Materials 0.0 0.0 (1.5) (1.5) 0.0 0.0 0.5 0.5 (1.0) Fibers & Textiles 0.0 0.0 (0.5) (0.5) (0.5) 0.0 1.0 0.5 0.0 Total (6.0) 0.0 (6.5) (12.5) (2.0) 0.0 2.0 0.0 (12.5) Billion yen profit, () lossApproximate impact on operating income
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All figures are rounded to the nearest hundred million yen. This presentation contains various forward-looking statements which are based on the current expectations and assumptions of future events. All figures and statements with respect to the future performance, projections, and business plans of Kuraray and its group companies constitute forward-looking statements. Although Kuraray believes that its expectations and assumptions are reasonable, actual results and trends of Kuraray’s performance could differ materially from those expressed or implied by such figures or statements due to risks and uncertainties in the future business circumstances. The factors which may cause such difference include, without limitation: (1) general market and economic conditions in Asia including Japan, the U.S., Europe and other regions; (2) fluctuations of currency exchange rates, especially between the Japanese yen and the U.S. dollar and other foreign currencies; (3) changes in raw material and fuel costs; (4) industrial competition and price fluctuations in Japan and international markets; (5) advance or delay in the construction of new plants and production lines;(6) successful development of new products and technologies; and (7) changes in laws and regulations (including tax and environmental) and legal proceedings.