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kuraray Possible starts here FY2026 1H Earnings Presentation ( Overview ) KURARAY CO . , LTD . August 7 , 2026 © 2026 KURARAY CO . , LTD . All rights reserved .
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2© 2026 KURARAY CO., LTD. All rights reserved. FY2026 1H Results FY2026 1H FY2025 1H Difference Net Sales 431.0 400.0 31.1 Operating Income 28.8 26.3 2.6 Ordinary Income 26.0 21.3 4.7 Net Income Attributable to Owners of the Parent 14.2 14.0 0.2 Reference JPY/USD (average) 158 148 JPY/EUR (average) 184 162 Domestic naphtha JPY 1,000/kl 84 71 US natural gas USD/MMBtu 3.2 3.7 Europe natural gas EUR/MWh 44 41 (Billion yen) Net sales and operating income increased, driven by product price revisions implemented in response to rising raw material and fuel costs, as well as the favorable impact of yen depreciation.
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3© 2026 KURARAY CO., LTD. All rights reserved. FY2026 1H Factors Affecting the Change in Operating Income (2.0) 3.6 1.7 (0.7)26.3 28.8 FY2025 1H Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2026 1H 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 (+) Inventory valuation differences (-) SG&A, repair costs, etc. (Billion yen) FY2025 1H FY2026 1H JPY/USD (average) 148 158 JPY/EUR (average) 162 184 FY2025 1H FY2026 1H Domestic naphtha JPY 1,000/kl 71 84 US natural gas USD/MMBtu 3.7 3.2 Europe natural gas EUR/MWh 41 44
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4© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Forecast (Aug. 7, 2026) FY2025 Difference Net Sales 880.0 808.4 71.6 Operating Income 70.0 58.9 11.1 Ordinary Income 64.0 51.5 12.5 Net Income Attributable to Owners of the Parent 40.0 7.5 32.5 JPY/USD (average) 159 150 JPY/EUR (average) 182 169 Domestic naphtha JPY 1,000/kl 92 68 US natural gas USD/MMBtu 3.2 3.6 Europe natural gas EUR/MWh 52 37 Revised the full-year forecast for FY2026, based on the interim business results and current business trends FY2026 Forecast (Feb. 10, 2026) Difference 850.0 30.0 70.0 0.0 64.0 0.0 40.0 0.0 Reference Forecasts for FY2026 (Billion yen) 150 175 61 3.8 37
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5© 2026 KURARAY CO., LTD. All rights reserved. Japan US Progress in Enhancing Our Business Portfolio Singapore Decided to expand reactivated carbon production capacity at the Columbus Plant in Ohio New EVALTM plant under construction (Scheduled for completion in FY2026) Ended the production of KURARITY at the Niigata Plant Scheduled to discontinue the manufacturing of polyester resins and polyester filaments at the Saijo Plant in FY2026 Completed the expansion of dental materials production capacity at the Miyoshi Plant Began a joint study with DOWA ECO-SYSTEM CO., LTD. on resource circulation business utilizing the reactivation of activated carbon Optimized the allocation of management resources through capacity expansions in reactivated carbon and dental materials businesses, while withdrawing from selected businesses China Completed the transfer of a methacrylic resin sheet manufacturing subsidiary in China
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6© 2026 KURARAY CO., LTD. All rights reserved. Financial KPIs ROIC EBITDA* ROE Financial KPIs EBITDA Margin reference *Operating income + depreciation and amortization FY2025 5.1% ¥143.6 billion 1.0% 17.8% FY2026 1H 4.8% ¥71.0 billion 3.8% 16.5% FY2026 Forecast Aug. 7, 2026 6% ¥155.0 billion 5% 18%
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7© 2026 KURARAY CO., LTD. All rights reserved. Shareholder Return Annual dividend forecast unchanged, including the 100th anniversary commemorative dividend Completed ¥10.0 billion share buyback and cancellation 7 628.1%2025 2026 plan ¥10.0 billion Approx. 73% ¥30.0 billion * Dividend Maintain and increase dividends per share Share Buybacks Aim for continuous conduct Total Return Ratio 50% or more ¥54 ¥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. FY2026 1H Earnings Presentation (Details) August 7, 2026
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9© 2026 KURARAY CO., LTD. All rights reserved. FY2026 1H FY2025 1H Difference Net Sales Operating Income Net Sales Operating Income Net Sales Operating Income Vinyl Acetate 217.1 25.4 202.9 29.9 14.3 (4.5) Isoprene 45.9 1.8 39.9 (1.3) 5.9 3.1 Functional Materials 110.3 4.9 98.6 1.7 11.8 3.2 Fibers & Textiles 31.9 4.2 29.8 (0.1) 2.1 4.3 Trading 37.3 3.7 33.9 3.0 3.4 0.6 Others 15.8 0.8 21.7 1.9 (5.9) (1.1) Elimination & Corporate (27.3) (11.9) (26.8) (8.9) (0.6) (3.0) Total 431.0 28.8 400.0 26.3 31.1 2.6 Net Sales and Operating Income by Segment (Billion yen) *From FY2026, the segment classification of the businesses under Electronics Materials Promotion Divisionis changed from “Others” to “Functional Materials.” Accordingly, figures presented under result for FY2025 reflect this change.
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10© 2026 KURARAY CO., LTD. All rights reserved. Vinyl Acetate FY2025 1H FY2026 1H Difference Net Sales 202.9 217.1 14.3 Operating Income 29.9 25.4 (4.5) PVOH resin Having captured demand by leveraging our global supply system amid disruptions in the Middle East, sales volume increased. Optical-use poval film Sales volume increased as a result of an accumulation of inventories across the supply chain due to concerns around component procurement against the backdrop of a semiconductor memory shortage and the Middle East situation in addition to demand for buying new televisions for international sporting events. Advanced Interlayer Solutions The competitive environment for PVB film remained intense, particularly in Europe and Asia. As a result, sales volume decreased for both construction and automotive applications. Sales of SentryGlas also declined due in part to the effects of project delays as customers responded to deteriorating conditions in the Middle East. Water-soluble PVOH film MonoSol Sales volume decreased due to weak demand for soluble unit- dose detergent. EVAL Sales volume increased as sales for food packaging and automotive applications remained favorable, and we were able to capture some demand with our global supply system. Main reason of increase/ Decrease Overall segment income decreased due to lower capacity utilization reflecting declining sales volumes in some businesses despite making price revisions because of the rising prices of raw materials and fuels. (2.5) (1.3) 1.0 (1.7) 29.9 25.4 FY2025 1H Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2026 1H 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Factors Affecting the Change in Operating Income (Billion yen) (Billion yen)
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11© 2026 KURARAY CO., LTD. All rights reserved. Isoprene FY2025 1H FY2026 1H Difference Net Sales 39.9 45.9 5.9 Operating Income (1.3) 1.8 3.1 Isoprene Chemicals and Elastomers As a result of a pull-forward in demand in the previous year caused by U.S. tariff policies in addition to stagnant demand for construction applications in China, sales volume of isoprene chemicals decreased. Particularly in the United States market, sales volumes of elastomers increased but were impacted by intensified competition with Asian competitors in the European market and other regions. GENESTAR Sales volume increased due to sales expansion in both electric and electronic applications and automotive applications. Main reason of increase/ Decrease Overall segment income increased due to a decrease in depreciation and amortization expenses attributable to impairment losses recorded in the previous year and the positive impact of some inventory valuation differences. 0.4 0.3 (0.3) 2.8 (1.3) 1.8 FY2025 1H Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2026 1H (2.0) (1.5) (1.0) (0.5) 0.0 0.5 1.0 1.5 2.0 2.5 Factors Affecting the Change in Operating Income (Billion yen) (Billion yen)
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12© 2026 KURARAY CO., LTD. All rights reserved. Functional Materials FY2025 1H FY2026 1H Difference Net Sales 98.6 110.3 11.8 Operating Income 1.7 4.9 3.2 Methacrylate Although sales volume fell due to a reduction in production capacity for methyl methacrylate and some downstream products from July 2025, there were positive effects on profit. Medical Sales of cosmetic dental materials, mainly in Europe and the United States, remained firm. In addition, to meet growing demand, we began operations of expanded facilities at the Miyoshi Plant in the second quarter. Environmental Solutions Demand for activated carbon remained stable, and sales volume increased. In addition, price revisions were implemented. To prepare for future growth in demand for reactivated carbon, we decided to expand production facilities for reactivated carbon in the United States (slated to begin operating in the first quarter of 2028). 0.4 2.7 0.1 (0.1) 1.7 4.9 FY2025 1H Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2026 1H 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Main reason of increase/ Decrease Overall segment income increased due to solid sales. Factors Affecting the Change in Operating Income (Billion yen) (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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13© 2026 KURARAY CO., LTD. All rights reserved. Fibers and Textiles FY2025 1H FY2026 1H Difference Net Sales 29.8 31.9 2.1 Operating Income (0.1) 4.2 4.3 CLARINO Sales volume increased amid a recovery in demand, including for footwear applications. Fibers and Industrial Materials Although sales volume of KURALON remained sluggish due to weak demand for construction material applications, price revisions were implemented. In addition, sales of VECTRAN remained brisk. Main reason of increase/ Decrease Overall segment income increased due to higher sales volume of CLARINOTM and VECTRANTM. 0.2 1.8 0.9 1.3 (0.1) 4.2 FY2025 1H Volume Selling Price/ Product Mix Raw Materials and Fuel/ Exchange rate Others FY2026 1H (1.0) 0.0 1.0 2.0 3.0 4.0 5.0 Factors Affecting the Change in Operating Income (Billion yen) (Billion yen)
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14© 2026 KURARAY CO., LTD. All rights reserved. FY2026 1H Cash Flows and Key Data FY2026 1H FY2025 1H Difference Operating CF 59.0 42.2 16.9 Investing CF* (56.0) (49.1) (6.9) Free CF* 3.0 (7.0) 10.0 CAPEX (acceptance basis) 53.8 45.3 8.4 Depreciation and Amortization (incl. amortization of goodwill) 42.2 41.4 0.7 R&D Expenses 15.0 13.7 1.3 *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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15© 2026 KURARAY CO., LTD. All rights reserved. Balance Sheet [1]: Assets Jun. 30, 2026 Dec. 31, 2025 Difference Current Assets 606.2 578.4 27.8 Non-current Assets 744.6 725.1 19.5 Total Assets 1,350.8 1,303.5 47.3 Jun. 30, 2026 Dec. 31, 2025 JPY/USD (end of period) 162 157 JPY/EUR (end of period) 185 184 (Billion yen)
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16© 2026 KURARAY CO., LTD. All rights reserved. Balance Sheet [2]: Liabilities and Net Assets Jun. 30, 2026 Dec. 31, 2025 Difference Current Liabilities 230.7 228.2 2.4 Non-current Liabilities 351.7 320.1 31.6 Total Liabilities 582.4 548.3 34.1 Net Assets 768.4 755.2 13.2 Total Liabilities and Net Assets 1,350.8 1,303.5 47.3 Equity Ratio 55.9% 57.0% (1.0)% Jun. 30, 2026 Dec. 31, 2025 JPY/USD (end of period) 162 157 JPY/EUR (end of period) 185 184 (Billion yen)
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17© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Forecasts and Key Data FY2026 Forecast FY2025 Difference Net Sales 880.0 808.4 71.6 Operating Income 70.0 58.9 11.1 Ordinary Income 64.0 51.5 12.5 Net Income Attributable to Owners of the Parent 40.0 7.5 32.5 EPS ¥132.76 ¥23.62 ¥109.14 Dividends per share ¥64 ¥54 ¥10 CAPEX(decision basis) 78.0 101.0 (23.0) CAPEX(acceptance basis) 117.0 106.8 10.2 Depreciation and Amortization (incl. amortization of goodwill) 85.0 84.7 0.3 R&D Expenses 28.0 28.4 (0.4) (Billion yen)
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18© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Factors Affecting the Change in Operating Income (vs. FY2025) 0.3 19.7 (10.7) 1.9 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 90.0 (+) Inventory valuation differences (-) Repair costs, etc. (Billion yen) FY2025 FY2026 assumption JPY/USD (average) 150 159 JPY/EUR (average) 169 182 FY2025 FY2026 assumption Domestic naphtha JPY 1,000/kl 68 92 US natural gas USD/MMBtu 3.6 3.2 Europe natural gas EUR/MWh 37 52
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19© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Forecast (Aug. 7, 2026) FY2025 Difference FY2026 Forecast (Feb. 10, 2026) Difference Net Sales Operating Income Net Sales Operating Income Net Sales Operating Income Net Sales Operating Income Net Sales Operating Income Vinyl Acetate 431.0 63.0 404.5 62.5 26.5 0.5 420.0 63.0 11.0 0.0 Isoprene 96.0 2.5 80.4 (4.9) 15.6 7.4 93.0 3.0 3.0 (0.5) Functional Materials 234.0 13.5 207.8 8.9 26.2 4.6 222.0 14.5 12.0 (1.0) Fibers & Textiles 66.0 5.5 60.7 2.6 5.3 2.9 63.0 4.5 3.0 1.0 Trading 74.0 7.0 68.8 6.0 5.2 1.0 70.0 6.5 4.0 0.5 Others 40.0 1.5 39.9 3.7 0.1 (2.2) 41.0 1.0 (1.0) 0.5 Elimination & Corporate (61.0) (23.0) (53.7) (20.1) (7.3) (2.9) (59.0) (22.5) (2.0) (0.5) Total 880.0 70.0 808.4 58.9 71.6 11.1 850.0 70.0 30.0 0.0 Net Sales and Operating Income by Segment (Billion yen) *From FY2026, the segment classification of the businesses under 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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20© 2026 KURARAY CO., LTD. All rights reserved. (1.0) 6.2 (5.1) 0.3 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 1.2 5.7 (4.2) 4.6 (4.9) 2.5 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 Ref. Factors Affecting the Change in Operating Income by Segment(vs. FY2025) (Billion yen) Vinyl Acetate (Billion yen) Isoprene
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21© 2026 KURARAY CO., LTD. All rights reserved. 0.2 4.5 (0.1) 0.1 8.9 13.5 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 (0.1) 3.2 (1.4) 1.1 5.5 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 7.0 (Billion yen) (Billion yen) Functional Materials Fibers & Textiles Ref. Factors Affecting the Change in Operating Income by Segment(vs. FY2025) *From FY2026, the segment classification of the businesses under 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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22© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Forecast (Aug. 7, 2026) FY2025 Difference 1H 2H FY 1H 2H FY 1H 2H FY Net Sales 431.0 449.0 880.0 400.0 408.5 808.4 31.1 40.5 71.6 Operating Income 28.8 41.2 70.0 26.3 32.6 58.9 2.6 8.5 11.1 Ordinary Income 26.0 38.0 64.0 21.3 30.2 51.5 4.7 7.8 12.5 Net Income Attributable to Owners of the Parent 14.2 25.8 40.0 14.0 (6.6) 7.5 0.2 32.3 32.5 Ref. Forecast for FY (vs. FY2025 semi-annual) (Billion yen)
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23© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Forecast (Aug. 7, 2026) FY2025 Difference 1H 2H FY 1H 2H FY 1H 2H FY Vinyl Acetate 217.1 213.9 431.0 202.9 201.6 404.5 14.3 12.3 26.5 Isoprene 45.9 50.1 96.0 39.9 40.4 80.4 5.9 9.7 15.6 Functional Materials 110.3 123.7 234.0 98.6 109.3 207.8 11.8 14.4 26.2 Fibers & Textiles 31.9 34.1 66.0 29.8 31.0 60.7 2.1 3.1 5.3 Trading 37.3 36.7 74.0 33.9 34.9 68.8 3.4 1.8 5.2 Others 15.8 24.2 40.0 21.7 18.2 39.9 (5.9) 6.0 0.1 Elimination & Corporate (27.3) (33.7) (61.0) (26.8) (26.9) (53.7) (0.6) (6.8) (7.3) Total 431.0 449.0 880.0 400.0 408.5 808.4 31.1 40.5 71.6 Ref. Net Sales Forecast by Segment (vs. FY2025 semi-annual) (Billion yen) *From FY2026, the segment classification of the businesses under 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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24© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Forecast (Aug. 7, 2026) FY2025 Difference 1H 2H FY 1H 2H FY 1H 2H FY Vinyl Acetate 25.4 37.6 63.0 29.9 32.7 62.5 (4.5) 4.9 0.5 Isoprene 1.8 0.7 2.5 (1.3) (3.6) (4.9) 3.1 4.3 7.4 Functional Materials 4.9 8.6 13.5 1.7 7.2 8.9 3.2 1.4 4.6 Fibers & Textiles 4.2 1.3 5.5 (0.1) 2.7 2.6 4.3 (1.4) 2.9 Trading 3.7 3.3 7.0 3.0 3.0 6.0 0.6 0.3 1.0 Others 0.8 0.7 1.5 1.9 1.8 3.7 (1.1) (1.1) (2.2) Elimination & Corporate (11.9) (11.1) (23.0) (8.9) (11.2) (20.1) (3.0) 0.1 (2.9) Total 28.8 41.2 70.0 26.3 32.6 58.9 2.6 8.5 11.1 Ref. Operating Income Forecast by Segment (vs. FY2025 semi-annual) (Billion yen) *From FY2026, the segment classification of the businesses under 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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25© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Forecast (Aug. 7, 2026) FY2026 Forecast (Feb. 10, 2026) Difference 1H 2H FY 1H 2H FY 1H 2H FY Net Sales 431.0 449.0 880.0 410.0 440.0 850.0 21.0 9.0 30.0 Operating Income 28.8 41.2 70.0 24.0 46.0 70.0 4.8 (4.8) 0.0 Ordinary Income 26.0 38.0 64.0 21.0 43.0 64.0 5.0 (5.0) 0.0 Net Income Attributable to Owners of the Parent 14.2 25.8 40.0 13.0 27.0 40.0 1.2 (1.2) 0.0 Ref. Forecast for FY (vs. original forecast semi-annual) (Billion yen)
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26© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Forecast (Aug. 7, 2026) FY2026 Forecast (Feb. 10, 2026) Difference 1H 2H FY 1H 2H FY 1H 2H FY Vinyl Acetate 217.1 213.9 431.0 205.0 215.0 420.0 12.1 (1.1) 11.0 Isoprene 45.9 50.1 96.0 44.0 49.0 93.0 1.9 1.1 3.0 Functional Materials 110.3 123.7 234.0 106.0 116.0 222.0 4.3 7.7 12.0 Fibers & Textiles 31.9 34.1 66.0 31.0 32.0 63.0 0.9 2.1 3.0 Trading 37.3 36.7 74.0 34.0 36.0 70.0 3.3 0.7 4.0 Others 15.8 24.2 40.0 17.0 24.0 41.0 (1.2) 0.2 (1.0) Elimination & Corporate (27.3) (33.7) (61.0) (27.0) (32.0) (59.0) (0.3) (1.7) (2.0) Total 431.0 449.0 880.0 410.0 440.0 850.0 21.0 9.0 30.0 Ref. Net Sales Forecast by Segment (vs. original forecast semi-annual) (Billion yen)
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27© 2026 KURARAY CO., LTD. All rights reserved. FY2026 Forecast (Aug. 7, 2026) FY2026 Forecast (Feb. 10, 2026) Difference 1H 2H FY 1H 2H FY 1H 2H FY Vinyl Acetate 25.4 37.6 63.0 22.0 41.0 63.0 3.4 (3.4) 0.0 Isoprene 1.8 0.7 2.5 1.5 1.5 3.0 0.3 (0.8) (0.5) Functional Materials 4.9 8.6 13.5 6.0 8.5 14.5 (1.1) 0.1 (1.0) Fibers & Textiles 4.2 1.3 5.5 1.5 3.0 4.5 2.7 (1.7) 1.0 Trading 3.7 3.3 7.0 3.0 3.5 6.5 0.7 (0.2) 0.5 Others 0.8 0.7 1.5 0.0 1.0 1.0 0.8 (0.3) 0.5 Elimination & Corporate (11.9) (11.1) (23.0) (10.0) (12.5) (22.5) (1.9) 1.4 (0.5) Total 28.8 41.2 70.0 24.0 46.0 70.0 4.8 (4.8) 0.0 Ref. Operating Income Forecast by Segment (vs. original forecast semi-annual) (Billion yen)
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28© 2026 KURARAY CO., LTD. All rights reserved. FY2025 FY2026 1Q 2Q 3Q 4Q FY 1Q 2Q 1H Vinyl Acetate 100.4 102.5 98.5 103.1 404.5 101.9 115.2 217.1 Isoprene 19.7 20.3 18.6 21.9 80.4 21.5 24.4 45.9 Functional Materials 47.8 50.8 50.6 58.7 207.8 52.8 57.5 110.3 Fibers & Textiles 13.4 16.3 14.0 17.0 60.7 14.0 17.9 31.9 Trading 16.7 17.2 15.1 19.7 68.8 17.8 19.6 37.3 Others 10.9 10.8 9.6 8.7 39.9 7.2 8.6 15.8 Elimination & Corporate (14.1) (12.7) (12.9) (14.0) (53.7) (14.3) (13.1) (27.3) Total 194.8 205.2 193.5 215.0 808.4 200.9 230.1 431.0 (Billion yen) Ref. Quarterly Net Sales by Segments *From FY2026, the segment classification of the businesses under 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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29© 2026 KURARAY CO., LTD. All rights reserved. FY2025 FY2026 1Q 2Q 3Q 4Q FY 1Q 2Q 1H Vinyl Acetate 15.9 14.0 18.7 14.0 62.5 11.0 14.3 25.4 Isoprene 2.8 (4.1) (0.9) (2.7) (4.9) 2.9 (1.1) 1.8 Functional Materials 1.4 0.4 3.0 4.2 8.9 3.4 1.5 4.9 Fibers & Textiles (0.6) 0.5 1.4 1.3 2.6 1.1 3.1 4.2 Trading 1.4 1.7 1.2 1.8 6.0 1.6 2.1 3.7 Others 0.8 1.1 1.1 0.7 3.7 0.4 0.4 0.8 Elimination & Corporate (3.0) (5.9) (4.4) (6.8) (20.1) (5.5) (6.3) (11.9) Total 18.7 7.6 20.1 12.5 58.9 14.9 14.0 28.8 (Billion yen) Ref. Quarterly Operating Income by Segments *From FY2026, the segment classification of the businesses under 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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30© 2026 KURARAY CO., LTD. All rights reserved. Ref. Modeling Tool for Operating Income (FY2025) 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 (Original Forecast) 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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32© 2026 KURARAY CO., LTD. All rights reserved. FY2026 1H 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 (3.0) (7.0) (1.5) 0.0 5.0 3.5 (3.5) Isoprene (2.0) 0.0 1.5 (0.5) 0.0 0.0 (0.5) (0.5) (1.0) Functional Materials 0.0 (0.5) (0.5) (1.0) 0.0 0.0 1.0 1.0 0.0 Fibers & Textiles 0.0 0.0 0.5 0.5 (0.5) 0.0 0.5 0.0 0.5 Total (6.0) (0.5) (1.5) (8.0) (2.0) 0.0 6.0 4.0 (4.0) Billion yen profit, () lossApproximate impact on operating income Ref. Modeling Tool for Operating Income (Revised Forecast)
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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.