Interim report
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CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd FFFFFiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll RRRRReeeeesssssuuuuullllltttttsssss fffffooooorrrrr ttttthhhhheeeee NNNNNiiiiinnnnneeeee MMMMMooooonnnnnttttthhhhhsssss EEEEEnnnnndddddeeeeeddddd DDDDDeeeeeccccceeeeemmmmmbbbbbeeeeerrrrr 3333311111,,,,, 22222000002222255555 (((((JJJJJPPPPPGGGGGAAAAAAAAAAPPPPP))))) February 9,2026 Name of listed company: Nissan Chemical Corporation Stock Exchange: Tokyo Code number: 4021 URL: https://www.nissanchem.co.jp/ Representative: YAGI Shinsuke, President Inquiry to: NOMURA Hiroshi, Head of Finance and Accounting Department Tel. +81 3 4463 8401 Scheduled dividend payment date: ― Supplemental information: Yes Financial results meeting : Yes (For institutional investors and analysts) (Amounts rounded down to the nearest million yen) 11111..... CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd FFFFFiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll RRRRReeeeesssssuuuuullllltttttsssss fffffooooorrrrr ttttthhhhheeeee NNNNNiiiiinnnnneeeee MMMMMooooonnnnnttttthhhhhsssss EEEEEnnnnndddddeeeeeddddd DDDDDeeeeeccccceeeeemmmmmbbbbbeeeeerrrrr 3333311111,,,,, 22222000002222255555 (((((FFFFFrrrrrooooommmmm AAAAAppppprrrrriiiiilllll 0000011111,,,,, 22222000002222255555 tttttooooo DDDDDeeeeeccccceeeeemmmmmbbbbbeeeeerrrrr 3333311111,,,,, 22222000002222255555))))) (1) Consolidated Operating Results (% indicates the rate of increase/decrease against the same period of the previous year) Net sales Operating income Ordinary income Net income attributable to owners of parent Million yen % Million yen % Million yen % Million yen % Nine months ended December 31, 2025 195,435 11.8 44,984 9.5 46,513 7.4 35,043 10.5 Nine months ended December 31, 2024 174,832 12.6 41,080 22.9 43,326 23.6 31,708 22.1 (Note) Comprehensive income: Nine months ended December 31, 2025 : 41,371 million yen ,35.6% Nine months ended December 31, 2024 : 30,498 million yen ,6.5% Basic earnings per share Diluted net income per share Yen Yen Nine months ended December 31, 2025 259.10 － Nine months ended December 31, 2024 230.27 － (2) Consolidated Financial Position Total assets Net assets Equity ratio Million yen Million yen % As of December 31, 2025 340,144 245,545 71.1 As of March 31, 2025 330,763 236,180 70.5 (Reference) Shareholders' equity: As of December 31, 2025 : 241,840 million yen As of March 31, 2025 : 233,291 million yen 22222..... CCCCCaaaaassssshhhhh DDDDDiiiiivvvvviiiiidddddeeeeennnnndddddsssss Cash dividends per share First quarter Second quarter Third quarter Year-end Annual Yen Yen Yen Yen Yen Year ended March 31, 2025 － 70.00 － 104.00 174.00 Year ending March 31, 2026 － 70.00 － Year ending March 31, 2026 (Outlook) 110.00 180.00 (Note) Revision of the latest released dividend outlook: None 33333..... OOOOOuuuuutttttlllllooooooooookkkkk ooooofffff CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd FFFFFiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll RRRRReeeeesssssuuuuullllltttttsssss fffffooooorrrrr ttttthhhhheeeee FFFFFiiiiissssscccccaaaaalllll YYYYYeeeeeaaaaarrrrr EEEEEnnnnndddddiiiiinnnnnggggg MMMMMaaaaarrrrrccccchhhhh 3333311111,,,,, 22222000002222266666 (((((FFFFFrrrrrooooommmmm AAAAAppppprrrrriiiiilllll 0000011111,,,,, 22222000002222255555 tttttooooo MMMMMaaaaarrrrrccccchhhhh 3333311111,,,,, 22222000002222266666))))) (% indicates the rate of increase/decrease against the same period of the previous year) Net sales Operating income Ordinary income Net income attributable to owners of parent Basic earnings per share Million yen % Million yen % Million yen % Million yen % Yen Year ending March 31, 2026 272,200 8.3 59,000 3.8 59,000 1.7 44,000 2.2 328.22 (Note) Revision of the latest released outlook of financial results: None
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44444..... NNNNNooooottttteeeeesssss (1) Changes in significant consolidated subsidiaries (Changes in specified subsidiaries involving changes in scope of consolidation) : None (2) Application of special accounting treatment to preparation of quarterly financial statements : None (3) Changes of accounting policies and accounting estimates, and restatement 1. Changes of accounting policies due to revisions of accounting standards : None 2. Changes of accounting policies other than the above : None 3. Changes in accounting estimates : None 4. Restatements : None (4) Number of shares outstanding (common shares) 1. Number of shares outstanding (including treasury shares) As of December 31, 2025 : 135,800,000 shares As of March 31, 2025 : 136,800,000 shares 2. Number of treasury shares As of December 31, 2025 : 1,284,883 shares As of March 31, 2025 : 517,787 shares 3. Average number of shares outstanding As of December 31, 2025 : 135,251,552 shares As of December 31, 2024 : 137,701,777 shares (Note) The Company has introduced “Board Benefit Trust (BBT)” based on the resolution of Board of Directors' meeting held on July 30,2019.The shares held by the Trust are included in the number of treasury shares at the end of the period, and they are included in the number of treasury shares deducted in calculating the average number of shares outstanding over the period. The number of shares held by the Trust (included in treasury shares) at the end of the period was 132,200 shares. In addition, the average number of shares held by the Trust during the period was 133,633 shares. This is not included in the average number of shares outstanding. * Presentation regarding implementation status of quarterly review procedures The financial release is not subject to quarterly review. * Explanations regarding appropriate use of business outlook and other special notes The business outlook contained in this report is based on information available at the time of disclosure. Actual operating results may differ materially from the outlook due to various factors. For supplemental information, please refer to our website. The transcript of financial results briefing will be released on our website as well.
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1 Table of Contents for Attached Materials 1. Qualitative Information on Quarterly Results ............................................................................................................. 2 (1) Business Performance ......................................................................................................................................... 2 (2) Financial Position ................................................................................................................................................. 3 (3) Outlook of Consolidated Financial Results and Other Forward-looking Information ............................................ 4 (4) Basic Policy on Distribution of Earnings .............................................................................................................. 4 2. Consolidated Financial Statements ........................................................................................................................... 5 (1) Consolidated Balance Sheets .............................................................................................................................. 5 (2) Consolidated Statements of Income / Consolidated Statements of Comprehensive Income .............................. 7 (3) Consolidated Statements of Cash Flows ............................................................................................................. 9 (4) Notes to Consolidated Financial Statements ....................................................................................................... 10 (Notes on Assumption of Going Concern) ...................................................................................................... 10 (Notes on Significant Changes in Shareholders' Equity) ................................................................................ 10 (Additional information) ....................................................................................................................................... 10 (Segment Information) .................................................................................................................................... 11
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2 11111..... QQQQQuuuuuaaaaallllliiiiitttttaaaaatttttiiiiivvvvveeeee IIIIInnnnnfffffooooorrrrrmmmmmaaaaatttttiiiiiooooonnnnn ooooonnnnn QQQQQuuuuuaaaaarrrrrttttteeeeerrrrrlllllyyyyy RRRRReeeeesssssuuuuullllltttttsssss (1) Business Performance During the third quarter of the current fiscal year (April 01, 2025 to December 31, 2025), the global economy was supported by increased investment in the technology sector, including artificial intelligence, and by fiscal and monetary policies implemented by various countries. However, due to factors such as changes in trade policies in some major countries, the situation remained uncertain. Under these circumstances, in the Chemicals Segment, sales of both Basic Chemicals and Fine Chemicals increased. In the Performance Materials Segment, sales increased mainly due to strong sales of Semiconductor Materials. In the Agricultural Chemicals Segment, sales of both domestic and overseas increased. In the Healthcare Segment, sales decreased. As a result, both sales and each income exceeded the same period of the previous fiscal year and the outlook announced in November. (Million yen, amount rounded down to the nearest million yen) 3Q FY2024 3Q FY2025 Year on Year Change 3Q FY2025 (Outlook) (Note) Change from Outlook Sales 174,832 195,435 +20,603 189,600 +5,835 Operating income 41,080 44,984 +3,904 41,600 +3,384 Ordinary income 43,326 46,513 +3,187 41,200 +5,313 Net income attributable to owners of parent 31,708 35,043 +3,334 31,100 +3,943 (Note) The outlook is described on page 10 of the 2Q FY2025 Presentation Materials (announced on November 10, 2025). Explanations by segments are as below. TTTTThhhhheeeee CCCCChhhhheeeeemmmmmiiiiicccccaaaaalllllsssss SSSSSeeeeegggggmmmmmeeeeennnnnttttt In Basic Chemicals, sales of high purity sulfuric acid (agent used for cleaning semiconductor) and sales of urea and AdBlue®* (high-grade urea solution) increased. In Fine Chemicals, sales of "FINEOXOCOL" (cosmetics, etc.) increased. As a result, sales of this segment were 28,949 million yen (an increase of 846 million yen from the same period of the previous fiscal year) and operating income was 238 million yen (an increase of 33 million yen). Compared to the outlook (Note), sales were below 0.2 billion yen and operating income was in line with the target. * AdBlue® is a registered trademark of the Verband der Automobilindustrie (VDA). (Note) The outlook is described on page 44 of the 2Q FY2025 Presentation Materials (announced on November 10, 2025). TTTTThhhhheeeee PPPPPeeeeerrrrrfffffooooorrrrrmmmmmaaaaannnnnccccceeeee MMMMMaaaaattttteeeeerrrrriiiiiaaaaalllllsssss SSSSSeeeeegggggmmmmmeeeeennnnnttttt In Display Materials, sales of "SUNEVER" (LCD alignment coating) increased. In Semiconductor Materials, sales of anti-reflective coating for semiconductors (ARC®*) and multi-layer process materials (OptiStack®*) increased significantly due to high customer utilization. In Inorganic Materials, sales of "SNOWTEX" (for polishing electronic materials and hard coating) increased. As a result, sales of this segment were 82,991 million yen (an increase of 8,796 million yen) and operating income was 26,767 million yen (an increase of 4,259 million yen). Compared to the outlook (Note), sales were above 1.2 billion yen and operating income was above 1.3 billion yen. * ARC® and OptiStack® are registered trademarks of Brewer Science, Inc. (Note) The outlook is described on page 44 of the 2Q FY2025 Presentation Materials (announced on November 10, 2025).
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3 TTTTThhhhheeeee AAAAAgggggrrrrriiiiicccccuuuuullllltttttuuuuurrrrraaaaalllll CCCCChhhhheeeeemmmmmiiiiicccccaaaaalllllsssss SSSSSeeeeegggggmmmmmeeeeennnnnttttt Sales of Fluralaner (active ingredients for veterinary pharmaceuticals) increased. In Japanese domestic market, supported by stronger demand driven by rising rice prices, sales of "ALTAIR" (paddy rice herbicide) and "VERDAD" (paddy rice herbicide) grew. In the overseas market, sales of "LEIMAY" (fungicide) were firm. As a result, sales of this segment were 61,471 million yen (an increase of 7,682 million yen) and operating income was 16,997 million yen (a decrease of 1,160 million yen). Compared to the outlook (Note), sales were above 2.4 billion yen and operating income was above 0.8 billion yen. (Note) The outlook is described on page 44 of the 2Q FY2025 Presentation Materials (announced on November 10, 2025). TTTTThhhhheeeee HHHHHeeeeeaaaaalllllttttthhhhhcccccaaaaarrrrreeeee SSSSSeeeeegggggmmmmmeeeeennnnnttttt Sales of "LIVALO" (anti-cholesterol drug) increased. Sales of "Custom Chemicals" (solution proposal business and joint development business) decreased. As a result, sales of this segment were 3,971 million yen (a decrease of 453 million yen) and operating income was 1,061 million yen (a decrease of 591 million yen). Compared to the outlook (Note), sales were above 0.2 billion yen and operating income was above 0.2 billion yen. (Note) The outlook is described on page 44 of the 2Q FY2025 Presentation Materials (announced on November 10, 2025). TTTTTrrrrraaaaadddddiiiiinnnnnggggg Sales of this segment were 94,521 million yen (an increase of 7,460 million yen) and operating income was 2,925 million yen (a decrease of 223 million yen). Compared to the outlook (Note), sales were above 4.6 billion yen and operating income was above 0.1 billion yen. (Note) The outlook is described on page 61 and 62 of the 2Q FY2025 Presentation Materials (announced on November 10, 2025). OOOOOttttthhhhheeeeerrrrrsssss Sales of this segment were 22,501 million yen (an increase of 1,637 million yen) and operating income was 1,003 million yen (an increase of 868 million yen). (2) Financial Position (Position of Assets, Liabilities and Net Assets) Total assets as of December 31, 2025 was 340,144 million yen (an increase of 9,381 million yen from March 31, 2025). It is mainly due to the increase Investment securities and cash and deposits, though notes and accounts receivable - trade decreased. Total liabilities as of December 31, 2025 was 94,598 million yen (an increase of 16 million yen). It is mainly due to the increase of accounts payable - trade. Net assets as of December 31, 2025 was 245,545 million yen (an increase of 9,364 million yen). As a result of these factors, equity ratio was 71.1% (an increase of 0.6% from March 31, 2025). (Position of Cash Flows) Deducting income taxes paid from income before income taxes and non-controlling interests, depreciation and change in working capital, net cash provided by operating activities for the nine months ended December 31, 2025 was 51,819 million yen (47,338 million yen for the same period of the previous year). Mainly due to capital investment in factories, etc., net cash used in investing activities for the nine months ended December 31, 2025 was 15,336 million yen (13,349 million yen for the same period of the previous year). Due to payment for dividends and share repurchase, net cash used in financing activities for the nine months ended December 31, 2025 was 31,451 million yen (27,349 million yen for the same period of the previous year). Cash and cash equivalents at the end of this period increased 6,585 million yen from March 31, 2025 after adjusting for the 1,553 million yen effect of exchange rate. The balance stood at 34,040 million yen (29,202 million yen for the same period
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4 of the previous year). (3) Outlook of Consolidated Financial Results and Other Forward-looking Information There is no change in the outlook of consolidated business results for the fiscal year ending March 31, 2026 from the statement announced on November 10, 2025. (4) Basic Policy on Distribution of Earnings The Company’s basic policy of profit allocation is returning to shareholders by improving company value through increasing revenue in the medium and long terms. In medium-term business plan "Vista2027" Stage Ⅱ launched from April 2025, the company aims to realize dividend payout ratio to be 55% or more and total payout ratio to be 75% or more after FY2025.
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5 22222..... CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd FFFFFiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll SSSSStttttaaaaattttteeeeemmmmmeeeeennnnntttttsssss (1) Consolidated Balance Sheets (Million yen) As of March 31, 2025 As of December 31, 2025 Assets Current assets Cash and deposits 27,454 34,040 Notes and accounts receivable - trade 89,131 76,979 Merchandise and finished goods 57,505 62,405 Work in process 19 304 Raw materials and supplies 22,624 22,022 Accounts receivable - other 2,146 1,634 Short-term loans receivable 2,257 1,022 Other 9,277 10,581 Allowance for doubtful accounts (64) (69) Total current assets 210,352 208,922 Non-current assets Property, plant and equipment Buildings and structures 89,171 92,279 Accumulated depreciation and impairment loss (55,383) (57,061) Buildings and structures, net 33,788 35,217 Machinery, equipment and vehicles 176,436 182,480 Accumulated depreciation and impairment loss (155,323) (160,164) Machinery, equipment and vehicles, net 21,113 22,316 Tools, furniture and fixtures 45,732 49,563 Accumulated depreciation and impairment loss (41,561) (42,979) Tools, furniture and fixtures, net 4,170 6,583 Land 8,867 8,872 Leased assets 123 152 Accumulated depreciation (10) (20) Leased assets, net 113 131 Construction in progress 4,370 3,428 Total property, plant and equipment 72,424 76,550 Intangible assets Software 3,511 3,366 Other 9,951 9,526 Total intangible assets 13,463 12,892 Investments and other assets Investment securities 24,353 31,071 Long-term loans receivable 133 120 Deferred tax assets 567 633 Net defined benefit asset 4,782 4,783 Other 4,742 5,224 Allowance for doubtful accounts (56) (55) Total investments and other assets 34,523 41,778 Total non-current assets 120,411 131,221 Total assets 330,763 340,144
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6 (Million yen) As of March 31, 2025 As of December 31, 2025 Liabilities Current liabilities Notes and accounts payable - trade 19,877 23,723 Short-term loans payable 19,987 20,925 Commercial papers 8,996 8,994 Current portion of long-term loans payable 514 448 Income taxes payable 9,957 2,830 Provision for bonuses 2,576 874 Provision for loss on business of subsidiaries and associates 213 12 Other 17,096 19,065 Total current liabilities 79,218 76,874 Non-current liabilities Bonds payable 10,000 10,000 Long-term loans payable 977 579 Deferred tax liabilities 1,063 3,807 Provision for share-based remuneration for directors (and other officers) 264 256 Net defined benefit liability 542 636 Other 2,515 2,445 Total non-current liabilities 15,363 17,724 Total liabilities 94,582 94,598 Net assets Shareholders' equity Capital stock 18,942 18,942 Capital surplus 13,613 13,613 Retained earnings 192,928 199,689 Treasury shares (2,590) (6,210) Total shareholders' equity 222,893 226,035 Accumulated other comprehensive income Valuation difference on available-for-sale securities 7,035 10,409 Foreign currency translation adjustment 1,788 3,979 Remeasurements of defined benefit plans 1,573 1,415 Total accumulated other comprehensive income 10,397 15,805 Non-controlling interests 2,889 3,704 Total net assets 236,180 245,545 Total liabilities and net assets 330,763 340,144
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7 (2) Consolidated Statements of Income / Consolidated Statements of Comprehensive Income - Consolidated Statements of Income (Million yen) Nine Months Ended December 31, 2024 Nine Months Ended December 31, 2025 Net sales 174,832 195,435 Cost of sales 90,426 101,400 Gross profit 84,406 94,034 Selling, general and administrative expenses 43,325 49,049 Operating income 41,080 44,984 Non-operating income Interest income 170 125 Dividend income 1,078 1,340 Equity in earnings of affiliates 469 496 Foreign exchange gains 952 450 Other 1,116 669 Total non-operating income 3,787 3,083 Non-operating expenses Interest expenses 490 291 Loss on disposal of non-current assets 511 846 Bond issuance costs 54 2 Plant stop losses 249 127 Other 235 285 Total non- operating expenses 1,541 1,554 Ordinary income 43,326 46,513 Extraordinary income Gain on receipt of contingent consideration 821 － Total extraordinary income 821 － Extraordinary losses Total extraordinary losses － － Income before income taxes and non-controlling interests 44,148 46,513 Income taxes - current 11,762 9,648 Income taxes - deferred 592 1,247 Total income taxes 12,355 10,895 Net income 31,792 35,618 Net income attributable to non-controlling interests 83 575 Net income attributable to owners of parent 31,708 35,043
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8 - Consolidated Statements of Comprehensive Income (Million yen) Nine Months Ended December 31, 2024 Nine Months Ended December 31, 2025 Net income 31,792 35,618 Other comprehensive income Valuation difference on available-for-sale securities (542) 3,373 Foreign currency translation adjustment (643) 2,537 Remeasurements of defined benefit plans, net of tax (107) (158) Share of other comprehensive income of entities accounted for using equity method (0) 0 Total other comprehensive income (1,293) 5,753 Comprehensive income 30,498 41,371 (Comprehensive income attributable to) Owners of parent 30,755 40,450 Non-controlling interests (256) 920
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9 (3) Consolidated Statements of Cash Flows (Million yen) Nine Months Ended December 31, 2024 Nine Months Ended December 31, 2025 Cash flows from operating activities Income before income taxes and non-controlling interests 44,148 46,513 Depreciation 10,079 11,061 Gain on receipt of contingent consideration (821) － Amortization of goodwill 24 91 Interest and dividend income (1,249) (1,465) Interest expenses 490 291 Loss (gain) on disposal of non-current assets 511 846 Decrease (increase) in notes and accounts receivable - trade 16,343 12,905 Decrease (increase) in inventories (12,088) (3,839) Increase (decrease) in notes and accounts payable - trade 2,432 3,200 Other (2,896) (3,729) Subtotal 56,973 65,874 Proceeds from delivery of trust property － 407 Interest and dividend income received 2,450 2,353 Interest expenses paid (482) (305) Income taxes paid (11,602) (16,510) Net cash provided by (used in) operating activities 47,338 51,819 Cash flows from investing activities Purchase of investment securities (119) (185) Proceeds from sales of investment securities 1 54 Proceeds from sale of shares of subsidiaries 276 － Purchase of shares of subsidiaries － (1,582) Purchase of property, plant and equipment (10,892) (11,961) Payments for retirement of property, plant and equipment (475) (583) Purchase of intangible assets (1,753) (1,204) Proceeds from contingent consideration 2,633 － Net decrease (increase) in short-term loans receivable 408 1,257 Purchase of long-term prepaid expenses (645) (139) Purchase of shares of subsidiaries resulting in change in scope of consolidation (2,921) － Other 137 (989) Net cash provided by (used in) investing activities (13,349) (15,336) Cash flows from financing activities Net increase (decrease) in short-term loans payable (15,338) 1,075 Net increase (decrease) in commercial papers 10,993 (2) Repayments of long-term loans payable (317) (464) Proceeds from issuance of bonds 10,000 － Cash dividends paid (22,681) (23,636) Dividends paid to non-controlling interests － (105) Share repurchase (10,000) (8,299) Other (5) (18) Net cash provided by (used in) financing activities (27,349) (31,451) Effect of exchange rate change on cash and cash equivalents (192) 1,553 Net increase (decrease) in cash and cash equivalents 6,447 6,585 Cash and cash equivalents at beginning of period 22,738 27,454 Increase in cash and cash equivalents from newly consolidated subsidiary 17 － Cash and cash equivalents at end of period 29,202 34,040
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10 (4) Notes to Consolidated Financial Statements (Notes on Assumption of Going Concern) Not applicable. (Notes on Significant Changes in Shareholders' Equity) The Company made a stock payment of 7,200 shares to the eligible party on April 25, 2025 and July 25, 2025 based on the trust agreement of the Board Benefit Trust (BBT) resolved by the Board of Director's meeting on July 30, 2019. As a result, treasury shares decreased by 34 million yen during the third quarter of current consolidated fiscal year. Also, the Company repurchased 1,774,100 treasury shares based on the resolution of Board of Directors' meeting held on March 6, 2025 and May 15, 2025. As a result, treasury shares increased by 8,298 million yen during the third quarter of current consolidated fiscal year. In addition, the Company canceled 1,000,000 treasury shares on November 10, 2025 based on the resolution of Board of Directors' meeting held on October 29, 2025. As a result, retained earnings and treasury shares decreased by 4,645 million yen during the third quarter of current consolidated fiscal year. (Additional information) (Change of fiscal year-end of consolidated subsidiaries) With respect to our consolidated subsidiary Nippon Polytech Corp. having a fiscal year-end of December 31, we previously used their financial statements as of December 31 to prepare the consolidated financial statements and made necessary consolidation adjustments for significant transactions among consolidated companies that occurred between December 31 and the consolidated fiscal year-end. Effective April 1, 2025, the fiscal year-end of these consolidated subsidiary was changed to March 31 to align with the consolidated fiscal year-end, and we have adopted the method to adjust earnings for the period between January 1, 2025 to March 31, 2025 through the consolidated statements of income, and accordingly the period subject to consolidation for the fiscal year ended March 31, 2026 is 15 months from January 1, 2025 to March 31, 2026. The impact of this change is minor.
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11 (Segment Information) 1. Information Regarding Sales, Income (Loss) of Reportable Segments 1) For the Nine Months Ended December 31, 2024 (From April 01, 2024 to December 31, 2024) (Million yen) Chemicals Performance Materials Agricultural Chemicals Healthcare Trading Others Total Adjustment (Note 2) Consolidated Total Net Sales Sales to outside customers (Note 1) 18,669 55,088 42,390 4,332 66,586 7,137 194,206 (19,374) 174,832 Intersegment Sales 9,433 19,105 11,398 92 20,474 13,726 74,231 (74,231) － Total Sales 28,103 74,194 53,789 4,425 87,061 20,863 268,437 (93,605) 174,832 Segment Income or Loss (Operating Income or Loss) 205 22,508 18,158 1,653 3,149 134 45,809 (4,729) 41,080 Notes: 1 Sales to outside customers in reportable segments are calculated on a gross basis, including sales that are agent transactions. A reconciliation of gross sales to net sales as agent transactions is made in the Adjustment section. 2 Adjustments are follows. (1) (19,374) million yen adjustment in sales to outside customers includes (19,593) million yen in the elimination of agent transactions, and 219 million yen sales not attributable to any reporting segment. (2) (4,729) million yen adjustment in segment income includes (326) million yen in intersegment eliminations, 220 million yen sales not attributable to any reporting segment, and (4,622) million yen corporate expenses not attributable to any reportable segment. The corporate expenses are mainly group administrative expenses which do not belong to any segment. 2) For the Nine Months Ended December 31, 2025 (From April 01, 2025 to December 31, 2025) (Million yen) Chemicals Performance Materials Agricultural Chemicals Healthcare Trading Others Total Adjustment (Note 2) Consolidated Total Net Sales Sales to outside customers (Note 1) 19,195 58,811 50,777 3,880 71,688 10,365 214,719 (19,283) 195,435 Intersegment Sales 9,754 24,180 10,693 91 22,832 12,135 79,688 (79,688) － Total Sales 28,949 82,991 61,471 3,971 94,521 22,501 294,407 (98,971) 195,435 Segment Income or Loss (Operating Income or Loss) 238 26,767 16,997 1,061 2,925 1,003 48,994 (4,010) 44,984 Notes: 1 Sales to outside customers in reportable segments are calculated on a gross basis, including sales that are agent transactions. A reconciliation of gross sales to net sales as agent transactions is made in the Adjustment section. 2 Adjustments are follows. (1) (19,283) million yen adjustment in sales to outside customers includes (19,326) million yen in the elimination of agent transactions, and 42 million yen sales not attributable to any reporting segment. (2) (4,010) million yen adjustment in segment income includes 331 million yen in intersegment eliminations, 42 million yen sales not attributable to any reporting segment, and (4,383) million yen corporate expenses not attributable to any reportable segment. The corporate expenses are mainly group administrative expenses which do not belong to any segment.
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12 2. Matters related to changes in reporting segments (Changes in Method for Calculating Earnings for Reporting Segments) From the beginning of the third quarter of the current consolidated fiscal year, the Company has changed the allocation method for certain corporate expenses in order to more accurately reflect the performance of each reportable segment. Furthermore, the segment information for the third quarter of the previous fiscal year has been restated based on the changed allocation method for comparative purposes.