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FY2026 1Q Financial Report KUREHA CORPORATION August 7 , 2026 KUREHA CORPORATION KUREHA
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Contents （2） Ⅰ. FY2026 1Q Results and FY2026 Full year Forecast ・Summary of FY2026 1Q Results and FY2026 Full year Forecast ( 3) ～ ( 6) ・PVDF business ( 7) ・PGA Business ( 8) ・Shareholder Returns (9) Ⅱ．Supplementary Materials 1. FY2026 1Q Results ・Performance by Segment (12) ～ (13) ・Financial Position (14) ・Cash Flow (15) 2. FY2026 Full year Forecast ・Performance by Segment (17) ～ (18) 3.Key Metrics (20) ～ (22)
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Ⅰ. FY2026 1Q Results and FY2026 Full year Forecast （3）
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Summary of FY2026 1Q Results (1) *Profit attributable to owners of parent Revenue and Profit （billion yen） 27/3 26/3 1Q 1Q 1Q YoY Advanced Materials 16.6 15.5 1.1 Specialty Chemicals 7.4 5.8 1.6 Specialty Plastics 11.1 8.7 2.4 Construction 2.7 2.4 0.3 Other Operations 4.3 4.1 0.2 Revenue 42.1 36.5 5.6 Advanced Materials 3.0 0.1 2.9 Specialty Chemicals -0.1 -0.4 0.3 Specialty Plastics 2.4 1.6 0.8 Construction 0.1 0.1 -0.1 Other Operations 0.5 0.4 0.1 Segment Adjustments 0.1 0.1 -0.0 Core Operating Profit 5.9 1.9 4.0 -0.1 0.4 -0.5 Operating Profit 5.8 2.3 3.5 -1.5 -0.3 -1.3 Profit* 4.3 2.1 2.2 EBITDA 8.7 5.4 3.3 Other income and expenses Financial income/expenses and taxes FOREX FY2026 FY2025 1Q Actual 1Q Actual (JPY/USD) 159.6 144.6 An increase of \0.120bn/yr against USD (JPY/EUR) 185.4 163.8 An increase of \0.020bn/yr against EUR (JPY/CNY) 23.4 20.0 An increase of \0.040bn/yr against CNY Crude Oil Price Assumptions FY2026 1Q Actual FY2025 1Q Actual Crude oil（Brent） （USD/bbl） 95.6 66.5 Each USD1/bbl incrase: -\0.038bn/yr Crude Oil Price Sensitivity *Impact on operating proft for FY2026 (full year) FX Sensitivity *Impact of one-yen depreciation on operating profit per FY2026 （4） FY2026 1Q YoY Change • FY2026 1Q revenue and profit increased YoY. • Revenue increased significantly YoY mainly led by PGA (Advanced Materials), Crop Protection (Specialty Chemicals), and Home Products (Specialty Plastics). PGA recorded the highest sales volume in 1Q, supported by continued strong market conditions and sales expansion as seen in the previous fiscal year. Crop Protection sales increased YoY due to a shift in shipment timing. Home Products sales increased due to precautionary stockpiling by consumers amid tensions in the Middle East. • Core operating profit increased significantly in Advanced Materials and Specialty Plastics. Advanced Materials profit increased due to a substantial improvement in PGA earnings, including the reversal of inventory valuation losses, and an improvement in PPS earnings, including equity- method earnings. Specialty Plastics profit increased on higher sales resulting from precautionary consumer stockpiling amid tensions in the Middle East. Core Operating Profit： Operating profit excluding non-recurring gains and losses
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Summary of FY2026 1Q Results (2) 0.2 2.0 0.7 0.3 0.8 - 5.9 1.9 FY2025 1Q Results PVDF PGA Non-PVDF/PGA Business Specialty Chemicals Specialty Plastics Construction and Others FY2026 1Q Results - 1.0 2.0 3.0 4.0 5.0 6.0 増加 減少 合計 （billion yen） ＜Variance Analysis of Core Operating Profit： FY2026 1Q Results＞ YoY Advanced Materials: Higher core operating profit from substantial improvement in PGA earnings, including the reversal of inventory valuation losses, and improved PPS earnings, including equity-method earnings. Specialty Plastics: Higher core operating profit from increased sales driven by precautionary consumer purchases amid the situation in the Middle East （5） Core Operating Profit： Operating profit excluding non-recurring gains and losses Total
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Summary of FY2026 Full year Forecast (1) FY2026 1H and Full year Forecast Revisions ＜FY2026 1H Forecast Revisions＞ • Revenue has been revised upward mainly due to a shift in the shipment timing of Crop Protection (Specialty Chemicals). Core operating profit has been revised upward, reflecting higher Crop Protection sales and increased equity method earnings. Operating profit and profit attributable to owners of parent have been revised upward accordingly. • The interim dividend remains unchanged from the original plan. ＜FY2026 Full year Forecast Revisions＞ • Revenue has been revised upward, mainly due to price revisions for Industrial Chemicals (Specialty Chemicals). Core operating profit has been revised upward, reflecting improved profitability in Industrial Chemicals and higher equity-method earnings. • Operating profit, profit before income taxes, and profit attributable to owners of parent remain unchanged from the forecasts announced on May 12, 2026, considering potential changes in the business environment, a possible review of the business portfolio, and potential fixed-asset-related expenses. Revenue and Profit （billion yen） 27/3 26/3 27/3 Revised Forecast Actual Diff. Initial Forecast Diff. 1H 2H FY FY YoY 1H 2H FY YoY Advanced Materials 33.0 31.0 64.0 61.3 2.7 32.5 32.0 64.5 -0.5 Specialty Chemicals 15.5 16.0 31.5 29.5 2.0 13.5 16.5 30.0 1.5 Specialty Plastics 20.5 20.0 40.5 36.7 3.8 20.0 20.5 40.5 - Construction 8.5 11.0 19.5 16.0 3.5 9.0 10.5 19.5 - Other Operations 8.0 9.5 17.5 18.2 -0.7 8.5 9.0 17.5 - Revenue 85.5 87.5 173.0 161.7 11.3 83.5 88.5 172.0 1.0 Advanced Materials 2.4 -0.3 2.1 2.1 -0.0 1.4 0.1 1.5 0.6 Specialty Chemicals 0.4 0.7 1.1 1.4 -0.3 -0.6 0.8 0.2 0.9 Specialty Plastics 3.5 2.8 6.3 6.9 -0.6 3.0 3.0 6.0 0.3 Construction 0.3 0.5 0.8 1.5 -0.7 0.3 0.5 0.8 - Other Operations 0.9 0.8 1.7 2.6 -0.9 0.4 1.1 1.5 0.2 Core Operating Profit 7.5 4.5 12.0 14.5 -2.5 4.5 5.5 10.0 2.0 - -1.0 -1.0 -33.1 32.1 - 1.0 1.0 -2.0 Operating Profit 7.5 3.5 11.0 -18.6 29.6 4.5 6.5 11.0 - -2.5 -1.0 -3.5 7.9 -11.4 -1.5 -2.0 -3.5 - Profit* 5.0 2.5 7.5 -10.7 18.2 3.0 4.5 7.5 - EBITDA 13.1 9.9 23.0 30.2 -7.2 10.1 12.9 23.0 - Other income and expenses Financial revenue and taxes FOREX FY2026 FY2026 FY2025 FX Sensitivity 1Q Actual 2Q-4Q FY Actual (JPY/USD) 159.6 155.0 150.7 An increase of \0.120bn/yr against USD (JPY/EUR) 185.4 180.0 174.6 An increase of \0.020bn/yr against EUR (JPY/CNY) 23.4 22.0 21.2 An increase of \0.040bn/yr against CNY Crude Oil Price Assumptions FY2026 1Q Actual FY2026 2Q-4Q FY2025 FY Actual Crude oil（Brent） （USD/bbl） 96 100 70 Each USD1/bbl increase: -\0.038bn/yr Crude Oil Price Sensitivity *Impact on operating profit for FY 2026 (full year) *Impact of one-yen depreciation on operating profit per FY2026 （6） *Profit attributable to owners of parent Core Operating Profit： Operating profit excluding non-recurring gains and losses
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Summary of FY2026 Full year Forecast (2) 14.5 -3.1 3.1 0.0 -0.3 -0.6 -1.6 12.0 10.0 FY2025 Results PVDF PGA Non-PVDF/PGA Business Specialty Chemicals Specialty Plastics Construction and Others FY2026 Revised Forecast FY2026 Initial Forecast - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 増加 減少 合計 （billion yen） ＜Variance Analysis of Core Operating Profit： FY2026 Full year Forecast＞ YoY Compared with FY2025, overall core operating profit is expected to decline as lower profits in PVDF, Home Products, Construction, and Environmental businesses offset strong growth in the PGA. On the other hand, core operating profit is expected to improve by ¥2.0 billion from the ¥10.0 billion forecast announced on May 12, 2026. (+0.6) Figures in () indicate changes from the forecast announced on May 12, 2026 forecast (+0.9) (+0.3) (+0.2) (+0) (+0) (+2.0) （7） Total Core Operating Profit： Operating profit excluding non-recurring gains and losses
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0 10 20 30 2021 1H 2021 2H 2022 1H 2022 2H 2023 1H 2023 2H 2024 1H 2024 2H 2025 1H 2025 2H 2026 1H 2026 2H PVDF Business ＜Revenue Trend＞ ＜Profit and Loss Summary＞ ＜Progress of Initiatives＞ ＜Market Overview＞ Q1 Q1 （8） • We continue to expect LiB demand for automotive applications to expand over the medium to long term. In the short term, while U.S. market remains stagnant, EV subsidy programs have been reinstated in Germany, France, Spain. • LiB Demand for ESS applications is expected to expand due to growing demand from data centers. LiB manufacturers are shifting production toward ESS applications in response to sluggish EV markets in Europe and North America. • In 1Q, sales volume and sales value for ESS applications both exceeded the previous year. However, relative to our initial plan, while automotive applications sales exceeded expectations, ESS applications sales declined significantly, causing both sales volume and sales value to fall below plan. Possible factors behind the stronger automotive applications sales include heightened geopolitical risks and the reinstatement of EV subsidy programs in Europe. However, it remains too early to conclude that the market has returned to a sustained recovery. • ESS applications sales are expected to decline from 2Q onward due to changes in product mix at certain customer who had been purchasing existing grade. As a result, the ESS applications share of total PVDF volume, initially expected to reach nearly 30%, may remain approximately 15%. We aim to secure new projects through the development of new high-value-added LFP grades, while reassessing carefully our sales plans for 2Q and beyond. • Although we have not revised our initial profit forecast at this time, given stronger- than-expected sales for automotive applications and progress on existing projects, we will carefully review both automotive and ESS applications sales plan. • The capacity expansion at the Iwaki Factory was completed in April 2026. We plan to capitalize some of the equipment from 2H of FY2026. (No change from the initial plan) • Several customers are currently evaluating new, high-value-added LFP grades for ESS and EV applications. • Our existing grades have been provisionally selected by a new mid-sized LiB manufacturer in China. Sales volume is expected to increase from next fiscal year and onward. （billion yen） Forecast Plan
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PGA Business ＜Market Overview ＞ ＜Progress of Initiatives＞ ＜Profit and Loss Summary＞ 0 1 2 3 4 5 6 7 2021 1H 2021 2H 2022 1H 2022 2H 2023 1H 2023 2H 2024 1H 2024 2H 2025 1H 2025 2H 2026 1H 2026 2H ＜Revenue Trend＞ Q1 Q1 （9） • The natural gas market has remained robust, supported by strong demand for natural gas for data center power generation and increased LNG export capacity, while production activity in gas field (high-temperature) remains strong. • The rise in oil prices following the escalation of tensions in the Middle East could increase the number of completed wells. Although we are closely monitoring developments, no significant short-term changes have been observed at this time. • PGA recorded the highest sales volume in 1Q, supported by continued strong market conditions and sales expansion as seen in the previous fiscal year. Core operating profit increased mainly due to the reversal of inventory valuation losses. • Resin production in the U.S. plant started as planned in April. After securing sufficient resin for current sales, we stopped production earlier than scheduled. The next production run is scheduled to start in September. • Although we expect sales to remain strong in 2Q and beyond, we have changed our policy to prioritize production and sales of products for mid-to-high- temperature applications throughout FY2026 in order to manage our resin inventory. • Annual revenue and profit forecasts remain unchanged at this time. • Although customer evaluations of low- and ultra-low-temperature grades are progressing through field trials, sales to existing mid- to high-temperature customers will be prioritized due to resin inventory constraints. As a result, full- scale sales of these grades are scheduled to begin in FY2027 or later. • The transition to shorter plugs is progressing smoothly, with adoption reaching about 70% in 1Q. We expect to achieve the FY2026 annual target of 80%. • Although U.S. resin production has improved, more time is needed to confirm stable operations. • We will initiate a fundamental review of the business structure if the business fails to return to profitability in FY2026. （billion yen） Forecast Plan
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Shareholder Returns 41.7 55.0 56.7 56.7 70.0 90.0 86.7 86.7 214.0 216.0 1.7% 2.2% 2.1% 1.9% 2.1% 2.5% 2.3% 2.1% 5.0% 5.0% 0%0.0 100.0 200.0 300.0 400.0 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Plan Annual dividend （yen/share） DOE （％） The Company conducted a three-to-one share split on January 1, 2024. All figures in this chart are presented on a post-split basis of January 2024. ＜Annual dividend per share and DOE＞ Approx. （10） Our basic policy for profit allocation is to pay stable dividends while enhancing internal reserves that contribute to active investment for future business development. We plan to maintain DOE of 5% from FY2027 and beyond If business conditions change more significantly than expected, or if we make growth investments beyond current expectations, we will flexibly revise the DOE-based dividend ratio. ※ Reprinted from the disclosure material disclosed on May 12, 2026
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１．FY2026 1Q Results ２．FY2026 Full year Forecast ３．Key Metrics Ⅱ．Supplementary Materials （11）
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（12） １．FY2026 1Q Results ２．FY2026 Full year Forecast ３．Key Metrics Ⅱ．Supplementary Materials
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Segment Performance Specialty Chemicals （billion yen） FY2026 FY2025 Diff, １Ｑ １Ｑ Amount % Crop Protection 1.8 0.7 1.0 142% Pharmaceuticals 0.7 0.5 0.2 42% Life Sciences 2.5 1.2 1.2 102% Industrial Chemicals 2.4 2.2 0.2 11% Others 2.5 2.4 0.1 4% Revenue 7.4 5.8 1.6 27% Core Operating Profit -0.1 -0.4 0.3 -68% Advanced Materials FY2026 FY2025 Diff. 1Q 1Q Amount % PVDF 4.2 3.7 0.5 13% PGA 3.2 2.1 1.1 51% Others 3.6 3.9 -0.3 -8% Advanced Plastics 11.0 9.7 1.3 13% Carbon Products 2.0 2.1 -0.1 -5% Others 3.7 3.7 -0.0 -1% Revenue 16.6 15.5 1.1 7% Core Operating Profit 3.0 0.1 2.9 2809% ＜YoY: Higher Revenue and Profit＞ Advanced Materials Revenue increased due to higher PVDF shipments for ESS applications and increased PGA sales. Core Operating Profit increased mainly due to improved PPS earnings, including equity-method earnings, and the reversal of inventory valuation losses on PGA. ＜YoY: Higher Revenue and Profit＞ Crop Protection and Pharmaceuticals Revenue and Core Operating Profit increased mainly due to higher Crop Protection sales reflecting a shift in shipment timing. Industrial Chemicals Revenue increased in organic chemicals, but Core Operating Profit declined due to higher raw material prices.(The impact of price pass-through is expected to reflected from 2Q onward.) （13） Core Operating Profit： Operating profit excluding non-recurring gains and losses
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Segment Performance Specialty Plastics FY2026 FY2025 Diff. 1Q 1Q Amount % Home Products 7.3 5.2 2.1 40% Fishing Lines 1.6 1.5 0.1 8% Packaging materials 1.0 1.0 0.1 9% Others 1.2 1.1 0.1 13% Revenue 11.1 8.7 2.4 28% Core Operating Profit 2.4 1.6 0.8 52% Construction （billion yen） FY2026 FY2025 Diff. 1Q 1Q Amount % Revenue 2.7 2.4 0.3 11% Core Operating Profit 0.1 0.1 -0.1 -46% Other Operations FY2026 FY2025 Diff. 1Q 1Q Amount % Environment Engineering 2.8 2.6 0.2 9% Logistics 0.4 0.4 -0.0 -5% Hospital Operation 1.1 1.1 0.0 0% Others 0.1 0.1 -0.0 -12% Revenue 4.3 4.1 0.2 5% Core Operating Profit 0.5 0.4 0.1 22% ＜YoY; Higher Revenue and Profit＞ Home Products Revenue and profit increased due to higher sales of NEW Krewrap, household plastic wrap, driven by consumers’ stockpiling purchases amid the situation in the Middle East. （14） Core Operating Profit： Operating profit excluding non-recurring gains and losses
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Assets Liabilites and Equity （billion yen） Jun.30, 2026 Mar.31, 2026 Diff. Jun.30, 2026 Mar.31, 2026 Diff. Cash and cash Equivalents 30.1 29.7 0.4 Trades and other payables 21.1 21.0 0.1 Trade and other receivables 28.2 32.6 -4.3 Interest-bearing debt 127.9 124.2 3.6 Inventories 45.1 43.4 1.7 Provisions 6.3 7.9 -1.6 Other current assets 5.2 5.2 0.1 Other liabilities 16.9 18.1 -1.2 Total current assets 108.6 110.9 -2.2 Total Liabilities 172.2 171.3 0.9 Property, plant and equipment 149.9 147.1 2.8 Shareholders' equity 18.2 18.2 - Intangible assets 4.7 4.9 -0.2 Capital surplus 14.7 14.7 - Investments and other assets 80.2 75.6 4.6 Treasury stock -6.4 -37.3 30.9 Retained earnings 115.6 145.4 -29.8 Other components of equity 27.1 24.3 2.8 Non-controlling interests 2.0 1.9 0.1 Total non-current assets 234.8 227.6 7.2 Total Equity 171.2 167.2 4.0 Total Assets 343.4 338.4 5.0 Total Liabilities and Equity 343.4 338.4 5.0 Financial Position ※1 ※2 ※3 ※1 … Treasury stock disposal -30.9, Transfer from retained earnings +30.9 ※2 … Treasury stock disposal +30.9 ※3 … Transfer to capital surplus -30.9, Net profit +4.3, Dividend -4.0 （15）
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Cash Flow Results （billion yen） FY2026 1Q FY2025 1Q Diff. Profit before income tax 5.9 2.8 3.0 Depreciation and amortization 2.9 3.1 -0.2 Other -1.2 0.2 -1.4 Cash flow from operating activities 7.5 6.1 1.4 Cash flow from investing activities -6.9 -4.2 -2.8 Free cash flow 0.6 1.9 -1.4 Cash flow from financing activities -0.7 -1.3 0.6 Effect of exhange rate change on cash and cash equivalents 0.5 -0.3 0.8 Increase/decrease in cash and cash equivalents 0.4 0.4 0.0 Cash and cash equivalents at beginning of period 29.7 21.5 8.2 Cash and cash equivalents at end of period 30.1 21.9 8.2 ※1 … Increase in equity-method investment gain (non-cash item) -1.0 ※2 … PVDF Capacity Expansion -2.1 ※3 … Short-term borrowing -３１.７ Commercial paper -5.0 Increase in dividends paid -1.8 Acquisition of treasury stock ＋39.1 ※1 ※2 ※3 （16）
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（17） １．FY2026 1Q Results ２．FY2026 Full year Forecast ３．Key Metrics Ⅱ．Supplementary Materials
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Segment Performance Core Operating Profit： Operating profit excluding non-recurring gains and losses Specialty Chemicals （billion yen） FY2026 FY2025 Diff. Amount % Crop protection 8.0 7.2 0.8 10% Pharmaceuticals 3.0 3.3 -0.3 -9% Life Sciences 11.0 10.5 0.5 4% Industrial Chemicals 11.0 9.2 1.8 19% Others 9.5 9.7 -0.2 -2% Revenue 31.5 29.5 2.0 7% Core Operating Profit 1.1 1.4 -0.3 -19% ActualForecast Advanced Materials FY2026 FY2025 Diff. Forecast Actual Amount % PVDF 14.5 14.9 -0.4 -2% PGA 11.5 9.8 1.7 17% Others 16.0 14.9 1.1 7% Advanced Plastics 42.0 39.6 2.4 6% Carbon Products 8.5 7.9 0.6 8% Otehrs 13.5 13.8 -0.3 -2% Revenue 64.0 61.3 2.7 4% Core Operating Profit 2.1 2.1 -0.0 -2% ＜YoY: Higher revenue, flat profit＞ Advanced Materials Revenue: expected to increase led by higher sales of PGA and PPS. Profit: Flat YoY. Although PGA turned to profitability, overall Core Operating Profit remains flat due to a decline in PVDF earnings caused by the start of depreciation related to capacity expansion at Iwaki Factory, as well as the absence of the reversal of inventory valuation losses seen in the previous fiscal year.. ＜YoY: Higher revenue, lower profit＞ Crop Protection and Pharmaceuticals Although revenue from Crop Protection expected to increase, Core Operating Profit declined due to higher R&D expenses. Industrial Chemicals Revenue expected to increase following the implementation of price pass through for higher raw material and fuel costs. （18）
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Segment Performance Specialty Plastics FY2026 FY2025 Diff. Amount % Home Products 24.5 22.7 1.8 8% Fishing Lines 6.5 5.8 0.7 11% Packaging Materials 5.0 3.9 1.1 27% Others 4.5 4.3 0.2 6% Revenue 40.5 36.7 3.8 10% Core Operating Profit 6.3 6.9 -0.6 -9% ActualForecast Construction （billion yen） FY2026 FY2025 Diff. Amount % Revenue 19.5 16.0 3.5 22% Core Operating Profit 0.8 1.5 -0.7 -48% ActualForecast Other Operations FY2026 FY2025 Diff. Amount % Environment Engineering 11.5 12.0 -0.5 -4% Logistics 1.0 1.5 -0.5 -33% Hospital Operation 4.5 4.3 0.2 4% Others 0.5 0.4 0.1 30% Revenue 17.5 18.2 -0.7 -4% Core Operating Profit 1.7 2.6 -0.9 -34% ActualForecast ＜YoY: Higher Revenue and Lower Profit＞ Home Products and Fishing Lines Revenue expected to increase on higher sales of NEW Krewrap and Seaguar fishing lines, but Core Operating Profit would decline due to higher sales promotional expenses, raw material and fuel costs. ＜YoY; Lower Revenue and Profit＞ Environment Engineering Revenue and Core Operating Profit expected to decline as the number of low-concentration PCB waste treatment projects decreases ahead of the end-of-FY2026 treatment deadline. （19） Core Operating Profit： Operating profit excluding non-recurring gains and losses
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（20） １．FY2026 1Q Results ２．FY2026 Full year Forecast ３．Key Metrics Ⅱ．Supplementary Materials
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Key Metrics （1） 4.0 5.8 6.7 6.1 6.7 9.8 10.9 24.4 8.85.8 7.4 8.2 8.2 7.6 6.7 24.4 22.2 16.69.8 13.2 14.9 14.3 14.3 16.5 35.3 46.6 25.4 12.4 0.0 25.0 50.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Capital Expenditures 1H 2H （billion yen） （21） Estimate Estimate Estimate 4.9 5.0 6.0 5.8 5.7 5.7 5.7 6.4 6.1 5.0 5.4 6.1 5.9 5.9 5.9 6.0 6.3 6.2 9.9 10.3 12.1 11.7 11.6 11.6 11.7 12.7 12.3 12.0 0.0 5.0 10.0 15.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Depreciation Expense 1H 2H 2.3 2.5 2.9 2.7 2.6 3.0 3.2 3.1 3.1 2.7 2.8 3.1 2.9 3.0 3.5 3.7 3.7 4.0 5.0 5.3 6.0 5.6 5.6 6.5 6.9 6.8 7.2 8.5 0.0 5.0 10.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 R&D Expenses 1H 2H
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Key Metrics （2） 7.1% 9.0% 8.4%7.7% 7.4% 8.1% 4.5% 3.6% -5.7% 4.5% -10% 0% 10% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ROE 5.3% 7.1% 7.3% 7.0% 7.6% 7.9% 4.4% 3.0% -5.4% 3.1% -10% 0% 10% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ROA 4.9% 6.3% 6.5% 6.1% 6.6% 7.0% 3.9% 2.6% -4.2% 2.8% -10% 0% 10% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ROIC 0.97 0.79 0.53 0.81 0.96 0.77 0.68 0.66 0.91 0.87 0 0.5 1 1.5 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 PBR （22） Estimate Estimate Estimate 1Q
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Key Metrics （3） 0.28 0.21 0.18 0.06 -0.01 -0.03 0.14 0.31 0.57 0.59 -0.5 0 0.5 1 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net DE ratio 62% 65% 67% 72% 70% 73% 67% 61% 49% 48% 25% 50% 75% 100% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Equity ratio Estimate 169 227 231 230 242 288 173 150 -267 196 -300 - 300 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 EPS （yen） 48.1 39.0 37.3 29.5 28.5 26.3 54.9 86.0 124.2 128.8 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Interest-bearing debt （billion yen） （23） Figures for FY2022 and earlier are presented to reflect the 3– for-1 stock split Implemented on January 1, 2024. Estimate Estimate Estimate
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This presentation material is provided for a deeper understanding of the Company, and is not intended to solicit investment or any other activities. This material has been prepared by the Company based on the information available as of the date of the presentation. Actual results may differ materially from those presented in this material due to various factors. Please use this material at your own discretion and responsibility. （24） Disclaimer