Slides
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Financial Results The 1 st Half of FY2025 (Apr.1 - Sep.30) October 30, 2025
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 1 Content of Report P.2 Summary P.4 Topics P.7 Business Environment (Trends in Exchange Rates and Prices of Raw Materials) P.8 Performance Summary P.12 Specialty Materials Business Profit and Loss P.15 Specialty Materials Business Overview by Segment P.16 Specialty Plastics Business: COP Situation P.17 Specialty Plastics Business: Optical Films Situation P.18 Specialty Binder Materials Business: Battery Materials Situation P.19 Specialty Chemicals Business: Specialty Chemicals/ Electronic Materials Situation P.21 Elastomer Business Profit and Loss P.22 Elastomer Business Overview by Segment P.23 Elastomer Business: Synthetic Rubbers Situation P.25 Balance Sheet Overview P.26 Cash Flow Overview P.28 FY2025 Point of Performance Forecast P.29 FY2025 Performance Forecast P.31 FY2025 Dividend Forecast *Cyclo olefin polymer is hereinafter referred to as COP.
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. Consolidated Performance Forecast for FY2025 Net Sales ¥415.0billion Operating Income ¥30.5billion Ordinary Income ¥30.0billion Net Income ¥28.0billion Company Outlook ・The earnings forecast announced on July 30 remains unchanged. Net Sales and operating income were reviewed based on the latest outlook. ・The earnings forecast by segment was adjusted to reflect an increase in net sales and a decrease for Specialty Materials Business and a decrease in net sales and an increase for Elastomer Business ・Ordinary income and net income are under ongoing review ・Exchange rate assumption for H2 revised to yen depreciation. On the other hand, a fuel supply issue required for operating utility facilities led to the use of alternative fuel, resulting in an expected loss of approximately ¥1.0 billion in H2, representing the largest estimated impact from higher costs. Product supply to customers has not been affected. Measures to mitigate the loss are currently under review. 2 YoY-1% YoY+4% YoY-9% YoY+7% Summary Shareholder Return for FY2025 Dividend ¥72/share/year Purchase of Treasury Stock FY2025 10million shares/¥10billion The annual dividend remains unchanged at 72 yen Purchase of treasury stock is underway, with an upper limit of 10 million shares/10 billion yen in FY2025
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 3 Net Income ¥22.3billion Ordinary Income ¥19.1billion Operating Income ¥19.4billion Net Sales ¥206.5billion YoY-3% YoY+15% YoY+3% YoY+81% Consolidated Performance for H1 FY2025 Summary Main factors behind the increase/decrease Net sales: Net sales in the Specialty Materials Business increased driven by higher shipments of large size films and battery materials, while net sales in the Elastomer Business declined due to sluggish overseas tire market and lower selling prices following a drop in raw material costs. Operating income: While the Elastomer Business was impacted by lower shipments, selling price revisions for chemicals and higher shipments of large size films and battery materials contributed positively to higher operating income. Ordinary income: Same as above; however, income was negatively affected by foreign exchange losses by yen appreciation. Net income: The gain on sale of investment securities increased. Net Income ¥14.8billion Ordinary Income ¥7.2billion Operating Income ¥7.2billion Net Sales ¥103.4billion QoQ 0% QoQ+97%QoQ-40% QoQ-40% Consolidated Performance for Q2 FY2025 Main factors behind the increase/decrease Net sales: Net sales in the Specialty Materials Business increased driven by higher shipments of large size films and battery materials, while net sales in the Elastomer Business declined due to sluggish overseas tire market and lower selling prices following a drop in raw material costs. Operating income: Decreased due to lower shipments of Elastomers and deferral of COP shipments from H1 to H2. Ordinary income: Same as above. Net income: The gain on sale of investment securities increased.
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 4 FY2028 FY2030 As of June 11, 2024 113 118 As of August 29, 2025 124 136 [Shipment volume forecast index of Specialty Plastics (COP + Optical Films] *Index with FY2026 shipment volume forecast Mizushima and new production plant in Shunan prefecture as 100 (converted into resin amount） Q2 FY2025 Topics [1] (1) New production plant for COP ■At the Board of Directors meeting held on August 29, 2025, the total investment amount was revised from approximately ¥70.0 billion to approximately ¥78.0 billion. ■The revision was made as construction costs are expected to rise due to increases in labor, material, and supply costs. ■While the decision to construct was made at the Board of Directors meeting held on June 11, 2024, the addition of the new 3,000 mm wide film production line decided on April 25, 2025 was not part of the original plan. The expansion of this line will enable us to respond to steady demand, increase shipments, and maintain the high added value of Specialty Plastics business.
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. ■Advantages of using Zeon’s SWCNTs to conductive paste ・Offer superior electrical conductivity, mechanical strength, and chemical stability ・Enhance both the energy density and cycle life of batteries ■Future demand expectations ●Consumer applications ・Electric vehicles ・Drones ・eVTOL aircrafte (eVTOL: Electric Vertical Take-Off and Landing aircraft) ●Industrial sector applications ・AI server BBUs (BBU: Battery Backup Unit) ・Energy ESS (ESS: Energy Storage System) ・Automation robotics 5 ■Zeon has invested in Sino Applied Technology Co., Ltd. (hereinafter “”SiAT”), a Taiwanese startup that develops conductive paste made with single-walled carbon nanotubes (SWCNTs) for next-generation lithium-ion batteries. ■Zeon will also appoint a director to SiAT to support followings. ・Expansion annual production capacity of SiAT for SWCNTs-based conductive paste fivefold, from 5,000 tonnes* to 25,000 tonnes ・Collaboration on marketing activities to promote sales growth *Including capacity expansions that have not yet been implemented. SWCNTs using Zeon’s proprietary Super-Growth Method Q2 FY2025 Topics [2] (2) Progress on Next Growth Drivers
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 6 Content of Report P.2 Summary P.4 Topics P.7 Business Environment (Trends in Exchange Rates and Prices of Raw Materials) P.8 Performance Summary P.12 Specialty Materials Business Profit and Loss P.15 Specialty Materials Business Overview by Segment P.16 Specialty Plastics Business: COP Situation P.17 Specialty Plastics Business: Optical Films Situation P.18 Specialty Binder Materials Business: Battery Materials Situation P.19 Specialty Chemicals Business: Specialty Chemicals/ Electronic Materials Situation P.21 Elastomer Business Profit and Loss P.22 Elastomer Business Overview by Segment P.23 Elastomer Business: Synthetic Rubbers Situation P.25 Balance Sheet Overview P.26 Cash Flow Overview P.28 FY2025 Point of Performance Forecast P.29 FY2025 Performance Forecast P.31 FY2025 Dividend Forecast
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. Q2 FY2024 Q1 FY2025 Q2 FY2025 YoY(%) QoQ(%) JPY/US$ ¥152.8 ¥145.3 ¥147.8 -3% +2% JPY/€ ¥165.9 ¥162.6 ¥170.6 +3% +5% Naphtha(JPY/KL) ¥76,900 ¥66,300 ¥63,400 -18% -4% Asian Butadiene(US$/MT) $1,532 $1,103 $1,071 -30% -3% 7 Q2 FY2025 Business Environment (Trends in Exchange Rates and Prices of Raw Materials) [ Exchange Rates ] [ Raw Materials ]
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. Q2 FY2024 Q1 FY2025 Q2 FY2025 YoY QoQ H1 FY2024 H1 FY2025 YoY (Half) Net Sales 1,072 1,031 1,034 -39 +3 2,133 2,065 -69 Operating Income 78 121 72 -5 -49 168 194 +25 Ordinary Income 64 120 72 +8 -48 186 191 +5 Net Income 41 75 148 +107 +73 123 223 +100 8 Q2 FY2025 Performance Summary (Overall) （Unit：JPY100m） *Results at overseas affiliates from April to June 2025 are reflected in Q2 consolidated results. *Zeon Korea Co., Ltd. has been included in the scope of consolidation starting from FY2025.
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. Q2 FY2024 Q1 FY2025 Q2 FY2025 YoY QoQ Specialty Materials Biz. 312 293 330 +18 +37 Elastomer Business 604 581 545 -59 -36 Others/Eliminations, etc. 156 157 159 +3 +2 Net Sales (consolidated) 1,072 1,031 1,034 -39 +3 Q2 FY2024 Q1 FY2025 Q2 FY2025 YoY QoQ Specialty Materials Biz. 55 74 43 -12 -30 Elastomer Business 22 42 23 +0 -19 Others/Eliminations, etc. -0 5 6 +6 +1 Operating Income (consolidated) 78 121 72 -5 -49 Net Sales Operating Income 9 Q2 FY2025 Performance Summary (By Segment) （Unit：JPY100m）
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. Specialty Materials Biz. 616 625 623 +7 +1 % -2 - % Elastomer Business 1,207 1,150 1,125 -81 -7 % -25 -2 % Others/Eliminations, etc. 311 325 316 +5 +2 % -9 -3 % Net Sales (consolidated) 2,133 2,100 2,065 -69 -3 % -35 -2 % Specialty Materials Biz. 108 125 117 +9 +9 % -8 -6 % Elastomer Business 60 60 65 +5 +8 % +5 +8 % Others/Eliminations, etc. -1 5 11 +12 - % +6 +123 % Operating Income (consolidated) 168 190 194 +25 +15 % +4 +2 % H1 FY2024 H1 FY2025 FCST Diff. (%) YoY (%) Diff. (vs.H1 FCST) Diff. (%) H1 FY2024 H1 FY2025 FCST H1 FY2025 YoY (Half) YoY (%) Diff. (vs.H1 FCST) H1 FY2025 YoY (Half) （ ： ） Net Sales Operating Income 10 H1 FY2025 Performance Summary (By Segment) （Unit：JPY100m）
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 11 Content of Report P.2 Summary P.4 Topics P.7 Business Environment (Trends in Exchange Rates and Prices of Raw Materials) P.8 Performance Summary P.12 Specialty Materials Business Profit and Loss P.15 Specialty Materials Business Overview by Segment P.16 Specialty Plastics Business: COP Situation P.17 Specialty Plastics Business: Optical Films Situation P.18 Specialty Binder Materials Business: Battery Materials Situation P.19 Specialty Chemicals Business: Specialty Chemicals/ Electronic Materials Situation P.21 Elastomer Business Profit and Loss P.22 Elastomer Business Overview by Segment P.23 Elastomer Business: Synthetic Rubbers Situation P.25 Balance Sheet Overview P.26 Cash Flow Overview P.28 FY2025 Point of Performance Forecast P.29 FY2025 Performance Forecast P.31 FY2025 Dividend Forecast
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. Q2 FY2024 Q1 FY2025 Q2 FY2025 YoY QoQ Net Sales 312 293 330 18 6 % 37 13 % Specialty plastics 207 197 231 25 12 % 34 18 % Specialty binder materials 56 53 63 7 12 % 9 18 % Specialty chemicals 40 33 32 -9 -22 % -1 -4 % Medical devices, etc. 10 10 4 -5 -54 % -6 -56 % Operating Income 55 74 43 -12 -22 % -30 -41 % Specialty plastics 48 55 39 -9 -19 % -16 -29 % Specialty binder materials 6 10 12 6 100 % 2 15 % Specialty chemicals 2 8 -1 -3 -142 % -9 -110 % Medical devices, etc. -1 1 -6 -6 - % -7 -798 % Operating Income ratio 18% 25% 13% YoY(%) QoQ(%) 12 Specialty Materials Business Profit and Loss （Unit：100m） Specialty plastics : Optical plastics and optical films Specialty binder materials : Battery materials and polymerized toners Specialty chemicals : Specialty chemicals and electronic materials
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 13 Specialty Materials Business Profit and Loss （Unit：100m） Specialty plastics : Optical plastics and optical films Specialty binder materials : Battery materials and polymerized toners Specialty chemicals : Specialty chemicals and electronic materials Including period lag in consolidation at overseas affiliates
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. Q2 2024 Q1 2025 Q2 2025 YoY QoQ Net Sales 199 214 204 5 3 % -9 -4 % Operating Income 39 51 40 1 4 % -10 -21 % YoY (%) QoQ (%) Q2 2024 Q1 2025 Q2 2025 YoY QoQ Net Sales 207 197 231 25 12 % 34 18 % Operating Income 48 55 39 -9 -19 % -16 -29 % QoQ (%) YoY (%) 14 *Period lag refers to the impact caused by overseas affiliates having a fiscal year end that is three months different. For Q2, the results at overseas affiliates for April to June are reflected in the consolidated results. *Consolidated performance assuming no period lag in consolidation (table below) shows theoretical figures assuming overseas affiliates do not have a three-month period lag (Zeon’s estimated calculation). Consolidated Performance based on financial flash report Specialty Materials Business Profit and Loss: Specialty Plastics Business Impact of period lag in consolidation at overseas affiliates （Unit：100m） Consolidated Performance assuming no period lag in consolidation
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 15 Specialty Materials Business Overview by Segment Net Sales ¥33.0 billion (YoY+6%, QoQ+13%) OP Income ¥4.3 billion (YoY-22%, QoQ-41%) Net Sales ¥23.1 billion (YoY+12%, QoQ+18%) OP Income ¥3.9 billion (YoY-19%, QoQ-29%) Net Sales ¥6.3 billion (YoY+12%, QoQ+18%） OP Income ¥1.2 billion (YoY+100%, QoQ+15%) Net Sales ¥3.2 billion (YoY-22%, QoQ-4%) OP Income ¥-0.1 billion (YoY-142%,QoQ-110%) Specialty Materials Specialty Plastics Specialty Binder Materials Specialty Chemicals ■YoY Both net sales and operating income were up due to higher shipments of large size films, while demand for small to medium size films was brought forward and deferral of COP shipments to H2 ■QoQ Both net sales and operating income were down due to lower shipments of large size films and the deferral of COP shipments to H2, and increased expenses associated with regular inspection at the Mizushima Plant ■YoY, QoQ Both net sales and operating income were up due to higher shipments and production of battery materials, leading to improved unit fixed costs ■YoY, QoQ Net sales declined due to an easing supply-demand balance in the synthetic aromatic chemicals market and shipment adjustments associated with regular inspection at the Mizushima Plant on YoY Operating income declined due to sluggish shipments and loss on disposal and valuation for inventories., etc. Consolidated Performance Assuming no period lag in consolidation at overseas affiliates Net Sales ¥20.4 billion (YoY+3%, QoQ-4%) OP Income ¥4.0 billion (YoY+4%, QoQ-21%) The following overview is explained based on this.
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. YoY QoQ YoY (Apr.-Sep.) Consolidated Net Sales (*) Sales trends of our products Optical use Medical use, etc. Semiconductor 16 Specialty Plastics Business: COP Situation (*) Assuming no period lag in consolidation at overseas affiliates ◼ Optical use Shipments declined as demand for smartphones entered a gradual adjustment phase ◼ Medical use, etc. Shipments were deferred to H2 due to inventory adjustments by certain customers ◼ Semiconductor use While shipments were deferred to H2, demand remained solid
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. YoY QoQ YoY (Apr.-Sep.) Consolidated Net Sales (*) Sales trends of our products For small-to-medium size For Large size FPD 17 (*) Assuming no period lag in consolidation at overseas affiliates Specialty Plastics Business: Optical Films Situation ◼ For small-to-medium size Shipments were solid as demand entered the peak season for both tablet and smartphone applications With 2025 model production starting in Q4 FY2024, the seasonal demand peak fell short of the typical level ◼ For Large size Overall demand remained solid, driven by expanded market share for large size TVs Shipments declined QoQ due to panel production adjustments but are expected to recover in Q3
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. YoY QoQ YoY (Apr.-Sep.) Consolidated Net Sales Sales trends of our products EV ESS and Consumer use, etc. 18 Specialty Binder Materials Business: Battery Materials Situation ◼ EV EV sales in Europe entered a recovery trend, leading to higher shipments YoY Shipments declined QoQ due to adjustment by certain OEMs ◼ ESS and Consumer use, etc. Demand for ESS and consumer use, etc. remained solid, backed by China’s subsidy policies Adoption of ESS for AI centers in the U.S. is expanding
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. YoY QoQ YoY (Apr.-Sep.) Consolidated Net Sales Sales trends of our products Semiconductor and Medical use Aromatic chemical use 19 Specialty Chemicals Business: Specialty Chemicals/ Electronic Materials Situation ◼ Semiconductor and Medical use Shipments recovered after the completion of regular inspection at the Mizushima Plant Backed by robust AI-related investment, demand for memory and certain logic products remained solid ◼ Aromatic chemical use Shipments remained sluggish ,while regular inspection at the Mizushima Plant was completed The supply-demand imbalance in the synthetic aromatic chemicals market has been prolonged
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 20 Content of Report P.2 Summary P.4 Topics P.7 Business Environment (Trends in Exchange Rates and Prices of Raw Materials) P.8 Performance Summary P.12 Specialty Materials Business Profit and Loss P.15 Specialty Materials Business Overview by Segment P.16 Specialty Plastics Business: COP Situation P.17 Specialty Plastics Business: Optical Films Situation P.18 Specialty Binder Materials Business: Battery Materials Situation P.19 Specialty Chemicals Business: Specialty Chemicals/ Electronic Materials Situation P.21 Elastomer Business Profit and Loss P.22 Elastomer Business Overview by Segment P.23 Elastomer Business: Synthetic Rubbers Situation P.25 Balance Sheet Overview P.26 Cash Flow Overview P.28 FY2025 Point of Performance Forecast P.29 FY2025 Performance Forecast P.31 FY2025 Dividend Forecast
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. Q2 FY2024 Q1 FY2025 Q2 FY2025 YoY QoQ Sales Volume （24/Q2=100） 100 97 85 -15 pt -15 % -12 pt -13 % Synthetic rubbers 100 103 88 -12 pt -12 % -15 pt -14 % Latexes 100 81 65 -35 pt -35 % -17 pt -20 % Chemicals 100 92 90 -10 pt -10 % -2 pt -2 % Net Sales 604 581 545 -59 -10 % -36 -6 % Synthetic rubbers 451 445 424 -27 -6 % -21 -5 % Latexes 41 35 27 -15 -35 % -8 -23 % Chemicals 99 90 86 -13 -14 % -4 -4 % Others/Eliminations 12 12 8 -4 -32 % -3 -28 % Operating Income 22 42 23 0 2 % -19 -46 % Operating income ratio 4% 7% 4% YoY(%) QoQ(%) 21 Elastomer Business Profit and Loss (Unit: 100m)
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 22 Elastomer Business Overview by Segment OP Income ¥2.3 billion (YoY+2%, QoQ-46%)Net Sales ¥54.5 billion (YoY-10%, QoQ-6%)Elastomer Business Net Sales ¥42.4 billion (YoY-6%, QoQ-5%)Synthetic rubbers Net Sales ¥2.7 billion (YoY-35%, QoQ-23%)Latexes Net Sales ¥8.6 billion (YoY-14%, QoQ-4%)Chemicals ■YoY, QoQ Net sales and operating income declined due to sluggish demand amid weak market conditions for tires, mainly overseas, as well as lower raw material costs, which led to lower selling prices, and the impact of yen appreciation ■YoY, QoQ Net sales and operating income declined due to the prolonged supply-demand imbalance for medical use and disposable gloves, lower selling prices following a drop in raw material costs, and the impact of yen appreciation Net income increased YoY owing to reduction of SG&A costs ■YoY, QoQ Net sales declined due to weaker demand for adhesive tapes and labels in certain overseas regions Operating income increased YoY due to selling price revisions for certain customers, while QoQ it declined as following factors: selling prices fell following a drop in raw material costs: loss on disposal and valuation for inventories: deterioration in unit FME due to the regular inspection at the Mizushima Plant
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 23 YoY QoQ YoY (Apr.-Sep.) Consolidated Net Sales 98% 95% 96% Sales trends of our products Specialty rubbers General-purpose rubbers Elastomer Business: Synthetic rubbers Situation ◼ Specialty rubbers Overall demand remained solid, supported by steady domestic automobile production ◼ General-purpose rubbers Market conditions were sluggish, particularly overseas, resulting in lower shipments both YoY and QoQ
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 24 Content of Report P.2 Summary P.4 Topics P.7 Business Environment (Trends in Exchange Rates and Prices of Raw Materials) P.8 Performance Summary P.12 Specialty Materials Business Profit and Loss P.15 Specialty Materials Business Overview by Segment P.16 Specialty Plastics Business: COP Situation P.17 Specialty Plastics Business: Optical Films Situation P.18 Specialty Binder Materials Business: Battery Materials Situation P.19 Specialty Chemicals Business: Specialty Chemicals/ Electronic Materials Situation P.21 Elastomer Business Profit and Loss P.22 Elastomer Business Overview by Segment P.23 Elastomer Business: Synthetic Rubbers Situation P.25 Balance Sheet Overview P.26 Cash Flow Overview P.28 FY2025 Point of Performance Forecast P.29 FY2025 Performance Forecast P.31 FY2025 Dividend Forecast
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 25 Balance Sheet Overview As of the end of September 2025 ( )=vs end of FY2024 Total 5,395（+57） （Unit：100m） （-176） （+233） （+38） （+28） （-8） [Current assets] -17.6B JPY ◆Cash and deposits +17.3B JPY ◆Accounts receivable -21.8B JPY ◆Inventory assets -14.0B JPY [Non-current assets] +23.3B JPY ◆Property, plant and equipment +30.9B JPY ◆Investment securities -7.7B JPY [Net assets] +2.8B JPY ◆Equity ratio 66.7% (-0.2) ◆D/E ratio 0.02 (-0.05) [Current liabilities] +3.8B JPY ◆Trade payables -8.3B JPY ◆Commercial paper -17.0B JPY ◆Accounts payable, etc. +29.0B JPY
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. [ CF from Financing Act. ] -28.7B JPY ◆Borrowing/CP -32.0B JPY ◆Dividends -1.6B JPY ◆Purchase of treasury shares, trust establishment +4.0B JPY ◆Others +0.9B JPY [ CF from Operating Act. ] +42.8B JPY ◆Profits before income taxes +16.1B JPY ◆Taxes +5.3B JPY ◆Depreciation expenses -1.2B JPY ◆Working capital +45.1B JPY ◆Provision for repairs -7.3B JPY ◆Gain on sale of investment securities -16.7B JPY ◆Others +1.5B JPY 26 Cash Flow Overview (Unit: 100m) (Unit: 100m) Q2 FY2024 Q2 FY2025 Q2 FY2024 Q2 FY2025 CF from Operating Act. 53 481 CF from Investing Act. -172 -8 Free CF -119 473 CF from Financing Act. -15 -302 CF -134 171
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 27 Content of Report P.2 Summary P.4 Topics P.7 Business Environment (Trends in Exchange Rates and Prices of Raw Materials) P.8 Performance Summary P.12 Specialty Materials Business Profit and Loss P.15 Specialty Materials Business Overview by Segment P.16 Specialty Plastics Business: COP Situation P.17 Specialty Plastics Business: Optical Films Situation P.18 Specialty Binder Materials Business: Battery Materials Situation P.19 Specialty Chemicals Business: Specialty Chemicals/ Electronic Materials Situation P.21 Elastomer Business Profit and Loss P.22 Elastomer Business Overview by Segment P.23 Elastomer Business: Synthetic Rubbers Situation P.25 Balance Sheet Overview P.26 Cash Flow Overview P.28 FY2025 Point of Performance Forecast P.29 FY2025 Performance Forecast P.31 FY2025 Dividend Forecast
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. FY2025 Point of Performance Forecast 28 H1 FY2025 Operating Income H2 FY2025 Operating Income 190 194 115 ■Shipment of Optical films increase both H1 and H2, while shipments of COP slip to H2 from H1 ■While shipment of Synthetic rubbers are expected to increase in H2, the decrease in Latexes and Chemicals shipments will offset the profits. ■Fuel expenses in H2 is expected to increase due to use of alternative fuel triggered by a fuel supply issue, while exchange rate assumption for H2 revised to yen depreciation. COP + : Optical films and Synthetic rubbers - : Battery materials, Tonners, Latexes, Chemicals and RIM 111 *The range of impact from increases and decreases is illustrated conceptually. COP (Unit: 100m) + : Optical films and Chemicals - : Specialty Chemicals * Light blue shows an increase, Pink shows a decrease
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. H1 H2 Full Year H1 H2 Full Year Specialty Materials Biz. 625 575 1,200 623 602 1,225 -2 +27 +25 Elastomer Business 1,150 1,140 2,290 1,125 1,140 2,265 -25 0 -25 Others/Eliminations, etc. 325 335 660 316 344 660 -9 +9 0 Net Sales (consolidated) 2,100 2,050 4,150 2,065 2,085 4,150 -35 +35 0 H1 H2 Full Year H1 H2 Full Year Specialty Materials Biz. 125 80 205 117 83 200 -8 +3 -5 Elastomer Business 60 20 80 65 20 85 +5 0 +5 Others/Eliminations, etc. 5 15 20 11 9 20 +6 -6 0 Operating Income (consolidated) 190 115 305 194 111 305 +4 -3 0 Full Year Diff. FY2025 Forecast (As of 7/30/25) FY2025 Forecast (As of 10/30/2025) H1 Diff. H2 Diff. FY2025 Forecast (As of 10/30/2025) H1 Diff. H2 Diff. Full Year Diff. FY2025 Forecast (As of 7/30/25)Operating Income Net Sales ・The earnings forecast announced on July 30 remains unchanged, while it by segment revised. ・FCST assumptions (as of 7/30) : US$=¥145, €=¥170, Naphtha/KL=¥63,000, Asian butadiene/MT=US$1,100 ・FCST assumptions (as of 10/30): US$=¥149, €=¥175, Naphtha/KL=¥65,000, Asian butadiene/MT=US$1,000 ・Sensitivity of exchange rate to annual operating income: ¥1/US$: Approx. ¥0.3B, ¥1/€; Approx. ¥0.2B Increase due to yen depreciation 29 FY2025 Performance Forecast (Unit: 100m)
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 30 Content of Report P.2 Summary P.4 Topics P.7 Business Environment (Trends in Exchange Rates and Prices of Raw Materials) P.8 Performance Summary P.12 Specialty Materials Business Profit and Loss P.15 Specialty Materials Business Overview by Segment P.16 Specialty Plastics Business: COP Situation P.17 Specialty Plastics Business: Optical Films Situation P.18 Specialty Binder Materials Business: Battery Materials Situation P.19 Specialty Chemicals Business: Specialty Chemicals/ Electronic Materials Situation P.21 Elastomer Business Profit and Loss P.22 Elastomer Business Overview by Segment P.23 Elastomer Business: Synthetic Rubbers Situation P.25 Balance Sheet Overview P.26 Cash Flow Overview P.28 FY2025 Point of Performance Forecast P.29 FY2025 Performance Forecast P.31 FY2025 Dividend Forecast
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited. 31 FY2025 Dividend Forecast ■The annual dividend will remain unchanged at 72 yen (YoY+¥2) ■The annual dividend is expected to increase for 16 consecutive years since FY2010. ■Purchase of treasury stock is underway, with an upper limit of 10 million shares/10 billion yen
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 32 Next Announcement Financial Results Q3 FY2025 January 30th, 2026 Subject to change without notice Zeon’s plans, forecasts, and other data appearing in this presentation were calculated based on information which was currently available and therefore includes risks and uncertainties. Actual results may differ depending on various factors. Click here for ZEON Integrated report
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. FY2023 FY2024 FY2025 FY2025 Q1 Q2 Net Sales 3,823 4,206 1,031 1,034 Specialty Materials Biz. 1,074 1,216 293 330 Specialty plastics 642 793 197 231 Specialty binder materials 234 225 53 63 Specialty chemicals 156 158 33 32 Medical devices, etc. 43 39 10 4 Elastomer Business 2,153 2,366 581 545 Synthetic rubbers 1,642 1,769 445 424 Latexes 109 142 35 27 Chemicals 350 403 90 86 Others/Eliminations 52 52 12 8 Other Biz./Eliminations, etc. 596 625 157 159 33 Reference: Historical Performance Trends (Unit: 100m) FY2023 FY2024 FY2025 FY2025 Q1 Q2 Operating Income 205 293 121 72 Specialty Materials Biz. 132 176 74 43 Specialty plastics 73 139 55 39 Specialty binder materials 44 22 10 12 Specialty chemicals 21 19 8 -1 Medical devices, etc. -5 -4 1 -6 Elastomer Business 66 109 42 23 Other Biz./Eliminations, etc. 6 8 5 6
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 34 Reference: Specialty Materials Business Operating Income Variance (QoQ)
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 35 Reference: Specialty Materials Business Operating Income Variance (YoY)
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 36 Reference: Elastomer Business Operating Income Variance (QoQ)
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 37 Reference: Elastomer Business Operating Income Variance (YoY)
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. [Non-operating profit and loss] FY2024 H1 FY2025 H1 YoY Interest income/dividends 16 17 +1 Interest expenses -1 -1 - Donations -3 -1 +2 Fixed costs for inactive non-current assets -3 -2 +1 Provision of allowance for doubtful accounts -2 -3 -1 Exchange gain and loss 7 -6 -13 Other 4 -5 -8 Total non-operating profit and loss 18 -2 -20 [Extraordinary profit and loss] FY2024 H1 FY2025 H1 YoY Gain/loss on sale of investment securities 2 169 +167 Impairment loss -15 -11 +4 Loss on disposal of non-current assets -1 -3 -2 Loss on valuation of investment securities -7 -21 -14 Other -1 0 +1 Total extraordinary profit and loss -22 133 +155 38 Reference: Non-operating Profit and Loss / Extraordinary Profit and Loss (Unit: JPY100m)
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. FY25 800 39 FY24 355 FY25 170 FY24 194 FY24 182 Reference: Capital Expenditures, Depreciation & Amortization (Unit: JPY100m) FY25 170
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 40 Reference: Dividend payout ratio, Total return ratio and Dividend yield (Unit: JPY100m) (Unit: %) ■Dividend yield of 4.43 (based on closing price on October 28, 2025)
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. 41 Purchase of treasury stock ■ Purchase of treasury stock is underway, with an upper limit of 10 million shares/10 billion yen. ■ All shares will be cancelled after the purchase is complete. [Purchase of Treasury Stock Status as of September 30] （Unit：billion JPY） （Unit：million shares） （Progress rate 37%） （Progress rate 60%）
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©ZEON CORPORATION. All rights reserved.Any distribution, copying, or forwarding is strictly prohibited.Any distribution, copying, or forwarding is strictly prohibited. Positives Early recovery in end market demand Depreciation of the yen Early recovery in market conditions Yen depreciation/ dollar appreciation Economic recovery Yen depreciation/ euro appreciation Negatives Delay recovery in end market demand Appreciation of the yen Prolong recovery in market conditions Yen appreciation/ dollar depreciation Economic recession Yen appreciation/ euro depreciation 42 Reference: Main Risk Factors Related to FY2025 Forecasts