Kuraray (3405) Q4 2025 earnings summary

Executive summary

• FY2024 net sales reached ¥826.9 billion, up 5.9% year-over-year, driven by sales volume growth across multiple businesses.

• Operating income increased 12.7% to ¥85.1 billion, and ordinary income rose 18.0% to ¥81.5 billion.

• Net income attributable to owners declined 25.3% to ¥31.7 billion due to extraordinary losses from business restructuring and liquidation.

• Comprehensive income increased 3.4% year-over-year to ¥87.0 billion.

Financial highlights

• Gross profit improved to ¥267.5 billion; EBITDA reached ¥170.3 billion with a 20.6% margin.

• Operating cash flow was ¥138.3 billion; free cash flow was ¥62.3 billion.

• Total assets increased to ¥1,291.2 billion; equity ratio improved to 59.2%.

• Annual dividend per share increased to ¥54, with a total return ratio of 118.7%.

• Cash and cash equivalents at year-end were ¥121.7 billion, down from ¥133.7 billion.

Outlook and guidance

• FY2025 forecast: net sales ¥860.0 billion (+4.0%), operating income ¥90.0 billion (+5.8%), net income ¥45.0 billion (+41.8%).

• Dividend for 2025 forecast at ¥54 per share; new policy targets a total return ratio of at least 50%.

• CAPEX planned at ¥100.0 billion, R&D expenses at ¥27.0 billion.