Kureha Corporation (4023) Q3 2026 earnings summary

Executive summary

• Revenue for the nine months ended December 31, 2025, decreased 3.5% year-over-year to ¥117.8 billion, mainly due to lower PVDF prices and discontinued ML film sales, while operating profit rose 27.5% to ¥13.3 billion, driven by improved PPS performance and asset sales.

• Profit attributable to owners increased 26.4% to ¥10.2 billion.

• The company is advancing sustainability-focused management and implementing its Rolling Plan 2025.

• Full-year forecast remains unchanged due to uncertainties in the business environment and foreign exchange rates.

Financial highlights

• Revenue for 3Q FY2025 was ¥117.8 billion, down ¥4.2 billion year-over-year.

• Core operating profit rose to ¥12.8 billion, up ¥1.8 billion year-over-year.

• EBITDA increased to ¥22.6 billion from ¥20.0 billion year-over-year.

• Basic earnings per share was ¥251.90, up from ¥153.18 in the prior year.

• Total assets as of December 31, 2025, were ¥359.2 billion, up ¥13.9 billion from March 31, 2025.

Outlook and guidance

• Full-year revenue forecast for fiscal year ending March 31, 2026, is ¥165.0 billion, up 1.8% year-over-year.

• Operating profit is projected to rise 48.5% to ¥14.0 billion, with profit attributable to owners expected at ¥10.0 billion.

• Dividend forecast for FY2025 is ¥90.0 per share, with DOE around 2.1%.

• No changes have been made to the previously disclosed full-year forecast.

• Power generation facility trouble at Iwaki Factory expected to impact PPS and industrial chemicals, but profits to remain comparable to 2Q guidance.