Mitsubishi Chemical Group H1 FY2026 Earnings Presentation

Cover: FY Ending March 2027 Q2 (Interim) Financial Results Briefing

सामग्री

Japanese title slide reading 2027年3月期 第2四半期（中間期）決算説明 (FY ending March 2027 Q2 interim results briefing) for Mitsubishi Chemical Group, dated November 5, 2026.

लेआउट संरचना

Large left-aligned black title on a pale gray panel, company name and date below, white right strip with the Mitsubishi Chemical Group logo and a large blue arc

मुख्य दृश्य तत्व

• •Three-diamond Mitsubishi logo
• •Blue circular arc motif
• •Bold Japanese headline

Contents

सामग्री

Agenda in three blocks: Q2 consolidated results (pages 3–14), the revised FY ending March 2027 forecast (pages 16–18) and reference materials (pages 20–27).

लेआउट संरचना

Two-column table of contents with navy section header bars and right-aligned page numbers

मुख्य दृश्य तत्व

• •Navy section bars
• •Dotted list of items with page numbers

Results Summary

सामग्री

Text summary: chemicals core operating income 951億円 (+620億円) on semiconductor-related volume and cost cuts; group core operating income 2,028億円 (+767億円); interim profit attributable to owners 902億円 (−199億円, because the prior year included the gain on selling the former Mitsubishi Tanabe Pharma). The full-year forecast is raised to 3,400億円 core operating income and 1,450億円 net profit; the annual dividend stays at ¥32.

लेआउट संरचना

Two navy header bars (H1 results / full-year forecast), each followed by dense bullet paragraphs

मुख्य दृश्य तत्व

• •Navy section bars
• •Bullet text blocks

Consolidated Statement of Income

सामग्री

H1 revenue 20,371億円 (+13%), core operating income 2,028億円 (+61%), non-recurring items −31億円, operating income 1,997億円 (+131%), profit before tax 1,824億円 (+165%), interim profit attributable to owners 902億円 (−18%). Average rate ¥160.0/$ versus ¥146.1/$; naphtha ¥108,300/kl versus ¥64,700/kl.

लेआउट संरचना

Financial table with prior-year, current-year, change and % change columns; FX and naphtha assumptions in a header strip; footnote defining core operating income

मुख्य दृश्य तत्व

• •Blue and navy column headers
• •Gray-shaded current-period column
• •△ negative notation

Revenue and Core Operating Income by Segment

सामग्री

Specialty Materials core operating income 704億円 (+77%), MMA & Derivatives 90億円 (+143%), Basic Materials 141億円 (from −86億円), Chemicals total 951億円 (+187%), Industrial Gases 1,077億円 (+16%). An inset table shows inventory valuation gains of 391億円 versus −113億円 the year before.

लेआउट संरचना

Wide segment table with sub-segments indented under each segment, plus a small inventory valuation table at the bottom

मुख्य दृश्य तत्व

• •Navy left index bar
• •Highlighted Chemicals subtotal row
• •Inventory valuation inset

Core Operating Income (Group): Drivers of Change

सामग्री

Waterfall from 1,261億円 to 2,028億円 (+767億円): price spread +265, volume −10, cost reduction +281, other +231 (including the +504億円 inventory valuation swing). An adjoining table breaks the drivers down by segment; the FX effect is +131億円.

लेआउट संरचना

Waterfall chart on the left, driver table by segment on the right

मुख्य दृश्य तत्व

• •Blue waterfall bars
• •Bold '+767億円 増益' callout
• •Driver matrix

Specialty Materials Segment: Core Operating Income Analysis

सामग्री

Core operating income rose by 307億円, from 397 to 704億円 (price spread +220, volume +120, cost reduction +100, other −133). Gains came from film prices, films for multilayer ceramic capacitors, engineering plastics for semiconductor equipment, carbon-fiber parts for robotaxis and synthetic quartz; Water & Infrastructure fell 5億円.

लेआउट संरचना

Waterfall on the left; navy sub-segment bars with boxed driver tags (price spread / volume / cost reduction) and explanations on the right

मुख्य दृश्य तत्व

• •Waterfall chart
• •Sub-segment headers showing deltas
• •Outlined driver labels

MMA & Derivatives Segment: Core Operating Income Analysis

सामग्री

Core operating income rose by 53億円, from 37 to 90億円: price spread +137 on higher MMA monomer market prices, volume −88 from lower operating rates and supply disruption linked to the Middle East situation. Functional Chemicals added 51億円 on spreads for additive applications.

लेआउट संरचना

Waterfall chart on the left, two commentary blocks on the right

मुख्य दृश्य तत्व

• •Tall price-spread bar
• •Pale negative volume bar
• •Navy segment headers

Basic Materials Segment: Core Operating Income Analysis

सामग्री

Core operating income turned from −86億円 to 141億円 (+227億円). Price spread −153 (polyolefin price revision lag), volume −79 (larger turnarounds, cheap imports), cost +35, other +424 mainly from inventory valuation gains as naphtha rose. Carbon gained 101億円 on domestic coke volume.

लेआउट संरचना

Waterfall crossing a ±0 axis on the left, commentary for Basic Chemicals and Carbon on the right

मुख्य दृश्य तत्व

• •Zero baseline
• •Large 'other' bar
• •Navy segment headers

Industrial Gases Segment: Core Operating Income Analysis

सामग्री

Core operating income rose by 147億円, from 930 to 1,077億円 (price spread +28, volume +46, cost reduction +98, other −25), driven by demand in Asia and Oceania and by productivity gains from digital tools and plant optimization.

लेआउट संरचना

Waterfall chart on the left, one commentary block on the right

मुख्य दृश्य तत्व

• •Waterfall bars
• •Driver tags

Non-Recurring Items

सामग्री

Non-recurring items improved from −396億円 to −31億円: gains on sale of fixed assets 137億円, reversal of impairment 21億円, impairment −73億円, special retirement benefits −32億円 (versus −323億円), disaster-related losses −16億円.

लेआउट संरचना

Single centered table with prior, current and change columns

मुख्य दृश्य तत्व

• •Bold total row
• •△ notation
• •Gray current-period column

Consolidated Statement of Cash Flows

सामग्री

Operating cash flow 1,578億円, investing cash flow −949億円 (capex −1,400億円, asset sales 464億円), free cash flow 629億円 versus 3,356億円 a year earlier, financing cash flow −1,640億円 including debt repayment of 1,310億円.

लेआउट संरचना

Two side-by-side tables: operating and investing on the left, financing and the change in cash on the right

मुख्य दृश्य तत्व

• •Bold FCF row
• •Paired period headers

Consolidated Statement of Financial Position

सामग्री

Total assets 58,021億円 at September 30, 2026; interest-bearing debt fell to 18,880億円, net debt to 14,340億円 and net D/E to 0.79x; equity attributable to owners was 18,197億円.

लेआउट संरचना

Assets table on the left, liabilities and equity table on the right, with leverage metrics and footnotes underneath

मुख्य दृश्य तत्व

• •March and September period-end columns
• •Net debt formula footnote

Revenue and Core Operating Income by Segment: Quarterly Trend

सामग्री

Quarterly revenue and core operating income for every segment and sub-segment over the last six quarters. Group core operating income was 1,141億円 in Q1 and 887億円 in Q2 of FY2026.

लेआउट संरचना

Large dense matrix with a segment index on the left and a revenue/core operating income row pair per segment

मुख्य दृश्य तत्व

• •Alternating row shading
• •Two fiscal-year header blocks

Section Divider: Revised Full-Year Forecast for FY Ending March 2027

सामग्री

Section break titled 2027年3月期 通期業績予想修正 (revised full-year forecast).

लेआउट संरचना

Same pale panel and blue arc as the cover, with the section title on the left

मुख्य दृश्य तत्व

• •Blue arc
• •Large title

Forecast: Consolidated Statement of Income

सामग्री

FY2026 forecast: revenue 40,600億円 (previously 38,000), core operating income 3,400億円 (previously 3,050, +12%), operating income 3,280億円, net profit attributable to owners 1,450億円 (previously 1,270, +14%). The H2 forecast assumes ¥155/$ and naphtha at ¥100,000/kl.

लेआउट संरचना

Table with H1 actual, H2 forecast, new full year, May 13 forecast, change, variance rate and a prior-year reference column

मुख्य दृश्य तत्व

• •Gray-shaded new forecast column
• •Light-blue reference column

Forecast: Revenue and Core Operating Income by Segment

सामग्री

Segment forecasts: Specialty Materials core operating income 1,180億円 (up 280 from the May forecast), Basic Materials 110億円, Chemicals 1,350億円 (up 350), Industrial Gases unchanged at 2,050億円, MMA & Derivatives 100億円.

लेआउट संरचना

Dense matrix with segment index, revenue/core operating income row pairs and forecast columns

मुख्य दृश्य तत्व

• •Navy column headers
• •Highlighted Chemicals row

Dividend Forecast

सामग्री

Policy: a 35% payout ratio target under the 'Medium-Term Management Plan 2029'. Interim dividend set at ¥16 and year-end forecast ¥16, for ¥32 per year (forecast payout ratio 30.0%). The chart shows dividends from FY2017 to FY2026.

लेआउट संरचना

Bullet text at the top; stacked bar chart of interim and year-end dividends with a payout-ratio line underneath

मुख्य दृश्य तत्व

• •Stacked blue bars
• •Payout ratio line with axis-break marks
• •370.8% outlier label

Section Divider: Reference Materials

सामग्री

Section break titled 参考資料 (reference materials).

लेआउट संरचना

Pale panel with blue arc and the title on the left

मुख्य दृश्य तत्व

• •Blue arc
• •Large title

Consolidated Statement of Income: Quarterly Trend

सामग्री

Quarterly P&L for FY2025 and FY2026 to date, with FX and naphtha by quarter. FY2026 Q1 core operating income was 1,141億円 and Q2 887億円; the table also breaks out finance income and costs, including net interest.

लेआउट संरचना

Wide quarterly table with an assumptions strip at the top and shaded cumulative columns

मुख्य दृश्य तत्व

• •Two fiscal-year header blocks
• •Parenthetical sub-items

Key Market Trends

सामग्री

Market outlook for EV/mobility (weaker auto output), semiconductors (strong demand from AI and leading-edge processes, expected to continue), electronics (soft TV demand), medical (steady) and food packaging (soft amid inflation and Middle East effects).

लेआउट संरचना

Four-column grid: market, key products, Q2 conditions, outlook from Q3

मुख्य दृश्य तत्व

• •Navy header row
• •Bold market labels

Chemicals: Major Growth Investment Plan

सामग्री

Timeline of capacity projects by year commercial operation starts, FY25 to FY28: an EUV dry resist precursor plant (US), Lithomax EUV resist polymer (Fukuoka), Soarnol capacity (UK), synthetic quartz expansion (Fukuoka), ultra-high-purity colloidal silica (Fukuoka), and engineering plastics plants in Thailand and Belgium.

लेआउट संरचना

Horizontal chevron timeline with project cards in columns, color-coded as next-generation/growth drivers or earnings base

मुख्य दृश्य तत्व

• •Blue chevron year bar
• •Project photo thumbnails
• •Color legend

Core Operating Income Analysis (Q1 Actual to Q2 Actual)

सामग्री

Group core operating income fell from 1,141 to 887億円 (−254) between quarters: the MMA monomer market decline pushed MMA to a loss, Basic Chemicals swung to −23億円 on inventory valuation, and Films & Performance Materials fell on input costs and the Kumamoto earthquake.

लेआउट संरचना

Image-based table with a segment column, Q1/Q2/change columns and a wide text column of reasons

मुख्य दृश्य तत्व

• •Navy header
• •Reason text column

Core Operating Income Analysis (H1 Actual to H2 Forecast)

सामग्री

H2 core operating income is forecast at 1,372億円, versus 2,028億円 in H1 (−656). Specialty Materials is expected to fall by 228億円 on raw materials, turnarounds and the earthquake; Basic Materials by 172億円 on inventory valuation losses; Industrial Gases by 104億円, mainly on FX.

लेआउट संरचना

Image-based table in the same format as page 23

मुख्य दृश्य तत्व

• •Navy header
• •Reason text column

Specialty Materials: Breakdown by Business

सामग्री

Quarterly revenue and core operating income for each Specialty Materials business (Films, Performance Materials, Engineering Shapes, Carbon Fiber & Composites, Semiconductor, Battery & Electronics, Water & Infrastructure), with mid-term plan targets to FY2029 (segment core operating income 1,550億円) and core operating margins.

लेआउट संरचना

Very dense matrix with quarterly actuals, forecast and target columns, plus a margin block on the right

मुख्य दृश्य तत्व

• •Bracketed mid-term plan target headers
• •Margin percentage columns

Non-Recurring Items: Quarterly Trend

सामग्री

Quarterly non-recurring items: FY2025 totaled −1,949億円 (including −614 impairment and −531 special retirement benefits); FY2026 H1 is −31億円, with a 128億円 gain on fixed asset sales in Q1.

लेआउट संरचना

Quarterly table with shaded cumulative columns

मुख्य दृश्य तत्व

• •Large numerals
• •△ notation

Capex, Depreciation, R&D and Employees

सामग्री

H1 capex 1,556億円, depreciation 1,401億円, R&D 255億円 and 56,588 employees at period end, broken down by segment (Industrial Gases has 20,850 employees).

लेआउट संरचना

Grouped-column table with paired prior/current half-year columns and a separate employee column

मुख्य दृश्य तत्व

• •Grouped navy headers
• •Highlighted Chemicals row

Disclaimer

सामग्री

Forward-looking statements disclaimer: forecasts reflect currently available information, and results may differ because of demand, FX, naphtha and crude prices, market conditions, technology, product liability, litigation and regulation.

लेआउट संरचना

Centered paragraphs of Japanese text with a blue arc in the bottom-right corner

मुख्य दृश्य तत्व

• •Blue arc
• •Logo