Resonac : Earnings Documents (e tanshin2026q1)

Resonac Holdings Corporation

May 13, 2026

First Quarter, 2026 Consolidated Financial Results (Summary) under IFRS 1. First Quarter Results

1. Summary (Unit: billions of yen)

   Items	2025 Jan.1 - Mar.31	2026 Jan.1 - Mar.31	Increase/ decrease
   Revenue	321.1	307.9	(13.2)
   Core operating profit	14.8	33.6	18.8
   Operating profit	14.0	22.1	8.2
   Profit before tax	12.5	22.6	10.1
   Profit	8.5	15.7	7.2
   Profit attributable to owners of the parent	8.8	15.3	6.5

   2026 Jan.1 - Jun.30 Forecast

   660.0

   74.0

   57.0

   57.0

   38.0

   38.0

   Forecast revised on May 13, 2026

2. Revenue and Core Operating Profit by Segment (Unit: billions of yen)

Segment		2025 Jan.1 - Mar.31	2026 Jan.1 - Mar.31	Increase/ decrease
Semiconductor and Electronic Materials	Revenue	111.2	134.7	23.5
	Core op. profit	19.6	34.0	14.4
Mobility	Revenue	46.9	47.3	0.4
	Core op. profit	1.1	2.9	1.8
Innovation Enabling Materials	Revenue	22.0	22.7	0.8
	Core op. profit	2.1	2.4	0.3
Chemicals	Revenue	37.7	40.8	3.1
	Core op. profit	(6.3)	(1.6)	4.7
Crasus Chemical	Revenue	78.7	51.7	(27.0)
	Core op. profit	0.8	(0.5)	(1.4)
Others, Adjustments	Revenue	24.7	10.6	(14.0)
	Core op. profit	(2.5)	(3.6)	(1.1)
Total	Revenue	321.1	307.9	(13.2)
	Core op. profit	14.8	33.6	18.8

2026 Jan.1 - Jun.30 Forecast
295.0
74.3
83.0
3.2
47.0
4.9
94.0
0.0
120.0
(0.5)
21.0
(7.9)
660.0
74.0

2. Reference

Forecast revised on May 13, 2026

Items	2025 Jan.1 - Mar.31	2026 Jan.1 - Mar.31	Increase/ decrease
Exchange rate (yen/US$）	152.6	156.9	Yen depreciated by 4.3
Domestic naphtha price (yen/kl)	73,700	65,700	(8,000)

(Unit: billions of yen)

Items	Dec.31, 2025	Mar.31, 2026	Increase/ decrease
Total assets	2,106.7	2,109.3	2.6
Interest-bearing liabilities	969.5	963.3	(6.2)

Note : Performance forecast and other statements pertaining to the future as contained in this presentation are based on the information available as of today and assumptions as of today regarding risk factors that could affect our future performance. Actual results may differ materially from the forecast due to a variety of risk factors, including, but not limited to, the global political circumstances, the global economic conditions, tightening of regulations, demand for our products, market conditions, and foreign exchange rates. We undertake no obligation to update the forward-looking statements unless required by law.

Resonac Holdings Corporation

Consolidated Financial Statements

for the first quarter ended March 31, 2026 (Under IFRS)

1. Consolidated Financial Results

   May 13, 2026

   (All amounts are rounded to the nearest million yen.)

   1. Results of operations : (Percentages indicate year-on-year changes)

      	Revenue		Core operating profit		Operating profit		Profit		Profit attributable to owners of the parent		Comprehensive Income
      Three months ended March 31, 2026 March 31, 2025	307,892 321,122	% (4.1) (0.3)	33,616 14,848	% 126.4 55.3	22,144 13,982	% 58.4 (51.0)	15,664 8,473	% 84.9 (70.6)	15,283 8,754	% 74.6 (69.4)	22,702 (18,373)	% - -

      	Basic earnings per share	Diluted earnings per share
      Three months ended	Yen	Yen
      March 31, 2026	84.44	76.17
      March 31, 2025	48.44	48.44

      Reference:

      Important changes in accounting policies: not applicable Profit before tax

      Three months ended March 31, 2026 ¥ 22,600 million (80.7%)

      Three months ended March 31, 2025 ¥ 12,504 million ((60.0)%)

      * Core operating profit is calculated as operating profit excluding certain gains and expenses attributable to non-recurring factors.

   2. Financial position :

      	Total assets	Total equity	Equity attributable to owners of the parent	Ratio of equity attributable to owners of parent to total assets
      As of				%
      March 31, 2026	2,109,304	737,979	710,022	33.7
      December 31, 2025	2,106,723	727,613	698,852	33.2

   3. Dividends :

      	Annual dividends per share
      	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
      Fiscal year ended December 31, 2025 December 31, 2026	Yen - -	Yen 0.00	Yen -	Yen 65.00	Yen 65.00
      December 31, 2026 (Forecast)		0.00	-	65.00	65.00

2. Forecast of performance for the year ending December 31, 2026

(Percentages indicate year-on-year changes)

	Revenue		Core operating profit		Operating profit		Profit		Profit attributable to owners of the parent		Basic earnings per share
		%		%		%		%		%	Yen
1st half	660,000	2.8	74,000	113.9	57,000	74.8	38,000	90.8	38,000	93.3	209.96
Fiscal year	1,310,000	(2.8)	140,000	28.3	105,000	125.0	79,000	154.4	77,000	165.2	425.45

Reference:

Profit before tax

1st half ¥ 57,000 million (87.4%)

Fiscal year ¥ 103,000 million (128.7%)

* The full-year forecast remains unchanged, while the 1st-half forecast was revised on May 13, 2026.

The above forecast is based on the information available as of the date of this report. Actual results may differ materially due to various factors, including fluctuations in foreign exchange rates and changes in market supply and demand conditions.

[Business Results and Financial Conditions]

1. Analysis of business results

   1. Summary

      In the three-month period ended March 31, 2026 ("2026Q1"), the global economy recovered moderately overall, although concerns remained regarding the impact of the situation in the Middle East. The semiconductor industry experienced steady growth, particularly in advanced applications such as AI. The Japanese economy also showed signs of recovery in personal consumption and corporate capital investment, and recovered moderately overall.

      Revenue for 2026Q1 increased from the same period last year ("2025Q1") in four segments -Semiconductor and Electronic Materials, which continued to perform strongly driven mainly by advanced semiconductor applications, as well as Mobility, Innovation Enabling Materials, and Chemicals- while Crasus Chemical segment recorded a decrease in revenue due to the impact of large-scale periodic shutdown maintenance conducted once every four years. In addition, affected by the impact of the business transfer of FIAMM Energy Technology S.p.A. included in Others (not included in reportable segments), overall revenue decreased to ¥307,892 million.

      Core operating profit decreased in Crasus Chemical segment due to lower revenue, while the four segments including Semiconductor and Electronic Materials recorded increases in profit and reductions in losses, resulting in overall profit of ¥33,616 million.

      Operating profit increased to ¥22,144 million, as the increase in core operating profit more than offset the rise in non-recurring items, including losses associated with the revision of the retirement benefit plan.

      As a result of the increase in operating profit and other factors, quarterly profit attributable to owners of the parent amounted to ¥15,283 million.

      (Unit: millions of yen)

      	2025 1Q Jan.-Mar.	2026 1Q Jan.-Mar.	Increase/ decrease	Increase/ decrease rate
      Revenue	321,122	307,892	(13,230)	(4.1)%
      Core operating profit	14,848	33,616	18,768	126.4%
      Operating profit	13,982	22,144	8,162	58.4%
      Profit attributable to owners of the parent	8,754	15,283	6,529	74.6%

   2. A breakdown of revenue and core operating profit by segment (January 1 - March 31, 2026)

      [Semiconductor and Electronic Materials]

      In this segment, revenue from Front-end Semicondutor Materials increased due to a gradual recovery in memory market conditions. Revenue from Back-end Semiconductor Materials increased, mainly reflecting higher sales volumes for advanced semiconductors used in applications such as AI. In Device Solutions, although demand for data centers in HD media remained firm, revenue was in line with the same period of the previous fiscal year, affected by inventory adjustments in SiC epitaxial wafers.

      As a result, this segment achieved increases in both revenue and core operating profit compared with 2025Q1.

      (Unit: millions of yen)

      	2025 1Q (Jan-Mar)	2026 1Q (Jan-Mar)	Increase/ decrease	Increase/ decrease rate
      Revenue	111,186	134,662	23,476	21.1％
      Core operating profit	19,568	33,997	14,429	73.7％

      [Mobility]

      In this segment, revenue and core operating profit increased compared with 2025Q1, mainly due to the recovery of the automotive market in Thailand and increased demand from certain customers.

      (Unit: millions of yen)

      	2025 1Q (Jan-Mar)	2026 1Q (Jan-Mar)	Increase/ decrease	Increase/ decrease rate
      Revenue	46,868	47,302	434	0.9％
      Core operating profit	1,127	2,923	1,796	159.4％

      [Innovation Enabling Materials]

      While there were differences in performance among products, the segment as a whole performed solidly, leading to higher revenue and core operating profit compared with 2025Q1.

      (Unit: millions of yen)

      	2025 1Q (Jan-Mar)	2026 1Q (Jan-Mar)	Increase/ decrease	Increase/ decrease rate
      Revenue	21,980	22,734	754	3.4％
      Core operating profit	2,140	2,440	300	14.0％

      [Chemicals segment]

      In this segment, Basic Chemicals business recorded a slight increase in both revenue and core operating profit, driven by price revisions in response to rising costs for certain products. Graphite business recorded increased revenue due to a recovery in sales volumes of graphite electrodes, and the core operating loss narrowed as a result of both higher revenue and the realization of structural reform effects.

      As a result, this segment achieved an increase in revenue and a reduction in core operating loss compared with 2025Q1.

      (Unit: millions of yen)

      	2025 1Q (Jan-Mar)	2026 1Q (Jan-Mar)	Increase/ decrease	Increase/ decrease rate
      Revenue	37,699	40,835	3,136	8.3％
      Core operating profit	(6,274)	(1,596)	4,678	-

      [Crasus Chemical segment]

      This segment recorded decreases in both revenue and core operating profit compared with 2025Q1, due to the impact of periodic shutdown maintenance conducted once every four years.

      (Unit: millions of yen)

      	2025 1Q (Jan-Mar)	2026 1Q (Jan-Mar)	Increase/ decrease	Increase/ decrease rate
      Revenue	78,716	51,711	(27,005)	(34.3)％
      Core operating profit	831	(539)	(1,370)	-

2. Financial conditions for the January 1 - March 31, 2026 period (as compared with the conditions at December 31, 2025)

   As of the end of 2026Q1, total assets increased from the end of the previous fiscal year 2025 ("2025"), mainly due to an increase in cash and cash equivalents, despite a decrease in trade receivables.

   Total liabilities decreased from the end of 2025, mainly due to decreases in trade payables and interest-bearing liabilities, despite an increase in accrued expenses.

   Total equity increased from the end of 2025, mainly reflecting an increase in foreign currency translation adjustments included in accumulated other comprehensive income due to the depreciation of the yen.

   (Unit: millions of yen)

   	Dec. 31, 2025	Mar. 31, 2026	Increase/ decrease
   Total Assets	2,106,723	2,109,304	2,581
   Total Liabilities	1,379,110	1,371,325	(7,785)
   Total Equity	727,613	737,979	10,366

3. Performance forecast

Resonac announced today (May 13) the revision of its 1H consolidated earnings forecasts.

For the assumptions of the forecast, please refer to " Resonac Revises Forecast of Consolidated Performance for 1H 2026" announced on May 13, 2026.

(Unit: millions of yen)

	1st half 2026	fiscal year 2026
Revenue	660,000	1,310,000
Core operating profit	74,000	140,000
Operating profit	57,000	105,000
Profit before tax	57,000	103,000
Profit	38,000	79,000
Profit attributable to owners of the parent	38,000	77,000

Consolidated Statement of Financial Position

(Unit: millions of yen)

		December 31,		March 31,
		2025		2026
Assets
Current assets
Cash and cash equivalents		261,971		281,904
Trade receivables		280,230		242,198
Inventories		206,058		216,527
Income taxes receivable		3,504		3,904
Other financial assets		32,051		34,210
Other current assets		33,749		41,008
Subtotal	817,563		819,751
Assets held for sale	35,416		38,094
Total current assets	852,979		857,845
Non-Current assets
Property, plant and equipment	662,921		673,479
Intangible assets	410,716		407,505
Retirement benefit asset	49,446		40,450
Deferred tax assets	13,607		11,123
Investments accounted for using the equity method	71,543		74,663
Other financial assets	22,237		21,411
Other non-current assets	23,274		22,828
Total non-current assets		1,253,744		1,251,459
Total assets		2,106,723		2,109,304

(Unit: millions of yen)

		Deccember 31,		March 31,
		2025		2026
Liabilities
Current liabilities
Trade payables		162,757		150,772
Bonds and borrowings		169,611		171,225
Accrued expenses		41,507		53,403
Income taxes payable		8,693		11,601
Lease liabilities		4,452		4,784
Provisions		1,313		878
Other financial liabilities		51,152		47,783
Other current liabilities		23,962		23,544
Subtotal	463,447		463,990
Liabilities directly associated with assets held for sale	9,589		10,483
Total current liabilities	473,036		474,473
Noncurrent liabilities
Bonds and borrowings	777,010		769,548
Retirement benefit liability	7,296		7,324
Provisions	4,427		4,379
Lease liabilities	18,454		17,747
Other financial liabilities	7,803		8,110
Deferred tax liabilities	70,473		67,287
Other non-current liabilities	20,611		22,457
Total non-current liabilities	906,074		896,852
Total liabilities	1,379,110		1,371,325
Equity
Share capital	182,146		182,146
Capital surplus	108,681		109,038
Treasury shares	(12,409)		(12,408)
Retained earnings	343,574		346,989
Accumulated other comprehensive income	76,860		84,257
Total equity attributable to owners of the parent	698,852		710,022
Non-controlling interests	28,761		27,957
Total equity		727,613		737,979
Total liabilities and equity		2,106,723		2,109,304

Consolidated Statement of Profit or Loss

(Unit: millions of yen)

	Results for the first quarter (Jan.1-Mar.31)
		2025		2026
Revenue		321,122		307,892
Cost of sales		(247,032)		(215,724)
Gross profit	74,090		92,168
Selling, general and administrative expenses	(59,330)		(58,750)
Other income	6,993		1,895
Other expenses	(7,771)		(13,169)
Operating profit	13,982		22,144
Financial income	1,555		1,245
Financial costs	(6,077)		(3,643)
Share of profit of investments accounted for using the equity method	3,044		2,854
Profit before tax	12,504		22,600
Income tax expense	(4,031)		(6,936)
Profit	8,473		15,664
Profit attributable to
Owners of the parent		8,754		15,283
Non-controlling interests		(281)		381
Earnings per share
Basic earnings per share (Yen)		48.44		84.44
Diluted earnings per share (Yen)		48.44		76.17

Consolidated Statement of Comprehensive Income

(Unit: millions of yen)

	Results for the first quarter (Jan.1-Mar.31)
		2025		2026
Profit Other comprehensive income Items that will not be reclassified to profit or loss Net changes in fair value of financial assets measured at fair value through other comprehensive income Remeasurements of defined benefit plans Share of other comprehensive income of investments accounted for using the equity method Total Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations Net changes in fair value of cash flow hedges Share of other comprehensive income of investments accounted for using the equity method Total Total other comprehensive income Comprehensive income Comprehensive income attributable to Owners of the parent Non-controlling interests		8,473		15,664
		140		74
		(8)		(52)
		171		1
	303		23
	(26,516)		6,520
	272		143
	(905)		352
	(27,149)		7,015
	(26,846)		7,038
	(18,373)		22,702
		(17,100)		22,603
		(1,273)		99

(Reference)

SEGMENT INFORMATION

	Reportable Segments						Others	Adjustments	Total
	Semiconductor and Electronic Materials	Mobility	Innovation Enabling Materials	Chemicals	Crasus Chemical	Total
Revenue
Revenue from external customers	111,186	46,868	21,980	37,699	78,716	296,449	24,673	-	321,122
Intersegment revenue	1,157	83	2,888	1,815	824	6,767	1,793	(8,560)	-
Total	112,343	46,951	24,868	39,514	79,540	303,216	26,466	(8,560)	321,122
Segment profit (loss) (Core operating profit)	19,568	1,127	2,140	(6,274)	831	17,392	1,056	(3,600)	14,848

Three months ended March 31, 2025

	Reportable Segments						Others	Adjustments	Total
	Semiconductor and Electronic Materials	Mobility	Innovation Enabling Materials	Chemicals	Crasus Chemical	Total
Revenue
Revenue from external customers	134,662	47,302	22,734	40,835	51,711	297,244	10,648	-	307,892
Intersegment revenue	1,331	188	3,318	2,778	493	8,108	1,954	(10,062)	-
Total	135,993	47,490	26,052	43,613	52,204	305,352	12,602	(10,062)	307,892
Segment profit (loss) (Core operating profit)	33,997	2,923	2,440	(1,596)	(539)	37,225	1,740	(5,349)	33,616

Three months ended March 31, 2026

Adjustments from segment profit to profit before tax are as follows:

(Unit: millions of yen)

(Unit: millions of yen)

(Unit: millions of yen)

	Results for the first quarter (Jan.1-Mar.31)
		2025		2026
Segment profit (Core operating profit)		14,848		33,616
Impairment losses	(88)		(198)
Other income	6,993		1,895
Other expenses	(7,771)		(13,169)
Operating profit	13,982		22,144
Financial income	1,555		1,245
Financial costs	(6,077)		(3,643)
Share of profit of investments accounted for using the equity method	3,044		2,854
Profit before tax		12,504		22,600