Every segment improves
Mitsubishi Chemical Group Corporation (TSE: 4188) reported consolidated results under IFRS for the first half of FY3/2027, April 1 to September 30, 2026, on November 5, 2026, under a revised segment structure. Specialty Materials lifted core operating profit 77.2% to ¥70,359 million on higher prices, stronger demand for engineering plastics used in semiconductor equipment and higher sales of carbon-fibre composite parts, much of them for robotaxis. Industrial Gases rose 15.7% to ¥107,675 million on pricing, cost cuts and acquisitions in Australia and New Zealand. MMA & Derivatives rose to ¥8,986 million on firmer MMA monomer prices despite lower volumes linked to the Middle East situation, and Basic Materials swung to ¥14,130 million from a loss of ¥8,550 million as inventory valuation improved.
Operating profit more than doubled to ¥199,677 million and profit before tax rose 165.4% to ¥182,398 million. Profit from continuing operations rose to ¥137,025 million from ¥47,635 million, but the prior-year half had also included ¥94,891 million of profit from discontinued operations, mainly the former Mitsubishi Tanabe Pharma, now Tanabe Pharma, so net profit attributable to owners fell to ¥90,173 million. Total assets eased 1.3% to ¥5,802,105 million as debt was repaid and the yen strengthened.
Full-year forecast raised
The group now expects FY3/2027 revenue of ¥4,060,000 million (+9.6%), core operating profit of ¥340,000 million (+51.1%), operating profit of ¥328,000 million and net profit attributable to owners of ¥145,000 million, up from ¥3,800,000 million, ¥305,000 million, ¥300,000 million and ¥127,000 million in its May forecast. The first half delivered 59.7% of the new core operating profit target. The dividend forecast is unchanged at ¥32 a year (¥16 interim, ¥16 year-end).
| Metric | H1 FY3/2027 | H1 FY3/2026 | Change |
|---|---|---|---|
| Revenue (¥ million) | 2,037,094 | 1,799,124 | +13.2% |
| Core operating profit (¥ million) | 202,848 | 126,110 | +60.9% |
| Operating profit (¥ million) | 199,677 | 86,489 | +130.9% |
| Pre-tax profit (¥ million) | 182,398 | 68,735 | +165.4% |
| Net profit attrib. to owners of parent (¥ million) | 90,173 | 110,132 | -18.1% |
| Comprehensive income (¥ million) | 117,199 | 194,584 | -39.8% |
| EPS (¥) | 66.37 | 79.66 | -16.7% |
| Specialty Materials — core operating profit (¥ million) | 70,359 | 39,698 | +77.2% |
| MMA & Derivatives — core operating profit (¥ million) | 8,986 | 3,689 | +143.6% |
| Basic Materials — core operating profit (¥ million) | 14,130 | -8,550 | loss to profit |
| Industrial Gases — core operating profit (¥ million) | 107,675 | 93,037 | +15.7% |
| Total assets (¥ million) | 5,802,105 | 5,876,609 | -1.3% |
| Equity attrib. to owners of parent (¥ million) | 1,819,737 | 1,761,675 | +3.3% |
| Equity ratio | 31.4% | 30.0% | +1.4 pt |
| FY3/2027 guidance — revenue (¥ million) | 4,060,000 | — | +9.6% |
| FY3/2027 guidance — core operating profit (¥ million) | 340,000 | — | +51.1% |
| FY3/2027 guidance — operating profit (¥ million) | 328,000 | — | +990.5% |
| FY3/2027 guidance — net profit (¥ million) | 145,000 | — | n.m. |
| Annual dividend per share (¥) | 32.00 | 32.00 | unchanged |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.