DIC raised its forecast for the year to December 2026 on 12 November, lifting expected operating profit to ¥100bn from the ¥78bn it set on 10 August, an increase of 28.2%. The prior year's operating profit was ¥52.2bn, and sales guidance rises to ¥1.18tn from ¥1.14tn.
| Item | 10 Aug forecast | Revised forecast | Change |
|---|---|---|---|
| Sales | ¥1.14tn | ¥1.18tn | +3.5% |
| Operating profit | ¥78bn | ¥100bn | +28.2% |
| Ordinary profit | ¥73bn | ¥98bn | +34.2% |
| Net profit attributable to owners of parent | ¥48bn | ¥58bn | +20.8% |
What DIC says drove the revision
In its notice, DIC said the Functional Products segment benefited from strong AI semiconductor demand, with epoxy resins and industrial tape in the digital field shipping more. Packaging & Graphics, it said, sold more higher-value products such as jet inks and security inks. Some customers had built up print-ink and coating-resin inventory in the first half, in anticipation of a prolonged Middle East situation. DIC said the reversal in the third quarter was milder than it had assumed. It also cited quick price responses to raw-material inflation and tighter cost control.
The chip-materials evidence
Over the nine months to 30 September, sales were ¥895.3bn, up 13.9%, and operating profit was ¥79.5bn, up 96.5%. In local-currency terms operating profit rose 85.9%, and DIC said the weaker yen lifted overseas operating profit when translated. The average dollar rate was ¥158.56, against ¥148.42 a year earlier.
The clearest AI link is Chemitronics, the DIC business inside Functional Products that makes epoxy resins for package and printed-circuit boards, industrial tape, UV-curable resins and photoresist polymers. Its sales rose 24.2% to ¥58.0bn, and operating profit reached ¥12.1bn from ¥5.4bn, a margin of 20.8%. DIC said epoxy shipments rose sharply with AI semiconductor demand, and that industrial tape gained adoption in mobile devices. Epoxy resin sales rose 23% and hollow-fibre membrane modules, used in semiconductor manufacturing, rose 16%. The earnings release names active-ester hardeners for insulation materials among the strong sellers. Functional Products operating profit was ¥31.8bn, up 88.5%.
Inks and pricing
Packaging & Graphics operating profit rose 70.9% to ¥36.4bn, with gains in every region. DIC credited jet and security inks and price revisions. Jet-ink sales rose 11%. Polystyrene sales rose 16% and multilayer film 13%, both on price revisions that reflected higher raw-material costs. DIC said global demand for stable supply let it raise prices faster than in the past, and that raw-material prices eased briefly before staying high.
Where it is weaker
Color & Display is the drag. DIC expects a fourth-quarter loss in the segment for seasonal reasons. Colour-filter pigment shipments slowed in the third quarter after a surge in television replacement demand ahead of the World Cup. The segment's nine-month operating profit of ¥15.8bn includes a ¥5.9bn release of a repair liability booked in earlier years at a German pigment site.
DIC says the forecast rests on information available now and carries risks, including exchange rates, raw-material prices and the possibility of one-off restructuring losses. The annual dividend forecast is unchanged at ¥150 a share, and the deck lists a ¥10bn share buyback.