Resonac Holdings Corporation
Cite as: Japan IR Index, Resonac Holdings Corporation (4004), methodology GNT-BDS v1.1.1, reviewed 2026-10-01.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
O7 Named English IR contact published 0/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O5 Single page listing all English IR documents by date and type 3/5 Quick fix
Keep one English page that lists every IR document with its date and type.
F2 English results summary is a full translation, not an excerpt 3/5 Translation
Translate the whole results summary rather than an excerpt.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 answer corrected after re-checks (research errors) on 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
This company is a case in “Questions shareholders ask at the AGM”: 08 Listed subsidiaries. The shareholder proposals, the company’s answers and the vote results are taken from published documents.
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Chemicals) | 82.8 | 5 of 18 |
| Same size band (Over ¥2tn) | 87.3 | 6 of 10 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 31 scored 3 or more and 3 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English5/5
Second Quarter 2026 Consolidated Financial Results (Summary) under IFRS, in English, 6 August 2026. Every quarter of 2024, 2025 and 2026 to date carries one. Source document →
F2English results summary is a full translation, not an excerpt3/5
Second Quarter 2026 Consolidated Financial Results (Summary) under IFRS, 6 Aug 2026: English 18 pages against the Japanese 2026年12月期 第2四半期（中間期）決算短信 at 19. The English carries the summary pages, the qualitative review (analysis of results, financial position, cash flows, forecast) and all four statements, but its notes stop at the segment tables. The Japanese notes section (pp.13-15) also carries the going-concern note, the segment overview with the sub-segment/main-products table, the measurement basis and the adjustment footnotes, and a full-page significant-subsequent-event note setting out the accounting for the Crasus Chemical spin-off (IFRS 5 / IFRIC 17 treatment). None of that is in English. The FY2025 tanshin (13 Feb 2026) shows the same pattern: English 21 pages against 24, with the impairment-loss, per-share and subsequent-event notes left in Japanese only. Part of the notes exists only in Japanese, so 3. Source document →
F3Financial statements including notes available in English3/5
The English tanshin carry full statements of financial position, profit or loss, comprehensive income, changes in equity and cash flows for 1H 2026, but the only note is the segment table and its reconciliation to profit before tax. The year-end English tanshin (FY2025) is the same: no per-share note, impairment note or subsequent-event note, all of which the Japanese carries. No other current English source supplies notes: the English Financial Report series (with notes) ends at Financial Report 2022, there is no English securities report, and the RESONAC REPORT 2026 financial section is statements only. Statements without notes (the segment figures aside), so 3. Source document →
F4Annual securities report available in English in any form0/5
The English IR library runs to financial results, long-term vision reports, integrated reports and a 'Financial Report (Archive)' - and that archive holds the former Showa Denko annual reports to 2022, not securities reports. No annual securities report in English anywhere on the English site.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Every English tanshin carries revenue and segment profit (core operating profit) for the five reporting segments - Semiconductor and Electronic Materials, Mobility, Innovation Enabling Materials, Chemicals, Crasus Chemical - plus Others and adjustments; the 1H 2026 deck adds year-on-year and quarterly segment breakdowns, EBITDA margins, segment capex and depreciation, and a 'Main Products' page (p.29) defining what sits in each segment and sub-segment. Core operating profit is defined in the English tanshin (operating profit excluding non-recurring items, listed). Past periods are restated when the segments change (the deck shows 2025 on the current segments). Sales and profit by segment every period with definitions stated in English, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
Two spreadsheet routes on the English IR site. 'Consolidated Financial Statements' offers Excel and PDF downloads (irpocket.com/4004/dl_2025/enfy_resonac.xlsx and enquarter_resonac.xlsx) of balance sheet, income statement and cash flow, J-GAAP 2020-2024 and IFRS 2023-2025, annual and quarterly. 'Performance Trends (Tool for financial analysis)' (Euroland) carries up to 11 years of statements of income, balance sheet, cash flow, major indicators, per-share data, key ratios and segment information with an 'Export all the data into an Excel' link. Five years and more of P&L, balance sheet, cash flow and per-share data, with segments, in Excel - 5. The IFRS series itself only runs from 2023; the longer history is J-GAAP. Source document →
F7Guidance disclosed in English with the basis explained5/5
The English 1H 2026 tanshin gives the revised full-year forecast (revenue ¥1,165.0bn, core operating profit ¥196.0bn, profit attributable ¥112.5bn) against the previous one, and the separate English release 'Resonac Revises Consolidated Earnings Forecast for FY2026' (6 Aug) explains it. The deck adds the basis: previous-versus-current forecast bridge with reasons (Crasus Chemical reclassified as discontinued operation, AI-related materials overperforming), segment forecasts for revenue and core operating profit (pp.16-17), financial indicators (p.18) and key variables - ¥/US$ 154.1 and ¥/Euro 179.8 forecast, domestic naphtha price (p.22). Forecast, assumptions, segment numbers and revision explained, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English half-year results for the period to 30 June 2026 published 6 August 2026, the same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
Resonac runs a long-term vision rather than a dated medium-term plan. The current presentation, 'Co-Creative Chemical Company - Reforms toward global top-level functional chemical company' (CEO, 13 Feb 2026), is in English at 31 pages, the same length as the Japanese 長期ビジョン deck, with webcast and Q&A. Its numerical targets: revenue above ¥1tn, EBITDA margin 20%, semiconductor/electronics at 50% or more of revenue, EV/EBITDA 15x, EBITDA ¥200bn, ROIC 10%, Net Debt/EBITDA 3.0x or less, 50%+ of operating cash flow to growth segments; RESONAC REPORT 2026 adds EPS ¥500 and a net D/E of 1.0x or less. Current, quantified, as complete as the Japanese - 5. The targets carry no fixed end year. Source document →
S2IR presentations published in English5/5
For each quarter: presentation materials, a Q&A summary and an archived conference webcast, all in English, running unbroken from 2024 to the latest quarter. Source document →
S3English equity-story or investment-highlights page5/5
RESONAC REPORT 2026 (English) opens with 'At a Glance: What Does Resonac Do?' (pp.5-8): segment revenue, core operating profit and EBITDA margin with prior-year figures, revenue split by segment, 'No. 1 global share in five semiconductor materials', and five named competitive advantages (JOINT3/US-JOINT consortia, back-end evaluation platform, front-to-back material portfolio, AI x computational science, global support system). The site's 'Introductory Guide to the Resonac' page repeats the strengths with figures (28 companies in JOINT3, 12 in US-JOINT, four front-end and eight back-end products). A dedicated at-a-glance section with quantified strengths, so 5 - though it sits in the integrated report and About Us, not on an IR 'why invest' page. Source document →
S4Growth drivers identified and quantified in English5/5
The February 2026 long-term vision deck names the growth drivers and puts numbers on them: AI-related back-end semiconductor materials with a 25-50% CAGR expected, growth ranges by product (+80% or more, +60 to +150%, a 20% CAGR, +15 to +20%), segment revenue and core operating profit with target EBITDA margins (Semiconductor and Electronic Materials 30%, others 15%), semiconductor/electronics rising from 38% to 50%+ of revenue, and 50%+ of operating cash flow going to growth segments. The integrated report's business-strategy chapters repeat these by business. Named drivers with numbers attached, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English5/5
Every results briefing has an English 'Summary of Questions and Answers' alongside the deck and webcast: 1Q and 2Q 2026 and every quarter of 2025, 2024 and 2023 back to 2018 on the Financial Results page. The Japanese side publishes the same document type (説明会Q&A要旨) and no full transcript; its 2Q 2026 Q&A is 1 page (1,708 characters) and the English is 1 page (4,274 characters), both dated 7 Aug 2026. The Japanese full-year video has no English version, but that is a medium, not content. A Q&A for every briefing the Japanese side covers, so 5. Source document →
S6Integrated or annual report available in English5/5
RESONAC REPORT 2026, the current integrated report, in English in an interactive and a full-download edition, with English back numbers to 2018. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The vision deck (13 Feb 2026) opens with '2022 Long-Term Vision: Progress and Current Position': revenue ¥1.3tn against 'exceeding ¥1tn', EBITDA margin 15.1% against 20%, PBR 2.3x against 'exceeding 1x'. RESONAC REPORT 2026's CFO chapter sets each target against the actuals for 2022-2025 and the 2026 forecast - EBITDA margin (with an ex-olefins line), EPS, adjusted EPS, ROIC, net debt, net D/E, Net Debt/EBITDA. It explains the gaps: the petrochemical drag, the expected order of achievement (EBITDA margin, then EPS, then ROIC) and the path to each. A dated target-versus-actual reconciliation with the variances explained, so 5. The plan is the same continuing vision (Phase 1 to Phase 2), not a closed predecessor plan. Source document →
G1Corporate governance report available in English5/5
The Corporate Governance Report dated 27 March 2026 in English, alongside the Corporate Governance Basic Policies amended 5 March 2026. Both current. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English Notice of Convocation of the 117th OGM (26 Mar 2026) gives every one of the nine director candidates - the whole board - a full profile: date of birth, 'Term of office as Director' in years, shares held, board attendance (e.g. 12/12), career history, concurrent posts and the reason for nomination, with Outside/Independent marked against each. The skill matrix repeats tenure in years for all directors and A&SB members. Tenure, expertise and independence for every director, so 5. Source document →
G3Board skills matrix published in English5/5
The English AGM notice (Feb 2026) carries the skill matrix for the board as constituted if Proposals 3 and 4 pass - nine directors and five A&SB members against eight skills (Global Business, Portfolio Management, Sustainability, Risk Management, Finance/Accounting/Capital Markets, Innovation, Personnel Development/Corporate Culture, Legal/Compliance) - with each skill's selection reason. The current matrix in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English5/5
The English Corporate Governance page sets out the structure: base salary, STI, and LTI as PSU (3-year relative TSR, coefficient 0-240%, against 22 domestic chemical/textile peers and US/European sector indices) plus performance-linked RS (sustainability coefficient 85-115%), and RS for outside directors. It gives FY2025 amounts by type: directors ¥1,222m in total, of which basic ¥381m, STI ¥164m, PSU ¥512m and RS ¥144m/¥20m. RESONAC REPORT 2026 adds the STI KPIs and weights: EBITDA 20%, EBITDA margin 30%, ROIC 20%, personal evaluation 30%. It also gives the FY2023 LTI outcome: TSR coefficient 200% on a 301.4% three-year TSR. Structure, KPIs, weights and amounts, so 5. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of Convocation of the 117th OGM, published 5 March 2026 for a meeting on 26 March - 21 days, voting open to 25 March - carrying the matters to be reported and all four proposals, with supplementary materials for Proposal No. 2 translated as well. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, soukai.mizuho-tb.co.jp (Mizuho Trust & Banking), is in Japanese only, with no English option, as for ESPEC (6859) and Nitto Boseki (3110). Every proposal in English, but a Japanese-only voting route, so 4. Source document →
G6Shareholder vote results disclosed in English0/5
The English Shareholders' Meeting page lists convocation notices from the 102nd meeting to the 117th, plus supplementary materials and one notice of correction. No resolution notice and no voting-results report in English for any year.
G7Cross-shareholdings in English with reduction schedule and rationale5/5
RESONAC REPORT 2026's governance chapter: 'In principle, the Group adheres to a policy of not engaging in cross-shareholdings, and steps are currently underway to reduce existing cross-shareholdings'; 'We do not hold any listed shares as of June 30, 2026'. It gives 51 unlisted holdings at ¥1,751m, holdings reduced in FY2025 (12 unlisted, 1 listed, ¥166m proceeds), the one addition and its reason, the annual board review against capital cost, and the voting standard. The company states in English that it holds no listed cross-shareholdings, which the anchor scores 5. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage www.resonac.com (Global-English) has 'For Investors' in its top navigation bar as a visible link to /ir/. One click. Source document →
O2English document links resolve to English documents5/5
Sampled 17 English document links across types; every one is English (no CJK text beyond stray characters): 1H and 1Q 2026 tanshin, 3Q 2025 tanshin, 1Q 2023 tanshin, 3Q 2012 tanshin, 1H and 1Q 2026 decks, 1H and 1Q 2026 Q&A summaries, a 2020 full-year item, Financial Report 2022 (52pp), Annual Report 2018 (50pp), 117th and 115th AGM notices, the Proposal 2 supplementary materials, the Articles of Incorporation (2 Oct 2026), the CG Report (27 Mar 2026, 40pp), RESONAC REPORT 2026 (72pp), the 6 Oct 2026 news release and the JOINT3 IR material. All English, so 5. Source document →
O3English IR archive free of dead links5/5
The same sample of 17 document links (2012 to Oct 2026: tanshin, decks, Q&A, financial/annual reports, AGM notices, articles, CG report, integrated report, news) all opened and rendered with page counts. No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered in Chromium: IR top (live stock quote, news, IR menu), Financial Results, Long-term Vision Reports, Shareholders' Meeting, Consolidated Financial Statements (irpocket tables), Performance Trends (Euroland chart tool), Summary of Financial Data, IR Calendar (Euroland iframe: timeline, next event 11 Nov 2026), Stock Price Chart (iframe quote table), Governance and Integrated Report pages. All rendered their content; the calendar and chart pages are blank in text extraction but render in screenshots. 5. Source document →
O5Single page listing all English IR documents by date and type3/5
No single library. Documents are split by type across several pages, each dated: Financial Results (a period grid of tanshin, deck, Q&A, CEO material and webcast by quarter), Long-term Vision Reports (dated), Integrated Reports, Financial Report (Archive), Shareholders' Meeting (notices by meeting number) and IR Webcasts. The general News list has a 'Management / IR' filter, but it is a news feed, not a document library. Split across pages by type, each dated - 3. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
Deep archive: tanshin and decks by quarter from 2012 (Q&A summaries and webcasts from 2018) through 1H 2026, annual and financial reports from 2017 to 2022, integrated reports back to 2018, AGM notices from the 113th (2022) to the 117th, and vision presentations from 2020. Several years across document types, so 5. Source document →
O7Named English IR contact published0/5
The English Contact Us page has a dedicated Investor Relations enquiry form and a second one for individual investors - a real route - but no person and no department is named, and the English results summary carries no contact header. The question asks for a named contact; there is none.
R1Earnings materials published in English simultaneously with Japanese5/5
The English and Japanese news lists date the results the same day each period: 3Q 2025 tanshin and deck 13 Nov 2025 both; FY2025 13 Feb 2026 both; 1Q 2026 13 May 2026 both; 1H 2026 6 Aug 2026 both. PDF creation dates agree: 1H English tanshin and deck created 6 Aug against Japanese 5-6 Aug; FY2025 English tanshin 13 Feb against Japanese created 12 Feb, modified 13 Feb. Tanshin and deck in English the same day, every period, so 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Lags English vs Japanese: 1H 2026 tanshin 6 Aug / 6 Aug = 0; 1Q 2026 13 May / 13 May = 0 (news-list dates); 117th AGM notice listed 26 Feb 2026 in both news lists = 0; Corporate Governance Report dated 27 Mar 2026 in both, both files in the 2026-04 upload folder (Japanese PDF created 7 Apr, English modified 8 Apr) = about 0-1; annual securities report: no English version = >90. Sorted 0, 0, 0, 0-1, >90 - median 0 days, so 5. Source document →
R3Timely disclosures published in English5/5
Twelve months to 14 Oct 2026: the Japanese news list has 32 '経営・決算' items and the English 'Management / IR' list has 30, all same-day. They match one for one: results and decks each quarter, forecast revisions (13 May, 6 Aug), articles amendment, board candidates, graphite rationalisation, the Crasus Chemical spin-off series (update, resolution, listing approval, distribution ratios, reference price, listing, completion), change in major shareholder, treasury-share disposal, untraceable-shareholder purchase, and convertible-bond conversion price adjustments. Two are missing in English: the 23 Mar 2026 Mizuho transition-loan announcement, and the 12 Mar AGM dispatch reminder, whose notice itself is in English from 26 Feb. Neither is a forecast, dividend, buyback, M&A or management-change disclosure. All timely disclosures, same day - 5. Compared against the company's own Japanese news list, not TDnet. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered English homepage, IR top, Financial Results, Disclaimer, Terms of Use and 'How to use our IR website': no machine- or AI-translation notice anywhere, and no translation banner. The IR disclaimer covers forward-looking statements and TDnet precedence only. 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese3/5
Silent, which is rare. The results summary carries no prevailing-language clause at all, and the AGM notice is headed only 'TRANSLATION' - no statement that the Japanese original governs, and none that the English does. Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-01. Compare this question across companies →
Capital-policy review
Not scored. 1 action has been reviewed; a score out of 100 is published once 3 or more are. The ratings:
Each action is read against the company’s own filings on four checks: was the promise specific, can the steps be traced, were the economics explained, and did it report back against the target. This records the status of selected actions, not an assessment of the company as a whole. How this is scored →
Crasus Chemical partial spin-off and listing
Disposal · In progress · Action announced 13 February 2026
Resonac disclosed a 2026 execution objective, distribution of Crasus shares and a retained stake below 20%; by May it had amended its articles and submitted a TSE listing application.
Timeline and sources (2 steps)
- 13 February 2026Execution structure disclosed Resonac described the planned partial spin-off, shareholder distribution and sub-20% retained stake. 2025 Consolidated Financial Results Presentation
- 1 April 2026 · announced 13 May 2026Listing application submitted The company reported corporate approvals and an April TSE listing application. 2026 First-Quarter Consolidated Financial Results Presentation
What management said it would do
Resonac said it would partially spin off and list Crasus in 2026, distribute Crasus shares and retain less than 20%.
From the company’s own disclosure · 2025 Consolidated Financial Results Presentation
What it actually did, and when
It amended its articles and submitted a TSE listing application in April 2026; final execution remained pending.
Partly disclosed — a gap remains · 2026 First-Quarter Consolidated Financial Results Presentation
What it disclosed about the economics
The stated rationale is portfolio focus and independent competitiveness, but pro forma value and separation costs are not fully disclosed.
Partly disclosed — a gap remains · 2025 Consolidated Financial Results Presentation · Resonac Group Long-Term Vision
What has happened since
Completion was not due as of September 24, 2026.
Partly disclosed — a gap remains · 2026 First-Quarter Consolidated Financial Results Presentation
The question this leaves open
Investor question: What are the pro forma value, cash and leverage effects? IR preparation: disclose closing conditions, separation costs and both companies’ capital policies.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed first-pass capital-efficiency, balance-sheet and governance reading, separate from the accountability score.
Cash use and returns
The Crasus spin-off is designed to separate petrochemicals while shareholders receive Crasus shares and Resonac retains less than 20%.
Capital structure
Resonac intends Crasus to cease being a consolidated subsidiary or equity-method affiliate.
Governance of capital decisions
The issuer disclosed approval, listing and tax-qualification milestones and reported a listing application in April 2026.
Preliminary and not scored: a selected-source reading, reviewed 24 September 2026. Surplus cash, leases, maturities, project ROIC, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Mizuho Trust & Banking) is in Japanese only.
Every change is labelled as a research error, new evidence supplied, improved disclosure or a rule change, with its date and the previous score. Change log →
Scores assess how English information is published, not the quality of the business or its investment value. To report an error or a document we missed, see how to contact us.