ADEKA Corporation
Cite as: Japan IR Index, ADEKA Corporation (4401), 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.
F6 Multi-year financial data file (Excel or CSV) downloadable in English 0/5 Quick fix
Post the financial figures the company already publishes as an Excel or CSV file with English labels.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 2/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
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.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 changed under a rule change on 21 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”: 03 Unwinding cross-shareholdings, 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 | 12 of 18 |
| Same size band (¥100–500bn) | 77.1 | 21 of 50 |
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, 28 scored 3 or more and 4 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
Summary of Financial Statements for Q1 of the year ending March 2027, in English, 7 August 2026 - 13 pages with the segment note. No cash flow statement, which the Japanese Q1 tanshin also omits. Source document →
F2English results summary is a full translation, not an excerpt5/5
Read page for page against the Japanese. Q1 FY2026 (Aug 7, 2026): English 12 pages against the Japanese 12, with the summary, qualitative overview, forecast notes, quarterly balance sheet, income and comprehensive income statements and notes including '(Notes on segment information, etc.)' on p.11. FY2025 tanshin (May 14, 2026): English 24 pages against Japanese 22, with the full attachment table of contents: operating results by sub-segment with major contributors, financial position, cash flows, dividend policy, accounting standards, balance sheets, income, comprehensive income, changes in net assets, cash flows, and notes (going concern, changes in presentation, additional information, segment information, per share, subsequent events), plus the non-consolidated summary. The whole tanshin. Source document →
F3Financial statements including notes available in English5/5
The latest period (Q1 FY2026, English tanshin of 7 Aug 2026) carries the quarterly consolidated balance sheet, income and comprehensive income statements and notes including segment information; no cash-flow statement, which the Japanese Q1 tanshin also omits. The FY2025 English tanshin carries all four statements with full notes. Full statements and notes for the latest period. Source document →
F4Annual securities report available in English in any form0/5
The English IR Library runs to earnings reports, briefing presentations, the integrated report, shareholders' meeting materials and a sustainability data book. No securities report, and the company reports none to TSE.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Sales and operating profit by segment every period: Chemicals (with sub-segments Polymer Additives, Semiconductor Materials, Environmental Materials), Food Products, Life Science, Others, in both the tanshin qualitative section and the segment note. The FY2025 English segment note states how reportable segments are determined, lists the major products of each, and says segment profit is operating profit; the April 2025 reclassification (Electronic Materials renamed Semiconductor Materials, electronics-related materials moved to Environmental Materials) is stated with the prior year restated. The decks repeat by-segment results and forecasts. Definitions stated and held constant. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
No spreadsheet. The English 'Consolidated Financial Information' page (/en/ir/finence/) embeds Stockweather data2web iframes (Full year PL/BS/CF, Quarter, overseas sales, sales by segment) showing five years as HTML tables and charts; rendered, the frames have no CSV/Excel download. The English IR library, earnings-report and presentation pages link only PDFs and a zip of the latest PDFs (260918_ADEKA-IRe.zip). The supplemental materials are 4-page PDFs.
F7Guidance disclosed in English with the basis explained5/5
The FY2025 English tanshin gives the FY2026 forecast (net sales 453.0bn, OP 46.8bn, ordinary 46.6bn, net 28.8bn yen) with a market view (moderate global growth, AI/data-centre driven semiconductor expansion, Middle East and raw-material risk, stated as not factored in), FX assumptions and sensitivities (USD 153, EUR 178; about -0.11bn / -0.06bn OP per yen), and an outlook by segment with drivers. The English 'Notice Regarding Revisions to Earnings Forecasts and Dividend Forecasts' (7 Aug 2026) raises H1 and full-year figures (FY to 462.0bn / OP 50.0bn) and explains why (strong semiconductor, automotive, consumer electronics and infrastructure demand in Chemicals). The Q1 deck has forecasts by segment and revision bridges. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English Q1 results for the year ending March 2027 published 7 August 2026, the same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
Mid-term plan ADX 2026 (FY2024-FY2026, the current and final year) in English: the 'Mid-Term Management Plan ADX 2026' deck is 42 pages, as is the Japanese one, with FY2026 targets: OP 53bn yen on sales 500bn, ROE 11.0%, ROIC 10.5%, eco-friendly product sales 115bn, GHG 199kt, women managers 6%+, capex 75bn over three years, payout 40%+, plus sales and OP targets by segment and sub-segment and FX assumptions (138/$, 149/EUR). The targets were in English on the announcement day (notice of 1 Apr 2024); the English deck's PDF dates (created 14 Jun 2024) are about two weeks after the Japanese (29 May 2024). The English strategy page restates the targets, and the FY2025 deck reports progress against them. Source document →
S2IR presentations published in English5/5
Briefing materials in English for every period, with the supplemental materials, and an English briefing archive back to FY2023. The Japanese side publishes no transcript or Q&A (video and decks only). The English decks arrive 3-4 weeks after the Japanese (Q1 FY2026 18 Sep against 25 Aug; FY2025 23 Jun against 27 May), which R1 scores; the supplements are same-day. (Reason corrected 14 Oct 2026; an earlier version said everything was same-day.) Source document →
S3English equity-story or investment-highlights page5/5
A dedicated English 'Learn about ADEKA IN 3 MINUTES' page in the IR menu (/en/ir/stock/glance/), an at-a-glance for investors with quantified strengths: sales 416.5bn yen and OP 41.6bn (10.0%) for FY2025, overseas sales ratio 54.4%, over 50% global share in high-k materials for leading-edge memory, 100% adoption of its lubricant additive in domestic cars, No.2 global share in polymer additives, 20 countries, and the ADX 2026 targets. Source document →
S4Growth drivers identified and quantified in English5/5
Named drivers with numbers. The ADX 2026 deck sets FY2026 sales and OP targets by sub-segment against FY2023 (e.g. Electronics and IT materials 390 to 626 (100m yen), OP 97 to 153), names the semiconductor programmes (high-k ALD materials for DRAM, logic wiring materials, photoacid generators for advanced resists) with capex (about 12bn plus a ~10bn new Kuki research building) and new plants (Taiwan ALD, Chiba PAG, Fuji high-purity hydrogen peroxide). The integrated report's 'ADEKA in figures' and the glance page give market shares (high-k >50% global). The FY2025 deck tracks FY2024/FY2025 results against the FY2026 target. Source document →
S5Results-briefing transcripts or Q&A published in English0/5
No transcript or Q&A in English: the English 'Materials on Briefing Session' page carries, for each briefing, the video (svss.tv) and the deck, tanshin, supplement and notices as chapter PDFs. The Japanese side publishes none either: its 説明会資料 page has the same video archive and decks, business-briefing decks with YouTube videos, and retail-investor seminar decks (Logmi Sep 2025, Nomura IR Jan 2026, Nikkei CNBC Aug 2025), with no 質疑応答 or transcript anywhere on the page or in the IR news.
S6Integrated or annual report available in English4/5
ADEKA Report 2025 in English, 16.4MB, with a Sustainability Data Book alongside - but it states 'Period Covered by This Report: Fiscal 2024 (April 1, 2024 to March 31, 2025)'. One edition behind as at 1 October 2026. Source document →
S7Progress against the previous plan, including misses, explained in English4/5
The ADX 2026 deck opens with 'Review of the previous Mid-Term Management Plan ADX 2023': a table of each target, original (Apr 2021) and revised (Aug 2022), against the FY2023 actual with a verdict: OP 35bn (revised 42bn) vs 35.4bn 'Unachieved', ROE 9% vs 8.4% 'Unachieved', capex 50bn vs 55.7bn 'Achievement', payout 30%+ vs 40.0% 'Achievement'; strategic and eco-friendly product sales plan vs result (1,531/1,522; 444/521). The explanation is thin: a chart annotated with external events (COVID, Ukraine, inflation, inventory build-up) and a line on new products falling short, not a reasoned variance analysis per target. Reconciliation present, explanation partial. Source document →
G1Corporate governance report available in English5/5
The Corporate Governance Report filed with TSE, in English, 39 pages, last updated 10 July 2026 - the most recent in this batch - with the company's Corporate Governance Guidelines alongside. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English 164th AGM notice (June 2026) gives the seven Proposal 2 candidates with dated career histories (so tenure as director is readable), nomination reasons describing expertise, board attendance, shareholdings, and for the three external candidates 'Years of service' (8, 5, 2 years) and TSE independent registration plus the company's independence criteria. The Audit and Supervisory Committee directors were not up for election this year; the business report lists them with positions and a note on expertise (e.g. Yukiko Fujikawa's accounting background), not full biographies. Re-checked 21 Oct 2026 under v1.1.1: an AGM candidate list covers the board when every sitting director is a candidate or is profiled elsewhere in English on the company's site. The Audit and Supervisory Committee directors are profiled as candidates in the English notice of the 163rd AGM (2025), still on the site. Every director covered, so 5. Source document →
G3Board skills matrix published in English5/5
'(Reference) Skills Matrix of Directors' in the English 164th AGM notice (p.15-16), for the board as composed after the June 2026 meeting, against eight areas (corporate management, sustainability, global, financial strategy and accounting, HR development, research/production/technology incl. IT and DX, sales and marketing, governance and risk), with external/independent marked and the reason for and requirements of each skill item. Current. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English AGM notice's business report (pp.37-39) sets out the structure (monthly fixed basic compensation by rank and years in office; annual director bonus; restricted stock with a 3-year+ transfer restriction), the bonus KPIs (consolidated net sales, OP and profit, plus MTP sustainability indicators: eco-friendly product sales and GHG emissions), the target pay mix by rank (President 51% basic / 19% bonus / 30% RS), the process via the Nomination and Remuneration Committee, and total amounts paid (directors 308m yen: 174 basic, 70 bonus, 63 stock). No weights for the bonus KPIs, which are 'comprehensively considered'. Structure, KPIs and amounts, KPI weights missing. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 164th AGM in English, 95 pages with every proposal's reference documents, sixteen candidate profiles and the business report in full - but the English was posted on 3 June 2026 (PDF created 2 June) for a meeting on 19 June, 16 days ahead, against electronic provision of the Japanese from 22 May. About two weeks: 4 (was 5, which counted from the Japanese date; re-checked 14 Oct 2026). Source document →
G6Shareholder vote results disclosed in English0/5
The English shareholders' meeting materials page carries one document for the 164th term - the convocation notice - and a back-number link. No resolution notice and no voting results in English.
G7Cross-shareholdings in English with reduction schedule and rationale3/5
The English Corporate Governance Report (10 Jul 2026), Principle 1.4: holding rationale, annual board verification against stock price, dividends and results, and the year's sales (13 stocks sold, holdings down 9 stocks / 1,763m yen). ADEKA Report 2025 (English, p.15) adds that eight stocks were sold in FY2024 leaving 89 stocks, with a table of amounts held and 32 stocks / 3.48bn sold since FY2014 (a 16% decrease). No reduction target or schedule, only 'reduce ... as appropriate'. Policy and numbers, no target. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
'IR' is in the English homepage's global navigation bar (www.adeka.co.jp/en/); clicking it lands on /en/ir/ (checked in the browser). One click. Source document →
O2English document links resolve to English documents5/5
Sampled 25 English document links, all opened as English: tanshin 260807ke_e, 260514ke_e, 210811ke_e; supplements 260807sup_e, 230512sup_e; forecast notices 260807pe_e (library and news paths); decks 165_1Qe, 164_4Qe, 164_3Qe, 160_1Qe; ADX 2026 deck and notice 240530_ADX2026e, 240401mtmp_e; ADX 2023 deck MTMP_ADX2023; MTMP revision 220810mtmp_e; semiconductor briefing 260225_semiconductor_e; AGM notices 164e, 161e and the 2024 correction 240606correct_e; CG report 260710cgre; CG guidelines cgge; ADEKA Report 2025; Sustainability Data Books 2025 and 2023; CSR report 2022. No Japanese document behind an English link. Source document →
O3English IR archive free of dead links5/5
All 25 sampled links (listed under O2, 2021-2026 across tanshin, supplements, decks, MTPs, AGM notices, governance and integrated/CSR reports) resolved and opened; no dead links. (The IR menu's 'Sustainability Data Book' link points to the 2023 edition rather than 2025, which is stale, not dead.) Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered the English IR top (screenshot: carousel, real-time stock quote populated, latest materials, IR schedule, briefing video viewer), IR Library, Summary of Financial Statements and back number, Materials on Briefing Session and back number, Integrated Report, Shareholders' meeting materials, Business Strategy, Learn about ADEKA in 3 minutes, Consolidated Financial Information (Stockweather iframes with data), Stock Information, Stock Chart (screenshot: chart drawn), Message, Disclosure Policy. Every page rendered its content. Source document →
O5Single page listing all English IR documents by date and type3/5
No single library listing. The 'IR Library' page is a hub of tiles leading to separate pages by type: Earnings Reports (tanshin, supplements, notices by fiscal year and quarter, with a back-number page), Business Results Presentations (video viewer plus back number), Integrated Report (with back number), Shareholders' meeting materials (with back number), and the CG report and guidelines as direct PDFs. Each is organised by period. Split across several pages by type. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
English tanshin and supplements from Q1 FY2021 (Aug 2021) to Q1 FY2026; results decks back to FY2018 (160_1Qe onward); business briefings from 2021; MTP decks ADX 2023 and ADX 2026; AGM notices from the 161st (2023); integrated/CSR reports and data books back to 2009. Several years across document types. Source document →
O7Named English IR contact published2/5
Named in the results summary - Nagatoshi Kikuchi - but the English CONTACT page offers Product, R&D and Corporate inquiry types only. There is no IR route, and the name reaches an English reader solely through the PDF. Source document →
R1Earnings materials published in English simultaneously with Japanese4/5
Tanshin same day: Q1 FY2026 JA and EN both 7 Aug 2026 (both news lists; PDFs created 7 Aug); FY2025 JA and EN both 14 May 2026. Decks later: Q1 FY2026 JA posted 25 Aug, EN 18 Sep (EN PDF created 15 Sep); FY2025 JA 27 May, EN 23 Jun (JA PDF 8 Jun, EN 17 Jun); Q3 FY2025 JA 25 Feb, EN 23 Mar. Tanshin same day, deck 3-4 weeks later. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Q1 FY2026 tanshin JA 7 Aug / EN 7 Aug = 0. FY2025 tanshin JA 14 May / EN 14 May = 0. AGM notice JA 22 May (posted, electronic provision start) / EN 3 Jun (English news; PDF created 2 Jun) = 12. CG report JA 10 Jul / EN 10 Jul (both news lists) = 0. Annual securities report JA 15 Jun 2026, no English = >90. Sorted 0, 0, 0, 12, >90: median 0 days. Source document →
R3Timely disclosures published in English5/5
Japanese IR news, 14 Oct 2025 to 14 Oct 2026, timely-disclosure items: Q2 results 11 Nov; Nihon Nohyaku litigation settlement 5 Jan; Q3 results and forecast revision 10 Feb; FY results, dividend increase and change of representative director/officers 14 May; buyback progress and completion 3 Jun; scheduled cancellation date 12 Jun; RS disposal 19 Jun; CG report 10 Jul; RS payment completion 17 Jul; Q1 results and forecast/dividend revision 7 Aug. Every one appears in the English What's New list (IR Info) on the same day. Only the statutory items (yuho, extraordinary report on voting, resolution notice) are Japanese-only, and these are not timely disclosures. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered the English homepage, IR top, IR library pages, Disclosure Policy, Message, Stock Chart and the Website Terms of Use (/en/guide.html): no machine- or AI-translation notice or banner anywhere. The tanshin and notices carry only the human-translation precedence line ('translated from the Japanese original for reference purposes only ... the original shall prevail'), which belongs to R5. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
'This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy ... the original shall prevail.' 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 →
Semiconductor-materials growth and capital-efficiency plan
Strategy or target reset · In progress · Plan announced 30 May 2024
ADEKA set FY2026 profit, ROE and ROIC targets and a ¥75bn investment program, with electronics and IT materials as a priority.
Timeline and sources (1 step)
- 30 May 2024Plan announced ADEKA set FY2026 profit, ROE and ROIC targets and a ¥75bn investment program, with electronics and IT materials as a priority. ADEKA VISION 2030 / Mid-Term Management Plan ADX 2026
What management said it would do
Management targets ¥53bn operating profit, 11% ROE and 10.5% ROIC by FY2026.
From the company’s own disclosure · ADEKA VISION 2030 / Mid-Term Management Plan ADX 2026
What it actually did, and when
The ¥75bn program is being executed; project-by-project spend and realized returns remain to be reconciled.
Partly disclosed — a gap remains · ADEKA VISION 2030 / Mid-Term Management Plan ADX 2026 · Materials on Briefing Session
What it disclosed about the economics
The plan links electronics and IT materials growth to ROE, ROIC and portfolio restructuring.
Partly disclosed — a gap remains · ADEKA VISION 2030 / Mid-Term Management Plan ADX 2026 · Materials on Briefing Session
What has happened since
The FY2026 result is not due.
Partly disclosed — a gap remains · ADEKA VISION 2030 / Mid-Term Management Plan ADX 2026
The question this leaves open
Investor question: Which semiconductor-material projects create the ROIC step-up? IR preparation: disclose spend, ramps, margins and returns by major program.
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
ADEKA plans ¥75bn of three-year capital investment while enlarging electronics and IT materials and restructuring underperforming businesses.
Capital structure
The plan combines an at-least-40% payout ratio with growth investment, but the selected sources do not provide a complete leverage and liquidity range.
Governance of capital decisions
Management publishes both ROE and ROIC targets and identifies portfolio restructuring and capital efficiency as plan priorities.
Preliminary and not scored: a selected-source reading, reviewed 29 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
- Rule change 21 October 2026 · G2: 4 → 5. Under v1.1.1, an AGM candidate list covers the board when every sitting director is a candidate or is profiled elsewhere in English. The Audit and Supervisory Committee directors are profiled in last year's English AGM notice.
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.