AGC Inc.
Cite as: Japan IR Index, AGC Inc. (5201), methodology GNT-BDS v1.1.1, reviewed 2026-10-06.
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.
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.
O1 English IR section reachable within two clicks of the English homepage 4/5 Quick fix
Put a visible Investor Relations link on the English homepage that goes straight to the English IR top.
O4 English IR pages render without blank JavaScript failures 4/5 Quick fix
Fix or replace the English page elements that load empty (lists, widgets, embedded frames).
O7 Named English IR contact published 4/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
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) and 1 changed under a rule change between 21 Oct 2026 and 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Glass & Ceramics Products) | 76.5 | 1 of 5 |
| Same size band (¥500bn–2tn) | 84.2 | 2 of 43 |
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, 33 scored 3 or more and 0 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
Consolidated Financial Results for the six months ended 30 Jun 2026 [IFRS], 4 Aug 2026, with the segment note and the condensed interim cash-flow statement both present. Source document →
F2English results summary is a full translation, not an excerpt5/5
We read the 2Q FY2026 tanshin (4 Aug 2026) in both languages. The English has 16 pages and the Japanese 14, and they have the same table of contents item for item: 1 Overview of Operating Results (both a one-page pointer to the results deck); 2 condensed interim statements of financial position, profit or loss, comprehensive income, changes in equity and cash flows; and notes on going concern, accounting-policy changes, material accounting policies, estimates, segment information, other income and expenses, and subsequent events. The summary cover pages match figure for figure, including the forecast and dividends. The Q1 FY2026 English tanshin (12 May, 19 pp, against 16 pp in Japanese) also includes an English translation of the auditor's interim review report. The whole tanshin is translated, so 5. Source document →
F3Financial statements including notes available in English5/5
The latest period is covered. The English 2Q FY2026 tanshin has all five condensed IFRS statements: financial position, P&L, comprehensive income, changes in equity and cash flows. Its notes cover accounting policies and estimates, segment information with reconciliation, other income and expenses (with the impairment narrative), and subsequent events. For the year end, the English Financial Review 2025 (97 pp) carries the full statements, the notes and the Independent Auditor's Report. Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form4/5
No English securities report (the EIR "yuho" entries are the Japanese EDINET originals). But "Financial Review 2025," for the year ended 31 Dec 2025, is a 523,936-character English document with MD&A, full IFRS financial statements, notes and the Independent Auditor's Report - the numbers and the opinion on them, under a different name, with the remaining statutory narrative (company/business overview, governance) published separately in English elsewhere on the site (the Integrated Report, the Corporate Governance Report). An English reader is not forced into the Japanese filing for substance. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
There are five reportable segments: Architectural Glass, Automotive, Electronics, Chemicals and Life Science, plus Ceramics/Others. The English segment note in every tanshin defines them: how the six in-house companies aggregate into five segments, why the two Architectural Glass companies are combined, and the main products of each. It then gives external sales, inter-segment sales and segment profit (operating profit) for each, reconciled to the P&L, for both the current and prior period. The deck adds sub-segment figures (Display and Electronic Materials, Integrated Chemicals and Essential Chemicals - SEA). The Financial Data Book restates segment history and footnotes the FY2022/FY2023 re-segmentation. Sales and profit every period, with definitions stated, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
The English Financial Highlights page offers a 'Financial Data Book' with 'the detailed AGC Group financial data of the past 10 years' in both PDF and 'Excel format (XLS 205KB)' (data_all.xlsx). The xlsx link starts a download in the browser. The PDF version of the same book (17 pp, created 3 Aug 2026, bilingual English/Japanese) covers FY2014-FY2025 in full-year IFRS form: statement of financial position, P&L, cash flows, per-share data including dividends, and business-segment information with notes on re-segmentation. It also has quarterly data. Twelve years of all three statements, per-share data and segments in a spreadsheet, so 5. Source document →
F7Guidance disclosed in English with the basis explained5/5
The English tanshin gives the FY2026 full-year forecast: sales ¥2,200bn, OP ¥150bn, PBT ¥124bn, net profit to owners ¥77bn, EPS ¥363.12. The English 2Q deck (54 pp, the same as the Japanese) explains the basis. It gives FX assumptions (USD ¥155.0, EUR ¥180.0) and a Dubai crude assumption, revised from US$70 to US$100/bbl with the reason given. It has an 'Outlook Breakdown by Segment' for sales and OP, by-segment outlook pages and an 'Assumptions for Major Economies and Markets in 2026' table (e.g. European economy stagnant, hurting Architectural Glass and Automotive). It also gives the strategic-business outlook and capex, depreciation and R&D plans. Forecast revisions get their own English notice, e.g. 'Notice regarding Revision to Full Year Consolidated Financial Forecasts', 1 Aug 2025, posted the same day as the Japanese. FX, market view and segment forecasts are all given and revisions are explained, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
Current half-year period, published 4 Aug 2026, same day as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan is AGC plus-2026 (FY2024-2026). The English 'New Medium-term Management Plan AGC plus-2026' deck (8 Feb 2024, 43 pp) sets out the targets: operating profit ¥180bn by 2026, Group-wide ROCE of 10% or more, ROE of 8% or more at an early stage, D/E, strategic-business OP, EBITDA, capex, R&D and sustainability KPIs, plus the capital allocation and DOE of about 3%. The English Medium-Term Management Plan page restates them. Both updates are in English on the same dates as the Japanese: 'Progress of the Medium-term Management Plan AGC plus-2026 ...' (7 Feb 2025) and 'Toward Profitability Improvement' (6 Feb 2026). The English and Japanese MTP library lists match one for one. Complete and current, so 5. Source document →
S2IR presentations published in English5/5
A full results presentation deck every period, with separate transcript and Q&A documents also published in English. Source document →
S3English equity-story or investment-highlights page4/5
The English IR library has an investor 'Company Overview' (Aug 2026, 70 pp) and an 'AGC Data Book' (Oct 2026, 91 pp). The Company Overview has a 'Products with Top Market Share' page: No.1 worldwide in Fluon ETFE fluorinated resins, No.2 worldwide in EUV photomask blanks and in TFT-LCD/OLED glass substrates, top share worldwide in automotive glass and car-mounted cover glass, top share in float glass in Europe and Japan, No.1 in caustic soda/PVC in Southeast Asia, and No.1 worldwide in ex vivo gene therapy CDMO. It also has pages on AGC's technological strengths and the sales/OP structure. Integrated Report 2026 opens with 'The AGC Group's Two Strengths'. This is investor-facing and specific, with rankings attached. But there is no 'why invest' or 'investment highlights' page that frames the case for an investor; the strengths sit inside a general corporate overview deck. Dedicated investor material, partly quantified, so 4 (the floor). Source document →
S4Growth drivers identified and quantified in English5/5
The English 2Q FY2026 deck and the June 2026 Semiconductor-Related Business Briefing (deck and transcript, both in English) name the growth drivers and put numbers on them. Examples: semiconductor-related materials (EUV mask blanks, fluoropolymers for semiconductors) with market growth of about 10% a year for 2025-2030 and a goal to 'double our 2025 revenues by 2030'; display demand from the Omdia Long-Term Demand Forecast; a target to return Life Science CDMO to profit in 2027; strategic-business sales and OP outlook; and Group ROCE of 10% (about ROE 8%). Named drivers with market size, growth and targets attached, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English5/5
For every results briefing, the Japanese Presentations page offers '主な質疑応答' (main Q&A) and an audio stream; it has no transcript. The English page offers a Q&A ('Minutes of Briefings', e.g. 2Q FY2026, 5 pp, against 4 pp in Japanese) and a full Transcript (2Q FY2026, 33 pp; 1Q, 21 pp) for every period: 1Q-4Q FY2025 and 1Q-2Q FY2026. The English and Japanese Q&A PDFs were created on the same days (2Q: 7 Aug 2026 both; 1Q: 15 May 2026 both). Business briefings follow the same pattern: semiconductor (Jun 2026), ESG 2025 and 2024, and IR Day 2024 all have English transcripts. English matches or exceeds the Japanese for every briefing and arrives at the same time, so 5. Source document →
S6Integrated or annual report available in English5/5
AGC Integrated Report 2026, explicitly "For the Year Ended December 31, 2025" - the current completed fiscal year as at Oct 2026. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The English AGC plus-2026 deck (8 Feb 2024) has a 'Recap of AGC plus-2023' section, pp. 9-12. It sets the previous plan's FY2023 targets (as announced in Feb 2021 and Feb 2022) against FY2021, 2022 and 2023 actuals. OP target ¥230bn/¥160bn against ¥128.8bn in FY2023. ROE target 10%/8% against 4.6%. Strategic-business OP target ¥80bn/¥70bn against ¥38.2bn. D/E target 0.5 or less against 0.42. The variances are explained: impairment losses held ROE back, Display profitability was weak, the U.S. biopharma CDMO business underperformed, and core businesses improved through structural reform. A dated target-against-actual reconciliation with explanations, so 5. Source document →
G1Corporate governance report available in English5/5
Corporate Governance Report, English, "Last Update: March 27, 2026" - the same date as the Japanese TDnet filing - current and in the filed report's own structure. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English Notice to Convene the 101st AGM (dated 4 Mar 2026, 54 pp) covers every director. The company moved to an Audit & Supervisory Committee structure at this meeting, so all ten seats were up for election: six directors and four ASC members. Each profile gives a career history, the tenure of office as director or auditor (e.g. Hirai, 12 years), board attendance (14 of 14), shares owned, reasons for nomination and expected expertise. Outside and independent status is marked for each, and an 'Independent officers' section and the independence standards follow. All three elements for the whole board, so 5. Source document →
G3Board skills matrix published in English5/5
The English 101st AGM notice (Mar 2026), p. 27, has a 'Reference: Skill Matrix'. All ten post-AGM directors, including the four ASC members, are mapped against seven skills: global business management, legal and compliance, finance and accounting, environment and social, sales and marketing, manufacturing and R&D, and IT/DX. The notice also explains how each skill is defined and assessed. Current and complete, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English AGM notice (business report, pp. 47-50, and Proposals 5-7) sets out the policy. Structure: fixed monthly pay, a bonus, and stock compensation with performance-linked and fixed components. Bonus KPIs: ROCE against target and improvement in cash flow, paying 0-200%. Stock KPIs with weights: ROE 30%, EBITDA 30%, relative TSR against TOPIX 20%, GHG intensity 10%, employee engagement 10%; achievement is weighted 25/25/50 across the plan years and pays 0-200%. It also gives the pay level process, the Compensation Committee's role, the actual totals paid by category for the year, and the proposed caps (¥750m, with ¥88m for outside directors). Re-checked 21 Oct 2026 under v1.1.1, which needs the weight of each performance measure in every performance-linked element: the bonus pays on ROCE and cash flow with no weights between them (the stock plan is weighted). So 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice to Convene the 101st AGM, 4 Mar 2026 for a 27 Mar 2026 meeting - 23 days' notice - with the full Business Report and Consolidated Financial Statements attached, and the "matters for electronic provision" hosted on the company's own English meeting page, not a Japanese-only URL. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the Japanese notice names the voting website, evote.tr.mufg.jp (Mitsubishi UFJ Trust and Banking), which 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 English5/5
"On Results of Voting Rights Exercised at the 101st AGM": For/Against/Abstain counts and approval ratios for every proposal, including each individual director candidate (e.g. Isao Teshirogi 88.35%) - the top band. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale3/5
The English Corporate Governance Report (Principle 1.4, last update 27 Mar 2026) states the policy. AGC does not hold strategic shares unless they enhance corporate value. The board reviews each holding every year against the cost of capital and reduces those with weakened rationale. It gives the status: nine issues worth ¥18.6bn sold in FY2025, leaving 58 issues worth ¥52.4bn (including one deemed holding of ¥33.5bn). Integrated Report 2026 (p. 83) repeats this with a chart of the balance falling from ¥280.3bn (FY2015) to ¥52.4bn (FY2025). But the only forward commitment is 'we will continue to work toward further reducing the balance': there is no reduction target or schedule. Policy, numbers and a track record without a target, so 3. Source document →
O1English IR section reachable within two clicks of the English homepage4/5
On the English homepage www.agc.com/en/, 'Investors' in the global navigation is a '#' link. Clicking it opens a menu panel; before the click there are no visible links to /en/ir/ on the homepage, and there is no footer IR link. The IR top (/en/ir/index.html) is then the 'Investors' link in that panel. Two clicks, so 4. Source document →
O2English document links resolve to English documents5/5
We sampled 23 English document links across types and years: tanshin 2Q and 1Q FY2026; decks 2Q and 1Q FY2026; Q&A 2Q and 1Q FY2026; transcripts 2Q and 1Q FY2026; the FY2018 deck, Q&A summary and Financial Results Summary; the AGC plus-2026 MTP deck (2024); Financial Review 2025 and 2019; AGM 101st notice, materials and voting results; AGM 98th notice and voting results (2023); CG Report Jul 2025 and Mar 2026; Integrated Report 2026; Company Overview Aug 2026; Data Book Oct 2026; timely disclosures (ASC transition Dec 2025, forecast revision Aug 2025, merger Jul 2025). Every one opened as an English document. The Financial Data Book is bilingual. All English, so 5. Source document →
O3English IR archive free of dead links5/5
Of the same 23 links plus the Financial Data Book PDF and xlsx, every one resolved. The PDFs opened at 1 to 98 pages, dated Feb 2019 to Oct 2026, and the xlsx started a download. No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures4/5
Rendered in Chromium, the IR top, IR News (with year tabs), IR Library and its sub-pages (with year selectors), General Meeting, Analyst Coverage, Calendar, Contact, FAQ, Cautionary Statement and Site Map all render their content. The exception is the 'Chart generator' section on Financial Highlights, an asia.tools.euroland.com iframe. It renders as a large blank area: its integration script is loaded over http and blocked as mixed content, and its Highcharts library is blocked. The Financial Data Book PDF and xlsx above it are fine. One widget fails while the content is there, so 4. Source document →
O5Single page listing all English IR documents by date and type3/5
The 'IR Library' index is a year-tabbed grid (FY2014-FY2026). It shows, by quarter, the Financial Results, Presentation, Q&A, Transcript and Financial Review, but no posting dates. AGM notices, CG reports, the integrated report, MTP decks and business briefings are on separate pages, each dated. IR News is one dated list, but every item is tagged just 'IR', and it leaves out the Q&As, transcripts, Financial Reviews and AGM materials. The library is split across pages by type, each dated, so 3. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is deep across every type. Tanshin, decks and Q&As run from FY2014 (year tabs), with transcripts in recent years. Financial Reviews go back to FY2013, MTP presentations to the AGC plus era (2016-2026), and AGM pages to 2013. IR News runs from 2019 and business briefings from IR Day 2024. Several years across document types, so 5. Source document →
O7Named English IR contact published4/5
A dedicated "Contact Us" page under Investors, linked from the IR site header on every IR page, with an explicit "Inquiry Related to IR" option and an "IR Email" link in the global subnav - dedicated and immediately obvious. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
For the latest two periods, the English and Japanese Presentations pages list the tanshin and deck on the same day. 2Q FY2026: 4 Aug 2026 in both; the English tanshin PDF was created 08:53 on 4 Aug. 1Q FY2026: 12 May 2026 in both. Earlier periods also match on both IR News lists: FY2025 on 6 Feb 2026, 3Q FY2025 on 5 Nov 2025, 2Q FY2025 on 1 Aug 2025. The tanshin and deck are released together in English every period, so 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Lags, English against Japanese. 2Q FY2026 tanshin: 4 Aug / 4 Aug = 0. 1Q FY2026 tanshin: 12 May / 12 May = 0. Corporate Governance Report: 27 Mar / 27 Mar = 0 (English 'Last Update: March 27, 2026', listed on English IR News that day). AGM notice: both dated 4 Mar 2026; the PDFs were created 17 Feb (Japanese) and 25 Feb (English), so about 0 and at most a few days. Annual securities report: Japanese filed 24 Mar 2026. There is no English yuho, so it counts as more than 90 days; the English Financial Review 2025, carrying the statements and audit report, was created 6-10 Apr 2026, about 13-17 days later. Sorted 0, 0, 0, 0-8, >90: the median is 0, so 5. Source document →
R3Timely disclosures published in English5/5
We compared the Japanese IR News (適時開示) for Oct 2025-Oct 2026 with the English IR News. Every timely disclosure has a same-day English counterpart. 5 Nov 2025: change in executive officers and Q3 results. 9 Dec 2025: change in representative directors, board/auditor/officer changes, and the transition to a company with an ASC. 6 Feb 2026: FY2025 results and the articles amendment. 12 May and 4 Aug 2026: results. 24 Sep 2026: change in executive officer assignments. Before the window, the 1 Aug 2025 forecast revision and the 11 Jul 2025 subsidiary merger were also same day. The English list also adds the CG reports. All same day, so 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
We rendered the English homepage, IR top, Financial Highlights, Contact, FAQ, Calendar, Site Map, Stock and Dividend pages, Disclosure Policy, Cautionary Statement and 'About This Site', and searched the visible text. There is no machine- or AI-translation notice and no translation pop-up. The documents we opened (tanshin, decks, Q&A, transcripts) carry none either. The only translation language is the AGM notice's 'TRANSLATION FOR REFERENCE PURPOSES ONLY ... the original Japanese text shall prevail', which is human-translation precedence language and belongs to R5. So 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The AGM notice carries "TRANSLATION FOR REFERENCE PURPOSES ONLY... the original Japanese text shall prevail," but the F1 tanshin, the Financial Review and the Corporate Governance Report carry no translation disclaimer anywhere in the document - the disclaimer appears on some documents, not all. 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 2026-10-06. 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 →
AGC plus-2026 capital allocation and portfolio plan
Strategy or target reset · In progress · Action announced 8 February 2024
AGC targets ¥180bn operating profit and at least 10% ROCE, with a ¥100bn strategic allowance and roughly 3% DOE.
Timeline and sources (2 steps)
- 8 February 2024Plan announced AGC disclosed financial, portfolio and allocation targets through FY2026. Medium-Term Management Plan AGC plus-2026
- 31 December 2025 · announced 31 March 2026Second-year progress reported The integrated reporting cycle documented portfolio and return progress before the final year. AGC Integrated Report 2025
What management said it would do
AGC set FY2026 operating profit of ¥180bn, ROCE of at least 10% and a ¥100bn strategic allowance.
From the company’s own disclosure · Medium-Term Management Plan AGC plus-2026
What it actually did, and when
The plan is in execution, but a full strategic-investment-to-return bridge is not yet available.
Partly disclosed — a gap remains · AGC Integrated Report 2025
What it disclosed about the economics
AGC links the allocation to strategic businesses, portfolio resilience and roughly 3% DOE.
Partly disclosed — a gap remains · Medium-Term Management Plan AGC plus-2026
What has happened since
The FY2026 final outcome is not due.
Partly disclosed — a gap remains · Medium-Term Management Plan AGC plus-2026
The question this leaves open
Investor question: Which projects consumed the strategic allowance and what ROCE did they produce? IR preparation: publish a project-level capital and return bridge.
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
AGC established a ¥100bn strategic allowance while retaining roughly 3% DOE.
Capital structure
The plan balances investment with stable dividends and possible buybacks.
Governance of capital decisions
AGC manages businesses using profitability, asset efficiency, growth potential and carbon efficiency.
Preliminary and not scored: a selected-source reading, reviewed 28 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 (Mitsubishi UFJ Trust and Banking) is in Japanese only.
- Rule change 21 October 2026 · G4: 5 → 4. Under v1.1.1, a 5 needs the weight of each performance measure in every performance-linked element. The bonus pays on ROCE and cash flow with no weights between them; the stock plan is weighted.
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.