確認メモ（原文・英語）Summary of Consolidated Financial Statements for Q1 fiscal 2026 in English, 29 July 2026, the same day as the Japanese, and every quarter is in English. But the English cuts the notes: the segment-information note, the balance-sheet note and the tax-accounting note are in the Japanese only (the segment table survives in the narrative section). A content cut: 3 (was 5; re-checked 14 Oct 2026 against the Japanese page by page, as for TOCALO and RS Technologies).
確認メモ（原文・英語）Q1 FY2026 Summary of Consolidated Financial Statements, 29 Jul 2026: English 18 pages against the Japanese 2027年3月期第1四半期決算短信 at 16. The English has the summary pages, the full qualitative section (business results with a segment sales/operating-profit table and segment commentary, financial position, capital resources, R&D, forecast), the balance sheet, income statement and comprehensive income statement. Its notes are cut. The Japanese notes (pp.11-14) have the quarterly-specific tax accounting note, the balance-sheet note (guarantees, receivables-securitisation repurchase obligation, endorsed notes) and the segment-information note (セグメント情報等, with revenue disaggregation and adjustment notes). None of these three is in the English, which goes from Additional Information straight to the cash-flow and business-combination notes. The full-year FY2025 English tanshin (27pp vs 32pp) likewise leaves out the statement of changes in equity, the balance-sheet note and the per-share note, as well as the Japanese sections on strategy and issues to address, group overview and choice of accounting standards. Part of the notes, the segment note above all, exists only in Japanese, so 3.
確認メモ（原文・英語）For the year to March 2026 the full statements and notes are in English in 'The 162nd Annual Securities Report (Financial Section)' (56pp, 9 Jul 2026). It has the consolidated balance sheet, income, comprehensive income, changes in equity and cash flows, and notes covering significant accounting policies, financial instruments, retirement benefits, segment information, related parties and per-share information. It is AI-translated and has no auditor's report (see F4/R4). The FY2025 English tanshin carries the statements with a segment note. For the latest quarter (Q1 FY2026), the English tanshin has the statements but only some of the notes: no segment note and no balance-sheet note. Full notes at the year end only, so 4.
確認メモ（原文・英語）Published as the 'Financial Section' only, and the contents bear that out: no company overview, no management's analysis, no corporate governance part - and no independent auditor's report. The statements without the opinion on them. Its own disclaimer says it was produced 'using artificial intelligence (AI) or machine translation technology with no or limited human review or editing'.
確認メモ（原文・英語）Every English tanshin gives net sales and operating profit for the five reportable segments (Chemicals, Cement, Electronic & Advanced Materials, Life Science, Eco Business) plus Others and adjustments, with a commentary for each segment. In Q1 FY2026, for example, Electronic & Advanced Materials had sales of ¥22,303m and OP of ¥3,126m. The FY2025 English tanshin's Segment Information note defines the segments and lists each one's main products. The decks add segment sales/OP, margins and full-year segment forecasts. The definitions are stated and consistent across periods; the cement sale (effective 1 Oct 2026) is flagged as excluded from the forecasts. So 5.
確認メモ（原文・英語）The English Financial Information page embeds a Chart Generator (finance.stockweather.co.jp) with tabs for Income Statement, Balance Sheet, Segment Information, Cash Flows, Investment Trends, Stock Index (EPS and net assets per share) and ESG Data, annual and quarterly. It shows FY2021-FY2025 actuals plus the FY2026 forecast, with a 'Download Excel Data' link (final_ExcelData_publication.xlsx); following the link in the browser starts a download. Five years of P&L, balance sheet, cash flow and per-share data, with segments, so 5. Caveat: We confirmed the file is served but did not open the spreadsheet, since a download can't be rendered in the harness. Its coverage is inferred from the tool's tabs.
確認メモ（原文・英語）The FY2026 forecast was withheld at the full year and then announced with Q1 on 29 Jul 2026: net sales ¥392.0bn, OP ¥34.0bn, ordinary ¥34.0bn, profit ¥26.0bn, EPS ¥361.38, dividend ¥132. It appears in the English tanshin and in the English release 'Notice concerning Performance and Dividend Forecasts for Fiscal 2026'. The English Q1 deck explains why the forecast is now given (uncertainty over raw-material procurement has eased) and states the assumptions: ¥160/USD and domestic naphtha at ¥86,000/kl for Q2-Q4. It also gives a year-on-year bridge of the main factors, forecasts by segment, notes that the cement business transfer is excluded, and the dividend forecast. So 5.
確認メモ（原文・英語）Five-year Business Plan 2030 (FY2026-FY2030) was announced on 29 May 2026. In English there is a 2-page 'Notice concerning the Company's Five-year Business Plan' with the seven final-year targets (net sales ¥407.5bn, OP ¥57.0bn, OP margin 14.0%, EPS ¥551, ROE 10.6%, ROIC 9.1%, DOE 4.0%) and the FX/naphtha assumptions, plus a 1-page Q&A. Tokuyama Report 2026 (English, 1 Oct) repeats these targets and the ~54% business-investment capital allocation. The plan document itself is Japanese-only: the 36-page 中期経営計画2030 deck. The English MTP page still says 'The English version of the materials is scheduled for release in mid-June' and links the Japanese file '*Japanese version' four months later. That deck's segment targets (e.g. Electronic & Advanced Materials sales ¥91.6bn→¥175.4bn, OP ¥15.6bn→¥37.1bn, and each other segment) are not in any English document we found. An English summary carrying only some of the targets, so 3.
確認メモ（原文・英語）Results presentation in English for Q1 of the year ending March 2027, 36 pages, with a separate Q&A document for the same quarter. Both published for every quarter back to FY2015.
確認メモ（原文・英語）No dedicated 'why invest' page. The English 'Tokuyama Value Creation' IR page is one paragraph and an image of the target business model. Tokuyama Report 2026 (English) opens with an introduction that does quantify strengths: competitive products in semiconductor processes with global positions (polycrystalline silicon about 20% worldwide share, high-purity IPA, fumed silica and aluminium nitride powder each No.1 worldwide or in Asia, soda ash No.2 at 20%, sole Japanese producer of an ion-exchange-membrane product), and a 'Tokuyama's Strengths' value-creation page. The Japanese side has a 個人投資家の皆さまへ hub with no English counterpart. Re-checked 21 Oct 2026 under the rule as written: a section in an investor document counts the same as a page, and a named market rank counts as a quantified strength. A dedicated section with quantified strengths, so 5.
確認メモ（原文・英語）Growth drivers are named in English: semiconductor materials (polysilicon from the new Vietnam and Malaysia bases, high-purity IPA in Taiwan and Korea, thermal-management materials) and healthcare/IVD. Some are quantified: Life Science sales targeted at about 3x the FY2025 level by FY2035, growth businesses' OP CAGR of 18.7% under the previous plan, the 30% aluminium nitride capacity expansion (10 Sep 2026 release), roughly 54% of FBP 2030 cash outflow to business investment, and FY2026 segment forecasts in the decks. The FY2030 contribution of each segment (sales/OP targets) is only in the Japanese plan deck, and the Japanese January 2026 business briefing (202601_zigyo.pdf) has no English version (the English page stops at 2025). Named, some quantified, so 4.
確認メモ（原文・英語）Every quarterly briefing has an English 'Q&A' (major questions and answers) next to the Japanese 主な質疑応答, back to FY2013. The Japanese side publishes the same kind of summary and no full transcript. Recent pairs by PDF creation date: Q1 FY2026 30 Jul / 30 Jul (English 2pp, 4,469 chars; Japanese 2pp); FY2025 13 May / 11 May; Q3 2 Feb / 2 Feb; Q2 30 Oct / 30 Oct. The Five-year Business Plan briefing (1 Jun) and the 2025 management briefing also have English Q&A. The only lag was two days on the full-year Q&A. Re-scored 23 Oct 2026 under the owner's S5 lag ruling (two days or more is late, judged per briefing, by PDF creation date where no listing date exists): the FY2025 English Q&A came two days after the Japanese. Every period, one late, so 4.
確認メモ（原文・英語）Tokuyama Report 2026, issue date 1 October 2026, covering the fiscal year ended 31 March 2026 - the current edition, in English, as a full 733,000-character report and chapter by chapter. Checked earlier the same day the page still offered the 2025 edition; the English 2026 edition went up during the review.
確認メモ（原文・英語）Tokuyama Report 2026 (English), 'Looking Back on Medium-Term Management Plan 2025', sets each target against the actual with the gap: OP target ¥45.0bn vs ¥37.0bn actual (−¥8.0bn); net sales ¥400.0bn vs ¥349.4bn (−¥50.5bn); growth-business sales CAGR 10.0%+ vs 9.6%; ROE 11.0%+ vs 8.2% (−2.8pt). It gives the FX/naphtha assumptions against actuals (¥105 vs ¥151/USD), the portfolio-shift ratios and the cash-flow allocation. The causes of the shortfall are explained in the report and in the English plan notice: the mid-plan semiconductor correction, weaker domestic chemicals and cement demand, raw-material and fuel costs, and personnel/R&D/IT costs. So 5.
確認メモ（原文・英語）The English Notice of Convocation of the 162nd AGM (26 Jun 2026) puts the whole board up for election: seven directors (Proposal 2) and three Audit & Supervisory Committee directors (Proposal 3). Every candidate has date of birth, shares held, 'Tenure as Director' in years (e.g. Yokota 11 years), board attendance (e.g. 18/18), career history, the reasons for nomination (and expected roles for external directors), and independent-executive status with the related-party and transaction tests. Every director with tenure, expertise and independence, so 5.
確認メモ（原文・英語）The same English AGM notice (pp.20-21) has a skills matrix for the board as constituted after the meeting: all ten directors (seven executive/external and three on the Audit & Supervisory Committee) against nine skills (Management Planning/Strategy; Sales/Marketing; R&D/Production Technology/Engineering; Finance/Accounting; Governance/Risk Management; Sustainability; Human Capital; DX; Global Business), with each skill's definition and the reason it was chosen. Current, complete, so 5.
確認メモ（原文・英語）In English, the Corporate Governance Report (29 Jun 2026) and Tokuyama Report 2026 set out the structure: basic pay, a bonus at 0-150% of a standard amount by position, and performance-linked share-based remuneration at 0-150% over the plan period, with outside directors on basic pay only. The AGM notice (Proposal 5) names the KPIs for the share plan from FY2026 (consolidated operating margin and ROE) and the revised mix at 100% achievement (directors 55:25:20 basic:bonus:stock, from 60:30:10). FY2025 amounts are given only as category totals: ¥183m for five directors, ¥49m for two internal A&SC directors, ¥66m for six external directors, of which ¥9m is stock compensation expense. The bonus KPIs are only 'main financial and non-financial targets ... and individual targets', the weights between the share-plan KPIs are not stated, and there is no split of the amounts by pay element. Structure and KPIs, with weights and amounts incomplete, so 4.
確認メモ（原文・英語）Electronic provision from 2 June 2026 for a meeting on 26 June - 24 days. Complete in English at 98,000 characters: reference documents for all five proposals, candidate profiles and reasons for nomination, with nothing marked Japanese-only. The internet voting route is given in English. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, evote.tr.mufg.jp (Mitsubishi UFJ Trust and 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.
確認メモ（原文・英語）Voting Results for the 162nd Ordinary General Meeting, in English: approval, disapproval and abstention counts with the approval rate for every proposal and, for the director elections, for every individual candidate. Published back to the 150th meeting.
確認メモ（原文・英語）English Corporate Governance Report principle 1-4, repeated in Tokuyama Report 2026: holdings are kept to the minimum needed for business purposes (transactions, funding, raw-material supply), and the board checks each year that they earn more than their risk-adjusted cost of capital. Two of eleven listed holdings were sold in FY2025, leaving nine. The English cost-of-capital update (28 Apr 2026) adds that part of a third was sold, that the 'staggered sale' begun in FY2024 continues, and that the proceeds go to growth and R&D, and the Q1 tanshin records gains on sale. No balance-sheet amount for the holdings is given in English (the yuho's shareholding section isn't in the English Financial Section), and there is no reduction target or schedule. Policy, count and progress without a target, so 3.
確認メモ（原文・英語）We sampled 23 English document links: Q1 FY2026 tanshin, deck and Q&A; FY2025 tanshin, deck and Q&A; Q2/Q3 FY2025 tanshin, deck and Q&A; FY2015 tanshin (2016mar); FY2013 deck and Q&A (2014mar); 162nd and 161st Financial Sections; 162nd AGM notice and voting results; 150th AGM notice and 153rd voting results; CG Report 2026; Tokuyama Report 2026 and Annual Report 2017; FY25 business-briefing deck and management-briefing Q&A; forecast and cement-transfer releases; plan notice and plan Q&A; company pamphlet. All are English. The one exception is the Five-year Business Plan 2030 deck on the English MTP page, which links to the Japanese PDF and is labelled '*Japanese version'. (The Sustainability Data Book on the English Downloads page is a bilingual document.) One Japanese document, labelled, so 4.
確認メモ（原文・英語）The same 23 links (2014 to Oct 2026, across tanshin, decks, Q&A, financial sections, AGM notices and voting results, CG report, integrated and annual reports, briefings and releases) all opened and rendered with page counts. The Chart Generator Excel link starts a download. No dead links, so 5.
確認メモ（原文・英語）Rendered in Chromium, all with content: IR top (latest reports, investor news, menu), Financial Results grid, Integrated Report, General Meeting (162nd back to 150th), IR Meeting on Financial Results, Management and Business Briefings, Medium-Term Management Plan, cost-of-capital page, IR Calendar (dated to late Jan 2027), Financial Information (the stockweather Chart Generator iframe draws its chart and table), Stock Information, Analyst Coverage and Dividend Information. The 'Current Stock Price' item is a link to Reuters, not a widget, so nothing fails to load. One content point that isn't a rendering failure: the Dividend Information page still says the FY2026 dividend forecast 'has not yet been determined', although ¥132 was announced on 29 Jul. So 5.
確認メモ（原文・英語）No single library. The 'Financial Results' page is a fiscal-year by quarter grid (FY2013-FY2026) of Financial Summary, Presentation, Q&A and Annual Securities Report (Financial Section), typed by row and labelled by period but with no posting dates. Integrated reports, the CG report, AGM documents, management/business briefings and the MTP each sit on separate pages, and the news list (dated, IR-tagged) is a feed. Split across several pages by type, each period-dated, so 3.
確認メモ（原文・英語）Deep archive: tanshin, deck and Q&A for every quarter from FY2013 to Q1 FY2026; Financial Sections from the 159th onward; annual/integrated reports 2017-2026; AGM notices and voting results back to the 150th meeting (2014); management and business briefings 2023-2025; English news back to 2007. Several years across document types, so 5.
確認メモ（原文・英語）The English IR top (tokuyama.co.jp/eng/ir/) and its IR menu (Management Policy, IR Events, IR Library, Financial Information, Stock and Bond) carry no contact item. The route is reached through the global 'Contact Us' link (/eng/inquiry/), which lists 'Inquiries Concerning IR Infomation' with its own Inquiry Form button; that button opens the shared general_webform.php with 'Inquiries Concerning IR Infomation' preselected among IR, R&D and Other. The Disclosure Policy page under Management Policy also gives 'Contact Information for IR Inquiries' as a link to the same form. The results summary names Koji Ozawa, General Manager, Corporate Communications & Investor Relations Dept., +81-3-5207-2552. Re-checked 17 Oct 2026 under the current bands, which no longer require a named person: unchanged, now on the route alone. A shared corporate form with IR preselected, reached from the global header or a policy page rather than the IR menu, is a genuine but not dedicated or obvious route: 3. The citation moves from the tanshin to the contact page.
確認メモ（原文・英語）The English and Japanese news lists date each quarter's results on the same day: Q2 FY2025 29 Oct 2025, Q3 30 Jan 2026, FY2025 28 Apr 2026, Q1 FY2026 29 Jul 2026. PDF creation dates agree. Q1 FY2026: English tanshin 28 Jul (Japanese 27-28 Jul), decks both 29 Jul. FY2025: English tanshin and deck 27 Apr, Japanese tanshin 24/27 Apr and deck 27 Apr. Q2: all four 28 Oct. Q3: English deck 29 Jan, Japanese 30 Jan. Tanshin and deck the same day every period, so 5.
確認メモ（原文・英語）Japanese vs English, from the two news lists: Q1 FY2026 tanshin 29 Jul / 29 Jul = 0; FY2025 tanshin 28 Apr / 28 Apr = 0; 162nd AGM notice 2 Jun / 2 Jun = 0; Corporate Governance Report 30 Jun / 30 Jun = 0 (English PDF dated 29 Jun); annual securities report: Japanese 第162期有価証券報告書 19 Jun, English Financial Section only, 9 Jul = 20 days. Sorted 0, 0, 0, 0, 20: median 0, so 5. Outside the R2 basket, the English integrated report came about five weeks after the Japanese (27 Aug vs 1 Oct).
確認メモ（原文・英語）Twelve months to 14 Oct 2026. The Japanese IR news list has 16 timely disclosures and every one is on the English list the same day: Q2/Q3/FY/Q1 results (29 Oct, 30 Jan, 28 Apr, 29 Jul); forecast revision 30 Jan; forecast and dividend forecast 29 Jul; representative director change 23 Jan; cement business transfer 25 Mar with updates 24 Jul and 1 Oct; director changes 28 Apr; cost-of-capital update 28 Apr; share-remuneration revision 20 May; employee share grant 29 May; MTP 29 May; AGM resolutions 26 Jun. Japanese-only items are non-disclosure notices: electronic public notices, the shareholder newsletter, the semi-annual report, factory tours for individual shareholders, the Bridge Report, AGM video. All, same day, so 5.
確認メモ（原文・英語）The English annual securities report, 'The 162nd Annual Securities Report (Financial Section)' (9 Jul 2026), the only English version of the statutory annual report, opens: 'translated from the Japanese original for reference purposes only, using artificial intelligence (AI) or machine translation technology with no or limited human review or editing. Some content may not be accurately translated ... and the translated content may contain errors'. No other sampled document carries such a notice, including the 161st Financial Section, tanshin, decks, Q&A, AGM notice, CG report and Tokuyama Report 2026. The rendered IR pages, Terms of Use and Disclosure Policy have no machine-translation notice either. A core statutory document disclaimed as a machine translation of uncertain accuracy fits the 1 band. It is the only one, so a reading that treats this as 'part of the English, and says so' would give 3.
確認メモ（原文・英語）On every document checked: 'a translation of excerpts from the Japanese original ... provided for reference purposes only ... the original shall prevail', with accuracy and liability both disclaimed.
FY2026–FY2030 portfolio and capital-efficiency plan
Tokuyama set five-year earnings, ROE, ROIC and DOE targets after disclosing that several prior-plan targets were missed.
時系列と出典（1件・内容は原文）
2026-05-29Five-year plan announced Tokuyama launched its FY2026–FY2030 plan and disclosed target profitability, capital efficiency and shareholder returns.出典資料1 ・ 出典資料2
経営陣が表明したこと
Tokuyama set FY2030 targets of ¥57bn operating profit, 10.6% ROE, 9.1% ROIC and 4% DOE.
Investor question: What business and project actions create the ROIC uplift? IR preparation: publish annual capital-employed, cash-allocation and portfolio-action bridges.
当調査の分析（会社の説明ではありません）
約束は具体的か5／5Profit, ROE, ROIC, WACC reference and DOE targets are quantified with a defined period.
実行の経過を追えるか3／5The plan is newly launched; current-plan implementation evidence is limited.
経済性を説明しているか4／5Capital-efficiency and portfolio logic are clear, but project-level funding and hurdle rates are incomplete.
目標に対する結果を報告しているか時期未到来The FY2030 outcome is not due.