確認メモ（原文・英語）FY2026 1Q Financial Results in English, 10 August 2026, 8 pages carrying the segment note. The archive runs every quarter back to fiscal 2022. No cash flow statement, which the Japanese Q1 tanshin also omits.
確認メモ（原文・英語）English 'Consolidated Financial Results for the Three Months Ended June 30, 2026' (10 Aug 2026) runs 7 pages against the Japanese 12: summary pages, balance sheet, income and comprehensive income statements and the segment note. Cut: the whole qualitative section (経営成績の概況 with segment commentary, financial position, and the forecast explanation on Japanese pp.4-5), the table of contents, and the going-concern / equity / cash-flow notes. The full-year English tanshin (12 pp vs Japanese 17) likewise drops the qualitative section (Japanese pp.4-6: results, financial position, cash flow, outlook, dividend policy) though its own cover page refers the reader to 'Summary of Business Results (4) Future Outlook', which is not in it. The qualitative review is cut: 3.
確認メモ（原文・英語）The English full-year tanshin carries all four statements (balance sheet, income, comprehensive income, changes in equity, cash flows) plus the segment note; the Q1 one carries the statements and segment note. The other notes the Japanese carries - change in presentation, per-share information, significant subsequent events (Japanese pp.12-14), going concern / equity / cash-flow notes at Q1 - are Japanese-only, and there is no English securities report or financial section in the integrated report to supply them. Statements with the segment note only, the rest of the notes missing: floor of 3.
確認メモ（原文・英語）The English IR materials section runs to highlights, a ten-year summary, electronic public notices and financial statements, earnings presentations and earnings summaries. No securities report, and the company reports none to TSE.
確認メモ（原文・英語）Three reportable segments (Inorganic Chemicals, Specialty Chemicals, Leasing) plus Other: the English tanshin segment note gives external sales, inter-segment sales and segment profit every quarter (Q1 FY2026: 4,995 / 5,741 / 235, profit 401 / 620 / 152), and at year end segment assets and an 'Overview of Reporting Segments' defining each segment and the measurement basis (operating income). The decks add segment net-sales forecasts. Every period, defined, held constant: 5.
確認メモ（原文・英語）Searched the English IR menu (Financial and Non-Financial Highlights, Financial and Non-Financial Summary, Electronic Public Notices, Earnings Presentations, Earnings Summaries), the ESG Data Collection and Reports pages for xls/xlsx/csv links: none. What exists instead is a ten-year HTML table (FY2016-FY2025: sales, profits, total assets, cash flows, EBITDA, ROE, dividends, D/E) and chart graphics on the highlights page. The Japanese IR top has no data file either. No downloadable data file.
確認メモ（原文・英語）Forecast for FY March 2027 in the English tanshin (sales 40.8bn, OP 2.8bn, net 4.5bn after the 10 Aug revision). The English FY deck (22 May 2026) has 'Overview and Key Assumptions' - no supply-chain disruption, recovery in electronic-component/semiconductor demand, FX and market prices at current levels, USD/JPY 156 - plus segment net-sales forecasts for Inorganic, Specialty and Leasing. The Q1 deck (updated 18 Aug) explains the revision line by line (profit up on cross-shareholding sale gains, sales/OP held) and the English 'Notice Concerning Revisions to Financial Results Forecasts' was posted 10 Aug. Assumptions, segments and revisions all in English: 5.
確認メモ（原文・英語）'Medium-Term Business Plan (FY2024-2026)' in English, 15 pages against the Japanese 15, page for page: FY2026 targets (sales 49bn, OP 3.3bn, EBITDA 8bn, ROE 6%, growth-field sales 20bn, overseas sales 7bn, capex 20bn cumulative, payout ~30%, cross-shareholdings <=15% of net assets, R&D 1.8bn) and FY2030 targets (OP 6bn, EBITDA 11bn, ROE 8%). The May 2026 'Initiatives for a Sustainable Increase in Corporate Value' update and the revised return policy (DOE 2% / total payout 40%) are also in English. Plan still current (ends FY2026): 5.
確認メモ（原文・英語）First Quarter Report in English, 22 pages, published 10 August 2026 and revised on 18 August - both versions kept. Quarterly reports in English for every quarter back to fiscal 2022.
確認メモ（原文・英語）No 'why invest' or investment-highlights page or section on the English IR site; the IR menu runs Messages / Disclosure Policy / Dialogue / Disclaimer, then materials. Strengths are described in the Integrated Report 2025 value-creation pages ('Strengths and Growth Drivers': trust-based relationships, technical capabilities, corporate culture) and in deck slides (e.g. 'Our Strengths' for high-purity electronic materials: contamination control, integrated phosphorus-to-phosphine production) - described, not framed or quantified as an equity story: 3.
確認メモ（原文・英語）Named drivers with some numbers: growth fields (electronic ceramic materials for MLCCs, high-purity electronic materials for semiconductors, LCD/semiconductor phosphoric acid, QD phosphorus materials) targeted at 20bn sales and 40% of sales by FY2026 against 13bn in 2022; overseas sales 7bn; electronic-ceramics sales history (nearly doubled in ten years, 10.4bn FY2025); approved capacity expansions for barium titanate and high-purity red phosphorus; AI-server demand cited in the Q1 deck. No market sizes or shares, and the capacity releases give little scale. Named, partly quantified: 4.
確認メモ（原文・英語）No transcript or Q&A in English: the Earnings Presentations page lists decks, the MTP and the corporate-value updates only. The Japanese side publishes none either - its presentations list (決算補足説明資料 / 決算説明会資料 back to 2022) and IR pages carry no 質疑応答 or transcript; the only briefing is an annual analyst meeting (dialogue page: one results briefing in FY2025).
確認メモ（原文・英語）Integrated Report 2025 in English, 17MB, in printing and viewing editions with a 2024 back number. Its data is stated as of 31 March 2025 and FY2024 dominates throughout, so it covers the year ended March 2025 - one edition behind as at 1 October 2026.
確認メモ（原文・英語）The current plan opens with 'Review of Medium-Term Business Plan (FY2022 to FY2024)', set against actuals/forecast for net sales (38.0/38.5/40.0bn planned vs 38.1 actual) and operating profit (2.1/3.0/3.5bn vs 1.3 actual, 1.6 forecast) with the reasons (selling prices held up; operating rate fell on weak demand) and achievements/challenges listed ('failure to achieve numerical targets in growth fields'). The other targets of that plan are not reconciled, and the review was done a year early with FY2024 still a forecast. The FY2025 deck also flags the current plan falling short of its 49bn / 3.3bn targets with reasons. Reconciliation for some targets only: 4.
確認メモ（原文・英語）The English governance page under sustainability carries no documents at all and no corporate governance report. The company reports none to TSE either.
確認メモ（原文・英語）The English notice of the 168th AGM (June 2026) gives full career histories with dates, attendance (16/16), shareholdings and nomination reasons for the two non-ACM directors, and a composition table naming the three Outside Directors and stating that the Audit & Supervisory Committee outside members are independent officers. The ACM members' careers (with dates they joined the board: Tada Jun 2021, Kenmochi Jun 2023, Togi Jun 2025, Sato Jun 2021) are in the Integrated Report 2025 officer pages. All three elements exist, but tenure has to be read off career dates and the independence statement is collective, not per director: 4.
確認メモ（原文・英語）'(Reference) Composition of Directors (Planned) and Skill Matrix After the General Meeting of Shareholders' in the English 168th AGM notice (June 2026): all six directors against nine skills (management strategy, R&D, production engineering, global, HR, sales and marketing, risk/legal, finance/accounting, sustainability) with gender. Also an 'Officer Skill Matrix' in the Integrated Report 2025. Current, in English: 5.
確認メモ（原文・英語）Integrated Report 2025 (English) sets out the officer remuneration policy: fixed cash, performance-linked and restricted-share components for non-ACM directors (ACM members fixed only), the performance metric (operating profit and other management metrics), the mix (fixed 50-90%, performance-linked 0-40%, shares 10%) and the Nomination & Remuneration Committee process. No amounts paid and no KPI weights or targets in English (the AGM notice routes officer details to Japanese-only sections; no English yuho or CG report). Structure and KPI, amounts missing: 4.
確認メモ（原文・英語）Notice of the 168th AGM, electronic provision from 4 June 2026 for a meeting on 26 June - 22 days, voting open to 25 June - with the Reference Documents in English, both proposals set out and the director candidates described. 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.
確認メモ（原文・英語）The English General Meeting of Shareholders page lists three documents, one per year for 2024, 2025 and 2026, and every one is a convocation notice. No resolution notice and no voting results in English.
確認メモ（原文・英語）English AGM notice (June 2026) gives the holding policy, the board's annual review against cost of capital, and listed/deemed/unlisted counts and carrying amounts for FY2021-FY2025 (listed issues 17 -> 8). Targets: ratio to net assets 15% or less by FY2026 and 10% or less by FY2030 (MTP, Integrated Report). Progress: Q1 FY2026 deck 'Reduction of Cross-Shareholdings' charts the ratio 2018-2025 and says the FY2030 target will be met in FY2026 at about 8% after the sales announced (in English) on 10 Aug 2026. Holdings, schedule, progress and rationale: 5.
確認メモ（原文・英語）'Investor Relations' sits in the global navigation of the English homepage (www.nippon-chem.co.jp/en/) and links straight to /en/ir/ - one click (the dropdown also exposes the sub-pages).
確認メモ（原文・英語）Sampled 16 English links: FY2026 1Q, FY2025 4Q, FY2025 3Q, FY2018 and FY2020 results summaries; 1Q (10 and 18 Aug) and 3Q 2026 decks, 2019 4th Quarter Report; MTP FY2024-2026; 'Initiatives for a Sustainable Increase in Corporate Value' (13 May 2026); 166th and 168th AGM notices; Integrated Reports 2024 and 2025; news PDFs on forecast revision, tanshin correction and barium titanate capacity. All English. One labelling slip: the FY2020 '4Q' and '2Q' results links are swapped (the 4Q link opens the 2Q file), still English. 5.
確認メモ（原文・英語）All 16 sampled documents (listed under O2, spanning 2019-2026 and results, decks, MTP, AGM notices, integrated reports and news releases) opened and rendered; no dead links.
確認メモ（原文・英語）Rendered IR top, Earnings Summaries, Earnings Presentations, Financial Summary (ten-year table), Highlights (twelve charts), IR Calendar, Stock Information, Shareholder Composition, Shareholder Returns (dividend chart), General Meeting, Dialogue, Disclaimer: all render their content. The Electronic Public Notices heading has no entries, but the Japanese page is the same (none issued), so it is not a failure.
確認メモ（原文・英語）No single library. Documents are split by type across Earnings Summaries (grouped by fiscal year, labelled by quarter), Earnings Presentations (labelled by quarter, no fiscal-year headings), General Meeting of Shareholders, and the integrated reports under Sustainability > Reports; timely-disclosure notices sit only in the dated News Releases list. Items are identified by period rather than posting date. Split by type, period-labelled: 3.
確認メモ（原文・英語）Results summaries every quarter back to FY2019 plus FY2018; decks back to 2019 (half-year and full-year) and every quarter since FY2023; AGM notices for 2024-2026; Integrated Reports 2024 and 2025; English news back to 2024. Several years across types: 5.
確認メモ（原文・英語）Named in the results summary - Yuji Kumada, General Manager, Accounting Department - but the English Contact Us page offers only General Inquiries and an SDS download service. There is no IR route for an English reader at all.
確認メモ（原文・英語）Q1 FY2026: Japanese tanshin and deck posted 10 Aug 2026; English tanshin PDF created 10 Aug 11:58 and English deck dated/created 10 Aug (the 18 Aug update also matched the same day). Q3 FY2025: Japanese 10 Feb; English tanshin and deck both dated 10 Feb (PDFs created 9-10 Feb). FY2025: English deck dated 22 May, same as the Japanese briefing deck; the English tanshin is dated 13 May on its face, but the file now posted is the 12 June correction re-issue, so its first posting date cannot be confirmed. Dates are PDF creation/document dates; the English pages give no posting dates. Same day wherever checkable: 5.
確認メモ（原文・英語）Q1 tanshin JA 10 Aug / EN 10 Aug = 0 days. FY tanshin JA 13 May / EN dated 13 May = 0 (current English file is the 12 June correction; if the original were that late the lag would be 30). AGM notice JA 4 Jun / EN 4 Jun (news list) = 0. Corporate Governance Report: no English, >90. Annual securities report JA 25 Jun 2026: no English, >90. Median of (0, 0, 0, >90, >90) = 0 days: 5.
確認メモ（原文・英語）Japanese IR/company notices 14 Oct 2025-14 Oct 2026, about 24: English, same day, for buyback decisions and status (5), forecast revision, dividend revision, sale of cross-shareholdings, retirement-trust share sales, extraordinary income, restricted-share disposal and payment, tanshin correction, TDK JV (2), subsidiary dissolution, capacity expansions (2), corporate-value initiatives. Missing in English: executive changes (10 Feb and 13 May 2026), AGM resolution notice (26 Jun), interim dividend payment notice (11 Nov 2025), board-resolution public notice (13 Jul), rating notices. Nearly all, same day, but management changes are not translated: 4.
確認メモ（原文・英語）The English timely-disclosure PDFs on the News Releases page carry 'DISCLAIMER: This English document is translated using a machine translation ... it may include inaccurate translations. It is your sole responsibility if you rely not on the Japanese original' - seen on the forecast revision (10 Aug 2026), sale of cross-shareholdings, dividend forecast revision, tanshin correction, buyback status notices and restricted-share notices. The core documents (results summaries, decks, AGM notice, integrated report) carry human-translation precedence language only, and the IR Disclaimer page has no translation notice. Part of the English output machine-translated and saying so: 3.
確認メモ（原文・英語）On the results summary and the AGM notice, 'translated from a part of the Japanese original for reference purposes only ... the original shall prevail'; on the quarterly report, 'an excerpt translation ... the latter shall prevail'.
Electronic-materials growth, capex and balance-sheet reform plan
Nippon Chemical set FY2026 operating and ROE targets and quantified growth-field sales, capital investment and cross-shareholding reduction.
時系列と出典（1件・内容は原文）
2024-05-15Plan or update announced Nippon Chemical set FY2026 operating and ROE targets and quantified growth-field sales, capital investment and cross-shareholding reduction.出典資料1
経営陣が表明したこと
Management targets ¥49bn sales, ¥3.3bn operating profit, ¥8bn EBITDA and 6% ROE by FY2026.
Investor question: Which electronic-material projects earn above the company cost of capital? IR preparation: publish project spend, sales, EBITDA and ROIC.
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5／5Operating, growth-field, investment, ROE, payout and cross-shareholding targets are quantified.
実行の経過を追えるか4／5Execution is discussed, but a complete project-level spend and return bridge remains unavailable.
経済性を説明しているか5／5Management explicitly addresses equity cost, ROE, PBR, capital allocation and asset reduction.
目標に対する結果を報告しているか時期未到来The FY2026 endpoint is not due.