確認メモ（原文・英語）Consolidated Financial Results for the three months ended 30 Jun 2026 [IFRS], 4 Aug 2026, with the segment note (by business) and the standard quarterly cash-flow waiver note both present - a genuine translated tanshin, distinct from the stale machine-translated "financial_results" feed bucket that stopped in Feb 2026.
確認メモ（原文・英語）Read page for page against the Japanese. Q1 FY2026 (three months to 30 Jun 2026), 4 Aug 2026: English 11 pages against Japanese 13, and the attachment tables of contents match item for item: overview of results (operating results with both segments' sales and business profit, financial position, forecast statement), statement of financial position, P&L and comprehensive income, notes (going concern, quarterly cash-flow note, significant changes in equity, segment information). The only item in the Japanese not in the English is the voluntary auditor's interim review report, which does not count. FY2025 tanshin (13 May 2026): English 19 pages against 18, with full statements, cash flows, segment note, per-share note and the director-appointment section. Whole tanshin: 5.
確認メモ（原文・英語）The latest period has full statements and notes in English. The Q1 FY2026 tanshin (4 Aug 2026) carries the statement of financial position, P&L and comprehensive income, and the notes (going concern, cash-flow statement note, equity changes, segment information). The Japanese Q1 tanshin also omits the cash-flow statement. The FY2025 tanshin (13 May 2026) adds changes in equity, the cash-flow statement, the segment note with depreciation and sales by region, and per-share information. Full statements and notes for the latest period: 5.
確認メモ（原文・英語）The EIR feed lists an English-language "yuho" entry (FYM2026/3 Yuho, 22 Jun 2026), but the linked PDF is the Japanese EDINET original, not a translation - the feed surfaces it under the English bucket by default when no translation exists. hunt_yuho.py found nothing else.
確認メモ（原文・英語）Two reportable segments, Optical Materials and Components and Electronic Materials and Components. Net sales (with inter-segment) and business profit are given every quarter in the English tanshin's segment note and qualitative section. Business profit is defined in the note. The products in each segment are named in the qualitative section (ARF, SVR, Smart precision Adhesives under Optical; ACF, optical semiconductors and fuses under Electronic) and mapped on the deck's 'Sales Composition' slide. The deck's five-year table gives both segments' sales, business profit, margin and EBITDA on the same definitions FY21-FY26 forecast. Neither language's tanshin has a separate 'overview of reportable segments' paragraph. Every period, with definitions and consistent: 5.
確認メモ（原文・英語）The English 'Consolidated Financial Statements' page (Financial Data) embeds a Euroland table tool whose 'Export all the data into an Excel' link downloads, in the browser, Data.xls (a real Excel file of 538 rows). It holds the IFRS P&L, statement of financial position and cash flows for FY2021-FY2025 (five years), quarterly P&L and balance sheet FY24Q1-FY26Q1, basic and diluted EPS, and the earlier JGAAP years. It is current to the latest quarter. The Chart Generator adds per-share and segment series on screen. A downloadable spreadsheet with five years of P&L, balance sheet, cash flow and per-share data: 5.
確認メモ（原文・英語）The FY2025 English tanshin (13 May 2026) gives the FY2026 forecast: sales ¥123.0bn, business profit ¥40.0bn, OP ¥38.5bn, net ¥27.5bn, 'based on the assumed exchange rate of 150.0 yen/US$' (against ¥150.8 actual). It explains the basis: memory-price effects on smartphones, high-end shipments rising, Middle East cost impact immaterial, and optical-transceiver volumes from new capacity. The FY25 English deck adds 'FY26 Earnings Forecast by Segment' (Optical ¥49.0bn / BP ¥14.8bn; Electronic ¥74.0bn / BP ¥25.2bn), sales changes by application, and FX-neutral growth. Revisions are explained in English: the 12 Nov 2025 'Notice of Revised Consolidated Earnings Forecast' gives the reasons (ARF high-value products, weaker yen, FX assumption revised to ¥145.8/US$). The Q1 tanshin states the forecast is unchanged. Forecast with full basis and revisions explained: 5.
確認メモ（原文・英語）'FY2024 to FY2028 Mid-Term Management Plan "Achieving Evolution" Updates' (13 May 2026) is in English, 26 pages against the Japanese refresh deck's 26, both created 13 May 2026, with an English 'Notice of Mid-Term Management Plan Update' the same day. It gives the initial targets (FY2028 sales ¥150bn, business profit ¥50bn, EBITDA margin 43%, ROIC 14%, ROE 25%) and the updated path: sales ¥164bn, BP ¥63bn, ROE about 31%, FX revised from ¥135 to ¥150/US$. It also has sales by domain (photonics ¥32.5bn against ¥15bn initially, automotive ¥24.5bn, existing ¥107bn) and the capital-allocation numbers. The English MTP page restates the targets. Current plan complete in English: 5.
確認メモ（原文・英語）A results slide deck plus a separate transcript-and-Q&A document for every quarter, in English, matching the Japanese cadence (FY26Q1 shown here; the pattern holds back through FY25).
確認メモ（原文・英語）IR > 'Who We Are' > 'Strengths' is a dedicated investor-section page setting out five strengths: Technologies x Human Capital (six named core technologies), Unique Customer Approach (design-in/spec-in), Communication x Proposal Capabilities, Agile Customer Responsiveness (global map), and High-Value-Added Products with Global Top Share. The last names ACF, ARF and SVR as No. 1 by 2025 value share (Fuji Chimera Research Institute, footnoted). It links to Business Model and Product pages. It is specific but mostly qualitative: no share percentages, market sizes or financial figures. Dedicated, mostly qualitative: 4.
確認メモ（原文・英語）Named drivers with numbers. The May 2026 English MTP update sets growth-domain sales to FY2028: photonics (optical semiconductors for data-centre transceivers) raised from ¥15bn to ¥32.5bn (CAGR 35.9% from FY23 ¥7bn), automotive cut from ¥30bn to ¥24.5bn (EV slowdown), existing domains ¥107bn by product category (ACF, ARF, optical resins, fuses). It sets a target sales mix with existing domains at 70% or less. It gives market drivers (generative-AI data-centre demand, automotive display area) and capex (FY26 ¥63.6bn in the deck's five-year table). The FY25 deck gives segment and application-level FY26 sales bridges. Named and quantified: 5.
確認メモ（原文・英語）Every quarter has an English 'Financial Results (Slide Presentation with transcript) & Summary of Q & A', a full transcript with Q&A (e.g. FY26Q1, 24 pages, presentation plus 45-minute Q&A, translated by SCRIPTS Asia). It lands one to three working days after the Japanese 'スピーチ付き＆質疑応答'. FY26Q1: JA 6 Aug / EN 7 Aug 2026. FY25: JA 15 May / EN 18 May. FY25Q3: JA 12 Feb / EN 13 Feb. FY25Q2: JA 14 Nov / EN 17 Nov 2025. FY25Q1: JA 7 Aug / EN 8 Aug 2025. The pattern runs back to FY2019. Every period, full transcript, but days late (review ruling): 4.
確認メモ（原文・英語）Dexerials Integrated Report 2025 in English, 98 pages, posted 24 December 2025, covering April 2024 to March 2025 - the complete report, one edition behind. 4 (was 3 on 12 Oct, when the newest English file found was the 2023 edition; re-checked 14 Oct 2026).
確認メモ（原文・英語）The English MTP 2028 deck (13 May 2024), 'Review of Mid-Term Management Plan 2023', sets the previous plan's FY2023 targets (as updated May 2021) against actuals. Net sales: target ¥85.2bn, actual ¥105.2bn. EBITDA: ¥23.9bn vs ¥40.0bn. EPS before goodwill: ¥157 vs ¥408. ROE: 15% or more vs 27.1%. The next page lists achievements by basic policy (photonics as third pillar, high value-added products, capacity investments, Restar partnership) and the remaining issue (portfolio expansion). The May 2026 update also sets FY24/FY25 actuals against the current plan's initial path and explains the gaps (automotive short on EV slowdown, photonics ahead on AI demand). The previous plan's variances themselves are not explained target by target; only measures are listed. Reconciliation without variance explanation: 4.
確認メモ（原文・英語）The whole Corporate Governance Report filed with TSE, in English, "Last Update: July 3, 2026", 22 pages, linked from the English governance page - the current filing (the English PDF was created 30 July, R2 counts the lag). 5 (was 3 on 12 Oct, when only the site prose was found; re-checked 14 Oct 2026).
確認メモ（原文・英語）The English 14th AGM notice (22 May 2026) gives the five Director candidates' ages, positions, years served (Shinya 7, Kitajo 1, Hosoya 1, Hagiwara 2, Matsuba new), attendance, career histories, reasons for nomination and independence designations, plus the independence standards. The English Corporate Governance page covers all eight directors, including the three Audit and Supervisory Committee members (Kagaya, Taniguchi, Nakayama). It gives each director's concurrent posts, reasons for selection (expertise) and independent designation, and the skills matrix. Years on the board are given only for the five candidates, not for the three Audit committee members. All three elements, tenure thin: 4.
確認メモ（原文・英語）'Skills Matrix of the Board of Directors' in the English 14th AGM notice (May 2026, as constituted after the June 2026 meeting) covers all eight directors, including the Audit and Supervisory Committee members. Its seven areas are corporate management, technology management, sustainability management, global business, legal and compliance, risk management, and finance/accounting/capital policy. It shows committee roles and the female-director ratio (25%). The English Corporate Governance page carries the same current matrix. Current, in English: 5.
確認メモ（原文・英語）The English Corporate Governance Report (updated 3 Jul 2026) and Integrated Report 2025 (p.69) set out the structure. The Representative Director's mix is fixed 30% : performance-linked 70% (STI 30%, stock-based LTI 40%). The STI is paid on consolidated net sales 50% / EBITDA 50% plus a committee evaluation. The LTI is RS plus PSU, with PSUs on 5-year relative TSR 80% and sustainability KPIs (technology, human capital) 20%, a 0-200% range, and ROE/CO2 malus. The report also gives the monetary ceilings (¥450m, including ¥70m for outside directors; ¥70m for Audit committee members) and the 990,000-point stock cap. The amounts actually paid by director category sit in the Japanese yuho and business report, which are not in English. Structure, KPIs and weights, amounts missing: 4.
確認メモ（原文・英語）Notice of the 14th AGM, posted 22 May 2026 for a 23 Jun 2026 meeting - 32 days' notice - with full reference documents (dividend policy, director nominees) and an Internet-voting method described in English with no Japanese-only caveat found. Carries the "translation of a part of the Japanese original" boilerplate the SCORING-ANCHORS doc says not to score down on; the substance - both proposals in full - is present. 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 Corporate Governance Report (Last Update 3 Jul 2026), Principle 1-4: 'The Company currently does not hold any listed shares as strategic shareholdings.' A company stating in English that it holds none: 5.
確認メモ（原文・英語）On the English homepage (www.dexerials.jp/en/), 'Investor Relations' in the global navigation is a '#' link. Clicking it opens a mega-menu, and 'Investor Relations TOP' inside goes to /en/ir/. That is two clicks. The homepage's 'NEW' banner links straight to IR Materials (/en/ir/library/), but not to the IR top. Two clicks: 4.
確認メモ（原文・英語）Sampled 22 English document links; all opened in English. Tanshin: Q1 FY26, FY25, FY2015 (2016-05-17), Q1 FY2015 (2015). Decks: FY25, FY26Q1. Transcript and Q&A: FY26Q1. MTPs: 2028 plan (2024), 2026 update, 2017 MTP update, 2016 MTP slides. Notices: forecast revision (12 Nov 2025), 2016 BBT notice. AGM: 14th AGM notice and resolutions. Reports: Integrated Report 2025 and 2023. Other: ESG briefing Q&A (2020), Photonics Business Briefing (14 Oct 2026), 2020 investor briefing, English Corporate Governance Report, Euroland Excel export. The only Japanese target found was a page, not a document: the breadcrumb 'IR Materials' on the English Integrated Report page points to the Japanese /ir/library/index.html. All English: 5.
確認メモ（原文・英語）All 22 sampled links (listed under O2, 2015-2026, across tanshin, decks, transcripts, MTPs, notices, AGM documents, integrated reports, the CGR and the data export) resolved and opened. No dead links.
確認メモ（原文・英語）Rendered the IR top (Euroland ticker and chart rendered), IR Materials, Earnings Release, IR Meeting, Shareholders' Meeting, Integrated Report, IR News (year selector works), Financial Data, Consolidated Financial Statements (Euroland table rendered), Chart Generator, Fact Sheet, Stock Price (Euroland share graph rendered with 14 Oct quote), General Stock Information, Ownership, Dividends, Analyst Coverage, IR Calendar, Performance Report, MTP, Strengths, Disclosure Policy and Disclaimer. Every page rendered its content: 5.
確認メモ（原文・英語）The 'IR Materials' library is split by type: Earnings Release (tanshin, decks, transcripts, MTPs and results-day notices, by fiscal year back to FY2014), IR Meeting on Business Operation, Shareholders' Meeting and Integrated Report/Annual Report, each dated. On its own that would be 3. But the English 'IR News Release' page is one dated list, with a year selector back to 2015, carrying nearly every type: tanshin, decks, transcripts, MTP documents, AGM notices and resolutions, timely disclosures (buybacks, RS, forecast revision), the integrated report, and corporate news. It is not typed (the Japanese version has category tags; the English has none) and omits the CGR and the 14 Oct 2026 photonics briefing. One dated page, untyped and not every type: 4 (floor; 3 if the split library is taken as the library).
確認メモ（原文・英語）English tanshin and decks back to FY2014/FY2015, transcripts with Q&A from FY2019, AGM notices and resolutions from the 4th (2016) to the 14th (2026), integrated reports 2019-2025 plus Annual Report 2016, MTPs since 2016, IR News back to 2015. Several years across types: 5.
確認メモ（原文・英語）Ryota Washimori, General Manager, PR&IR Department, named with phone in the tanshin header - but the general Contact Us page's categories are Products, Safety, Open Innovation and Personal Information only; no IR route on the site itself.
確認メモ（原文・英語）From the English and Japanese library posting dates, the tanshin and deck went up in English the same day as the Japanese in every period read. Q1 FY26: 4 Aug 2026 both. FY25: 13 May 2026 both. FY25Q3: 9 Feb 2026 both. FY25Q2: 12 Nov 2025 both. FY25Q1: 5 Aug 2025 both. FY24: EN tanshin and deck 12 May 2025, against JA tanshin 12 May and deck 13 May. The English Q1 tanshin PDF was created 4 Aug 08:31. Several English deck PDFs now carry a 31 Aug 2026 creation date (re-uploaded), so the listing dates are used. Same day every period: 5.
確認メモ（原文・英語）Q1 FY26 tanshin: JA 4 Aug / EN 4 Aug 2026 = 0. FY25 tanshin: JA 13 May / EN 13 May 2026 = 0. AGM notice: JA 22 May / EN 22 May 2026 = 0 (the JA corrected version of 16 Jun has no English counterpart). Corporate Governance Report: JA filed 3 Jul 2026; the English PDF was created 30 Jul 2026, with no posting date listed, so 27 days by PDF creation date. Annual securities report: JA 22 Jun 2026, no English, so >90. Sorted 0, 0, 0, 27, >90: median 0 days, 5.
確認メモ（原文・英語）Japanese IR news, timely-disclosure items 14 Oct 2025-14 Oct 2026, besides the four tanshin. 12 Nov 2025: forecast revision, and buyback-and-cancellation decision. 2 Dec: buyback status. 19 Dec: buyback status, completion and cancellation. 13 May 2026: MTP update notice. 23 Jun: RS disposal. 31 Jul: RS payment completion. Every one is on the English IR News the same day, as are the four tanshin, the AGM notice and resolutions, and the 28 May executive personnel notice. All, same day: 5.
確認メモ（原文・英語）Rendered the English homepage, IR top, IR Materials, Earnings Release, IR Disclaimer, Terms and Conditions and Disclosure Policy: no machine- or AI-translation notice, banner or pop-up. The documents carry only human-translation lines: the tanshin and AGM notice have the 'original shall prevail' line (R5), and the transcripts say 'translated by SCRIPTS Asia'. The CGR, deck, MTP and integrated report carry no translation notice. Nothing presented as machine-translated: 5.
確認メモ（原文・英語）Tanshin, AGM notice and resolution notice all carry a "for reference purposes only"/"translation... readers strongly recommended to refer to the original Japanese version" disclaimer. Re-checked 14 Oct 2026 in the other-24 pass: the English results deck and the English Corporate Governance Report carry no prevailing-language line, so the disclaimer is on some documents, not all: 2 (was 1).
Investor question: What demand evidence and incremental capital justify the upgrade? IR preparation: disclose original-versus-revised capacity, spend, margin and ROIC assumptions.
Dexerials balances growth investment with a 60% cumulative total payout, at least 40% payout ratio and at least 7% DOE.
資本構成
The return policy is formulaic and FY2025 ROIC was 22.8%; the selected update does not state a target leverage range.
資本政策の意思決定
The company updated the plan after better photonics demand and disclosed before-and-after targets, while business viability is reviewed using ROIC and growth criteria.