• Profits outperformed – Q1–2 FY3/26 outperformed expectations at the bottom line, driven by lower raw material costs, robust performance in Industrial Films (including SRF and Mold-releasing film for MLCC), and the return to positive OP in the Businesses requiring improvement, indicating steady progress in line with the plan. Free cash flow turned positive, supported by stronger operating cash flow and capex returning to more normal levels after a period of heavy investment. With the continued recovery in Businesses requiring improvement (namely Textiles, Pharmaceuticals, Airbag fabrics, Packaging film, Nonwoven materials) and solid demand for Industrial films, we anticipate that the current recovery momentum will be maintained throughout FY3/26.
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