[Class of '28] Asahi Kasei (3407) — A Job Hunting Strategy Deciphering 3.07 Trillion Yen in Sales and +17.6% Net Profit via IR

Introduction

*The financial figures in this article are based on Asahi Kasei's Financial Results for the Fiscal Year Ending March 2026 and the Securities Report (written in June 2026).
■ How to read this article
Free Part (Chapters 1-3): Thorough dissection of financial results, industry comparison, and structural industry challenges
Paid Part (Chapters 3.5-8): Latest news to grasp before interviews, selection processes of successful candidates, ES/interview strategies, career paths and salaries by job type, the reality of the work environment, interview answer examples incorporating financial analysis, and comprehensive evaluation
If you have just started your industry research, the free part is sufficient. The paid part is for the Class of '28 who have decided to seriously apply to Asahi Kasei (one-time purchase of 1,480 yen; not a monthly subscription).

I want you to read this article over and over again.

What is written here is not a summary of 'What kind of company is Asahi Kasei?' that overflows on the internet. It is content that deciphers primary information disclosed by Asahi Kasei's IR—securities reports, financial results briefings, summaries of earnings presentations, and financial highlights—from an investor's perspective and applies it to job hunting.

If you can understand this article to the end, you will be able to organize and talk about the company's business structure better than a department manager at Asahi Kasei. All the material you need to make the interviewer say, 'You understand our company very well,' is included here.

Technical terms will appear. Three-area management (Healthcare x Housing x Material), Hebel Haus, Saran Wrap, Calliditas Therapeutics, Planova, LifeVest, Essential Chemicals, Electronics business, Hipore (separator), Daramic, ZOLL, Ion-exchange membrane method chlor-alkali process, Car interior, Performance chemicals, Comfort life, D/E ratio, Business structure improvement expenses. There will be parts that feel difficult to read. Even so, please read on patiently while looking up each word you don't understand. It is worth spending an hour reading. That is the best self-investment to break through the wall of academic background with a job offer.

Asahi Kasei Corporation—one of Japan's largest comprehensive chemical conglomerates, owning 'Hebel Haus,' 'Saran Wrap,' 'Ziploc,' 'Cupro,' and 'Bemberg.' It realizes a rare structure that possesses chemicals, housing, and pharmaceuticals in one company through three-area management of 'Healthcare,' 'Housing,' and 'Material.' It is a regular in Mynavi and Nikkei popularity rankings and boasts an exceptional brand power in the job market.

However, even if you talk about your motivation for applying using only the brand story of 'a long-established chemical company' or 'the Hebel Haus company,' the interviewer's heart will not be moved. This is because that is a 'result' and not a 'structure.'

In this article, I will dissect the structure from an investor's perspective: how Asahi Kasei's three segments (Healthcare, Housing, and Material) work together to generate 3.07 trillion yen in sales; why it achieved financial improvements in FY2026 of +1.2% in sales, +9.1% in operating profit, +17.6% in net profit, and an equity ratio from 46.3% to 50.5%; the essence of the three-area management promoted by President Koshiro Kudo; the strategic significance of the Calliditas Therapeutics acquisition and Daramic sale; and the shareholder return strategy of five consecutive dividend increases.

Chapter 1: Reading Asahi Kasei from an Investor's Perspective

FY2026 Financial Highlights (Fiscal Year Ending March 2026, Japanese GAAP)

Let's check the most important figures from the financial results announced by Asahi Kasei on May 12, 2026.

◆ Net Sales: 3.0745 trillion yen (+1.2% YoY) ◆ Operating Profit: 231.2 billion yen (+9.1% YoY) ◆ Ordinary Profit: 230.4 billion yen (+19.1% YoY) ◆ Net Profit Attributable to Owners of Parent: 158.8 billion yen (+17.6% YoY) ◆ Operating Profit Margin: 7.5% (0.5pt improvement from 7.0% in the previous year) ◆ ROE: 8.0% (0.6pt improvement from 7.4% in the previous year) ◆ Equity Ratio: 50.5% (significant +4.2pt improvement from 46.3% in the previous year) ◆ Earnings Per Share: 116.97 yen ◆ Net Assets Per Share: 1,539.66 yen ◆ D/E Ratio: 0.46 (significant improvement from 0.62 in the previous year) ◆ Dividend: 42 yen per year (+4 yen increase from 38 yen in the previous year, 5th consecutive dividend increase) ◆ Dividend Payout Ratio: 35.9%

Sales +1.2%, Operating Profit +9.1%, Ordinary Profit +19.1%, Net Profit +17.6%—this is 'profit margin improvement growth' where the profit growth rate significantly exceeds the sales growth rate. Furthermore, the equity ratio improving by 4.2pt from 46.3% to 50.5% is the hidden most important topic of this fiscal year. The financial structure was dramatically strengthened by the gain on the sale of Daramic and the accumulation of net profit.

FY2027 Earnings Forecast—'Operating Profit +7.3%, First Time Targeting 250 Billion Yen'

Asahi Kasei's earnings forecast for the fiscal year ending March 2027 is as follows.

◆ Net Sales: 3.254 trillion yen (+5.8%) ◆ Operating Profit: 248 billion yen (+7.3%, on the verge of 250 billion yen for the first time) ◆ Ordinary Profit: 247.5 billion yen (+7.4%) ◆ Net Profit Attributable to Owners of Parent: 160 billion yen (+0.8%) ◆ Dividend: 44 yen per year (+2 yen increase, 6th consecutive dividend increase plan)

A stable growth plan with continuous sales and profit increases + 6 consecutive years of dividend increases. Although the net profit growth rate is limited due to the reaction to the gain on the sale of investment securities of 106.9 billion yen recorded in the previous fiscal year, operating profit from the core business is expected to expand steadily.

Three-Area Management—Business Portfolio of 'Healthcare x Housing x Material'

Asahi Kasei's greatest feature is that its reporting segments are composed of three areas: 'Healthcare,' 'Housing,' and 'Material'.

[FY2026 Sales by Segment] ◆ Healthcare: 664.1 billion yen (+48.2 billion yen, +7.8% YoY) ◆ Housing: 1.0774 trillion yen (+41.5 billion yen, +4.0% YoY) ◆ Material: 1.3062 trillion yen (-62.5 billion yen, -4.6% YoY) ◆ Others: 26.7 billion yen (+9.9 billion yen, +59.4% YoY)

[FY2026 Operating Profit by Segment] ◆ Healthcare: 83.5 billion yen (+19.4 billion yen, +30.2% YoY) ◆ Housing: 99.8 billion yen (+3.9 billion yen, +4.0% YoY) ◆ Material: 68.3 billion yen (-11.6 billion yen, -14.5% YoY) ◆ Others: 3.9 billion yen (+1.0 billion yen YoY)

Healthcare is the profit growth engine, Housing provides stable earnings, and Material is undergoing structural improvement due to profit decline—this is the structural characteristic of Asahi Kasei in FY2026.

Healthcare Business — "The Three Pillars: Pharmaceuticals x Life Science x Critical Care"

The Healthcare business (664.1 billion yen in sales, 83.5 billion yen in operating profit, +30.2% profit increase) is the segment with the largest profit contribution growth in FY2026.

◆ Pharmaceutical Business: Significant profit increase due to higher sales volume of core products and the new consolidation effect of Calliditas Therapeutics AB (Swedish pharmaceutical company, consolidated since October 2024) ◆ Life Science Business: Planova™ virus removal filters for plasma fractionation, culture media, CDMO, etc. Profit decline due to increased SG&A expenses and the impact of the blood purification business transfer ◆ Critical Care Business (ZOLL Medical, US subsidiary): Increased patient numbers due to the wearable defibrillator LifeVest® and the launch of new defibrillator products, though profit declined due to increased SG&A expenses

The acquisition of Calliditas Therapeutics (consolidated in October 2024) is a strategic M&A to strengthen European and US operations in the rare disease field. It holds the IgA nephropathy treatment Tarpeyo® and has become a new growth engine for the Healthcare business.

Housing Business — "The Three Pillars: Hebel Haus x North America x Building Materials"

The Housing business (1.0774 trillion yen in sales, 99.8 billion yen in operating profit, +4.0% profit increase) is a stable source of earnings.

◆ Construction Contracting Business: Centered on Hebel Haus and Hebel Maison. Profit increase due to higher average unit prices from larger and higher value-added properties ◆ Real Estate Development Business: Profit increase due to property mix and fixed cost reduction, despite a decrease in the number of condominium units sold ◆ Rental Management & Real Estate Brokerage Business: Profit increase due to an increase in managed units and brokerage transactions ◆ Building Materials Business: Hebel (ALC panels), etc. Profit increase due to progress in price pass-through ◆ Overseas Housing Business (North America): Profit decline due to falling housing demand and price adjustments

The North American business saw a profit decline due to the impact of falling housing demand and price adjustments in the US housing market. The polarization continues, with domestic housing remaining solid while North America faces headwinds.

Material Business — "Essential Chemicals x Electronics x Energy & Infrastructure"

The Material business (1.3062 trillion yen in sales, 68.3 billion yen in operating profit, -14.5% profit decline) is the segment subject to structural improvement this term.

◆ Essential Chemicals Business: Profit decline due to inventory valuation differences and large-scale periodic maintenance at the Mizushima Works ◆ Electronics Business: Profit increase due to strong sales of core products driven by robust demand for semiconductors and electronic equipment, centered on AI servers and high-end smartphones (a hidden growth engine) ◆ Car Interior Business: Solid performance in Europe, but profit decline due to lower sales volume in China and North America and increased fixed costs ◆ Energy & Infrastructure Business: Profit decline due to the impact of the separator business transfer (Daramic lead-acid battery separator business transfer, Hipore business) and price adjustments, despite increased sales of electrolysis plants for ion-exchange membrane salt electrolysis ◆ Comfort Life Business: Profit decline due to lower sales volume in the textile business ◆ Performance Chemicals Business: Profit decline due to inventory valuation differences from market price drops and periodic maintenance impacts

Within the Material business, only the Electronics business saw a profit increase. With the full-scale rise in AI semiconductor demand, the presence of Asahi Kasei's Electronics business (electronic compasses, photosensitive dry films, AI semiconductor packaging materials, etc.) is growing.

Daramic Sale — "Strategic Withdrawal from the Separator Business"

In FY2026, Asahi Kasei sold Daramic, LLC and its 14 consolidated subsidiaries, which comprised the lead-acid battery separator business. This is a symbolic strategic withdrawal to execute "selection and concentration."

◆ Daramic is a world-leading manufacturer of lead-acid battery separators ◆ The Hipore business (separators for lithium-ion batteries) will continue, but the company is withdrawing from lead-acid battery separators ◆ The sale aims to acquire cash, improve financial health, and concentrate management resources

Changes in the scope of consolidation: 21 companies excluded (Asahi Kasei Medical and 4 consolidated subsidiaries, Nagase Diagnostics, Daramic and 14 consolidated subsidiaries).

Financial Health — "Equity Ratio 50.5%, D/E Ratio 0.46"

The financial indicators at the end of FY2026 are as follows.

◆ Total Assets: 4.1379 trillion yen (+122.7 billion yen from the previous period) ◆ Net Assets: 2.1656 trillion yen (+251.7 billion yen from the previous period) ◆ Equity: 2.0885 trillion yen ◆ Equity Ratio: 50.5% (+4.2pt improvement from 46.3% in the previous period) ◆ Market-based Equity Ratio: 49.5% (+14.1pt improvement from 35.4% in the previous period) ◆ Interest-bearing Debt: 967.5 billion yen (down 189.9 billion yen from the previous period) ◆ D/E Ratio: 0.46 (significant improvement from 0.62 in the previous period) ◆ Operating Cash Flow: 303.1 billion yen ◆ Investing Cash Flow: -106.9 billion yen (significant improvement from -381.2 billion yen in the previous period) ◆ Financing Cash Flow: -245.4 billion yen ◆ Free Cash Flow: +196.2 billion yen ◆ Cash and Cash Equivalents at End of Period: 372.1 billion yen

An equity ratio of 50.5% and a D/E ratio of 0.46 represent a high level of financial health for the chemical industry. The financial structure has been dramatically strengthened through the gain on the sale of Daramic and the accumulation of net income.

Chapter 2: Industry Comparison — The Structure of Major Japanese Comprehensive Chemical Companies

Net Sales (Latest Full Fiscal Year)

◆ Mitsubishi Chemical Group (4188): 4.5 trillion yen level ◆ Mitsui Chemicals (4183): 1.9 trillion yen level ◆ Sumitomo Chemical (4005): 2.5 trillion yen level ◆ Asahi Kasei (3407): 3.07 trillion yen ◆ Shin-Etsu Chemical (4063): 2.8 trillion yen level ◆ Toray (3402): 2.6 trillion yen level ◆ Fujifilm Holdings (4901): 3.36 trillion yen

Operating Profit Margin

◆ Shin-Etsu Chemical: 25% level ◆ Fujifilm Holdings: 10% level ◆ Asahi Kasei: 7.5% ◆ Mitsui Chemicals: 5% level ◆ Sumitomo Chemical: Low level ◆ Mitsubishi Chemical: 5% level

Comparing the strategies of 5 companies

Asahi Kasei: "Healthcare x Housing x Material 3-Domain Management" model. A rare diversification that, in addition to its chemical business, includes Hebel Haus (housing), ZOLL Medical (medical devices), and Calliditas (pharmaceuticals). Asahi Kasei is the only comprehensive chemical company that owns a housing business.

Mitsubishi Chemical Group: "Comprehensive Chemical x Pharmaceutical" model. Develops everything from basic chemicals to specialty chemicals and Tanabe Mitsubishi Pharma (pharmaceuticals). It has a broad portfolio, but its profit margin is mid-range.

Shin-Etsu Chemical: "Silicon Wafer x PVC x Silicone" model. World leader in semiconductor silicon wafers, world leader in PVC (US-based Shintech), and world leader in silicone. An industry outlier with an operating profit margin of 25%.

Sumitomo Chemical: "Comprehensive Chemical x Agrochemical x Pharmaceutical (Sumitomo Pharma)" model. A comprehensive chemical company that owns basic chemicals, agrochemicals, and Sumitomo Pharma (pharmaceuticals), etc. It has been in a phase of structural reform in recent years.

Toray: "Carbon Fiber x Textiles x Chemicals" model. World leader in carbon fiber (CFRP), with textiles, chemicals, and electronics/information materials as its core.

Asahi Kasei's Uniqueness

The three axes are what make it unique compared to other companies.

First, the 3-domain management of Healthcare x Housing x Materials. Asahi Kasei is the only company in Japan that is diversified to include a housing business (Hebel Haus) and medical devices (ZOLL)/pharmaceuticals (Calliditas) in addition to its chemical business.

Second, the diversification of business cycles. By mixing the market cyclicality of materials (chemicals), the economic cyclicality of housing (real estate), and the stability of healthcare (pharmaceuticals), it levels out the performance fluctuations of the entire group.

Third, deep entry into AI semiconductor materials. It holds a rare position that captures AI demand through its electronics business (electronic compasses, photosensitive dry films, and AI semiconductor packaging materials).

Chapter 3: Structural Challenges of the Industry

Challenge 1: Cyclicality of the Material Business Market

The Essential Chemicals, Performance Chemicals, Car Interiors, and Comfort Life businesses are heavily influenced by raw material market conditions, exchange rates, and supply-demand dynamics. This is the primary cause of the 14.5% profit decline in the Material segment for FY2026.

Challenge 2: Uncertainty in the North American Housing Market

The overseas (North American) housing business continues to see profit declines due to falling US housing demand and pricing adjustments. The timing of the US housing market recovery is directly linked to performance.

Challenge 3: Regulatory Risks in the Healthcare Business

The pharmaceutical business (Calliditas, Tarpeyo®), life science business (Planova), and critical care business (LifeVest®, ZOLL) are subject to the influence of pharmaceutical regulations and medical systems in each country.

Challenge 4: Response to Decarbonization and PFAS Regulations

EU regulations, US PFAS regulations, and CO2 emission regulations affect the entire chemical industry. Investment in decarbonizing manufacturing processes remains a continuous challenge.

Challenge 5: Impact of Exchange Rate Fluctuations

Overseas sales account for approximately 45%. A weak yen is a tailwind, while a strong yen is a headwind. Geopolitical risks and US trade policies also have a significant impact. --- This concludes the free section. 3.07 trillion yen in sales and +17.6% net profit. From here on is the paid section, which turns these figures into 'weapons you can use in the selection process.' ■ Contents of the paid section ・Chapter 3.5: Latest news on Asahi Kasei and the chemical industry you should know ・Chapter 4: The true identity of successful applicants ・Chapter 5: Career analysis by job type ・Chapter 6: The reality of the working environment ・Chapter 7: Interview strategy — Answer examples incorporating financial analysis ・Chapter 8: Yamashan's comprehensive evaluation. This content is for Class of '28 students who are serious about applying to Asahi Kasei. It is a one-time purchase of 1,480 yen, and you can reread it anytime after purchase.

Chapter 3.5: Latest news on Asahi Kasei and the chemical industry you should know

News 1: FY2026 financial results show +1.2% sales, +9.1% operating profit, and +17.6% net profit (May 12, 2026)

3.07 trillion yen in sales, 231.2 billion yen in operating profit, and 158.8 billion yen in net profit. Healthcare saw a +30.2% profit increase, housing saw a +4.0% profit increase, and the Material segment saw a 14.5% profit decline. Growth driven by profit margin improvement.

News 2: Equity ratio improved from 46.3% to 50.5%, and D/E ratio improved significantly from 0.62 to 0.46

Financial standing has been dramatically strengthened through accumulated net profit, gains from the sale of Daramic, and improvements in foreign currency translation adjustments. Net assets per share are 1,539.66 yen (+170.50 yen).

News 3: FY2027 earnings forecast projects +7.3% operating profit, reaching 248 billion yen for the first time

Plan for 3.25 trillion yen in sales and 248 billion yen in operating profit. Aiming for consecutive sales and profit growth plus 6 consecutive years of dividend increases.

News 4: 5 consecutive years of dividend increases, from 38 yen to 42 yen to 44 yen (FY2027 forecast)

Steady dividend increases while maintaining a payout ratio of 35.9%. Adhering to a dividend payout ratio target of 30% or more.

News 5: Acquisition of Calliditas Therapeutics AB (consolidated in October 2024)

Acquired a Swedish pharmaceutical company. Holds the IgA nephropathy treatment drug "Tarpeyo®." A strategic M&A to strengthen European and American operations in the rare disease sector.

News 6: Completion of the sale of Daramic, LLC (separators for lead-acid batteries)

Sold Daramic, including its 14 consolidated subsidiaries. Executed "selection and concentration." Focusing on lithium-ion battery separators (Hipore business).

News 7: New consolidation of Asahi Kasei Medical

Newly consolidated Asahi Kasei Medical Co., Ltd. and its 4 consolidated subsidiaries. Organizational restructuring of the healthcare business.

News 8: Special demand for AI semiconductors in the electronics business

Semiconductor and electronic device-related products (electronic compasses, photosensitive dry films, packaging materials) for AI servers and high-end smartphones are performing well.

News 9: Large-scale periodic maintenance at the Mizushima Works

Conducted large-scale periodic maintenance at the main manufacturing plant of the Essential Chemicals business. A temporary factor for profit decline.

News 10: Structural issues in the North American housing business

Profit decline due to falling US housing demand and pricing adjustments. The timing of the recovery in the US housing market is a challenge directly linked to business performance.

Chapter 4: The Identity of Successful Applicants

Overview of the Selection Process

The selection process for Asahi Kasei, Asahi Kasei Homes, Asahi Kasei Pharma, Asahi Kasei Medical, ZOLL Medical, etc., generally follows the flow below.

◆ Pre-entry (My Page registration) ◆ ES submission (student experience, motivation for application, desired business, free description) ◆ Web test (Tamatebako/SPI) ◆ 1st interview (HR + young staff from the field) ◆ 2nd interview (Manager/Department Head level) ◆ 3rd interview (Executive level) ◆ Final interview (Executive)

General position hiring is for approximately 200 new graduates (Asahi Kasei headquarters). Primarily master's and doctoral students in science and engineering (chemistry, biology, pharmacy, mechanical, electrical/electronic, materials engineering, architecture). Humanities students are hired for business planning, sales, marketing, etc. A regular on Mynavi/Nikkei popularity rankings, with tens of thousands of entries.

Educational backgrounds are primarily from the University of Tokyo, Kyoto University, Tokyo Institute of Technology, Waseda/Keio/Sophia, MARCH, top national/public universities, former imperial universities, and Kankandoritsu. The company has a three-headquarters system in Tokyo (Nihonbashi), Miyazaki (Nobeoka), and Osaka, with Nobeoka (Miyazaki), the birthplace of the old textile business, serving as the center for R&D and manufacturing.

Points for Conquering the ES

The questions in the ES with the highest weight are "Motivation for application," "Desired business," and "Free description." Asahi Kasei always asks, "Which of the three areas (Healthcare x Housing x Materials) are you most interested in?"

First, a deep understanding of Asahi Kasei's business structure. "I like chemistry, so I applied to your company" is weak. It is essential to be able to discuss "the structure of Healthcare +30.2% profit increase, Housing +4.0% profit increase, and Materials -14.5% profit decrease," "the essence of three-area management," and "the strategic significance of the Calliditas acquisition and Daramic sale."

Second, the reason why it must be Asahi Kasei. Discuss the 'strategic differences from Mitsubishi Chemical, Shin-Etsu Chemical, Sumitomo Chemical, and Toray' and the 'uniqueness of Hebel Haus (housing) x ZOLL (medical devices) x Calliditas (pharmaceuticals) x Material (chemicals).'

Third, connecting it to your own research and skills. For technical roles, link 'organic synthesis, polymers, inorganic materials, biology, pharmacy, and architecture' to your desired business area; for liberal arts roles, link 'brand management, international marketing, and financial analysis' to your desired business area.

Key Points for Interview Success

Frequently Asked Interview Questions:

◆ 'Please explain the strategic significance of the three-area management (Healthcare x Housing x Material).' ◆ 'Please explain the structural meaning of the performance mix of +1.2% in sales, +9.1% in operating profit, and +17.6% in net profit for FY2026.' ◆ 'How do you evaluate the strategic significance of the Daramic divestiture?' ◆ 'How do you view the synergies of the Calliditas Therapeutics acquisition?' ◆ 'Within the Material business, please explain the factors behind why only the Electronics business saw an increase in profit.'

Failure Patterns

Characteristics of job seekers who fail:

First, applying only because they 'like Hebel Haus' or 'it's the Saran Wrap company.' Product affection is a prerequisite, but structural and financial analysis of the three-area management is essential.

Second, a lack of integrated understanding across businesses. You will be judged on whether you can articulate the significance of the three-axis integration of Healthcare, Housing, and Material.

Third, inability to discuss differences from competitors. If you cannot structurally explain the 'differences between Mitsubishi Chemical or Shin-Etsu Chemical and Asahi Kasei,' your reasons for choosing Asahi Kasei will not be conveyed.

Chapter 5: Career Analysis by Job Category

Salary Levels

The average annual salary at Asahi Kasei is in the 9.0 to 9.5 million yen range (based on securities reports). The career path leads to an annual salary of 11 million yen in the late 30s, 14 to 16 million yen for section manager classes, and over 20 million yen for department manager classes. This is at the highest level in the chemical industry.

Major Job Categories and Responsibilities

◆ Research & Development (Material/Healthcare): Basic to applied research in organic synthesis, polymers, electronic materials, and pharmaceuticals at laboratories in Miyazaki/Nobeoka, Kanagawa/Kawasaki, Fuji, and Fuji. Primarily hiring master's and doctoral graduates.

◆ Production Technology & Manufacturing: Mass production technology and quality control for chemicals, electronic materials, and medical devices at factories in Mizushima, Kawasaki, Nobeoka, Fuji, Chiba, etc.

◆ Sales & Marketing: Each segment of BtoB (chemicals, electronic materials, medical devices) and BtoC (Hebel Haus, Saran Wrap).

◆ Overseas Assignment: North America (ZOLL, Calliditas, Asahi Kasei North American Building Materials), Europe (Calliditas), and Asia (China, Southeast Asia).

◆ Housing Business (Asahi Kasei Homes): Design, sales, and site supervision for Hebel Haus and Hebel Maison. Primarily for those who have obtained architect qualifications.

◆ Healthcare Business (Asahi Kasei Pharma, Asahi Kasei Medical, ZOLL): Areas of pharmaceutical development, life sciences (Planova), and medical devices (LifeVest).

◆ Electronics Business: Development and sales of electronic compasses, photosensitive dry films, and AI semiconductor packaging materials.

◆ Corporate (Corporate Planning, IR, HR, Finance, Legal): Responsible for company-wide functions at the headquarters (Nihonbashi, Tokyo).

Career Path and Market Value

An Asahi Kasei career is defined by 'deep-diving into specific business areas + cross-departmental rotation.' R&D roles often involve deep-diving into a single field over a 10-20 year span.

Second-career paths include transitions to foreign-affiliated chemical companies (BASF, Dow, Covestro), foreign-affiliated medical device companies (Medtronic, Abbott), foreign-affiliated pharmaceutical companies (Pfizer, Roche, Novartis), real estate (major developers), and consulting (specializing in the chemical industry).

Chapter 6: The Reality of the Work Environment

Reading the Work Environment from Quantitative Data

Extracting quantitative data that job seekers should care about from Asahi Kasei's securities reports and sustainability reports.

◆ Average years of service: 18-20 years (a high level for the chemical industry) ◆ Male childcare leave acquisition rate: Over 80% ◆ Ratio of female managers: Approximately 10% (on par with the industry average, with ongoing targets for improvement) ◆ Consolidated number of employees: Over 40,000 ◆ DJSI (Dow Jones Sustainability Index): Regular selection

Analysis of Reasons for Resignation

Reasons for resignation common to the chemical industry:

First, regional assignments. Work is centered at plants in Nobeoka (Miyazaki), Mizushima (Okayama), Fuji, Chiba, etc. If this does not align with a preference for urban work, it becomes a factor for resignation.

Second, assignment preferences not being met. Because careers differ significantly depending on the assignment across the three areas (Healthcare x Homes x Materials), some resign when they receive an assignment that differs from their preference.

Third, changes in the business portfolio. Changes in the business environment, such as the sale of Daramic or the acquisition of Calliditas, can cause anxiety regarding the future of one's business area.

However, an average length of service of 18-20 years is top-class for the chemical industry. The strength of the Asahi Kasei brand and its benefits ensure a stable retention rate.

Chapter 7: Interview Strategy — Answer Examples Incorporating Financial Analysis

Question 1: 'Please tell us your motivation for applying.'

❌ NG Example: 'I like Hebel Haus, and I wanted to work in Asahi Kasei's housing business.'

✅ Recommended Example: 'There are three reasons why I am applying to Asahi Kasei.'

First, I am attracted to the quality of management that achieved 'profit-margin-driven growth' in the FY2026 financial results, with a 1.2% increase in sales, a 9.1% increase in operating profit, a 19.1% increase in ordinary profit, and a 17.6% increase in net profit, where the profit growth rate significantly exceeded the sales growth rate. Furthermore, I am drawn to the dramatic strengthening of the financial structure, with the equity ratio improving by 4.2 points from 46.3% to 50.5% and the D/E ratio dropping significantly from 0.62 to 0.46.'

Second, it possesses a business portfolio unique among Japanese integrated chemical companies: a three-pillar management structure of Healthcare, Homes, and Materials. This diversification—which includes Hebel Haus (Homes), Calliditas Therapeutics (Pharmaceuticals), and ZOLL Medical (Medical Devices)—is a unique feature that levels out group-wide performance fluctuations by mixing cyclical Materials with stable-revenue Healthcare and Homes.

Third, there is a management stance that is seriously executing 'selection and concentration.' I feel the seriousness of the management in their simultaneous execution of business portfolio restructuring—such as the FY2026 acquisition of Calliditas Therapeutics (the IgA nephropathy treatment Tarpeyo®) and the divestiture of Daramic (separators for lead-acid batteries)—to concentrate management resources on the Electronics business, which is strong in AI semiconductor materials.

Question 2: 'Please explain the strategic significance of the three-pillar management (Healthcare x Homes x Materials).'

✅ Recommended example: 'In my analysis, there are three strategic significances to the three-pillar management.

First, the leveling of performance fluctuations. Materials (Chemicals) is a cyclical business heavily influenced by raw material market conditions, exchange rates, and supply and demand; Homes (Real Estate) is cyclically sensitive to the economy; and Healthcare (Pharmaceuticals/Medical Devices), while subject to regulations, provides relatively stable revenue. By mixing these three axes, group-wide performance fluctuations are suppressed. In fact, in FY2026, while Materials saw a 14.5% decrease in profit, this was absorbed by a 30.2% profit increase in Healthcare and a 4.0% profit increase in Homes, resulting in a 9.1% increase in group operating profit.

Second, technical synergies. Based on chemical technology, chemical expertise is utilized in each business, such as the ALC building materials (Hebel) for Hebel Haus, the manufacturing of active pharmaceutical ingredients, and Planova (virus removal filters) in the Life Science business.

Third, personnel rotation and organizational learning. Being able to experience all three areas within the company allows for the development of personnel with multifaceted perspectives. This is a unique strength not found in other companies in the chemical industry.

However, as a challenge, having three areas increases management complexity and carries the risk that it may be difficult to concentrate management resources on each business. I evaluate your company's execution of 'selection and concentration' through the Daramic divestiture and Calliditas acquisition in FY2026 as a sign of your stance to further optimize the business portfolio even within the three areas.'

Question 3: 'Do you have any questions for us?'

✅ Recommended example:

• 'Within the three-pillar management, which business area has the highest growth expectations five years from now?'

• 'When is the full-scale synergy of the Calliditas Therapeutics acquisition expected to be seen?'

• 'Please tell me the direction of future business portfolio restructuring for the Essential Chemicals business within the Materials segment.'

• 'If I were to join as a new graduate in a generalist position, could you tell me which business areas I would be most likely to experience within my first five years?'

Chapter 8: Yamashan's Comprehensive Evaluation

Evaluation from an investment perspective

Asahi Kasei is one of Japan's largest integrated chemical conglomerates. In FY2026, it recorded 3.07 trillion yen in sales, 231.2 billion yen in operating profit, 158.8 billion yen in net profit, an ROE of 8.0%, and an equity ratio of 50.5%. It is simultaneously promoting V-shaped growth in the Healthcare business, stable earnings in the Homes business, and structural reform in the Materials business. It has increased dividends for five consecutive terms and plans a sixth consecutive increase in FY2027.

Risks include the cyclical nature of the Materials business, uncertainty in the North American housing market, regulatory risks in the Healthcare business, responses to decarbonization and PFAS regulations, and exchange rate fluctuations. However, it possesses management capacity that exceeds these risks through the performance leveling of its three-pillar management and improved financial health (50.5% equity ratio).

Recommended for job seekers

◆ Science students in chemistry, biology, pharmacy, materials engineering, and architecture: There are significant opportunities to play an active role in R&D and production technology.

◆ For those with a broad interest in the three domains (Healthcare x Homes x Materials): A rare company where you can experience diversification not found in other firms.

◆ For those who want to nurture businesses over the long term: The chemical industry is premised on long-term management perspectives spanning 10 to 20 years.

◆ For those aiming for overseas assignments: There are abundant opportunities for overseas postings in North America (ZOLL, Calliditas, Asahi Kasei North America Building Materials), Europe, and Asia.

Job seekers who need careful consideration

◆ For those applying solely because they 'like Hebel Haus' or 'like Saran Wrap': Product affection is a prerequisite, but understanding the structure of the three-domain management is essential.

◆ For those oriented toward short-term results: The chemical industry is fundamentally based on 10 to 20-year spans.

◆ For those who insist on working in urban areas: Work is centered around factories in Nobeoka (Miyazaki), Mizushima (Okayama), Fuji, Chiba, etc.

Conclusion — 'News' and 'IR' Conquer Job Hunting

The reason I am writing this article is not simply to provide job hunting strategies for Asahi Kasei.

It is because the 'habit of reading the news' and the 'ability to understand IR information' will fundamentally change your job hunting.

Three powers that news brings to job hunting

First, the ability to talk about the 'now' of the industry. Raw material market conditions, exchange rate fluctuations, the US housing market, AI semiconductor demand, PFAS regulations, pharmaceutical regulations, and decarbonization policies—these macro news items directly impact management decisions in the chemical industry. Job seekers who do not read the news cannot talk about the current state of the industry.

Second, the ability to decipher corporate strategy. Asahi Kasei's simultaneous execution of the Calliditas Therapeutics acquisition and the Daramic divestiture was to advance concentrated investment in the healthcare growth area while strategically withdrawing from low-profit businesses. If you can understand the key messages of the medium-term management plan as a story set alongside related news, you will be able to make statements from a management perspective during interviews.

Third, the ability to think by connecting the economy and companies. How a 1-yen depreciation of the yen affects Asahi Kasei's overseas sales, or how changes in US housing starts affect the Hebel Haus North American business—thinking that connects the macro and micro will become a weapon you can use for the rest of your life, even after you become a working professional.

The decisive difference that IR information brings to job hunting

Securities reports, financial results summaries, financial briefing materials, and medium-term management plans. The habit of reading these primary sources is extremely rare even among job seekers.

That is precisely why those who can read them are overwhelmingly differentiated. Out of the 34 pages of Asahi Kasei's financial results summary, probably only the top 1% of job seekers read them thoroughly. The difference from the remaining 99% is made in that one hour.

Habits determine your life

The habit of reading news and IR will become a weapon you can use for the rest of your life, even after you receive a job offer.

A new employee who can talk about company performance better than their seniors in their second year, an employee who remembers the figures of the medium-term plan better than their department manager in their fifth year, a talent who can discuss things on equal footing with management in their tenth year—that difference is not determined the moment you receive a job offer as a new graduate, but by what habits you continue after receiving the offer.

Follow and Registration Guide

On X, I update news topics necessary for job hunting every day. ▶ X: https://x.com/irshukatsu

On my official LINE account, I deliver a summary of essential job hunting news that can be read in under a minute every day. I also accept requests for companies and industries you would like me to research. ▶ LINE Registration: lin.ee/R/ti/p/@849htmgw

The "IR Job Hunting Type Diagnosis," which helps you find the industry that suits you, is also now available. ▶ Take the diagnosis here: https://irshukatsu.com

Articles that delve into various companies using the same approach as this one, based on securities reports and IR materials, are collected in the magazines below.

▶ Thorough Analysis of Popular Companies via IR Materials https://note.com/irshukatsu/m/m6cbd6e7adbbf

▶ Finding Hidden Excellent Companies through IR Materials https://note.com/irshukatsu/m/mb399fe240309

▶ Current Events and IR Terms Job Seekers Should Know https://note.com/irshukatsu/m/md426d0adc4d5

If you want to read news at the same level as an investor, please also check out Yamashan@Investment Note. ▶ Yamashan@Investment Note https://note.com/yamashantoushi

*This article is intended to provide reference information for job hunting and does not recommend investment. Financial data is based on public information such as Asahi Kasei's fiscal year ending March 2026 financial results summary and securities reports. Figures are current as of the time of creation; please be sure to check the latest disclosure materials.

#JobHunting #ClassOf27 #ClassOf28 #JobSearch #IndustryResearch #IR #AsahiKasei #Chemicals #HebelHaus #Healthcare #ConsecutiveDividendIncreases #note