UACJ Corporation

Business Details

The Group's core business is the manufacture and sale of rolled products, castings, forged products, and processed products of aluminum and other non-ferrous metals and their alloys. It comprises four product categories: sheet products (can stock, semiconductor manufacturing equipment-related materials, etc.), extrusion & processed products, aerospace & defense materials, and automotive parts. Japan, North America, and Thailand serve as the main production bases, with the corporate group formed by subsidiaries and equity-method affiliates. The company has a diversified customer base with no single customer accounting for 10% or more of revenue.

Recent Overview

FY2026 (ending March 2026) saw substantial growth in both revenue and profit, but a decline is forecast for the following fiscal year

In FY2026 (ending March 2026), the company achieved revenue of ¥1,181,716 million (up 18.3% year on year) and operating profit of ¥76,863 million (up 34.0% year on year), primarily due to increased sales volume and higher aluminum ingot prices. On the other hand, it recorded a goodwill impairment loss of ¥5,598 million for the North American Automotive Parts Group and an impairment loss of ¥1,773 million on idle assets at a Thai subsidiary (totaling ¥7,371 million). For FY2027 (ending March 2027), revenue is expected to be ¥1,300,000 million (up 10.0% year on year), while operating profit is forecast to decline to ¥64,000 million (down 16.7% year on year). Uncertainty continues due to changes in US tariff policy and the situation in the Middle East, among other factors. In October 2025, a 4-for-1 stock split was implemented. As a subsequent event, the Board of Directors resolved in April 2026 to issue domestic unsecured straight bonds (total amount not exceeding ¥15,000 million, maturity within 5 years).

Key Products

Growth Drivers

• Increased can stock sales volume at Tri-Arrows Aluminum Inc. and UACJ (Thailand) Co., Ltd. amid firm demand for can stock in North America
• Expansion of revenue driven by rising aluminum ingot prices (revenue in FY2026, ending March 2026, increased by ¥182,935 million year on year)
• Growing demand for high value-added products for advanced fields, such as semiconductor manufacturing equipment-related materials, battery foil, and aerospace & defense materials
• Value creation through investment in recycling promotion, including UBC processing equipment and can stock capacity expansion facilities
• Promotion of the "materials plus alpha" strategy (expansion of the processing business and development of new fields) under the 4th Medium-Term Management Plan
• Enhancement of production capacity through acquisition of property, plant and equipment centered on strategic investments (¥55,677 million in FY2026, ending March 2026)
• Increase in comprehensive income driven by an expanded foreign currency translation adjustment for foreign operations (¥24,842 million)

Risks

• Uncertainty in the business environment due to geopolitical risks such as changes in US tariff policy and heightened tensions in the Middle East (FY2027, ending March 2027, operating profit forecast down 16.7% year on year)
• Changes in the external environment in the North American automotive market (goodwill impairment of ¥5,598 million recorded for the North American Automotive Parts Group in FY2026, ending March 2026)
• Inventory risk due to fluctuations in aluminum ingot prices (inventories of ¥295,041 million, up ¥50,933 million year on year)
• Profit pressure from persistently high financial expenses (¥15,862 million in FY2026, ending March 2026)
• Increase in interest-bearing debt due to expanded capital expenditure (total current and non-current bonds and borrowings of ¥388,715 million)
• Decreased demand for aluminum cans due to the impact of price increases for soft drinks and alcoholic beverages, and a slight decline in domestic sheet product demand due to progress in lightweighting
• Foreign exchange risk (translation adjustments for foreign operations affect comprehensive income)