Summary of June 16 Earnings Corrections | Read Nissan Chemical, Nomura Micro, and Odakyu by Correction Point

Today's Correction Disclosure

Amended disclosures should not be mixed with regular financial results.

Amended disclosures are of considerable importance to investors.

However, it is easy to make mistakes if you read the results only in terms of "increased sales and profits" or "upward revisions," as you would with regular financial results. Rather than saying that a new performance trend emerged on June 16th for the three companies, the position is that some of the statements and numerical data in the financial results for the fiscal year ending March 2026, which were published in May, have been revised.

There are three possible orders for viewing the amended disclosure:

The first is whether sales, operating income, net income, and EPS have changed.

Second, have the numbers that are easy to use for evaluating corporate value, such as operating cash flow and investment cash flow, changed?

Third, has information related to the view of risk, such as segments, major customers, liability classification, notes, etc., changed?

Of these three cases, Nissan Chemical will mainly be involved in the third one, while Nomura Micro and Odakyu will mainly be involved in the second.

Nissan Chemical sees correction of major customer information

The reason for Nissan Chemical's correction was that there was an error in the related information listed in the "Segment Information, etc." section of the attached document.

The key point is information for each major customer.

Before the correction, the company stated that there were no external customers that accounted for 10% of sales on the consolidated statement of income. On the other hand, after the correction, sales for SINTECH International Trading (Shanghai) Co., Ltd. were 29.925 billion yen, and the related segment name was listed as wholesale business.

This is not a correction that will change Nissan Chemical's main profits and losses for the fiscal year ending March 2026.

However, the perspective on customer concentration will change. Especially in the case of functional materials and chemicals, the location of final demand, commercial distribution, and movements of major customers affect how performance is interpreted. When reading the existing memo figures of sales of 279.586 billion yen and operating income of 63.552 billion yen, it is important to consider the existence of specific customers in the wholesale business as a supplement.

Nissan Chemical's existing financial results memo

Nomura Micro focuses on cash flow correction

Nomura Micro's corrections have been made to the consolidated balance sheet, consolidated statement of cash flows, and related areas.

The main corrections to the summary are as follows.

While the allocation of operating CF and investing CF has changed, the end-of-year cash balance remains unchanged.

Nomura Micro is a semiconductor-related industry that receives orders mainly for ultrapure water production equipment. With sales of 56.245 billion yen and operating income of 6.667 billion yen, sales and profits in the fiscal year ending March 2026 were significantly lower than the previous year. That is why not only profits but also movements in trade receivables, inventories, contract liabilities, advances, borrowings, etc. are important.

This correction is not the type that changes investment decisions in one go, but rather a disclosure that corrects the accuracy of cash conversion. In the existing memo, operating CF was 4.679 billion yen, but after the correction, it is natural to read it as 4.363 billion yen.

Nomura Micro's existing financial results memo

Odakyu will look at the impact on interest-bearing debt indicators

Odakyu's correction concerns the description of cash flows from operating activities and cash flows from investing activities.

The main corrections are as follows.

Here too, the cash balance at the end of the period remains unchanged. The breakdown of operating CF and investment CF has been revised.

In the case of Odakyu, it is important not only to look at the operating profit of 52.659 billion yen and net profit of 37.368 billion yen, but also to consider the investment burden required for railways, real estate, hotels, etc. After this revision, the cash flow to interest-bearing debt ratio was revised from 11.5 years to 11.7 years, and the interest coverage ratio was revised from 10.3 times to 10.2 times.

Although the direction of the numbers has not deteriorated significantly, when looking at infrastructure companies, the one-year difference in operating CF is effective in determining financial strength. Even if operating income is in the black, the extent to which a company can cover capital investment and loan repayments on its own is another matter.

Odakyu's existing financial results memo

Conclusion

The disclosure related to financial results on June 16, 2026 was not a new material for regular financial results, but a day to carefully read the revised disclosure.

Nissan Chemical will confirm its view of segments and customer concentration by adding major customer information. Nomura Micro will review its cash conversion as a semiconductor-related order-receiving industry by correcting operating CF and investment CF. Odakyu will confirm how to read interest-bearing debt indicators and investment burden by correcting operating CF and investment CF.

Today's password is to separate the corrections into profit and loss, cash, and notes.

Even if the revision does not change sales or operating income, if cash flow or major customer information changes, the company's view of risk will change slightly. On the other hand, there is no need to be overly cautious just because of the heading of correction.

Amended disclosures are not a source of controversy, but a source of correction to the model.

Source

This article was created based on the revised materials of each company disclosed on June 16, 2026 and the existing individual financial results memos on this site.

• Nissan Chemical “(Correction/Numerical Data Correction) Regarding Partial Corrections to ``Summary of Financial Results for the Fiscal Year Ending March 31, 2026 [Japanese Standards] (Consolidated)'', June 16, 2026
• Nomura Micro Science “(Correction/Numerical data correction) Regarding partial corrections to the financial results report [Japanese standards] (consolidated) for the fiscal year ending March 31, 2026”, June 16, 2026
• Odakyu Electric Railway “(Correction/Numerical Data Correction) Notice Regarding Partial Corrections to ``Summary of Financial Results for the Fiscal Year Ending March 31, 2026 [Japanese Standards] (Consolidated)'', June 16, 2026