Happy New Year.

Last year saw significant changes both in Japan and globally, symbolized by the start of the second Trump administration and mutual tariffs, the Expo 2025 Osaka, inflation in Japan marked by rising rice prices, the launch of the Takaichi administration, and the rise of the Nikkei Stock Average. Bear sightings in Japan’s countryside also made headlines toward the end of the year.

For our company, it was also a year of significant change. In April, I assumed the position of President and CEO. We have refocused toward a plan that positions our core Digital Solutions business as a key growth driver, and we are actively pursuing this strategy.

Within our Digital Solutions business — Electronic Materials, Display Solutions, and Optical Solutions — we are particularly focused on driving our mid-term plan forward by advancing materials development in cutting-edge fields through the expanded practical application of MOR (Metal Oxide Resist) and collaborations with leading semiconductor equipment manufacturers.

Since last year, I have been communicating the message to our employees that JSR will become a "Togatta” company. I use it to mean that JSR must be a company with cutting-edge products and independent-minded individuals. This year, to become an even more “Togatta” company, there are three key areas I want to tackle with our employees. First, improving lateral communication. To drive change within our organization, each individual will increase their agility and actively foster cross-departmental, organization-wide communication. Second, heighten awareness of our competitors. Benchmarking against competitors helps us understand our position and accelerate learning. Third, we will strengthen individual capabilities. This requires the drive to study and dive into challenging situations. Continuously reflecting on and improving each employee’s individual capabilities will make JSR as a whole stronger.

Our goal is "value creation." A company's raison d'être lies in generating both profit and value. Providing customers with better products and new technologies requires investment, which is based on the generation of profits. Profit leads to value creation which is the fundamental principle behind our drive at JSR to become a Togatta company and continue contributing to society.

We sincerely appreciate your continued guidance and support in the coming year.

Tetsuro Hori

Representative Director, CEO, President Officer

JSR Corporation