February 24, 2026 02:08 AM GMT Investor Presentation | Japan M Foundation Chemicals: Wave of Industry Restructuring Sweeping Across Asia Petrochemical majors (industry view: Attractive): Expecting continued weak petrochemical demand and ethylene utilization rates, but in addition to China's anti-involution policies, there are signs of naphtha cracker downsizing in South Korea; believe the overall mood is improving. Asia petchem prices and spreads unlikely to fall further, but probably lack recovery momentum ...