Slide 1: Briefing Materials on Business Results for the Year Ended December 31, 2025
THE PACK CORPORATION Briefing Materials on Business Results for the Year Ended December 31, 2025 March 3, 2026 1
Slide 2: Contents
Contents Business Environment and Topics P. 3 1. Business Results for the Year P. 4 Ended December 31, 2025 2. Forecast of Business Results for P. 19 the Year Ending December 31, 2026 3. Progress on Sustainable P. 23 Management 4. Reference Materials P. 27 Copyright© 2026 The Pack Corporation. All R
Slide 3: Business Environment and Topics
Business Environment and Topics Business environment ◆ Despite the modest economic recovery, inbound demand had limited positive impact on domestic consumption. The recovery in consumer spending remained lackluster due to the persistent price increases in food and other nondurables. Topics ◆ Record
Slide 4: 1. Business Results for the Year Ended December 31, 2025
1. Business Results for the Year Ended December 31, 2025 4
Slide 5: Summary of Business Results
Summary of Business Results Despite a new record high in net sales, active investments in facilities and human resources resulted in lower profits. (Million yen) Year ended Year ended December 31, 2024 December 31, 2025 Actual Actual YoY change Net sales 101,461 103,125 1.6% Operating profit 8,009 7
Slide 6: Results by Segment
Results by Segment (Million yen) Year ended December 31, 2024 Year ended December 31, 2025 Actual Share Actual Share YoY change Net sales 101,461 100.0% 103,125 100.0% 1.6% Paper Products 73,114 72.1% 75,754 73.5% 3.6% Paper bags 32,214 31.8% 32,044 31.1% -0.5% Paper cartons 25,882 25.5% 26,916 26.1
Slide 7: Factors Underlying Changes in Operating Profit
Factors Underlying Changes in Operating Profit Despite strong sales volume and sale prices, operating profit shrunk due to prior investments. (Million yen) Higher average sale prices Higher sales volumes 336 Higher other 313 selling, general 8,009 Higher raw material and administrative costs Higher
Slide 8: Trends by Segment
Trends by Segment Paper products contributed significantly to net sales (Million yen) Net sales (Paper Products segment) Net sales (Film Packaging segment) Net sales (other segments) Operating profit 7,743 8,009 7,207 5,972 8,000 4,144 6,000 103,125 4,000 101,461 2,000 97,714 100,000 0 89,060 14,846
Slide 9: Sales Composition
Sales Composition (%) 1.3 3.6 0.3 Year ended December 31, 28.7 17.1 5.0 5.0 4.6 2.12.7 3.4 26.2 2024 Year ended December 31, 29.7 17.0 4.8 3.8 4.7 2.12.9 3.0 26.3 2025 1.3 4.0 0.3 Food products Apparel Department stores Supermarkets and drug stores Convenience stores Pharmaceuticals and cosmetics e-
Slide 10: Paper Products Segment
Paper Products Segment <Rising profits due to supply capacity enhancement to meet the needs of growth markets> Trends in net sales and operating profits (Million yen) Business environment Net sales (left axis) Operating profit (right axis) ◆ Package demand in major customer industries using paper 80
Slide 11: Paper Products Segment (Paper Bags)
Paper Products Segment (Paper Bags) <Lower domestic sales due to external environmental impacts> Trends in net sales and operating profits (Million yen) Business environment Net sales (left axis) Operating profit (right axis) ◆ Demand fell due to declining consumer confidence in response 35,000 32,2
Slide 12: [Reference] Examples of Types of Paper Bag
[Reference] Examples of Types of Paper Bag ◼ Paper tote bag (with foldover) Bag with upper edges folded inside. The folded edges add strength to the bag, making reuse more likely. ◼ Paper tote bag (without foldover) Bag with its serrated upper edges. These highly cost-efficient bags are ideal for ma
Slide 13: Paper Products Segment (Paper Cartons)
Paper Products Segment (Paper Cartons) <Strong sales for food wrapping use> Trends in net sales and operating profits Business environment Net sales (left axis) Operating profit (right axis) (Million yen) ◆ Amid declining consumer confidence owing to inflation, the souvenir market requires both high
Slide 14: Paper Products Segment (Corrugated Boxes)
Paper Products Segment (Corrugated Boxes) <Market share rose as we met growing demand for e- Trends in net sales and operating profits commerce and shipping packaging> (Million yen) Business environment Net sales (left axis) Operating profit (right axis) ◆ The e-commerce market for product sales con
Slide 15: Film Packaging Segment
Film Packaging Segment <Steady flexible packaging sales trends> Trends in net sales and operating profits Business environment Net sales (left axis) Operating profit (right axis) (Million yen) ◆ In response to ongoing societal demand for eco-friendliness, shopping bags used to transport purchases ha
Slide 16: Other Sectors (PAS, sewn products, and other products)
Other Sectors (PAS (Pack Assortment Service System), sewn products, and other products) <Lower results due to decreased PAS sales> Trends in net sales and operating profits Business environment Net sales (left axis) Operating profit (right axis) (Million yen) 14,516 14,846 15,000 14,138 14,048 3,000
Slide 17: Balance Sheet
Balance Sheet (Million yen) Year ended Year ended December 31, 2024 December 31, 2025 Actual Actual Assets 103,292 104,212 Current assets 60,043 61,667 Non-current assets 43,248 42,544 Property, plant, and equipment 30,166 30,352 Intangible assets 3,384 4,310 Investments and other assets 9,697 7,881
Slide 18: Cash Flow
Cash Flow (Million yen) Year ended Year ended December 31, 2024 December 31, 2025 Main items Actual Actual Cash flows from operating activities 7,101 6,862 Profit before income taxes 9,160 8,859 Depreciation and impairment losses 2,416 2,940 Cash flows used in investment activities -5,436 3,514 Purc
Slide 19: 2. Forecast of Business Results for the Year Ending December 31, 2026
2. Forecast of Business Results for the Year Ending December 31, 2026 19
Slide 20: Forecasts of Business Results
Forecasts of Business Results Accelerating cross sales, with a focus on paper products (Million yen) Year ended Year ending December 31, 2026 December 31, 2025 Forecasts of Actual Forecast YoY change Business Results Net sales 103,125 106,000 2.8% Operating profit 7,207 7,500 4.1% Ordinary profit 7,
Slide 21: Trends in Consolidated Business Results
Trends in Consolidated Business Results (Million yen) Forecast for year Year ended Year ended Year ended Year ended ending December December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 31, 2026 Net sales 89,060 97,714 101,461 103,125 106,000 Operating profit 5,972 7,743 8,009 7,20
Slide 22: Major Factors Underlying Projected Changes in Operating Profit
Major Factors Underlying Projected Changes in Operating Profit Promoting price normalization together with cross-sales and proposing added value Higher average (Million yen) sale prices 1,750 Higher other Higher sales selling, general volumes and administrative 483 expenses 7,500 Higher raw 7,207 ma
Slide 23: 3. Progress on Sustainable Management
3. Progress on Sustainable Management 23
Slide 24: Progress on Sustainable Management Materiality KPIs
Progress on Sustainable Management Materiality KPIs ◆ Five KPIs were established with a goal of achieving these KPIs by FY2030. The following shows action plans and actual results for the past four years: Targets for FY2030 and actual results for the Materiality KPIs and action plans past four years
Slide 25: Progress on Sustainable Management Materiality KPIs
Progress on Sustainable Management Materiality KPIs Targets for FY2030 and actual results for the Materiality KPIs and action plans past four years (Participants) (3) (Activities) Number of activities per year ◆ Increasing the number of The Pack Forest® KPI Contributing to Environment Fund activitie
Slide 26: Materiality KPIs and Communication with stakeholders
Progress on Sustainable Management Materiality KPIs Targets for the fiscal year ending March 31, 2030 and Materiality KPIs and action plans actual results for the past four years (5) ◆ Increasing the number of companies*2 (Companies) Co-creating 350 KPI supporting The Pack Forest® Environment 300 br
Slide 27: 4. Reference Materials
4. Reference Materials © THE PACK CORPORATION 27
Slide 28: Corporate Overview
Corporate Overview Name THE PACK CORPORATION Founded May 1952 (shares listed September 1991; listed on TSE Prime Market April 2022) Headquarters 9-3 Higashiobase 2-chome, Higashinari-ku, Osaka, Osaka Prefecture Lines of Planning, manufacturing and sale of paper bags, folding paper cartons, corrugate
Slide 29: The Pack Group (Nine Consolidated Subsidiaries)
The Pack Group (Nine Consolidated Subsidiaries) The Pack Corporation Headquarters Tokyo Head Office Osaka Plant Nara Plant Tokyo Plant Ibaraki Plant (Osaka) Building (All four domestic plants have earned ISO 9001 and ISO 14001 certification.) Domestic subsidiaries * Absorption-type merger conducted
Slide 30: Trends in Net Sales and Ordinary Profit from Founding through 2025
Trends in Net Sales and Ordinary Profit (Consolidated) from the Company’s Founding (1952) through 2025 (Million yen) 100,000 10,000 Net sales (left axis) Ordinary profit (right axis) 90,000 9,000 80,000 8,000 70,000 7,000 60,000 6,000 50,000 5,000 40,000 4,000 30,000 3,000 20,000 2,000 10,000 1,000
Slide 31: Distribution Structure for Major Products
Distribution Structure for Major Products Consumers Main buyers Department Convenience Supermarkets Pharmaceuticals Home electronics e-commerce stores stores and drug stores Apparel and cosmetics Sundries Food products and home (mail order) installations etc. Raw materials makers Other parts and Pap
Slide 32: The Pack's Strengths (1)
The Pack’s Strengths (1) Strength Specifics (As of December 31, 2025) 1. A wide-ranging ◆ Transaction counterparties: approx. 15,000 companies customer base Food products, apparel, department stores, specialty stores, large retailers, general retailers, convenience stores, fast food, home electronic
Slide 33: The Pack's Strengths (2)
The Pack’s Strengths (2) Strength Specifics 2. A total packaging ◆ (Full support structure) Solutions proposed by joint efforts of the sales, research and planning, solutions provider engineering, and design sections ◆ (Thorough expertise and access to large body of information) Operating one of Jap
Slide 34: The Pack's Strengths (2)
The Pack’s Strengths (2) The Packaging Laboratories We operate three permanent showrooms—Tokyo, Osaka, and Fukuoka—which each feature a focus on packages. Exhibiting collections of packages from around the world, these showrooms help visitors grasp packaging trends and determine the specifications
Slide 35: The Pack's Strengths (3) Direct sales structure
The Pack’s Strengths (3) Strength Specifics 3. Integrated manufacturing, sales, and The Pack Group Manufacturing logistics structure Printing plant Paper bag plant Direct sales structure Hokkaido Branch Niigata Sales Office Aomori Sales Office Film packaging plant Paper cartons plant Keihin Tokushu
Slide 36: The Pack's Strengths (4) (5)
The Pack’s Strengths (4) (5) Strength Specifics 4. Quality control ◆ Groupwide quality management systems are ISO 9001-certified. structure ◆ The Tokyo and Osaka plants have earned FSSC 22000 international food-safety management system certification. ◆ The entire organization is implementing a polic
Slide 37: ESG Initiatives (1)
ESG Initiatives (1) Initiatives Specifics 1. Planning and ◆ Sales begin for KAISONAL® (eco-friendly next-generation oil-resistant proposing packages coating). to support social KAISONAL® is a coating agent made from a seaweed-derived raw material to meet growing demand for takeout food packages and
Slide 38: ESG Initiatives (2)
ESG Initiatives (2) Initiatives Specifics 2. Environmental ◆ Four plants in Japan have earned ISO 14001 certification. ◆ Continuing to reduce the use of materials appearing on the Pollutant Release and Transfer initiatives Register (PRTR) and in industrial waste ◆ Developing and expanding sales of e
Slide 39: ESG Initiatives (3)
ESG Initiatives (3) Initiatives Specifics ◆ In 2000, we established an independent The Pack Forest® Environment Fund and launched 3. Activities of The Pack volunteer activities to plant and thin forested areas. Currently we have ten planting sites across ® Forest Environment Japan. ◆ We contribute a
Slide 40: ESG Initiatives (4)
ESG Initiatives (4) Initiatives Specifics 4. Human Resource ◆ In accordance with our Company Motto, “Passionate and Dedicated to Our Partnerships,” and our Corporate Philosophy, “We Value and Nurture People,” we are implementing Development and initiatives to contribute to employee welfare, includin
Slide 41: ESG Initiatives (5)
ESG Initiatives (5) Initiatives Specifics ◆ As part of our environmental education initiatives, in cooperation with the city of Higashi- 5. Social contribution Osaka, we organize hands-on manufacturing classes at elementary schools. activities ◆ Supporting the Kansai Philharmonic Orchestra ◆ Donatio
Slide 42: Note
Note This document is intended to provide information on management policies and business results for the second quarter of the year ended December 31, 2025. It is not intended to solicit investment in securities issued by the Company. In addition, this document was prepared based on data as of Dece