Japan Pulp And Paper Co. Ltd. · TSE:8032
Japan Pulp And Paper — H1 FY2025 Earnings Presentation
62 slides from Japan Pulp And Paper's earnings presentation, Nov 17, 2025
Slide 1: H1 FY2025 Financial Results Overview
H1 FY2025* Financial Results Overview *Fiscal year ending March 31, 2026 Prime Market Tokyo Stock Exchange Securities Code: 8032 November 17, 2025 Japan Pulp & Paper Co., Ltd.
Slide 2: Contents
Contents I H1 FY2025 Financial Results Overview p.2 II H1 FY2025 Financial Results Overview by Segment p.6 III FY2025 Financial Results Forecast p.18 IV Progress of OVOL Medium-term Business Plan 2026 p.23 V Appendix p.44 Copyright © Japan Pulp & Paper Co., Ltd. 2026 1
Slide 3: H1 FY2025 Financial Results Overview
I H1 FY2025 Financial Results Overview Copyright © Japan Pulp & Paper Co., Ltd. 2026 2
Slide 4: Financial Highlights
I H1 FY2025 Financial Results Overview Financial Highlights • Revenue increased year on year due to the contribution of subsidiaries acquired outside of Japan through M&As in the previous fiscal year (103.1% compared to the previous fiscal year). • Ordinary profit decreased year on year mainly due t
Slide 5: Consolidated Financial Results Overview
I H1 FY2025 Financial Results Overview Consolidated Financial Results Overview (Millions of yen) Revenue (Billions of yen) Q3&Q4 Year-on-Year Q1&Q2 H1 FY2024 H1 FY2025 Comparison 262.9 276.1 Revenue 278,419 287,131 103.1％ 271.4 278.4 287.1 Gross Profit 45,939 49,346 107.4％ FY2023 FY2024 FY2025 Ordin
Slide 6: Financial Results by Segment
I H1 FY2025 Financial Results Overview Financial Results by Segment Consolidated ordinary profit declined significantly, adversely affected by ordinary losses in the Non-Japan Wholesaling and Raw Materials & Environment segments. Composition of Revenue from Ordinary Profit by Business Segment Extern
Slide 7: H1 FY2025 Financial Results Overview by Segment
II H1 FY2025 Financial Results Overview by Segment Copyright © Japan Pulp & Paper Co., Ltd. 2026 6
Slide 8: Japan Wholesaling: Overview 1
II H1 FY2025 Financial Results Overview by Segment Japan Wholesaling: Overview 1 Revenue: In the paper business, sales volume for publications and commercial printing continued to decline amid the progress of digitization. Meanwhile, paperboard and functional materials performed on par with the same
Slide 9: Japan Wholesaling: Overview 2
II H1 FY2025 Financial Results Overview by Segment Japan Wholesaling: Overview 2 For H1 FY2025, demand in Japan* was 96.3% for paper, 99.3% for paperboard, and 97.9% for paper and paperboard combined compared to the same period last year. * Domestic demand in Japan = shipments + imports (Japan Paper
Slide 10: Non-Japan Wholesaling: Overview 1
II H1 FY2025 Financial Results Overview by Segment Non-Japan Wholesaling: Overview 1 Revenue: Increased year on year thanks to the contribution of German and French subsidiaries acquired through M&As in the previous fiscal year as well as to our continued efforts in complementary M&As. Ordinary prof
Slide 11: Non-Japan Wholesaling: Overview 2
II H1 FY2025 Financial Results Overview by Segment Non-Japan Wholesaling: Overview 2 In the group’s key markets outside of Japan, demand for paper and paperboard in H1 FY2025 remained weak in Europe and Oceania. Meanwhile, such demand is currently sluggish in the U.S., reflecting a pullback after th
Slide 12: Paper Manufacturing & Processing: Overview 1
II H1 FY2025 Financial Results Overview by Segment Paper Manufacturing & Processing: Overview 1 Revenue: Despite strong sales of commercial toilet paper in the recycled household paper business, sluggish sales volume growth in the corrugated container business resulted in a year-on-year decrease. Or
Slide 13: Paper Manufacturing & Processing: Overview 2
II H1 FY2025 Financial Results Overview by Segment Paper Manufacturing & Processing: Overview 2 Demand for household paper products (e.g., toilet paper) in Japan remained flat at 100.7% in H1 FY2025 compared to the same period last year. Demand in Japan ＝ shipments + imports (Nihon Kateishi Kougyoka
Slide 14: Raw Materials & Environment: Overview 1
II H1 FY2025 Financial Results Overview by Segment Raw Materials & Environment: Overview 1 Revenue: Decreased year on year due to lower sales volume of recovered paper and other products. Ordinary profit: Decreased year on year mainly due to deteriorated profitability in the fuel business for woody
Slide 15: Raw Materials & Environment: Overview 2
II H1 FY2025 Financial Results Overview by Segment Raw Materials & Environment: Overview 2 Revenue and Ordinary Profit on a Non-consolidated Basis and by Business (Within Segment) Revenue (Billions of yen) Year-on-Year Year-on-Year H1 FY2024 H1 FY2025 Renewable Energy Change Comparison Business Non-
Slide 16: Real Estate Leasing: Overview
II H1 FY2025 Financial Results Overview by Segment Real Estate Leasing: Overview Revenue/Ordinary Profit Segment Overview Revenue Ordinary profit (Billions of yen) Revenue: Slightly decreased year on year as a result of some 2.0 2.1 2.1 tenants moving out of our properties. Ordinary Profit: Slightly
Slide 17: Ordinary Profit Trends for Q1 and Q2 FY2025
II H1 FY2025 Financial Results Overview by Segment Ordinary Profit Trends for Q1 and Q2 FY2025 and Year-on-Year Comparison Ordinary profit: Q1 and Q2 (three-month) comparison and year-on-year comparison (Millions of yen) Japan Wholesaling Non-Japan Wholesaling Paper Manufacturing & Processing Q1 Q2
Slide 18: Ordinary Profit: Analysis of Changes in Profit
II H1 FY2025 Financial Results Overview by Segment Ordinary Profit: Analysis of Changes in Profit Ordinary profit decreased by JPY 4,502 million, 45.4% compared to the same period last year, affected by the decline in profits in the Non-Japan Wholesaling and Raw Materials & Environment segments. Inc
Slide 19: FY2025 Financial Results Forecast
III FY2025 Financial Results Forecast Copyright © Japan Pulp & Paper Co., Ltd. 2026 18
Slide 20: Consolidated Financial Results Forecast
III FY2025 Financial Results Forecast Consolidated Financial Results Forecast The forecasts for ordinary profit and profit attributable to owners of parent decreased by 32.3% and 76.5%, respectively, from the initial forecasts. ・ Non-Japan wholesaling: It is likely to be difficult to turn around the
Slide 21: Consolidated Ordinary Profit Forecast: Breakdown by Segment
III FY2025 Financial Results Forecast Consolidated Ordinary Profit Forecast: Breakdown by Segment Ordinary Profit by Business Segment (Millions of yen) FY2025 FY2025 Change Change (%) Initial Forecast (A) Revised Forecast (B) (B) – (A) Japan Wholesaling 5,800 5,500 -300 -5.2% Non-Japan Wholesaling 3
Slide 22: FY2025 Ordinary Profit Trends by Segment (Revised Forecast)
III FY2025 Financial Results Forecast FY2025 Ordinary Profit Trends by Segment (Revised Forecast) (Millions of yen) Japan Wholesaling Non-Japan Wholesaling Paper Manufacturing & Processing Medium-term Business Plan 2026 Medium-term Business Plan 2026 Medium-term Business Plan 2026 Final Year Target:
Slide 23: Dividends (Records and Forecasts)
III FY2025 Financial Results Forecast Dividends (Records and Forecasts) Adopting consolidated dividend on equity (DOE) ratio effective from the year-end dividend for FY2025, the dividend forecast for FY2025 was revised to JPY 34 from JPY 28 per share. We are going to adopt a progressive dividend pol
Slide 24: Progress of OVOL Medium-term Business Plan 2026
IV Progress of OVOL Medium-term Business Plan 2026 Copyright © Japan Pulp & Paper Co., Ltd. 2026 23
Slide 25: OVOL Vision 2030: Paper, and beyond
IV Progress of OVOL Medium-term Business Plan 2026 OVOL Vision 2030: “Paper, and beyond” We will refine our know-how and network cultivated over more than 170 years in the The World’s Leading Paper paper and paperboard wholesaling business to become recognized as the world’s Distribution Group leadi
Slide 26: Initiatives Based on Fundamental Principles
IV Progress of OVOL Medium-term Business Plan 2026 Initiatives Based on Fundamental Principles of OVOL Medium-term Business Plan 2026 Aim to achieve OVOL Vision 2030 by formulating and implementing measures based on three fundamental principles OVOL Medium-term Business Plan 2026 Major Initiatives T
Slide 27: Expand Communication and Increase Value Provided 1
IV Progress of OVOL Medium-term Business Plan 2026 (i) Expand Communication and Increase Value Provided 1 Workshops Exploring the Potential of Paper At OVOL Bridges 2023 – The 2nd Paper Merchants Forum held in 2023, we announced that we would implement three initiatives to promote the value of paper
Slide 28: Expand Communication and Increase Value Provided 2
IV Progress of OVOL Medium-term Business Plan 2026 (i) Expand Communication and Increase Value Provided 2 Kami Eco® Coffee Packaging Won Sustainable Product Award At the SCAJ World Specialty Coffee Conference and Exhibition 2025 organized by the Specialty Coffee Association of Japan (SCAJ), Paper &
Slide 29: Initiatives Based on Fundamental Principles
IV Progress of OVOL Medium-term Business Plan 2026 Initiatives Based on Fundamental Principles of OVOL Medium-term Business Plan 2026 Aim to achieve OVOL Vision 2030 by formulating and implementing measures based on three fundamental principles OVOL Medium-term Business Plan 2026 Major Initiatives T
Slide 30: Raising Capabilities of Human Resources and Work Engagement
IV Progress of OVOL Medium-term Business Plan 2026 (ii) Raising the Capabilities of Human Resources and Improving Work Engagement (Non-consolidated initiatives at Japan Pulp & Paper) Human Resource-related KPIs in Initiatives to Improve Engagement Medium-term Business Plan 2026 • The results of the
Slide 31: Initiatives Based on Fundamental Principles
IV Progress of OVOL Medium-term Business Plan 2026 Initiatives Based on Fundamental Principles of OVOL Medium-term Business Plan 2026 Aim to achieve OVOL Vision 2030 by formulating and implementing measures based on three fundamental principles OVOL Medium-term Business Plan 2026 Major Initiatives T
Slide 32: Revenue Scale Expansion Through M&As and Alliances 1
IV Progress of OVOL Medium-term Business Plan 2026 (iii) Revenue Scale Expansion Through Promotion of M&As and Alliances 1 One of the fundamental principles in OVOL Medium-term Business Plan 2026 is to fully utilize M&As to rapidly expand our business in new and existing areas. Our goal is to increa
Slide 33: Revenue Scale Expansion Through M&As and Alliances 2
IV Progress of OVOL Medium-term Business Plan 2026 (iii) Revenue Scale Expansion Through Promotion of M&As and Alliances 2 • In the Non-Japan Wholesaling segment, we are developing a group of regionally-based paper wholesale companies that have inventory Non-Japan and distribution functions in vario
Slide 34: Revenue Scale Expansion Through M&As and Alliances 3
IV Progress of OVOL Medium-term Business Plan 2026 (iii) Revenue Scale Expansion Through Promotion of M&As and Alliances 3 Investment (Strategic M&As) Germany: OVOL Papier Deutschland, OVOL Packaging, OVOL ComPlott (Revenue for H1 FY2025: JPY 21.9 billion; ordinary losses: JPY 2.0 billion) • Engaged
Slide 35: Revenue Scale Expansion Through M&As and Alliances 4
IV Progress of OVOL Medium-term Business Plan 2026 (iii) Revenue Scale Expansion Through Promotion of M&As and Alliances 4 Our continued efforts in complementary M&As in our focused areas have steadily contributed to strengthening the structures of our business sites: Sign & display (Europe, Ocean
Slide 36: Non-Japan Wholesaling: Major Subsidiaries with Inventory
IV Progress of OVOL Medium-term Business Plan 2026 (Reference) Non-Japan Wholesaling: Major Subsidiaries with Inventory and Distribution Functions in Key Regions U.S. U.K. & Ireland OVOL USA (Gould Paper) Premier Paper Group With its head office in New York, this is one of the leading paper distri
Slide 37: Initiatives Based on Fundamental Principles
IV Progress of OVOL Medium-term Business Plan 2026 Initiatives Based on Fundamental Principles of OVOL Medium-term Business Plan 2026 Aim to achieve OVOL Vision 2030 by formulating and implementing measures based on three fundamental principles OVOL Medium-term Business Plan 2026 Three Fundamental P
Slide 38: Stock Price and Market Valuation Trends
IV Progress of OVOL Medium-term Business Plan 2026 Stock Price and Market Valuation Trends While the stock price has increased steadily, our price-to-earnings ratio (PER) has been back on the recovery track since FY2022. We aim to improve our price book-value ratio (PBR) through the enhancement of r
Slide 39: Financial and Capital Strategies: Cash Allocation
IV Progress of OVOL Medium-term Business Plan 2026 Financial and Capital Strategies: Cash Allocation Invest in growth and deliver proactive shareholder returns by expanding cash flow and utilizing financial leverage Growth investment capacity until net D/E ratio reaches 1.0x: Cumulative 3-year Cash
Slide 40: Execution of Financial and Capital Strategies
IV Progress of OVOL Medium-term Business Plan 2026 Execution of Financial and Capital Strategies Dividends increased four consecutive fiscal years through FY2024. Annual dividends are expected to further increase by adopting a DOE indicator until FY2026. Cross-shareholdings are being reduced. Divide
Slide 41: Shareholder Returns (Stock Buyback)
IV Progress of OVOL Medium-term Business Plan 2026 Shareholder Returns (Stock Buyback) We have implemented stock buybacks with agility and flexibility in accordance with our shareholder return policy set forth in OVOL Medium-term Business Plan 2026. We will also implement a treasury shares retiremen
Slide 42: Promotion of Sustainable Management
IV Progress of OVOL Medium-term Business Plan 2026 Promotion of Sustainable Management Business and • Commenced human rights due diligence in the second half of FY2024 to identify important human rights Human Rights issues for the group. • Monitored the Company’s major suppliers—those covering 80% o
Slide 43: Mechanisms and Measures Prioritized to Realize OVOL Vision 2030
IV Progress of OVOL Medium-term Business Plan 2026 Development of Mechanisms and Measures Prioritized to Realize OVOL VISION 2030 Aim to realize OVOL VISION 2030 by focusing our efforts on promotion of DX, human capital investment, and M&As OVOL Medium-term Business Plan 2026 • Holding of informatio
Slide 44: Thank you for your attention.
Thank you for your attention. Copyright © Japan Pulp & Paper Co., Ltd. 2026 43
Slide 45: Appendix
V Appendix Copyright © Japan Pulp & Paper Co., Ltd. 2026 44
Slide 46: Consolidated Balance Sheets as of September 30, 2025
Consolidated Balance Sheets as of September 30, 2025 Assets (Millions of yen) Liabilities and Net Assets (Millions of yen) As of March 31, As of September 30, As of March 31, As of September 30, 2025 2025 2025 2025 Current Assets 233,953 221,523 Current Liabilities 192,050 182,294 Non-current Assets
Slide 47: Japan Wholesaling: Business Overview
Japan Wholesaling: Business Overview A dominant presence in the industry and the leading share of paper distribution in Japan Business Flow of Japan Wholesaling Wholesale Publishing Industry Merchants Retail Industry Society/ Japan Pulp & Printing and Processing Companies Food Industry Manufacturers
Slide 48: Japan Wholesaling Segment: Topics
Japan Wholesaling Segment: Topics Products Handled Graphic paper for books, publications, Containerboard and other packaging paper Functional materials and Packaging materials, including Paper products for offices and households catalogs, flyers, etc. industrial materials necessary containerboard an
Slide 49: Non-Japan Wholesaling: Business Overview
Non-Japan Wholesaling: Business Overview Glocal and cross-border business rooted in multiple countries and regions (Number of companies) Asia 25 Business Model of (*Japan included) Europe Americas Non-Japan Wholesaling Business We develop business that leverages the inventory and 30 9 distribution f
Slide 50: Non-Japan Wholesaling: Major Subsidiaries 1
Non-Japan Wholesaling: Major Subsidiaries 1 Main Businesses ■Sales of Paper, Paperboard, Films, etc. ■Sign & Display North and ■Packaging Europe Central America ■Processing ■Other Reference: Reference: Number of employees: approx. 1,200 Number of employees: approx. 300 (as of March 31, 2025) (as of
Slide 51: Non-Japan Wholesaling: Major Subsidiaries 2
Non-Japan Wholesaling: Major Subsidiaries 2 Main Businesses ■Sales of Paper, Paperboard, Films, etc. ■Sign & Display ■Packaging Asia ■Processing ■Other Reference: Singapore Number of employees: approx. 600 ■ OVOL Singapore (as of March 31, 2025, excluding Japan) ■ Transam Industries China ■ Japan Pu
Slide 52: Paper Manufacturing & Processing: Business Overview
Paper Manufacturing & Processing: Business Overview Optimizes the group’s raw material procurement, manufacturing, and sales supply chain Corrugated Container Business A comprehensive packaging supplier, from containerboard manufacturing to sheet and case processing Promotes the establishment of a
Slide 53: Paper Manufacturing & Processing: Major Subsidiaries
Paper Manufacturing & Processing: Major Subsidiaries Note: Bogus paper is cushioning material for packaging that is made from recycled paper. Corrugated Container Business Taiho Paper Eco Paper JP Based in Gifu Prefecture, Taiho Paper manufactures In Aichi Prefecture, Eco Paper JP manufactures conta
Slide 54: Raw Materials & Environment: Business Overview
Raw Materials & Environment: Business Overview Engages in initiatives to recycle and circulate resources to promote a circular economy Recovered Paper Recycling Business A quality-focused recovered paper recycling business that delivers stable supplies to paper Promotes recycling of manufacturers
Slide 55: Raw Materials & Environment: Major Subsidiaries
Raw Materials & Environment: Major Subsidiaries Recovered Paper Recycling Business Fukudasansho Eco-Port Kyushu Operates a comprehensive recycling business in Leading recovered paper trading company Kumamoto Prefecture where it processes plastic in Japan containers, packaging, and confidential d
Slide 56: Real Estate Leasing: Business Overview
Real Estate Leasing: Business Overview Creates a stable revenue base by effectively utilizing our real estate holdings in prime locations in Tokyo, Osaka, Kyoto, and other major cities Main Rental Properties Name Location Number of Floors Purposes Completed Nihombashi Nichigin-Dori Building Tokyo 8
Slide 57: Sustainable Corporate Group
Overview of OVOL Vision 2030 and OVOL Medium-term Business Plan 2026 Positioning of OVOL Medium-term Business Plan 2026 Sustainable Corporate Group Three years of developing specific mechanisms and measures to create economic and social value toward the realization of OVOL Vision 2030 FY2030 Consoli
Slide 58: Fundamental Principles
Overview of OVOL Vision 2030 and OVOL Medium-term Business Plan 2026 Fundamental Principles of OVOL Medium-term Business Plan 2026 Aim to achieve OVOL Vision 2030 by formulating and implementing measures based on three fundamental principles OVOL Medium-term Business Plan 2026 Three Fundamental Prin
Slide 59: Medium-term Business Plan 2026: Consolidated Financial Targets
Overview of OVOL Vision 2030 and OVOL Medium-term Business Plan 2026 OVOL Medium-term Business Plan 2026: Consolidated Financial Targets • Achieve consolidated ordinary profit of JPY 22.0 billion surpassing the previous record high • Realize ROE of 8% or more, ROA of 5% or more, and ROIC of 7% or mo
Slide 60: Medium-term Business Plan 2026: Consolidated Ordinary Profit Analysis
Overview of OVOL Vision 2030 and OVOL Medium-term Business Plan 2026 OVOL Medium-term Business Plan 2026: Consolidated Ordinary Profit Analysis FY2026 Ordinary Profit Target Change Analysis (Compared with FY2023) FY2026 Consolidated Ordinary Profit Target JPY 22.0 billion Non-Japan Wholesaling Real
Slide 61: Financial and Capital Strategies: Cash Allocation
Overview of OVOL Vision 2030 and OVOL Medium-term Business Plan 2026 Financial and Capital Strategies: Cash Allocation Invest in growth and deliver proactive shareholder returns by expanding cash flow and utilizing financial leverage Growth investment capacity until net D/E ratio reaches 1.0x: Cumul
Slide 62: Japan Pulp & Paper Co., Ltd.
Japan Pulp & Paper Co., Ltd. Forefront Tower, 3-12-1 Kachidoki, Chuo-Ku, Tokyo 104-8656 Japan www.kamipa.co.jp/eng/ The forecasts in this document are based on assumptions, outlooks, and plans related to the future as of its release date. These forward-looking statements are based on decisions made