Toppan Holdings Inc. · TSE:7911
Toppan — H1 FY2025 Earnings Presentation
29 slides from Toppan's earnings presentation, Nov 14, 2025
Slide 1: Fiscal 2025 Half Year Results Briefing
Fiscal 2025 Half Year Results Briefing Six months ended September 30, 2025 November 13, 2025 TOPPAN Holdings Inc.
Slide 2: INDEX
INDEX 1. Summary of Half Year Results 2. Full Year Results Forecast & Outline of Fiscal 2026 2
Slide 3: Summary of Fiscal 2025 Half Year Results (Six months ended September 2025)
Summary of Fiscal 2025 Half Year Results (Six months ended September 2025) - Achieved double-digit increase in non-GAAP operating profit. Electronics shifted to profit growth against Q1. H1 FY24 H1 FY25 Variance Profit Non- Profit Profit Non- Profit Non- Key points GAAP GAAP GAAP margin GAAP margin
Slide 4: Fiscal 2025 Half Year: Changes in Non-GAAP Operating Profit Versus Prior Year
Fiscal 2025 Half Year: Changes in Non-GAAP Operating Profit Versus Prior Year - Profit increased due to the Sonoco TFP business and other acquired entities joining the scope of consolidation. (Unit: ¥BN) Erhoeht-X Semiconductors Existing Cyclical businesses, businesses others Japan SX / Foreign Over
Slide 5: Information & Communication: Fiscal 2025 Half Year Results
Information & Communication: Fiscal 2025 Half Year Results - Digital Business will make meaningful profit contribution in H2. Profits of existing businesses increased due to the effects of structural reform, but markets continue to contract. Sales Composition Category Operating Profit Margin Comment
Slide 6: (Reference) Information & Communication: Erhoeht-X Fiscal 25 Half Year Results and Full Year Forecast
(Reference) Information & Communication: Erhoeht-X Fiscal 2025 Half Year Results and Full Year Forecast - Overall sales and profit increased in H1. Sales and profit are also expected to increase over the full year due to the progress of scaling in H2. Fiscal 2024 Fiscal 2025 Fiscal 2024 Fiscal 2025
Slide 7: Living & Industry: Fiscal 2025 Half Year Results
Living & Industry: Fiscal 2025 Half Year Results - Non-GAAP operating profit increased significantly. The Sonoco TFP business faced headwinds due to a decline in demand in the US and an increase in one-time startup costs. Sales Composition Operating Profit Margin Category (YoY change) Comment GAAP N
Slide 8: Living & Industry: Fiscal 2025 Impact of Packaging Business M&A / Sales by Region
Living & Industry: Fiscal 2025 Impact of Packaging Business M&A / Sales by Region - This year’s (1) M&A-related costs and (2) one-time startup costs will lead to increased profit next year. Non-recurring factors associated with M&A (Sonoco TFP business and Irplast) H1 FY2025 Packaging - Sales by Reg
Slide 9: Electronics: Fiscal 2025 Half Year Results
Electronics: Fiscal 2025 Half Year Results 更新中 - Results exceeded plan overall. FC-BGAs recovered in Q2 and further recovery in H2 is anticipated. Sales Composition Operating Profit Margin Category (YoY change) Comment GAAP Non-GAAP ✓ FC-BGAs: Sales and profit decreased in H1 but have been on a reco
Slide 10: Fiscal 2025 Half Year: Consolidated Statements of Income - Factors Affecting Main Items
Fiscal 2025 Half Year: Consolidated Statements of Income ーFactors Affecting Main Itemsー FY2024 FY25 Key points of H1 FY2025 (6 months) results H1 H1 (Ended September 30, 2025) Net sales 828.0 863.6 Variance vs. prior year (%) - 4.3 ○ Gross profit margin: Gross profit 191.2 203.1 0.4% point improveme
Slide 11: (Reference) Consolidated Balance Sheet - Main Items
(Reference) Consolidated Balance Sheet ーMain Itemsー (Unit: \BN) End of End of End of End of End of Sep. End of Sep. Mar. Mar. Main factors for change Mar. Mar. Main factors for change 2026 2026 2024 2025 2024 2025 Current assets 1,196.6 1,406.9 1,066.6 Liabilities 865.4 1,096.4 1,046.8 Cash & deposi
Slide 12: Reduction of Strategic Shareholdings
Reduction of Strategic Shareholdings - Current medium-term plan (MTP) target has been achieved, with the ratio to consolidated net assets at 14.8% as of the end of September 2025 (including deemed-owned shares). ■Changes in strategic shareholdings Shareholdings Status of progress divested in fiscal
Slide 13: INDEX
INDEX 1. Summary of Half Year Results 2. Full Year Results Forecast & Outline of Fiscal 2026 13
Slide 14: Summary of Revised Fiscal 2025 Plan (Year ending March 2026)
Summary of Revised Fiscal 2025 Plan (Year ending March 2026) - Full year results forecast revised in light of H1 results and the operating environment in H2. FY2025 Variance FY2024 Variance (Based Non-GAAP) Original Revised OP OP OP OP OP OP Actual margin Non-GAAP margin J-GAAP margin Non-GAAP margi
Slide 15: Details of Fiscal 2025 Results Forecast Revision
Details of Fiscal 2025 Results Forecast Revision - Anticipated negative factors have been reflected in the revision. Segment Fiscal 2025 Plan Fiscal Change 2024 Tekscend October 16 under November 13 Results Initial plan impact revision latest Main reasons for revision from initial plan (Unit: billio
Slide 16: Fiscal 2025 Revised Plan: Changes in Operating Profit Versus Prior Year
Fiscal 2025 Revised Plan: Changes in Operating Profit Versus Prior Year - Profit is forecast to increase when excluding the impact of the transition of Tekscend Photomask to the equity method. (Unit: ¥BN) Semiconductors Erhoeht-X Existing businesses, Cyclical others Tekscend Japan SX / businesses Ph
Slide 17: Information & Communication: Fiscal 2025 Full Year Forecast
Information & Communication: Fiscal 2025 Full Year Forecast - Despite decreased sales and profit in existing businesses, the growth business of digital business is expected to make a meaningful profit contribution due to progress in scaling. Full Year Sales Composition Category Full Year Operating P
Slide 18: Living & Industry: Fiscal 2025 Full Year Forecast
Living & Industry: Fiscal 2025 Full Year Forecast - Non-GAAP operating profit is expected to increase significantly. The Sonoco TFP business will contribute to profits from the next fiscal year due to a decrease in one-time costs. Full Year Sales Composition Category Full Year Operating Profit Margi
Slide 19: Electronics: Fiscal 2025 Full Year Forecast
Electronics: Fiscal 2025 Full Year Forecast - FC-BGAs are expected to further recover in H2 due to an increase in the proportion of products for AI and the contribution of the new line at the Niigata Plant. Full Year Sales Composition Category Full Year Operating Profit Margin H2 Forecast (YoY chang
Slide 20: Fiscal 2025 Full Year Forecast for Capital Investment, Depreciation, and R&D Expenditure
Fiscal 2025 Full Year Forecast for Capital Investment, Depreciation, and R&D Expenditure - Reflecting the impact of the transition of Tekscend Photomask to the equity method. Unit：\BN FY2022 FY2023 FY2024 FY2025 Original Revised Information & Communication 26.3 35.4 31.9 36.5 36.5 Living & Industry
Slide 21: Outline of Fiscal 2026
Outline of Fiscal 2026 ー Profit is expected to increase significantly next year due to growth in focus areas and a decrease in one-time costs incurred this year. Segment Subsegment Projected Performance Trend in Fiscal 2026 Information & Digital Business ◼ Further scaling centered on overseas securi
Slide 22: APPENDIX
- APPENDIX - © TOPPAN Holdings Inc.
Slide 23: (Reference) Quarterly Sales and Operating Profit by Segment
(Reference) Quarterly Sales and Operating Profit by Segment Quarterly Full year FY2023 FY2024 FY2025 FY25 E Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Original Revised FY23 FY24 14 May, 2025 13 Nov., 2025 Information & Communication Net sales 199.5 214.4 228.0 257.8 205.6 219.7 225.6 274.4 210.2 215.2 900.0 925.
Slide 24: (Reference) Quarterly Sales and Operating Profit by Segment
(Reference) Quarterly Sales and Operating Profit by Segment Information & Communication Q2 (3 months, YoY comparison) (¥bn) (¥bn) (¥bn) (¥bn) 300 30 250 10.0 250 25 200 8.0 Comm. Media 200 20 Secure Media 150 15 150 6.0 BPO 100 10 100 4.0 Digital Business 50 5 Operating Profit (RHS) 50 2.0 0 0 Q1 Q2
Slide 25: (Reference) Consolidated Statements of Income - Main Items by Quarter
(Reference) Consolidated Statements of Income - Main Items by Quarter - Quarterly Full year FY2023 FY2024 FY2025 FY25 E Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Original Revised FY23 FY24 14 May, 2025 13 Nov., 2025 Net sales 387.7 412.5 415.5 462.4 402.8 425.1 429.9 461.5 397.5 466.0 1,678.2 1,719.5 1,880.0 1,
Slide 26: (Reference) Non-GAAP Operating Profit Reconciliation (by quarter)
(Reference) Non-GAAP Operating Profit Reconciliation (by quarter) (Unit: \BN) Quarterly Full year FY2023 FY2024 FY2025 FY25 E Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Original Revised FY23 FY24 14 May, 2025 13 Nov., 2025 Information & Communication Operating Profit 2.9 7.4 10.1 24.9 5.0 5.8 45.6 45.5 46.5 42.5
Slide 27: (Reference) Non-GAAP Companywide Operating Profit / Net Profit Reconciliation (by quarter)
(Reference) Non-GAAP Companywide Operating Profit / Net Profit Reconciliation (by quarter) (Unit: \BN) Quarterly Full year FY2023 FY2024 FY2025 FY25 E Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Original Revised FY23 FY24 14 May, 2025 13 Nov., 2025 Operating Profit 11.2 17.2 24.3 32.2 13.5 11.2 74.3 85.0 92.0 70.
Slide 28: Disclaimer Regarding Forward-Looking Statements
Disclaimer Regarding Forward-Looking Statements Results forecasts and other forward-looking statements in these materials are made by the Company based on information available at the current time. Actual results may differ from forecasts due to future changes in the business environment.
Slide 29: TRTERETS.
TRTERETS. TOPPAITII TOPPAN