Toppan Holdings Inc. · TSE:7911
Toppan — Q4 2024 Earnings Presentation
45 slides from Toppan's earnings presentation, May 15, 2025
Slide 1: Fiscal 2024 Full Year Results Briefing
Fiscal 2024 Full Year Results Briefing Year ended March 31, 2025 May 14, 2025 TOPPAN Holdings Inc.
Slide 2: INDEX
INDEX Contents I. Fiscal 2024 Full Year Results II. Transition to new KGIs III. Fiscal 2025 Results Forecast
Slide 3: Summary of Fiscal 2024 Full Year Results
Summary of Fiscal 2024 Full Year Results (Year ended March 31, 2025) FY2023 FY2024 Variance OP OP Key points Full Year margin Full Year margin Amount % Net sales 1,678.2 1,717.9 39.7 2.4% Overall 【全社】 Info.& Communication 900.0 929.3 29.3 3.3% •• 増収増益。為替は通期営業利益で約2億円の減益 Increases for sales and profit
Slide 4: Fiscal 2024 Full Year Changes in Operating Profit Versus Prior Year
Fiscal 2024 Full Year (Year ended March 31, 2025) Changes in Operating Profit Versus Prior Year （¥BN） Existing One-time expenses Enterprise tax Cyclical businesses associated with associated with businesses M&A divestment of Semiconductors -0.3 strategic +0.8 87.8 -2.0 shareholdings +5.5 Japan SX /
Slide 5: Information & Communication: Fiscal 2024 Results
Information & Communication: Fiscal 2024 Results Profit fell short of plan and growth was flat due to a phase of transition from existing printing to digital fields. Sales composition （YoY change) Category Comment Operating profit margin （YoY change) 18% ✓ Sales grew for marketing DX and overseas se
Slide 6: Erhoeht-X Results for Fiscal 2024
(Reference) Information & Communication: Erhoeht-X Results for Fiscal 2024 Sales expanded but profit margin growth was almost flat due to upfront input of resources and the impact of one- time factors in the previous year. FY23 FY24 results YoY comparison Details of the full year results Net sales ¥
Slide 7: Living & Industry: Fiscal 2024 Results
Living & Industry: Fiscal 2024 Results Despite falling short of plan, enhanced earning capacity for packaging and décor materials drove increased sales and profit. Sales composition （YoY change) Category Operating profit Comment margin （YoY change) Packaging 74% ✓ Overseas, demand for film, barrier
Slide 8: Electronics: Fiscal 2024 Results
Electronics: Fiscal 2024 Results Photomasks continued to perform well. FC-BGAs also recovered. Sales and profit increased and exceeded plan. Sales composition （YoY change) Category Operating profit Comment margin （YoY change) ✓ Performance was strong for FC-BGAs for AI servers and 68% communication
Slide 9: Impact of Exchange Rates on Fiscal 2024 Operating Profit
Electronics: Impact of Exchange Rates on Fiscal 2024 Operating Profit (by quarter) Volatile exchange rates throughout the year significantly impacted operating profit. From this year, we will change the handling of exchange rates to minimize impact. • The impact of exchange rates on operating profit
Slide 10: Fiscal 2024 Consolidated Statements of Income
Fiscal 2024 Consolidated Statements of Income - Factors Affecting Main Items - FY2023 FY2024 Key points of FY2024 (Full year) results Q3 Q3 (Ended March 31, 2025) Net sales 1,678.2 1,717.9 ○ Gross profit margin: Variance vs. prior year (%) - 2.4 ・0.9%pt. improvement. Gross profit 387.4 413.0 ・Favora
Slide 11: Consolidated Balance Sheet - Main Items
Consolidated Balance Sheet - Main Items - (Unit: \BN) End of Mar. End of Mar. End of Mar. End of Mar. End of Mar. End of Mar. Main factors for change Main factors for change 2023 2024 2025 2023 2024 2025 Current assets 1,106.0 1,196.6 1,406.9 Liabilities 786.6 865.4 1,096.4 Cash & deposits 431.7 489
Slide 12: Consolidated Cash Flows / Capital Investment & Depreciation Expenses
Consolidated Cash Flows / Capital Investment & Depreciation Expenses FY2025 (Unit: \BN) FY2021 FY2022 FY2023 FY2024 (Projected) Cash flows from operating activities 64.7 106.0 157.1 64.7 85.0 Profit before income taxes 180.9 109.5 125.6 184.1 FY2025 Depreciation 64.1 70.8 83.0 77.8 FY2021 FY2022 FY2
Slide 13: INDEX
INDEX Contents I. Fiscal 2024 Full Year Results II. Transition to new KGIs III. Fiscal 2025 Results Forecast
Slide 14: Transition to New KGIs
Transition to New KGIs* Strategic direction Current KGIs Our awareness ・Accelerating growth through ✓ Due to M&A, including the Sonoco business, the current GAAP- M&A ・GAAP-based operating ・Expanding globalization based KGIs will not be adequate indicators of the track record of profit, net profit,
Slide 15: Items Adjusted for Non-GAAP Operating Profit / Non-GAAP Profit
(Reference) Items Adjusted for Non-GAAP Operating Profit / Non-GAAP Profit Attributable to Owners of Parent; EBITDA (\BN) FY2023 FY2024 FY2025 Operating profit 74.3 84.0 92.0 Acqui s i ti on-a s s oci a ted goodwi l l / i nta ngi bl e a s s et a morti za ti on 6.6 5.4 15.7 M&A-related costs 0.6 2.6
Slide 16: INDEX
INDEX Contents I. Fiscal 2024 Full Year Results II. Transition to new KGIs III. Fiscal 2025 Results Forecast
Slide 17: Final Fiscal Year of the MTP
Final Fiscal Year of the MTP In an increasingly uncertain operating environment, progress is generally in line with plan. We will also achieve what we have committed to in the final year of the MTP and gather momentum for further growth in the next MTP. FY2023—2024 FY2025 ✓ Some variation in the lev
Slide 18: FY2025 Full Year Forecast
FY2025 Full Year Forecast (Year ending March 31, 2026) FY2023 FY2024 FY2025 Variance Variance (Based Non-GAAP) Actual OP margin Actual OP margin J-GAAP OP margin Non-GAAP OP margin Amount % Amount % Net sales 1,678.2 1,717.9 1,880.0 1,880.0 162.0 9.4% Information & Communication 900.0 929.3 907.0 90
Slide 19: Main Factors for Revision of FY2025 Operating Profit Plan
Main Factors for Revision of FY2025 Operating Profit Plan At same level as previously presented plan of 100 billion yen if impact of standardization of bonus provision period and items related to acquisition of Sonoco business are excluded. (¥BN) Previous Revised Amount plan plan of Main factors (Ma
Slide 20: FY2025 Operating Profit Plan
Fiscal 2025 Operating Profit Plan (Year ending March 31, 2026) Changes Versus Prior Year （¥BN） Sonoco business acquisition related -3.0 Impact of bonus provision period 114.9 standardization -5.0 Impact of Impact of bonus One-time Existing 100.0 exchange rate provision period expenses Semi- business
Slide 21: Information & Communication: FY2025 Plan
Information & Communication: FY2025 Plan Increase in profit due to scaling of digital business and effects of structural reforms of existing businesses. Sales composition （YoY change) Category Comment Operating profit margin （YoY change) 24% (Approx. +53.0 billion ✓ Expansion of government ID and sm
Slide 22: Erhoeht-X Plan for Fiscal 2025
(Reference) Information & Communication: Erhoeht-X Plan for Fiscal 2025 Scale business and move to monetization phase with focus on three main categories. FY24 FY25 YoY results plan comparison Initiatives Net sales ¥295.0 bn ¥345.0 bn +¥50.0 bn Erhoeht-X ✓ Expand sales, enhance profitability, and sc
Slide 23: Living & Industry: FY2025 Plan
Living & Industry: FY2025 Plan Cash generation capability will be enhanced by major acquisitions in the overseas packaging business joining the scope of consolidation. Sales composition （YoY change) Category Comment Operating profit margin （YoY change) ✓ Overseas, film, barrier film, and packaging b
Slide 24: Update on Sonoco Business Acquisition
Living & Industry: Update on Sonoco Business Acquisition The acquisition of Sonoco’s Thermoformed and Flexible Packaging (TFP) business was completed on April 1, 2025. Overview of the • Sonoco’s subsidiaries and assets associated with the flexible packaging business, Target business business thermof
Slide 25: Financial Profile of Packaging Business After Integration
Financial Profile of Packaging Business After Integration Packaging TFP Packaging TFP FY2024 (year ended March 2025) FY2024 (year ended December 2024) FY2024* Global leader in sustainable packaging with sales revenue of Sales 406.1 billion yen 208.5 billion yen 614.6 billion yen more than 600 billio
Slide 26: Aim of the Acquisition / Business Synergies
Aim of the Acquisition / Business Synergies Generate synergies through strong complementary relationship Thermoformed and Flexible Packaging 17 locations mainly in Asia and Europe 22 locations mainly in Americas Global CPG, Global CPG,* Customer network centered on North and South Customer network c
Slide 27: Synergies from the Acquisition
Synergies from the Acquisition Sales Establishing global supply capabilities in the ✓ Expansion of packaging business for global CPG customers in Americas flexible packaging supply chain ✓ Expansion of GL business in Americas Resin (basic material) ✓ Expansion of sales in other regions leveraging cu
Slide 28: Electronics: FY2025 Plan
Electronics: FY2025 Plan Profit increase in real terms if exchange rate impact is excluded. Semiconductor-related business will continue to drive the segment, and we will proactively implement growth investment. Sales composition （YoY change) Category Comment Operating profit margin （YoY change) ✓ P
Slide 29: Impact of Tariff Policy on Our Business
(Reference) Impact of Tariff Policy on Our Business Value of direct export sales is roughly 10 billion yen, so profit impact is minor. Although some other impacts are anticipated, we have not incorporated them into the plan figures. We will monitor the situation as it continues to change. Segment Ma
Slide 30: Cash Allocation Policy to Maximize Enterprise Value
Cash Allocation Policy to Maximize Enterprise Value FY2024: Funds from divestment of assets centered on shareholdings and additional borrowing were allocated to acquisitions and other growth investment as well as share buybacks. FY2025: Cash out funds will transition from asset divestment (stocks) t
Slide 31: Cash Allocation Policy to Maximize Enterprise Value
Cash Allocation Policy to Maximize Enterprise Value ■ Basic policy ■ Approach for FY2025 1) Strengthen investment for sustainable growth Maximize cash flow and EBITDA and ensure optimal allocation for further ROE improvement 2) Advance structural reform 1) Focus investment on growth fields and accel
Slide 32: Investment Strategy
Investment Strategy Investment over the three years from fiscal 2023 to 2025 revised to 810.0 billion yen. We will strengthen business investment focused on M&A and growth investment to expand earnings in the next MTP. FY2023-2025 Investment Forecast Cash generating businesses/business requiring rev
Slide 33: Reduction of Strategic Shareholdings
Reduction of Strategic Shareholdings ・As a result of continuing to reduce strategic shareholdings in consideration of capital cost and financing, at the end of March 2025 we have landed at 15.4% as a percentage of consolidated net assets (including deemed- owned shares). ・We will accelerate reductio
Slide 34: Business Strategy Briefings
Business Strategy Briefings This year we will hold separate business strategy briefings for each segment. Segment / Theme Dates & Times First briefing Living & Industry: Global Packaging July 8, 2025 (Tue) 15:30 Second briefing Information & Communication: Details to be confirmed September 5, 2025 (
Slide 35: APPENDIX
- APPENDIX - © TOPPAN Holdings Inc.
Slide 36: Quarterly Sales and Operating Profit by Segment
(Reference) Quarterly Sales and Operating Profit by Segment FY2022 FY2023 FY2024 Full year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY23 FY24 FY25 E Information & Communication Net sales 210.7 213.4 225.7 237.5 199.5 214.4 228.0 257.8 205.7 222.5 220.6 280.4 900.0 929.3 907.0 Variance vs. prior year (%)
Slide 37: Quarterly Sales and Operating Profit by Segment
(Reference) Quarterly Sales and Operating Profit by Segment Information & Communication Q4 (YoY comparison) (¥bn) (¥bn) (¥bn) (¥bn) 300 30 300 30.0 250 25 250 25.0 Comm. Media 200 20 200 20.0 Secure Media 150 15 BPO 150 15.0 100 10 Digital Business 100 10.0 50 5 Operating Profit (RHS) 0 0 50 5.0 Q1
Slide 38: Consolidated Statements of Income - Main Items by Quarter
(Reference) Consolidated Statements of Income - Main Items by Quarter - FY2022 FY2023 FY2024 Full year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY23 FY24 FY25 E Net sales 391.0 411.2 411.3 425.2 387.7 412.5 415.5 462.4 404.2 421.8 432.5 459.3 1,678.2 1,717.9 1,880.0 Variance vs. prior year (%) 14.0 9.3 5
Slide 39: Efforts to Reduce Environmental Impact
Efforts to Reduce Environmental Impact ➢ Although the percentage of reduction of Scope 1 & 2 falls short of last year due to additional calculation items associated with the revision of the SHK system for greenhouse gas reporting, we are raising the renewable energy ratio through efforts such as the
Slide 40: Efforts Focused on Human Capital and Diversity
Efforts Focused on Human Capital and Diversity ➢ To secure and develop human assets, we introduced the “Job Challenge Program” as a permanent internal posting system in fiscal 2024. Theme/Efforts Indicators FY2023 actual FY2024 forecast FY2025 target Creating Human Asset Development ・ No. of human a
Slide 41: Efforts Focused on Human Rights and Governance
Efforts Focused on Human Rights and Governance ➢ Continued to intensify efforts for sustainable procurement and risk analysis based on human rights due diligence ➢ For governance, drove strengthening of management structure Theme Activities Efforts in FY2024 Based on the tenet of “respect for human
Slide 42: Efforts Focused on Achievement of SDG-related Medium-term Targets
Efforts Focused on Achievement of SDG-related Medium-term Targets Creating a circular economy Creating a safe society in which we can be ourselves Reducing food loss to help eliminate hunger Percentage of barrier-technology-based packaging switched to Number of services enriching people’s lives* mon
Slide 43: Recognition
Recognition Inclusion in ESG investing indices As of May 2025 ・Dow Jones Best-in-Class ・The Sustainability Yearbook ・ MSCI Japan ESG Select Leaders Index ・SOMPO World Index 2025: Top 1% ・ MSCI Japan Empowering Women Index (WIN) Sustainability Index (DJBICI) ・S&P/JPX ・FTSE4Good Index Series Carbon Ef
Slide 44: 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 45: TOPPAN
TATERERTS, TOPPAITII TOPPAN