Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
February 6, 2026
Company name: Nippon Paper Industries Co., Ltd. Listing: Tokyo Stock Exchange
Securities code: 3863
URL: https://www.nipponpapergroup.com/
Representative: Akira Sebe, President and Representative Director
Inquiries: Ryo Koide, General Manager of Accounting & Budgeting Dept. Telephone: +81-3-6665-1111
Scheduled date to commence dividend payments: -
Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)
-
Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Nine months ended
December 31, 2025
December 31, 2024
Millions of yen
889,522
886,273
%
0.4
1.3
Millions of yen
15,037
11,096
%
35.5
19.2
Millions of yen
13,956
12,805
%
9.0
68.4
Millions of yen
7,752
57
%
-
-
Note: Comprehensive income
For the nine months ended December 31, 2025:
¥
8,240 million [
170.9%]
For the nine months ended December 31, 2024:
¥
3,041 million [
(87.6) %]
Basic earnings per share
Diluted earnings per share
Nine months ended
Yen
Yen
December 31, 2025
67.13
-
December 31, 2024
0.50
-
Reference: The year-on-year change (%) in profit attributable to owners of parent for the nine months ended December 31, 2025 is shown as "-" because it exceeds 1,000%.
- Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As of
December 31, 2025
March 31, 2025
Millions of yen
1,741,057
1,703,308
Millions of yen
516,309
510,435
%
27.9
28.3
Reference: Equity
As of December 31, 2025:
¥
485,206 million
As of March 31, 2025:
¥
482,026 million
-
Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
-
Cash dividends
Annual dividends per share
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Fiscal year ended March 31, 2025
-
0.00
-
10.00
10.00
Fiscal year ending March 31, 2026
-
5.00
-
Fiscal year ending March 31, 2026
(Forecast)
10.00
15.00
Note: Revisions to the forecast of cash dividends most recently announced: None
- Consolidated financial result forecasts for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |||||
Full year | Millions of yen 1,200,000 | % 1.5 | Millions of yen 30,000 | % 52.2 | Millions of yen 24,000 | % 54.8 | Millions of yen 10,000 | % 120.3 | Yen 86.63 |
Note: Revisions to the financial result forecast most recently announced: | None | |
* Notes | ||
(1) Significant changes in the scope of consolidation during the period: | None | |
Newly included: - companies( Excluded: - companies( | ) ) |
Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other regulations: None
Changes in accounting policies due to other reasons: None
Changes in accounting estimates: None
Restatement: None
Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2025
116,254,892 shares
As of March 31, 2025
116,254,892 shares
Number of treasury shares at the end of the period
As of December 31, 2025
724,514 shares
As of March 31, 2025
820,718 shares
Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2025 | 115,493,735 shares |
Nine months ended December 31, 2024 | 115,414,012 shares |
*We introduced the "Board Benefit Trust (BBT)", and have included our shares held by this trust in treasury stock, which is deducted from the calculation of the number of treasury shares at the end of the period and the average number of shares during the period.
Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None
Proper use of earnings forecasts, and other special matters
Any statement in this document regarding future performance of the Company is based on the information available at the time of the announcement and certain assumptions judged to be reasonable. Actual performance may differ from forecasts due to a variety of factors.
The support documentation will be posted on the following website. https://www.nipponpapergroup.com/english/ir/library/
- Consolidated operating results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)
Operating results by business segment are as follows:
Paper and Paperboard: | (Millions of yen) | (Percentages indicate year-on-year changes.) |
Consolidated net sales | 418,718 | (2.5)% |
Consolidated operating profit (loss) | (218) | The same period of previous year: 6,815 |
Daily-life Products: | ||
Consolidated net sales | 360,376 | 5.0% |
Consolidated operating profit (loss) | 4,161 | The same period of previous year: (6,912) |
Energy: | ||
Consolidated net sales | 31,358 | (11.7)% |
Consolidated operating profit (loss) | 1,837 | (9.8)% |
Wood Products and Construction Related: | ||
Consolidated net sales | 55,721 | 0.1% |
Consolidated operating profit (loss) | 6,939 | 13.2% |
Note: The numbers parenthesized represent minus figures. | ||
Consolidated Financial Statements
Consolidated Balance Sheet
(Millions of yen) As of March 31, 2025 As of December 31, 2025
Assets
Current assets
Cash and deposits | 185,941 | 176,354 |
Notes and accounts receivable - trade | 180,296 | 221,205 |
Merchandise and finished goods | 120,634 | 120,723 |
Work in process | 19,220 | 23,059 |
Raw materials and supplies | 90,214 | 97,939 |
Other | 42,452 | 44,617 |
Allowance for doubtful accounts | (455) | (492) |
Total current assets | 638,305 | 683,406 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 570,102 | 571,759 |
Accumulated depreciation | (418,330) | (425,248) |
Buildings and structures, net | 151,771 | 146,511 |
Machinery, equipment and vehicles | 2,220,332 | 2,223,439 |
Accumulated depreciation | (1,876,337) | (1,897,240) |
Machinery, equipment and vehicles, net | 343,994 | 326,199 |
Land | 208,662 | 207,693 |
Construction in progress | 25,593 | 37,894 |
Other | 113,430 | 117,925 |
Accumulated depreciation | (59,471) | (62,802) |
Other, net | 53,959 | 55,123 |
Total property, plant and equipment | 783,982 | 773,421 |
Intangible assets | 13,210 | 11,377 |
Investments and other assets | ||
Investment securities | 172,984 | 179,971 |
Other | 95,384 | 93,443 |
Allowance for doubtful accounts | (558) | (563) |
Total investments and other assets | 267,810 | 272,852 |
Total non-current assets | 1,065,003 | 1,057,650 |
Total assets | 1,703,308 | 1,741,057 |
(Millions of yen) As of March 31, 2025 As of December 31, 2025
Liabilities
Current liabilities
Notes and accounts payable - trade | 142,222 | 157,386 |
Short-term borrowings | 231,334 | 154,258 |
Current portion of bonds payable | 10,000 | 30,000 |
Income taxes payable | 2,843 | 1,779 |
Other | 92,792 | 102,640 |
Total current liabilities | 479,192 | 446,064 |
Non-current liabilities | ||
Bonds payable | 55,000 | 25,000 |
Long-term borrowings | 560,682 | 653,816 |
Provision for environmental measures | 8,099 | 7,136 |
Retirement benefit liability | 8,995 | 8,940 |
Other | 80,903 | 83,790 |
Total non-current liabilities | 713,680 | 778,683 |
Total liabilities | 1,192,873 | 1,224,748 |
Net assets | ||
Shareholders' equity | ||
Share capital | 104,873 | 104,873 |
Capital surplus | 216,393 | 216,393 |
Retained earnings | 11,547 | 17,564 |
Treasury shares | (1,840) | (1,691) |
Total shareholders' equity | 330,974 | 337,139 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 13,920 | 19,035 |
Deferred gains or losses on hedges | 13,708 | 14,838 |
Foreign currency translation adjustment | 90,410 | 85,673 |
Remeasurements of defined benefit plans | 33,011 | 28,520 |
Total accumulated other comprehensive income | 151,051 | 148,067 |
Non-controlling interests | 28,409 | 31,102 |
Total net assets | 510,435 | 516,309 |
Total liabilities and net assets | 1,703,308 | 1,741,057 |
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