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.
November 6, 2025
Consolidated Financial Results for the Six Months Ended September 30, 2025 (Under Japanese GAAP)
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 file semi-annual securities report: November 13, 2025 Scheduled date to commence dividend payments: December 1, 2025
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 six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)
-
Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Six months ended
September 30, 2025
September 30, 2024
Millions of yen
589,217
584,539
%
0.8
0.1
Millions of yen
9,006
2,056
%
338.0
(57.6)
Millions of yen
8,547
1,790
%
377.5
(69.0)
Millions of yen
754
(12,353)
%
-
-
Note: Comprehensive income
For the six months ended September 30, 2025:
¥
(10,411) million [
-%]
For the six months ended September 30, 2024:
¥
10,550 million [
(55.9) %]
Basic earnings per share
Diluted earnings per share
Six months ended
Yen
Yen
September 30, 2025
6.54
-
September 30, 2024
(107.04)
-
- Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As of
September 30, 2025
March 31, 2025
Millions of yen
1,682,388
1,703,308
Millions of yen
498,242
510,435
%
27.9
28.3
Reference: Equity
As of September 30, 2025:
¥
469,187 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
10.00
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 | % | Millions of yen 30,000 | % | Millions of yen 24,000 | % | Millions of yen 10,000 | % | Yen |
1.5 | 52.2 | 54.8 | 120.3 | 86.63 | |||||
Note: Revisions to the financial result forecast most recently announced: | Yes | |
* 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 semi-annual 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 September 30, 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 September 30, 2025
723,013 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)
Six months ended September 30, 2025 | 115,474,939 shares |
Six months ended September 30, 2024 | 115,410,067 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.
Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.
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 six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)
Operating results by business segment are as follows:
Paper and Paperboard:
(Millions of yen)
(Percentages indicate year-on-year changes.)
Consolidated net sales
274,169
(3.2)%
Consolidated operating profit (loss)
(1,508)
The same period of previous year: 3,542
Daily-life Products:
Consolidated net sales
239,177
6.5%
Consolidated operating profit (loss)
2,421
The same period of previous year: (9,134)
Energy:
Consolidated net sales
22,754
(8.2)%
Consolidated operating profit (loss)
1,710
2.7%
Wood Products and Construction Related:
Consolidated net sales
37,899
0.7%
Consolidated operating profit (loss)
5,294
30.9%
Note: The numbers parenthesized represent minus figures.
- Consolidated financial result forecasts for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)
Consolidated financial result forecasts for the fiscal year ending March 31, 2026 has been revised as below. Previous forecast was released on May 15, 2025.
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |
Previous forecast (A) | Millions of yen 1,205,000 | Millions of yen 34,000 | Millions of yen 26,000 | Millions of yen 12,000 | Yen 103.96 |
Revised forecast (B) | 1,200,000 | 30,000 | 24,000 | 10,000 | 86.63 |
Amount of increase/decrease (B-A) | (5,000) | (4,000) | (2,000) | (2,000) | (17.33) |
Change (%) | (0.4) | (11.8) | (7.7) | (16.7) | (16.7) |
(Reference) Consolidated financial results for the fiscal year ended March 31,2025 | 1,182,431 | 19,706 | 15,505 | 4,539 | 39.33 |
*This forecast is revised based on the information available at present. The actual results may change substantially due to various factors.
Consolidated Financial Statements
Consolidated Balance Sheet
(Millions of yen) As of March 31, 2025 As of September 30, 2025
Assets
Current assets
Cash and deposits | 185,941 | 162,480 |
Notes and accounts receivable - trade | 180,296 | 195,405 |
Merchandise and finished goods | 120,634 | 120,636 |
Work in process | 19,220 | 21,659 |
Raw materials and supplies | 90,214 | 95,253 |
Other | 42,452 | 43,477 |
Allowance for doubtful accounts | (455) | (471) |
Total current assets | 638,305 | 638,440 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 570,102 | 569,666 |
Accumulated depreciation | (418,330) | (422,340) |
Buildings and structures, net | 151,771 | 147,325 |
Machinery, equipment and vehicles | 2,220,332 | 2,210,619 |
Accumulated depreciation | (1,876,337) | (1,882,247) |
Machinery, equipment and vehicles, net | 343,994 | 328,372 |
Land | 208,662 | 206,981 |
Construction in progress | 25,593 | 30,014 |
Other | 113,430 | 113,318 |
Accumulated depreciation | (59,471) | (61,526) |
Other, net | 53,959 | 51,791 |
Total property, plant and equipment | 783,982 | 764,484 |
Intangible assets | 13,210 | 11,355 |
Investments and other assets | ||
Investment securities | 172,984 | 174,815 |
Other | 95,384 | 93,855 |
Allowance for doubtful accounts | (558) | (563) |
Total investments and other assets | 267,810 | 268,107 |
Total non-current assets | 1,065,003 | 1,043,947 |
Total assets | 1,703,308 | 1,682,388 |
(Millions of yen) As of March 31, 2025 As of September 30, 2025
Liabilities
Current liabilities
Notes and accounts payable - trade | 142,222 | 137,894 |
Short-term borrowings | 231,334 | 161,904 |
Current portion of bonds payable | 10,000 | 30,000 |
Income taxes payable | 2,843 | 3,418 |
Other | 92,792 | 95,538 |
Total current liabilities | 479,192 | 428,755 |
Non-current liabilities | ||
Bonds payable | 55,000 | 25,000 |
Long-term borrowings | 560,682 | 635,256 |
Provision for environmental measures | 8,099 | 7,170 |
Retirement benefit liability | 8,995 | 9,012 |
Other | 80,903 | 78,952 |
Total non-current liabilities | 713,680 | 755,390 |
Total liabilities | 1,192,873 | 1,184,145 |
Net assets | ||
Shareholders' equity | ||
Share capital | 104,873 | 104,873 |
Capital surplus | 216,393 | 216,393 |
Retained earnings | 11,547 | 11,145 |
Treasury shares | (1,840) | (1,690) |
Total shareholders' equity | 330,974 | 330,722 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 13,920 | 16,978 |
Deferred gains or losses on hedges | 13,708 | 12,030 |
Foreign currency translation adjustment | 90,410 | 77,863 |
Remeasurements of defined benefit plans | 33,011 | 31,593 |
Total accumulated other comprehensive income | 151,051 | 138,465 |
Non-controlling interests | 28,409 | 29,055 |
Total net assets | 510,435 | 498,242 |
Total liabilities and net assets | 1,703,308 | 1,682,388 |