Consolidated Financial Results for the Year Ended March 31, 2025 （PDF：209.4 KB）

Consolidated Financial Results for the Year Ended March 31, 2025

[Japanese GAAP]

May 15, 2025

Company name: Nippon Paper Industries Co., Ltd. Listing: Tokyo Stock Exchange

Securities code: 3863

URL: https://www.nipponpapergroup.com/

Representative: Toru Nozawa President and Representative Director

Inquiries: Ryo Koide General Manager of Accounting & Budgeting Dept. Telephone: +81-3-6665-1111

Scheduled date of annual general meeting of shareholders: June 27, 2025 Scheduled date to commence dividend payments: June 30, 2025

Scheduled date to file annual securities report: June 26, 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.)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2025 (April 1, 2024 to March 31, 2025)

   1. Consolidated Operating Results (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Fiscal year ended March 31, 2025 March 31, 2024	Millions of yen 1,182,431 1,167,314	% 1.3 1.3	Millions of yen 19,706 17,266	% 14.1 -	Millions of yen 15,505 14,550	% 6.6 -	Millions of yen 4,539 22,747	% (80.0) -

      (Note) Comprehensive income:	Fiscal year ended March 31, 2025:	¥	17,259 million	[	(79.0) %]
      	Fiscal year ended March 31, 2024:	¥	82,102 million	[	-%]

      	Basic earnings per share	Diluted earnings per share	Rate of return on equity	Ordinary profit to total assets ratio	Operating profit to net sales ratio
      Fiscal year ended	Yen	Yen	%	%	%
      March 31, 2025	39.33	-	1.0	0.9	1.7
      March 31, 2024	197.09	-	5.3	0.9	1.5

      (Reference) Equity in earnings (losses) of affiliated companies:	Fiscal year ended March 31, 2025:	¥	9,255 million
      (2) Consolidated Financial Position	Fiscal year ended March 31, 2024:	¥	5,494 million

      	Total assets	Net assets	Capital adequacy ratio	Net assets per share
      As of March 31, 2025 March 31, 2024	Millions of yen 1,703,308 1,731,245	Millions of yen 510,435 495,648	% 28.3 27.1	Yen 4,175.77 4,062.19

      (Reference) Equity: As of March 31, 2025:	¥	482,026 million
      As of March 31, 2024:	¥	468,788 million

      (3) Consolidated Cash Flows

      	Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at the end of period
      Fiscal year ended March 31, 2025 March 31, 2024	Millions of yen 72,790 90,283	Millions of yen (33,435) (22,031)	Millions of yen (18,274) (46,566)	Millions of yen 185,941 164,858

2. Dividends

   	Annual dividends					Total dividends	Payout ratio (consolidated)	Dividends to net assets (consolidated)
   	1st quarter-end	2nd quarter-end	3rd quarter-end	Year-end	Total
   Fiscal year ended March 31, 2024 March 31, 2025	Yen - -	Yen 0.00 0.00	Yen - -	Yen 10.00 10.00	Yen 10.00 10.00	Millions of yen 1,158 1,158	% 5.1 25.4	% 0.3 0.2
   Fiscal year ending March 31, 2026 (Forecast)	-	5.00	-	10.00	15.00		14.4

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2026 (April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes.)

1. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

   4. Restatement: None

2. Number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury shares): March 31, 2025: 116,254,892 shares

      March 31, 2024: 116,254,892 shares

   2. Number of treasury shares at the end of the period:

      March 31, 2025: 820,718 shares

      March 31, 2024: 851,948 shares

   3. Average number of shares outstanding during the period:

Fiscal Year ended March 31, 2025: 115,419,024 shares

Fiscal Year ended March 31, 2024: 115,415,096 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.

• Financial results reports are exempt from audit conducted by certified public accountants or an audit firm.

• Proper use of earnings forecasts, and other special matters

1. 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.

2. The support documentation will be posted on the following website. https://www.nipponpapergroup.com/english/ir/library/

1. Consolidated Operating Results for the Fiscal Year Ended March 2025 (April 1, 2024-March 31, 2025)

Operating results by business segment are as follows:

1. Changes in accounting policies

(Application of Accounting Standard for Current Income Taxes, etc.)

The Company has applied Accounting Standard for Current Income Taxes (Accounting Standards Board of Japan (ASBJ) Statement No. 27, October 28, 2022; hereinafter referred to as the "Revised Accounting Standard 2022") effective from the beginning of this consolidated fiscal year under review.

The amendment to categories in which current income taxes should be recorded (taxes on other comprehensive income) follows the transitional treatment prescribed in the proviso of paragraph 20-3 of the Revised Accounting Standard 2022 and the transitional

treatment prescribed in the proviso (2) of paragraph 65-2 of the Implementation Guidance on Tax Effect Accounting (ASBJ Guidance No. 28, October 28, 2022; hereinafter referred to as the "Revised Implementation Guidance 2022"). The new accounting policies are applied from that beginning of the current fiscal year. The cumulative effect of retrospective application of new accounting policies prior to the beginning of the current fiscal year is added to or subtracted from retained earnings at the beginning of the current fiscal year. The corresponding amounts are added to or subtracted from the appropriate category of capital surplus or accumulated other comprehensive income. As a result, retained earnings at the beginning of the current fiscal year increased by 702 million yen and

unrealized gains on available-for-sale securities decreased by the same amount.

For the amendment related to the revised accounting treatment for consolidated financial statements when gains or losses on sale of shares in subsidiaries resulting from transactions between consolidated companies were deferred for tax purposes, the Revised Implementation Guidance 2022 has been adopted from the beginning of this consolidated fiscal year. This change in accounting policies is applied retrospectively, and consolidated financial statements for the previous year are after retrospective application. This change in accounting policies has no impact on the consolidated financial statements for the previous fiscal year.

Consolidated Financial Statements

Consolidated Balance Sheets

(Millions of yen)

As of March 31, 2024 As of March 31, 2025

Assets

Current assets