Oji : Summary of Consolidated Financial and Business Results for the Third Quarter of the Year Ending March 2026 (Japanese GAAP)

February 6, 2026

Company Name: Oji Holdings Corporation (Code No. 3861 Tokyo Stock Exchange)

URL: https://www.ojiholdings.co.jp/

Representative: Hiroyuki Isono, President & Chief Executive Officer

Contact: Tadashi Oshima, Executive Officer

Telephone: 03-3563-1111 +81-3-3563-1111(overseas) Scheduled date to commence dividend payments : -

Preparation of supplementary material on financial results : Yes

Holding of financial results briefing : Yes (for institutional investors and analysts )

(All yen figures are rounded down to the nearest one million yen)

1. Results for the Third Quarter of the Year Ending March 31, 2026 (April 1, 2025 - December 31, 2025)

1. Consolidated Business Results

   (Unaudited)

   (Figures shown in percentage are ratios compared to the same period of the previous year)

   	Net sales			Operating	profit		Ordinary	profit		Profit attributable to owners of parent
   First Nine Months of FY2025	Millions of yen 1,392,951	0.7	%	Millions of yen 25,668	(53.2)	%	Millions of yen 22,739	(63.9)	%	Millions of yen 30,999	(38.5)	%
   First Nine Months of FY2024	1,383,731	7.1		57,025	1.2		62,997	(3.7)		50,407	19.1

   Note: Comprehensive income First Nine Months of FY2025 420 million yen [(99.1)%]

   First Nine Months of FY2024 47,048 million yen [(61.0)%]

   	Profit per share	Diluted profit per share
   First Nine Months of FY2025	Yen 33.81	Yen 33.80
   First Nine Months of FY2024	51.32	51.31

   Note: The Company finalized the provisional accounting treatment for the business combination in the year ended March 31, 2025,

   and each figure for the first nine months of fiscal year 2024 reflects the results of the finalization of the provisional accounting treatment.

2. Consolidated Financial Condition

Note : Change in forecast of dividend … None

1. Consolidated Forecasts for the Year Ending March 2026 (April 1, 2025 - March 31, 2026)

   (Figures shown in percentage are ratios compared to the previous year)

   	Net sales			Operating	profit	Ordinary	profit	Profit attributable to owners of parent			Profit per share
   Full year	Millions of yen 1,850,000	0.0	%	Millions of yen 45,000	% (33.5)	Millions of yen 35,000	% (49.0)	Millions of yen 50,000	8.3	%	Yen 54.25

   Note : Change in consolidated forecasts … None

2. Notes

   1. Significant changes in the scope of consolidation during the period: None

   2. Application of simple accounting methods and quarterly peculiar accounting methods : None

   3. Changes in accounting methods compared with recent consolidated accounting periods

      1. Changes due to accounting standard changes : None

      2. Changes besides (i) : None

      3. Accounting estimate change : None

      4. Restatement : None

   4. Outstanding balance of issued shares (common stock)

      1. Outstanding balance of issued shares at the end of fiscal year (including treasury shares)

         First Nine Months of FY2025 1,014,381,817 FY2024 1,014,381,817

      2. Outstanding balance of treasury shares at the end of fiscal year

         First Nine Months of FY2025 114,170,504 FY2024 79,098,942

      3. Weighted average number of shares during fiscal year

First Nine Months of FY2025 917,002,007 First Nine Months of FY2024 982,260,977

NOTICE

・Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None

・The statements regarding future mentioned in this document are based on the information currently available and the premise deemed reasonable. The actual results may differ drastically from these forecasts due to various factors that may arise in the future.

・This document is an excerpt translation of the Japanese original and is only for reference purposes.

In the event of any discrepancy between this translation and the Japanese original, the latter shall prevail.

• Supplementary explanations on business results will be made available on TDnet and the Company's website on Friday, February 6, 2026.

1. Qualitative Information Concerning Business Performance

   1. Explanation of Business Performance

The Oji Group has established the "Long-Term Vision 2035", which sets the basic policies: "Improving Capital Efficiency", "Portfolio Transformation" and "Promoting Sustainability". Through initiatives aimed at maximizing corporate value and solving social issues, we aim to become a group of companies that realizes our slogan, "Dedicated to Sustainability".

"Medium-Term Business Plan 2027" covering FY2025 to FY2027 is positioned as a preparation period for strengthening foundation for the realization of the "Long-Term Vision 2035", and we will promote initiatives focused on capital efficiency improvement. Our business strategy is to strengthen the profitability of existing businesses by steady price pass-through of cost increases caused by changes in the external environment, stable operations at manufacturing sites and enhancing competitiveness, strengthening of group sales system, and shifting to more profitable varieties. In addition, we will implement restructuring of low profitability businesses including withdrawal. We have closed Oji Nepia Edogawa plant in August 2025 and decided to suspend and close its Tomakomai plant in March 2026. We have also decided to suspend one newsprint machine at Oji Paper. Regarding overseas business, we withdrew from Oji Fibre Solutions' container board business in June 2025 and sold its Australian packaging business in November and Fullcircle business in December. Through the establishment of such optimal production systems, we will enhance the profitability of our existing businesses.

On the other hand, we will concentrate growth investments on areas with high economic growth potential, such as India and Southeast Asia, as well as on strategic businesses such as sustainable packaging and the forest biomass business. As growth investments, we have decided to construct a new liquid packaging carton plant in Vietnam. Additionally, at Oji F-Tex Nakatsu Mill, we will undertake expansion work to increase production capacity by three times, in order to meet growing demand for cellulose-based pressboard for transformers. Regarding the forest biomass business, in January 2026, we completed the acquisition of AustroCel Hallein, an Austrian company that is one of Europe's leading biorefinery companies, operating a business manufacturing and selling dissolving pulp and bioethanol. In the pharmaceutical and healthcare sector, efforts toward commercialization are progressing steadily, including the approval obtained in Australia in September 2025 for the manufacture and export of active pharmaceutical ingredients for veterinary use. We will broadly incorporate biomass technologies to accelerate innovation and business portfolio transformation, aiming to establish the forest biomass business as a core business.

Through these initiatives, we will achieve consolidated operating profit of ¥120 billion, consolidated net profit attributable to owners of parent of ¥80 billion, and ROE of 8% in FY2027.

Consolidated net sales for the first nine months of FY2025 increased by ¥9.2 billion to ¥1,393.0 billion (year-on-year increase of 0.7%) mainly due to the acquisition and consolidation of Walki Holding Oy despite a decline in overseas pulp market.

Consolidated operating profit decreased by ¥30.4 billion to ¥26.7 billion (year-on-year decrease of 53.2%) mainly due to lower sales volumes in the domestic business and a decline in overseas pulp market, etc. Ordinary profit decreased by ¥40.3 billion to ¥

22.7 billion (year-on-year decrease of 63.9%) due to a decrease in operating profit and an increase in interest expenses resulting from rising interest rates, etc., despite foreign exchange gains from revaluation of foreign currency-denominated receivables and payables. Profit attributable to owners of parent decreased by ¥19.4 billion to ¥31.0 billion (year-on-year decrease of 38.5%) mainly due to a decrease in ordinary profit and the recording of business restructuring expenses at Oji Fibre Solutions and Oji Nepia under extraordinary losses, despite extraordinary gains on sale of investment securities and the return of assets from retirement benefits trust following the sale of shareholdings, etc.

Furthermore, the Company finalized the provisional accounting treatment for the business combination in the year ended March 31, 2025, and each figure for the first nine months of fiscal year 2024 reflects the results of the finalization of the provisional accounting treatment.

Overview of Business Performance for the First Nine Months of FY2025 by Segment

(I) Business Performance by Segment (Unit: Billions of yen)

*Adjustment is mainly those concerning internal transactions.

(II) Overview of Business Performance by Segment

The Oji Group's four reporting segments are: "Household and Industrial Materials", "Functional Materials", "Forest Resources and Environment Marketing", and "Printing and Communications Media". Each of the reporting segment consists of units that are recognized to be similar in terms of economic characteristics, manufacturing methods or processes of products, and markets in which products are sold or types of customers, among the constituent units of the Oji Group.

Business segments and other activities not included in the reporting segments are classified as "Others".

To more appropriately evaluate the performance of reporting segments, from the first quarter of FY2025, sustainable packaging and liquid packaging cartons, which were classified as "Others", have been reclassified as "Household and Industrial Materials". Group headquarters expenses, which were previously allocated to each reporting segment, are no longer allocated and included in "Others", as they are considered corporate-related functions.

Segment information for the first nine months of FY2024 has been restated based on the revised segment classifications.

The major business lineup for each segment is as follows.

• Household and Industrial Materials:

  Containerboard/corrugated containers, boxboard/folding cartons, packing paper/paper bags, sustainable packaging, liquid packaging cartons, home care, wellness care, etc.

• Functional Materials:

  Specialty paper, thermal business, adhesive materials, film, etc.

• Forest Resources and Environment Marketing:

  Forest plantation/lumber processing, pulp, energy, etc.

• Printing and Communications Media:

  Newsprint, printing/publication/communication paper, etc.

• Others:

Trading business, logistics, engineering, real estate, corporate-related functions, etc.

• Household and Industrial Materials

  In the first nine months of FY2025, net sales amounted to ¥706.6 billion (year-on-year increase of 2.8%), and operating profit was ¥13.4 billion (year-on-year decrease of 9.3%).

  Regarding domestic business, net sales decreased from the previous year due to lower sales volumes caused by consumer spending restraint amid rising prices and the withdrawal of disposable diapers for babies from the domestic business in September 2024, despite a positive effect of price revisions for corrugated containers, disposable diapers for adults and household paper. Operating profit also decreased from the previous year due to increases in costs such as distribution and personnel, etc.

  Regarding overseas business, net sales increased from the previous year due to the acquisition and consolidation of Walki Holding Oy in sustainable packaging business. Operating profit also increased, reflecting the withdrawal from the containerboard business at Oji Fibre Solutions, etc.

• Functional Materials

  In the first nine months of FY2025, net sales amounted to ¥176.5 billion (year-on-year decrease of 0.4%), and operating profit was ¥8.1 billion (year-on-year decrease of 26.5%).

  Regarding domestic business, net sales decreased from the previous year due to the sale of Chuetsu Co., Ltd. in August 2024 and a decrease in demand for some thermal films, despite an increase in specialty paper due to sales expansion of strategic products, such as heat-sealable paper for major online retailers and non-fluorine oil-resistant paper, and price revisions.

  Operating profit remained almost unchanged from the previous year due to price revisions and cost reduction initiatives despite increases in costs such as distribution and personnel, etc.

  Regarding overseas business, net sales increased from the previous year due to foreign currency translation differences in the thermal paper business. However, operating profit decreased from the previous year due to price competition in South America and lower sales volume in the region resulting from U.S. tariff policies.

• Forest Resources and Environment Marketing

  In the first nine months of FY2025, net sales amounted to ¥290.4 billion (year-on-year decrease of 0.9%), and operating profit was ¥4.8 billion (year-on-year decrease of 80.7%).

  Regarding domestic business, net sales increased from the previous year due to higher electricity sales in the energy business and operating profit also increased from the previous year.

  Regarding overseas business, net sales and operating profit decreased from the previous year due to a decline in pulp market conditions despite an increase due to the recovery from cyclone damage at Pan Pac Forest Products Ltd.

• Printing and Communications Media

In the first nine months of FY2025, net sales amounted to ¥204.2 billion (year-on-year decrease of 6.9%), and operating profit was ¥6.9 billion (year-on-year decrease of 35.5%).

Regarding domestic business, net sales decreased from the previous year due to the continued demand decline of newsprint, printing and communication paper despite price revisions. Operating profit also decreased from the previous year due to increases in costs such as distribution and personnel, etc.

Regarding overseas business, net sales decreased from the previous year due to price declines resulting from deteriorating market conditions at Jiangsu Oji Paper. However, operating profit increased from the previous year due to cost reduction initiatives and decreases in costs in raw material such as coal, etc.