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

May 15, 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: Makoto Nishiuchi, General Manager, Corporate Administration Dept., Corporate Governance Div.

Telephone: 03-3563-1111 +81-3-3563-1111(overseas)

General meeting of stockholders to be held: June 26, 2026 Start of dividend payout: June 5, 2026 Statutory annual report to be presented: June 25, 2026

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 Year Ended March 31, 2026 (April 1, 2025 - March 31, 2026) (Unaudited)

   1. Consolidated Business Results

      (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
      FY2025	Millions of yen 1,861,709	% 0.7	Millions of yen 34,582	% (48.9)	Millions of yen 40,529	% (40.9)	Millions of yen 55,582	% 20.4
      FY2024	1,849,264	9.0	67,686	(6.8)	68,568	(20.3)	46,171	(9.1)

      Note: Comprehensive income FY2025 77,089 million yen [(11.0)%] FY2024 86,645 million yen [(41.8)%]

      	Profit per share	Diluted profit per share	Ratio of profit to shareholders' equity	Ratio of ordinary income to total assets	Ratio of operating income to net sales
      FY2025	Yen 61.10	Yen 61.09	% 5.0	% 1.5	% 1.9
      FY2024	47.34	47.33	4.3	2.7	3.7

      Note: Equity in earning of affiliates FY2025 5,085 million yen FY2024 4,503 million yen

   2. Consolidated Financial Condition

      	Total assets	Net assets	Shareholders' equity ratio	Net assets per share
      FY2025	Millions of yen 2,686,944	Millions of yen 1,136,882	% 41.0	Yen 1,257.44
      FY2024	2,635,030	1,132,791	41.8	1,177.99

      Note: Shareholders' equity FY2025 1,102,315 million yen FY2024 1,101,755 million yen

   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
      FY2025	Millions of yen 113,376	Millions of yen (12,475)	Millions of yen (93,618)	Millions of yen 74,247
      FY2024	94,420	(154,911)	60,969	65,508

2. Dividend Conditions

   	Dividend per share					Total dividend (Annual)	Dividend payout ratio (Consolidated)	Dividend on net assets (Consolidated)
   	End of 1Q	End of 2Q	End of 3Q	End of FY	Annual
   	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
   FY2024	-	12.00	-	12.00	24.00	23,081	50.7	2.2
   FY2025	-	18.00	-	18.00	36.00	32,268	58.9	3.0
   FY2026(Forecast)	-	18.00	-	18.00	36.00		93.6

3. Consolidated Forecasts for the Year Ending March 2027 (April 1, 2026 - March 31, 2027)

   	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent		Net income per share
   	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
   First half	950,000	3.8	12,000	(28.3)	6,000	(31.7)	6,000	(45.1)	6.60
   Full year	1,940,000	4.2	60,000	73.5	45,000	11.0	35,000	(37.0)	38.47

   (Figures shown in percentage for the full year are ratios compared to the previous year, Figures shown in percentage for the first half are ratios compared to the same period of the previous year)

4. Notes

   1. Significant changes in the scope of consolidation during the period: Yes

      Newly included:3 companies (AustroCel Hallein GmbH and its 2 pure holding companies)

   2. 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

   3. Outstanding balance of issued shares (common stock)

      FY2025	1,014,381,817	FY2024	1,014,381,817
      FY2025	137,745,577	FY2024	79,098,942
      FY2025	909,727,840	FY2024	975,362,615

      1. Outstanding balance of issued shares

         at the end of fiscal year (including treasury shares)

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

      3. Weighted average number of shares during fiscal year

1. Results for the Year Ended March 31, 2026 (April 1, 2025 - March 31, 2026)

   1. Non-consolidated Business Results

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

      	Net sales		Operating profit		Ordinary profit		Profit
      FY2025	Millions of yen 151,585	% 241.0	Millions of yen 124,957	% 521.2	Millions of yen 116,802	% 527.4	Millions of yen 139,193	% 293.8
      FY2024	44,456	13.4	20,114	(5.3)	18,618	(17.8)	35,346	53.5

      	Profit per share	Diluted profit per share
      FY2025	Yen 152.97	Yen 152.94
      FY2024	36.23	36.22

   2. Non-consolidated Financial Condition

Note: Shareholders' equity FY2025 479,526 million yen FY2024 423,395 million yen

NOTICE

• This document is out of the scope of the audit procedures required by Financial Instruments and Exchange Act, and audit procedures for consolidated financial statement have not been finished as of the date of publication.

  ・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, May 15, 2026.

1. Qualitative Information Concerning Business Performance

   1. Explanation of Business Performance

Business Performance for the Year Ended March 31, 2026 (April 1, 2025 - March 31, 2026, "FY2025")

Overview of Business Performance for FY2025

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 closed Oji Nepia Edogawa plant in August 2025 and Tomakomai plant in March 2026. We also suspended one newsprint machine at Oji Paper in March 2026. Regarding overseas businesses, 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. In addition, we decided to close its paperboard converting plant in June 2026. 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 and have established a new company to proceed with the construction. 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 addition, in November 2025, we entered into an investment agreement with Nordic Bioproducts Group Oy, which possesses advanced cellulose utilization technologies, and are making the investment on a phased basis. In the pharmaceutical and healthcare sector, efforts toward commercialization are progressing steadily. In September 2025, we obtained approval for the manufacture and export of active pharmaceutical ingredients for veterinary use in Australia. Furthermore, in February 2026, we invested in LTL Pharma Co., Ltd., a domestic manufacturer and seller of prescription pharmaceuticals. 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 FY2025 increased by ¥12.4 billion to ¥1,861.7 billion (year-on-year increase of 0.7%) mainly due to the acquisition and consolidation of Walki Holding Oy, despite a decline in the overseas pulp market.

Consolidated operating profit decreased by ¥33.1 billion to ¥34.6 billion (year-on-year decrease of 48.9%) mainly due to lower sales volumes in the domestic business and a decline in the overseas pulp market, etc.

Ordinary profit decreased by ¥28.0 billion to ¥40.5 billion (year-on-year decrease of 40.9%) due to a decrease in operating profit and an increase in interest expenses resulting from rising interest rates, despite foreign exchange gains from revaluation of foreign currency-denominated receivables and payables.

Profit attributable to owners of parent increased by ¥9.4 billion to ¥55.6 billion (year-on-year increase of 20.4%), mainly due to gains on the sale of non-current assets related to the sale of rental properties recognized as extraordinary income, despite a decrease in ordinary profit and the recording of business restructuring expenses at Oji Fibre Solutions and Oji Nepia recognized as extraordinary losses.

Overview of Business Performance for 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 segments 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 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 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.