DISCLAIMER: 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 10, 2025
Company name: The Pack Corporation Listing: Tokyo Stock Exchange
Securities code: 3950
URL: https://www.thepack.co.jp
Representative: Naoki Nakamura, President & CEO
Inquiries: Ikuo Shimomura, Director, Corporate General Manager Telephone: +81-6-4967-1221
Scheduled date to commence dividend payments: -
Preparation of supplementary material on financial results: None
Holding of financial results briefing: None
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the nine months ended September 30, 2025 (from January 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
Nine months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
September 30, 2025
71,603
2.2
4,278
(13.5)
4,521
(11.8)
3,446
(13.5)
September 30, 2024
70,040
3.6
4,945
9.9
5,124
8.4
3,984
24.3
Note: Comprehensive income For the nine months ended September 30, 2025:
¥3,308 million
[(9.9)%]
For the nine months ended September 30, 2024:
¥3,670 million
[(16.2)%]
Basic earnings per share
Diluted earnings per share
Nine months ended
Yen
Yen
September 30, 2025
61.13
61.11
September 30, 2024
69.96
69.92
Note: On July 1, 2025, the Company conducted a share split at a ratio of 3 shares per share of common shares. "Basic earnings per share" and "diluted earnings per share" are calculated on the assumption that the said share split was conducted at the beginning of the previous fiscal year.
- Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As of
Millions of yen
Millions of yen
%
September 30, 2025
98,059
75,439
76.9
December 31, 2024
103,292
74,485
72.1
Reference: Equity
As of September 30, 2025: ¥75,420 million
As of December 31, 2024: ¥74,459 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
December 31, 2024
-
52.00
-
66.00
118.00
Fiscal year ending December 31, 2025
-
58.00
-
Fiscal year ending December 31, 2025 (Forecast)
22.00
-
Note: Revisions to the forecast of cash dividends most recently announced: None
On July 1, 2025, the Company conducted a share split at a ratio of 3 shares per share of common shares. The "the fiscal year ending December 31, 2025 (Forecast)" describes the contents after the stock split, and the total annual dividends are listed as "－". If the stock split is not taken into account, the year-end dividend per share for the fiscal year ending December 31, 2025 (forecast) will be 66.00 yen.
- Forecast of consolidated financial results for the fiscal year ending December 31, 2025 (from January 1, 2025 to December 31, 2025)
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |||||
Fiscal year ending December 31, 2025 | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen |
103,000 | 1.5 | 7,300 | (8.9) | 7,600 | (8.3) | 6,100 | (3.4) | 108.26 | |
Note: Revisions to the earnings forecasts most recently announced: None
On July 1, 2025, the Company conducted a share split at a ratio of 3 shares per share of common shares. "Net income per share" in the consolidated earnings forecast is the figure after the stock split. If the stock split is not taken into account, the net income per share will be 324.79 yen.
* NotesSignificant changes in the scope of consolidation during the period: None
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: Yes
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
59,700,000 shares
As of December 31, 2024
59,700,000 shares
Number of treasury shares at the end of the period
As of September 30, 2025
3,366,978 shares
As of December 31, 2024
3,355,092 shares
Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Nine months ended September 30, 2025 | 56,369,073 shares |
Nine months ended September 30, 2024 | 56,946,153 shares |
Note: On July 1, 2025, the Company conducted a share split at a ratio of 3 shares per share of common shares. Assuming that the stock split occurred at the beginning of the previous fiscal year, the number of shares outstanding at the end of the period (including treasury shares), the number of treasury shares at the end of the fiscal year, and the average number of shares during the period are calculated.
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
Forward-looking statements, such as earnings forecasts, are based on assumptions about uncertain factors that could affect business results and information available as of today, and actual results may differ due to various factors.
Quarterly consolidated balance sheet(Millions of yen)
As of December 31, 2024 | As of September 30, 2025 | |
Assets | ||
Current assets | ||
Cash and deposits | 15,167 | 19,838 |
Notes and accounts receivable - trade | 25,346 | 17,667 |
Securities | 8,499 | 4,500 |
Merchandise and finished goods | 7,121 | 7,940 |
Work in process | 1,260 | 1,294 |
Raw materials and supplies | 986 | 1,064 |
Other | 1,671 | 2,663 |
Allowance for doubtful accounts | (11) | (32) |
Total current assets | 60,043 | 54,935 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 8,399 | 8,436 |
Machinery, equipment and vehicles, net | 9,114 | 9,720 |
Tools, furniture and fixtures, net | 339 | 330 |
Land | 11,180 | 11,238 |
Construction in progress | 1,133 | 947 |
Total property, plant and equipment | 30,166 | 30,672 |
Intangible assets | 3,384 | 3,948 |
Investments and other assets | ||
Investment securities | 8,058 | 6,947 |
Retirement benefit asset | 627 | 766 |
Deferred tax assets | 110 | 158 |
Other | 955 | 688 |
Allowance for doubtful accounts | (55) | (58) |
Total investments and other assets | 9,697 | 8,502 |
Total non-current assets | 43,248 | 43,123 |
Total assets | 103,292 | 98,059 |
(Millions of yen)
As of December 31, 2024 | As of September 30, 2025 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 13,966 | 11,310 |
Electronically recorded obligations - operating | 7,149 | 4,949 |
Current portion of long-term borrowings | 33 | 33 |
Income taxes payable | 1,774 | 402 |
Provision for bonuses | 358 | 775 |
Provision for bonuses for directors (and other officers) | 56 | 42 |
Other | 4,427 | 3,574 |
Total current liabilities | 27,766 | 21,088 |
Non-current liabilities | ||
Long-term borrowings | 49 | 456 |
Retirement benefit liability | 335 | 382 |
Deferred tax liabilities | 620 | 657 |
Other | 34 | 33 |
Total non-current liabilities | 1,040 | 1,530 |
Total liabilities | 28,806 | 22,619 |
Net assets | ||
Shareholders' equity | ||
Share capital | 2,553 | 2,553 |
Capital surplus | 3,161 | 3,164 |
Retained earnings | 69,259 | 70,375 |
Treasury shares | (3,536) | (3,557) |
Total shareholders' equity | 71,437 | 72,536 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 2,035 | 2,108 |
Deferred gains or losses on hedges | 3 | 1 |
Foreign currency translation adjustment | 561 | 376 |
Remeasurements of defined benefit plans | 421 | 397 |
Total accumulated other comprehensive income | 3,022 | 2,884 |
Share acquisition rights | 25 | 18 |
Total net assets | 74,485 | 75,439 |
Total liabilities and net assets | 103,292 | 98,059 |
(Millions of yen)
Nine months ended September 30, 2024 | Nine months ended September 30, 2025 | |
Net sales | 70,040 | 71,603 |
Cost of sales | 52,407 | 54,042 |
Gross profit | 17,633 | 17,561 |
Selling, general and administrative expenses | ||
Freight and packing costs | 2,928 | 2,937 |
Salaries and allowances | 3,188 | 3,311 |
Remuneration for directors (and other officers) | 381 | 396 |
Provision of allowance for doubtful accounts | 96 | 22 |
Provision for bonuses | 405 | 416 |
Provision for bonuses for directors (and other officers) | 38 | 41 |
Retirement benefit expenses | 153 | 156 |
Depreciation | 380 | 582 |
Rent expenses | 2,248 | 2,429 |
Other | 2,867 | 2,987 |
Total selling, general and administrative expenses | 12,687 | 13,282 |
Operating profit | 4,945 | 4,278 |
Non-operating income | ||
Interest income | 95 | 106 |
Dividend income | 89 | 100 |
Rental income | 29 | 30 |
Other | 17 | 41 |
Total non-operating income | 231 | 279 |
Non-operating expenses | ||
Interest expenses | 2 | 6 |
Rental costs | 4 | 4 |
Loss on investments in investment partnerships | 0 | - |
Foreign exchange losses | 35 | 11 |
Commission for purchase of treasury shares | 6 | 0 |
Other | 3 | 12 |
Total non-operating expenses | 52 | 36 |
Ordinary profit | 5,124 | 4,521 |
Extraordinary income | ||
Gain on sale of investment securities | 681 | 488 |
Gain on sale of non-current assets | 55 | 0 |
Total extraordinary income | 737 | 488 |
Extraordinary losses | ||
Loss on sale of non-current assets | 10 | 0 |
Loss on retirement of non-current assets | 9 | 2 |
Total extraordinary losses | 19 | 3 |
Profit before income taxes | 5,842 | 5,006 |
Income taxes - current | 1,868 | 1,634 |
Income taxes - deferred | (10) | (73) |
Total income taxes | 1,858 | 1,560 |
Profit | 3,984 | 3,446 |
Profit attributable to owners of parent | 3,984 | 3,446 |
(Millions of yen)
Nine months ended September 30, 2024 | Nine months ended September 30, 2025 | |
Profit | 3,984 | 3,446 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | (306) | 73 |
Deferred gains or losses on hedges | (18) | (2) |
Foreign currency translation adjustment | 32 | (184) |
Remeasurements of defined benefit plans, net of tax | (20) | (23) |
Total other comprehensive income | (313) | (137) |
Comprehensive income | 3,670 | 3,308 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 3,670 | 3,308 |