TOPPAN : Consolidated Financial Results for the Nine Months Ended December 31, 2025

February 13, 2026 Company name: TOPPAN Holdings Inc. Stock exchange listing: Tokyo Stock Exchange

Code number: 7911 URL: https://www.holdings.toppan.com/en/

Representative: Hideharu Maro, Representative Director, President & CEO

Contact: Takashi Kurobe, Director, Senior Managing Executive Officer & CFO Phone: +81-3-3835-5665 Scheduled date of commencing dividend payments: -

Availability of supplementary briefing material on quarterly financial results: Available

Schedule of quarterly financial results briefing session: Scheduled (for securities analysts and institutional investors)

(Amounts of less than one million yen are rounded down.)

1. Consolidated Financial Results for the Nine Months Ended December 31, 2025 (April 1, 2025 to December 31, 2025)

   1. Consolidated Operating Results (% indicates changes from the previous corresponding period.)

      	Net sales		Operating	profit	Ordinary profit		Profit attributable to owners of parent
      Nine months ended	Million yen	%	Million yen	%	Million yen	%	Million yen	%
      December 31, 2025	1,322,805	5.2	44,811	(15.1)	52,736	(10.6)	58,125	(19.6)
      December 31, 2024	1,257,972	-	52,771	-	58,969	-	72,298	-

      (Note) Comprehensive income: Nine months ended December 31, 2025: ¥76,661 million [(30.2%)]

      Nine months ended December 31, 2024: ¥109,828 million [-%]

      	Basic earnings per share	Diluted earnings per share
      Nine months ended	Yen	Yen
      December 31, 2025	202.99	-
      December 31, 2024	236.64	-

      	EBITDA		Non-GAAP operating profit		Non-GAAP profit attributable to owners of parent
      Nine months ended	Million yen	%	Million yen	%	Million yen	%
      December 31, 2025	111,571	(2.1)	65,663	7.9	52,518	37.9
      December 31, 2024	114,017	-	60,862	-	38,093	-

      (Note) EBITDA is a profit indicator that indicates cash generating ability, obtained by adjusting operating profit for "depreciation of property, plant and equipment" and "amortization of goodwill and intangible assets."

      Non-GAAP operating profit is a profit indicator that indicates the ability to generate earnings from the core business, obtained by adjusting operating profit for one-time expenses or expenses with little relationship to the core business, such as "amortization of goodwill and intangible assets related to acquisitions," "M&A-related expenses," and "stock compensation-related expenses."

      Non-GAAP profit attributable to owners of parent is a profit indicator obtained by adjusting profit attributable to owners of parent for "amortization of goodwill and intangible assets related to acquisitions," "M&A-related expenses," "stock compensation-related expenses," "restructuring-related expenses," "gain or loss on sale of investment securities," and other related tax expenses and non-controlling interests.

      (Note) Figures for the nine months ended December 31, 2024 have been retrospectively adjusted due to changes in accounting policies, and those calculated retrospectively are presented. Accordingly, changes from the previous corresponding period are not presented.

   2. Consolidated Financial Position

   	Total assets	Net assets	Equity ratio
   As of	Million yen	Million yen	%
   December 31, 2025	2,455,545	1,385,703	53.5
   March 31, 2025	2,515,087	1,418,608	51.4

   (Reference) Equity: As of December 31, 2025: ¥1,314,141 million As of March 31, 2025: ¥1,293,555 million (Note) Figures for the fiscal year ended March 31, 2025 have been retrospectively adjusted due to changes in accounting

   policies, and those calculated retrospectively are presented.

2. Dividends

   	Annual dividends
   	1st quarter-end	2nd quarter-end	3rd quarter-end	Year-end	Total
   Fiscal year ended March 31, 2025 Fiscal year ending March 31, 2026	Yen	Yen	Yen	Yen	Yen
   	- -	24.00 28.00	- -	32.00	56.00
   Fiscal year ending March 31, 2026 (Forecast)				28.00	56.00

   (Note) Revision to the forecast for dividends announced most recently: No

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

(% indicates changes from the previous corresponding period.)

(Note) Revision to the financial results forecast announced most recently: No

(Note) Changes from the previous corresponding period are presented by comparing the forecast figures with the figures for the previous corresponding period retrospectively adjusted due to changes in accounting policies.

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

   Newly included: 27 companies (TOPPAN Packaging USA Inc. and 26 other companies) Excluded: 14 companies (Tekscend Photomask Corp. and 13 other companies)

   (Note) For details, please refer to "Business Combinations, Etc." on page 13.

2. Accounting policies adopted specially for the preparation of quarterly consolidated financial statements: No

3. Changes in accounting policies, changes in accounting estimates and retrospective restatement

   1. Changes in accounting policies due to the revision of accounting standards: No

   2. Changes in accounting policies other than 1) above: Yes

   3. Changes in accounting estimates: No

   4. Retrospective restatement: No

4. Total number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury shares): December 31, 2025: 294,706,240 shares

      March 31, 2025: 318,706,240 shares

   2. Total number of treasury shares at the end of the period:

      December 31, 2025: 12,004,680 shares

      March 31, 2025: 29,413,723 shares

   3. Average number of shares during the period:

Nine months ended December 31, 2025: 286,349,477 shares

Nine months ended December 31, 2024: 305,516,010 shares

(Note) The number of treasury shares subtracted for calculating the total number of treasury shares at the end of the period and the average number of shares during the period (nine months) includes the Company's shares owned by the ESOP trust.

• Review of the attached quarterly consolidated financial statements by certified public accountants or audit firms: No

• Explanation of the proper use of financial results forecast and other notes

The earnings forecasts and other forward-looking statements herein are based on certain assumptions relating to economic situations and market trends deemed reasonable as of the date of publication of this document. Actual results may differ significantly from these forecasts due to a wide range of factors.

Table of Contents

1. Overview of Operating Results, Etc. 2

   1. Overview of Operating Results 2

   2. Overview of Financial Position 3

   3. Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information 3

2. Quarterly Consolidated Financial Statements and Primary Notes 4

   1. Quarterly Consolidated Balance Sheets 4

   2. Quarterly Consolidated Statements of Income and Comprehensive Income 6

      Quarterly Consolidated Statements of Income 6

      Quarterly Consolidated Statements of Comprehensive Income 8

   3. Notes to the Quarterly Consolidated Financial Statements 9

(Notes on Going Concern Assumption) 9

(Notes in the Case of Significant Changes in Shareholders' Equity) 9

(Notes on Changes in Accounting Policies) 9

(Notes on Statements of Cash Flows) 10

(Notes on Segment Information, Etc.) 11

(Business Combinations, Etc.) 13

(Notes on Additional Information) 18

1

1. Overview of Operating Results, Etc.

Effective from the beginning of the first quarter of the fiscal year under review, the Company changed the method of currency conversion into Japanese yen for income and expenses of foreign subsidiaries and associates from the method that applies the spot exchange rate on the financial closing date to the method that applies the average exchange rate during the period. Comparisons with the same period of the previous fiscal year are made using figures after retrospective application.

(1) Overview of Operating Results

During the nine months under review (from April 1, 2025 to December 31, 2025), the business outlook remained uncertain given mounting geopolitical risks, persistent inflation worldwide and foreign exchange fluctuations. Meanwhile, public awareness of sustainability increased, and advances in digital technologies including artificial intelligence (AI) and Internet of Things (IoT) technologies led to growth in the semiconductor market. Factors including those mentioned above are expected to further increase market opportunities.

Amid this environment, under the key concept of "Digital & Sustainable Transformation," the Group is developing its operations worldwide mainly through digital transformation (DX), which uses digital technologies as a starting point to transform society and the business of customers and the TOPPAN Group, and sustainable transformation (SX), which aims for management focused on sustainability together with the resolution of social issues through business.

As a result, for the nine months ended December 31, 2025, net sales increased by 5.2% from the same period of the previous fiscal year to ¥1,322.8 billion. Operating profit decreased by 15.1% to ¥44.8 billion and ordinary profit decreased by 10.6% to ¥52.7 billion. Profit attributable to owners of parent decreased by 19.6% to ¥58.1 billion.

Trends by business segment during the nine months ended December 31, 2025 are as follows.

In the digital business, sales rose, reflecting the positive impact of the acquisition of HID's Citizen Identity Solutions (CID) business and the acquisition of dzcard Group, an entity based in Thailand that provides smart card solutions in Asia and throughout Africa, as well as expansion of government identity solutions in the security business, in addition to increased sales in the marketing DX business, which includes business transformation support tailored to the characteristics of customers' industries.

In the business process outsourcing (BPO) business, sales declined in the absence of one-time projects handled in the previous fiscal year, despite the acquisition of new projects, particularly in the financial and government sectors.

Sales in the secure media business increased owing to growth in data printing services, etc.

In the communication media business, sales decreased due to declines in publication and commercial printing. Publication printing operations were consolidated into TOPPAN Colorer Inc., resulting in enhanced profitability of the business. The Company is promoting further structural reforms including the integration of business form sites.

As a result, net sales in the Information & Communication segment increased by 2.0% from the same period of the previous fiscal year to ¥663.8 billion, and operating profit increased by 21.5% to ¥24.9 billion.

2