Toppan Holdings Inc. TSE:7911

TOPPAN : Fiscal 2025 Full Year Results Briefing Presentation

Published

Source: MarketScreener

‌Fiscal 2025 Full Year Results & Fiscal 2026 Results Forecast

May 14, 2026

TOPPAN Holdings Inc.



‌INDEX
  1. Summary of Fiscal 2025 Full Year Results

  2. Fiscal 2026 Results Forecast

2



‌ー Progress made in reconfiguring the business portfolio, largely flat-growth for non-GAAP earnings. ROE of more than 5% achieved.

* Units are BN unless otherwise indicated.

5.0%

FY24

FY25

Variance

Key points

GAAP

Profit margin

Non-

Profit

GAAP

Profit margin

Non-

Profit

GAAP

Non-

GAAP

margin

GAAP

margin

GAAP

Net sales

1,719.5

1,719.5

1,805.0

1,805.0

Info.& Communication

925.5

925.5

923.2

923.2

Living & Industry

550.1

550.1

723.0

723.0

Electronics

283.3

283.3

186.3

186.3

Adjustment

-39.4

-39.4

-27.5

-27.5

Operating profit

85.0

4.9%

97.6

5.7%

67.1

3.7%

94.1

5.2%

Info.& Communication

45.5

4.9%

51.7

5.6%

45.0

4.9%

53.4

5.8%

Living & Industry

33.4

6.1%

38.9

7.1%

33.0

4.6%

50.8

7.0%

Electronics

53.0

18.7%

53.4

18.9%

33.6

18.1%

34.1

18.3%

Adjustment

-46.9

-

-46.5

-

-44.6

-

-44.2

-

Profit attributable to

90.1

5.2%

67.2

3.9%

64.8

3.6%

71.2

3.9%

owners of parent

ROE

6.7%

5.0%

4.9%

5.4%

EBITDA

166.3

154.8

Earinings per share

¥298.62

¥232.59

¥227.07

¥249.74

Bookvalue per share

¥4,471.44

¥4,742.83

Dividend per share

¥56.00

¥58.00

Exchange rate : JPN / USD

¥152.57

¥151.09

: JPN / EUR

¥163.66

¥175.58

Share buybucks

99.99 (end of Mar./2025)

29.99 (end of Mar./2026)

-0.2%

31.4%

-34.2%

-

-21.1% -3.5%

-1.1% 3.2%

-1.2% 30.5%

-36.6% -36.1%

- -

-28.1% 5.9%

Overall

  • Companywide sales increased by 5% due to the addition of the Sonoco TFP business and other new entities to consolidated results.

  • Operating profit decreased by 21% due to underperformance of food packaging in North America, a delay in the recovery of earnings in the FC-BGA business, and the removal of Tekscend Photomask (TPC) from consolidated results from H2.

  • Non-GAAP profit excluding M&A-related and other

    costs decreased by 3.5%.

    Information & Communication

  • Sales and operating profit showed a slight decrease. Although textbook sales declined, growth was seen for areas such as digital business and smart cards, resulting in generally flat growth overall.

    Living & Industry

  • Sales increased significantly due to the addition of the TFP business and other new entities, but profit decreased due to factors such as one-time acquisition-related costs and a slump in North American food packaging demand. Non-GAAP operating profit increased substantially.

    Electronics

  • Profit decreased significantly due to the removal of

Tekscend Photomask (TPC) from the scope of

** A new foreign exchange processing method applies from the fiscal year under review onwards. Results for the previous fiscal year are modified retrospectively.

consolidated results. The FC-BGA business is on a

recovery trend with an increase in the proportion of

Summary of Fiscal 2025 Full Year Results (Year ended March 2026)

‌Fiscal 2025 Full Year Changes in Non-GAAP Operating Profit Versus Prior Year

ー Profit increased in growth businesses but decreased overall due to TPC's removal from the scope of consolidation.

TPC

transition to equity

Japan SX /

Overseas Living

(JPY bn)

Existing

businesses,

others

Erhoeht-X

Infrastructure development +5.3

costs

Cyclical

businesses

97.6 method

Impact of bonus

provision period standardization

+0.1

+14.0

+6.0 94.1

84.5

-13.1

-5.4

Semiconductors -4.7

-5.4

Foreign

exchange impact

-0.3

Fiscal 2024

Non-GAAP operating profit

Fiscal 2025

Non-GAAP operating profit

*Due to the change in accounting policy from fiscal 2025, fiscal 2024 results presented here have been retrospectively adjusted.



‌ー Secure media business saw growth and achieved plan. Digital business improved profit margins and contributed to profits.

Category

Full Year Sales Composition

Comment

(Non-GAAP basis)

Full Year Operating Profit Margin (YoY change)

GAAP

Non-GAAP

Digital Business

21%

(+approx. JPY 36.5 bn)

  • Government ID business and new entities under the scope of consolidation contributed in the overseas security business. Marketing DX and security in Japan also saw growth and increased sales.

  • Profit increased due to increased sales in each business. Figures fell short of the revised plan.

Approx. 3%

(+approx. JPY 2.3 bn)

Approx. 6%

(+approx. JPY 3.8 bn)

BPO

12%

(-approx. JPY 7.0 bn)

  • Focused on winning orders for continuous projects in the financial and public sectors. Comparable sales increase when the effects of one-time projects handled in the previous year are excluded.

  • Profit moved into growth in H2. Revised plan achieved.

Approx. 10%

(-approx. JPY 0.4 bn)

Approx. 11%

(-approx. JPY 0.3 bn)

Secure Media

22%

(+ approx. JPY 3.5 bn)

  • Sales increased due to robust performance from smart cards and DPS.

  • Profit increased on the back of increased sales and improvement in profitability of DPS. Results significantly surpassed revised plan.

Approx. 8%

(+approx. JPY 1.8 bn)

Approx. 9%

(+approx. JPY 2.0 bn)

Communication Media

44%

(-approx. JPY 35.0 bn)

  • Sales decreased due to the continued contraction of the publication and commercial printing markets and the cyclical nature of the textbook business.

  • Profit decreased due to the impact of textbooks despite improvement due to structural reform. Landing generally in line with revised plan.

Approx. 3%

(-approx. JPY 4.2 bn)

Approx. 3%

(-approx. JPY 3.8 bn)



Information & Communication: Fiscal 2025 Full Year Results

‌ー Overall profit increased with the business being steadily scaled. Non-GAAP profit increased in all categories.

FY24

Full Year Results

FY25

Full Year Results

YoY

Change

Details of Full Year

Erhoeht-X Total

Sales

JPY 295.0 bn

JPY 332.0 bn

+JPY 37.0 bn

  • Sales increased due to significant contribution of growth in the marketing DX and security businesses.

  • Profit increased as steady progress was seen in scaling the business. Non-

GAAP profit increased in all categories.

GAAP OP% Non-GAAP OP%

Approx. 6%

Approx. 6%

Approx. 7%

Approx. 8%

Increase Increase

Marketing DX

Sales

49.0

60.0

+11.0

  • Sales increased due to an expansion of new projects resulting from proposals for digital marketing and customer experience (CX) solutions.

  • Profit increased due to sales expansion and cost cutting initiatives.

GAAP OP% Non-GAAP OP%

Approx. 5% Approx. 6％

Approx. 7%

Approx. 7%

Increase Increase

Security Business

Sales

79.0

110.0

+31.0

  • Overseas sales increased due to growth in the government ID business and HID CID and dzcard joining the scope of consolidation.

  • Profit increased as we won orders for payment services and catered to digitalization needs in Japan.

GAAP OP% Non-GAAP OP%

Approx. 2%

Approx. 5%

3%

Approx. 6%

Increase Increase

Hybrid BPO

Sales

113.0

108.0

-5.0

  • Sales decreased due to a decline in the previous year's subsidized public-sector projects and large-scale projects for the private sector.

  • Profit grew on the back of taking in continuous projects for the financial sector, and profit margin also increased.

OP%

Approx. 10%

Approx. 11%

Increase

Digital Content

Sales

41.0

40.0

-1.0

  • Sales declined due to a slowdown in growth of e-books and the metaverse market.

  • Cost reduction efforts helped to drive increased profits.

GAAP OP% Non-GAAP OP%

Approx. 6%

Approx. 6%

Approx. 7%

Approx. 7%

Increase Increase

Manufacturing &

Distribution DX

Sales

13.0

14.0

+1.0

  • Sales and profit increased due to continued strong performance for

manufacturing DX orders.

OP%

Approx. 3%

Approx. 6%

Increase

(Reference) Information & Communication: Erhoeht-X Fiscal 2025 Full Year Results

‌ー Sales and profit increased significantly due to the contribution of large-scale M&A, but profit fell short of





plan due to worsening market conditions.

Category

Sales Composition

Comment

(Non-GAAP basis)

Operating Profit Margin (YoY change)

GAAP

Non-GAAP

Packaging

Sales composition by geography

Approx. 80%

(+approx. JPY 168.0 bn)

  • Overall sales and profit increased. Profit fell short of the revised plan.

  • Overseas: Sales increased due to the Sonoco TFP business and other new entities as well as strong performance for films in Asia and barrier films in Europe. Profit decreased due to a decline in demand in the North American food packaging market caused by inflation, a delay in full-scale adoption of SX packaging by European customers, and the posting of one-time M&A costs.

  • Japan: SX packaging performed well and increased sales, but profit growth was flat due to the impact of equipment problems in H1.

Approx. 4%

(-approx. JPY 3.0 bn)

Approx. 7%

(+approx. JPY 10.0 bn)

Décor Materials

Sales composition by geography

Approx. 20%

(+approx. JPY 5.0 bn)

  • Overall sales and profit increased. Revised plan figures not achieved.

  • Overseas: Sales grew on the back of robust performance for decorative sheets, particularly in Europe and South America. Profit increased due to

factors including cost reductions and the effects of

structural reforms.

Approx. 6%

(+approx. JPY 2.6 bn)

Approx. 7%

(+approx. JPY 1.7bn)

  • Japan: Sales and profit increased due to expanded market share for decorative sheets and growth in the

spatial design business.



Living & Industry: Fiscal 2025 Full Year Results

‌ー Large-scale acquisitions have contributed to a significant increase in sales overseas. SX packaging expansion



is focused on Europe and Asia.

Packaging Overall

ーSales by Regionー

SX Packaging

ーSales by Regionー

(Reference) Living & Industry: Packaging Sales by Region

‌ー Although sales and profit declined due to Tekscend Photomask being removed from the scope of consolidation,

FC-BGAs have been recovering rapidly since H2 as we take in demand for high-value-added products.

Category

Sales Composition

Comment

(Non-GAAP basis)

Operating Profit Margin (YoY change)

GAAP

Non-GAAP

Semiconductors

Approx. 75%

(-approx. JPY 55.0 bn)

  • Overall sales and profit decreased due to Tekscend Photomask no longer being included in the scope of consolidation. Both sales and profit fell short of the revised plan.

  • Earnings growth was strong for FC-BGAs, centered on AI-related applications, and profit margin improved from quarter to quarter. Measures have been taken to address the production at slower takt discussed during the Q3 results briefing.

Approx. 23%

(-approx. JPY 19.2 bn)

Approx. 23%

(-approx. JPY 19.2 bn)

Displays

Approx. 25%

(-approx. JPY 42.0 bn)

  • Sales and profit decreased overall. Revised plan achieved.

  • Although sales decreased significantly due to withdrawal from the TFT-LCD front-end process business, progress was made with structural reforms in the display solution business and other areas, and profit margin improved year on year.

Approx. 3% (-approx. JPY 0.1 bn)

Approx. 3%

(-approx. JPY 0.2 bn)

Foreign exchange impact

ー

  • Decrease in profit of approximately JPY 0.7 billion centered on semiconductors.



Electronics: Fiscal 2025 Full Year Results

‌(Reference) Electronics: Quarterly Performance by Quarter Excluding Tekscend Photomask (TPC)

ー Continued improvement for semiconductor-related business centered on FC-BGAs.





‌FY24

FY25

Key points of FY2025 results

(12months ended March 31, 2026)

FY

FY

Net sales

1,719.5

1,805.0

  • Gross profit margin:

    Worsened by 0.5% point. Proportion of high-value-added items in product mix declined due to factors such as TPC's removal from the scope of consolidation, a delayed recovery for FC-BGAs, and slow demand for food packaging in North America.

  • SG&A expenses:

    SG&A ratio increased by 0.7% point to 19.8%. The main cause was an increase due to new additions to the scope of consolidation.

  • Non-GAAP operating profit:

    Decreased by JPY 3.5 billion. Profit decreased due to earnings from core operations being unable to offset factors pushing profit down, such as TPC's removal from the scope of consolidation (-JPY 13.1 billion) and the impact of the standardization of bonus provision period (-JPY 5.4 billion).

  • Non-operating income/expenses:

Equity in earnings of affiliates increased (+JPY 5.8 billion) due to TPC becoming an equity-method associate. Despite an increase in interest paid due to an increase in borrowings associated with acquisitions, non-operating income increased to positive JPY 8.6 billion (positive JPY 4.5 billion in previous year).

Variance vs. prior year (%)

-

5.0

Gross profit

Gross margin (%)

SG&A

SG&A to sales (%)

413.3

424.2

24.0

23.5

328.2

357.1

19.1

19.8

Operating profit

Margin (%) Variance vs. prior year (%)

85.0

67.1

4.9

3.7

-

-21.1

Non-GAAP Operating profit

Margin (%) Variance vs. prior year (%)

97.6

94.1

5.7

5.2

-

-3.5

Ordinary profit

89.5

75.7

Extraordinary income

183.8

61.6

Extraordinary losses

88.2

31.9

Profit before taxes

185.2

105.3

Profit (attributable to owners of parent)

90.1

64.8

Margin (%)

5.2

3.6

Variance vs. prior year (%)

-

-28.1

Exchange rate ( JPY/USD )

152

151

( JPY/EUR )

163

175

Fiscal 2025 Full Year: Consolidated Statements of Income - Factors Affecting Main Items -

‌Main factors for change

Main factors for change

◯ Short-term borrowings, Longterm Borrowings and Bonds/convertible bonds

The change is due to converting short-term financing borrowed in association with acquisitions into longterm financing.

◯ Treasury shares Decreased due to cancellation.

◯ Valuation difference on available-for-sale securities

Decreased due to divestment of investment securities

End of Mar.

2024

End of Mar.

2025

End of Dec.

2025

Current assets

1,196.6

1,406.9

1,173.6

Cash & deposits

Notes & accounts receivable Securities

Inventories

489.9

441.8

68.0

148.3

768.9

439.7

9.6

140.6

438.8

478.4

2.5

181.5

Non-current assets

1,235.8

1,108.1

1,384.5

Property, plant & equipment Intangible assets

Goodwill

Investments & other assets Investment securities

623.1

91.0

23.9

521.6

450.5

620.9

87.2

22.3

399.9

310.6

653.7

281.4

103.8

449.2

340.0

Total assets

2,432.5

2,515.0

2,558.1

(Unit: BN)

End of Mar.

2024

End of Mar.

2025

End of Dec.

2025

Liabilities

865.4

1,096.4

1,148.1

Current liabilities

544.2

822.8

629.2

Notes & accounts payable

205.7

178.6

161.1

Short-term borrowings

19.0

312.7

125.0

Current portion of long-term borrowings

36.4

27.1

17.8

Non-current liabilities

321.2

273.5

518.8

Bonds

50.0

50.0

130.0

Long-term borrowings

102.9

77.6

218.0

Net assets

1,567.0

1,418.6

1,410.0

Shareholders' equity

1,184.7

1,158.1

1,169.7

Treasury shares

-46.2

-114.3

-45.2

Valuation/translation difference, etc. / Comprehensive income

231.7

135.4

167.4

◯ Cash & deposits Decreased mainly due to payment for acquisition of Sonoco TFP business.

◯ Inventories

Increased mainly due to acquisition of Sonoco TFP business.

◯ Intangible assets

Sonoco TFP business goodwill,

etc.

Valuation difference on available-for-sale securities

170.8

73.1

55.9

Foreign currency translation adjustment

55.7

58.9

94.4

Share acquisition rights

0.0

0.0

0.0

Non-controlling interests

150.5

125.0

72.8

Total liabilities & net assets

2,432.5

2,515.0

2,558.1

Equity

1,416.5

1,293.5

1,337.1

  • Investment securities Number of stocks held

End of March 2025: 174 stocks

End of March 2026: 156 stocks

(Following the sale of some or all of shareholdings of 36 stocks)

→ Results for year ended March 2026 Extraordinary income: JPY 54.2 billion Extraordinary losses: JPY 1.1 billion

Ratio to net assets (including deemed-owned shares): 12.3%

(Reference) Consolidated Balance Sheet ーMain Itemsー

  • ‌ Medium-term plan (MTP) target has been achieved, with the ratio to consolidated net assets at 12.3% as of the end of March 2026 (including deemed-owned shares).

    • Changes in Strategic Shareholdings

      321 stocks

      -147 stocks

      174 stocks

      -18 stocks

      156 stocks

      End of March 2018

      End of March 2025

      End of March 2026

      * Strategic shareholdings of TOPPAN Holdings Inc., TOPPAN Inc., and TOPPAN Digital Inc. as of the end of March

      2026.

      Shareholdings divested in fiscal 2025 (including partial divestments)

      36 stocks

  • Value of divestments since April 2018: Approx. JPY 800 bn

    *Includes partial divestments

  • Reduced by 165 stocks by end of March 2026 (-51% compared with end of March 2018)

Achievement of MTP Target

・As of end of March 2026, achieved ratio to

consolidated net assets of

12.3%

(MTP target: less than 15%)

・In next MTP, aim to achieve

less than 7% at end of March 2029



(Reference) Reduction of Strategic Shareholdings

‌INDEX

  1. Summary of Fiscal 2025 Full Year Results

  2. Fiscal 2026 Results Forecast

14



‌(JPY bn)

FY2025 Results

FY2026 Plan

YoY Change

Profitability

Net sales

1,805.0

1,925.0

+6.6%

Operating profit

3.7%

67.1

4.2%

80.0

+19.2%

Non-GAAP operating profit

5.2%

94.1

5.2%

101.0

+7.3%

EBITDA

154.8

175.0

+13.0%

Net profit

3.6%

64.8

2.9%

55.0

-15.1%

Non-GAAP net profit

4.0%

71.2

3.9%

75.0

+5.2%

Capital efficiency

ROE

4.9%

4.2%

-0.7%

Non-GAAP ROE

5.4%

5.7%

+0.3%

Share indicators

EPS

JPY 227.07

JPY 198.57

-12.6%

Non-GAAP EPS

JPY 249.74

JPY 270.78

+8.4%

BPS

JPY 4,742.83

JPY 4,780.45

+0.8%

Dividend per share

JPY 58

JPY 58

-

Financial health

Equity ratio

52.3%

51.2%

-1.1%

Exchange rate (JPY/USD)

JPY 151

JPY 150

Exchange rate (JPY/EUR)

JPY 175

JPY 175

Treasury share purchases

JPY 29.99 bn

JPY 50 bn (maximum)

*The periods for treasury share purchases are May 15, 2025 to May 14, 2026 for fiscal 2025 and May 15, 2026 to May 14, 2027 for fiscal 2026 and are not aligned with the fiscal year.

Fiscal 2026 Results Forecast (Year ending March 2027)

‌(JPY bn)

FY2025 Results

FY2026 Plan

YoY Change

Information Solutions

Net sales

923.2

966.0

+4.6%

Operating profit

4.9%

45.0

5.6%

54.5

+21.1%

Non-GAAP operating profit

5.8%

53.4

6.3%

61.0

+14.2%

Living & Industry

Net sales

723.0

827.0

+14.4%

Operating profit

4.6%

33.0

6.0%

49.5

+50.0%

Non-GAAP operating profit

7.0%

50.8

7.7%

64.0

+26.0%

Electronics

Net sales

186.3

162.0

-13.0%

Operating profit

18.1%

33.6

14.8%

24.0

-28.6%

Non-GAAP operating profit

18.3%

34.1

14.8%

24.0

-29.6%

Adjustment

Net sales

-27.5

-30.0

+9.1%

Operating profit

-44.6

-48.0

+7.6%

Non-GAAP operating profit

-44.2

-48.0

+8.6%

Total

Net sales

1,805.0

1,925.0

+6.6%

Operating profit

3.7%

67.1

4.2%

80.0

+19.2%

Non-GAAP operating profit

5.2%

94.1

5.2%

101.0

+7.3%

Fiscal 2026 Results Forecast

‌Fiscal 2026 Results Forecast Changes in Operating Profit Versus Prior Year

ー Profit is expected to increase as the impact of TPC's transition to an equity-method associate is offset by reduction in one-time costs and growth of respective businesses.

TPC

transition to

Decrease in one-time M&A costs for Living

Living

+9.0 -7.2

Electronics

+9.5

Adjustment, etc.

-4.1

101.0 94.1

equity

Information

+3.0

method Impact of bonus

provision period

standardization

+5.4

+4.3

Advanced semiconductor packaging

81.1

-1.3

Fiscal 2025

Non-GAAP operating profit

Fiscal 2026

Non-GAAP operating profit



‌Businesses redefined to accelerate portfolio transformation

  • Previous sub-segments: FY2025 results (JPY bn) ■ New sub-segments: FY2025 results (JPY bn)

Information & Communication

Total

923.2

5%

6%

Digital Business

198.1

3%

6%

BPO

108.0

10%

11%

Secure Media

207.6

8%

9%

Communication Media

409.5

3%

3%

Non-GAAP

Sales OP margin

OP margin

Information Solutions Total

923.2

5%

6%

Approach for new sub-segments

Security

221.7

6%

8%

Overview

Integrated business providing safety and security centered on "IDs of people"

Redefined elements

Security business from previous Digital Business, smart cards and DPS from previous Secure Media, and card issuance, etc. from previous BPO

IoT Solutions

18.3

-15%

-15%

Overview

Business centered on "IDs of things" such as RFID tags and traceability

Redefined elements

Offerings related to "IDs of things" from previous Digital Business and Secure Media

Marketing

102.0

6%

7%

Overview

Business supporting customers' marketing transformation

Redefined elements

Marketing DX from previous Digital Business and sales-promotion tools, etc. from previous Communication Media

BPO

71.7

1%

2%

Overview

Business support combining digital solutions and people

Redefined elements

Card issuance from previous BPO business moved to Security

Securities & Business Printing

144.8

6%

8%

Overview

Specialty printing of lottery tickets and important notifications for financial and

public sectors, etc.

Redefined elements

Business forms, etc. from previous Communication Media.

Smart cards, DPS, etc. from previous Secure Media moved to Security.

Information Printing

237.2

6%

6%

Overview

Traditional printing business of publications, trading cards, etc.

Redefined

elements

Information printing, etc. from previous Communication Media

Information (Other)

127.3

4%

5%

Overview

Education, culture, ebooks, etc.

Redefined

elements

Textbooks, etc. from previous Communication Media

Information: Redefinition of Sub-segments

‌Profit growth in other sub-segments to offset decline in Information Printing, leading to an overall increase in both revenue and profit

  • Segment Net Sales (JPY bn)

  • Segment Operating Profit (JPY bn)/ Margin

  • Sub-segment Forecast

1000

900

800

700

600

500

400

300

200

100

0

925.5 923.2 966.0

70 Non-GAAP operating profit

900.0

48.9 51.7 53.4 61.0

5%

6%

6%

6%



60

50

40

30

20

10

0

FY23 FY24 FY25 FY26(Plan)

Non-GAAP Operating Profit Operating Profit

8.0%

Sub-segment

Forecast

Security

  • Revenue growth in overseas governmental ID business by leveraging

    TOPPAN's global infrastructure

  • Growth of digital services and stable contracts for smart cards and DPS in Japan

IoT Solutions

  • Revenue growth through expansion of bundled services such as diagnostic test management and traceability, where IoT devices and systems are combined

Marketing

  • Increased sales and shift towards high-profit business with high-added-value contracts based on solving clients' business challenges

  • Enhanced profit margin by using AI to increase productivity

BPO

  • Increased contracts for complex tasks specific to public, financial, and infrastructure industries. Service model based on BPR and AI.

  • Enhanced profit margin by standardizing common work processes and reducing low-profit operations

Securities & Business Printing

  • Improved profitability through contract selection

  • Increased revenue overseas through IPO related printing and US election solutions

Information Printing

  • Strategic selection of contracts to improve profitability amidst contracting market and reduced volume

  • Continue to consider production equipment optimization and

consolidation of sites

Information (Other)

  • Reduced profits due to cyclical nature of textbooks

19

6.0%

4.0%

2.0%

0.0%

FY23 FY24 FY25 FY26(Plan)

  • Sub-segment Net Sales and Operating Profit

    OP Margin

    Non-GAAP OP Margin

    © TOPPAN Holdin

    gs Inc.

    *(Change) / Unit: JPY bn

    Sub-segment

    Net sales

    % of sales

    GAAP operating profit

    Non-GAAP operating profit

    Information overall

    966.0 (+42.7)

    100%

    約6% (＋9.5)

    約6% (＋7.1)

    Security

    258.0 (+36.6)

    27%

    約7% (＋4.2)

    約8% (＋3.4)

    IoT Solutions

    22.0 (+3.6)

    2%

    約-5% (＋1.5)

    約-3% (＋1.9)

    Marketing

    119.0 (+16.9)

    12%

    約8% (＋3.0)

    約8% (＋2.6)

    BPO

    75.0 (+3.5)

    8%

    約3% (＋1.6)

    約3% (＋1.3)

    Securities & Business

    Printing

    140.0 (-5.5)

    14%

    約9% (＋3.8)

    約10% (＋3.4)

    Information Printing

    220.0 (-16.9)

    23%

    約4% (-4.2)

    約4% (-5.0)

    Information (Other)

    132.0 (+4.6)

    14%

    約4% (-0.4)

    約4% (-0.5)

    Information Solutions: Fiscal 2026 Forecast

    ‌Growth of both revenue and profit, driven by steady growth in overseas business and decrease in one-time M&A-related costs

  • Segment Net Sales (JPY bn)

    900

  • Segment Operating Profit (JPY bn)/ Margin

    Non-GAAP operating profit

  • Sub-segment Net Sales and Operating Profit *(Change) / Unit: JPY bn

    800

    827.0 70

    723.0

    537.4

    550.1

    60

    32.4 38.9 50.8 64.0



    7%

    8%

    10.0%

    Sub-segment

    Net sales

    % of sales

    Overseas sales %

    GAAP operating profit

    Non-GAAP

    operating profit

    Living & Industry overall

    827.0

    (+104.0)

    100%

    -

    約6%

    (＋16.4)

    約8%

    (＋13.5)

    Packaging

    670.0

    (+93.8)

    81%

    55%

    約6%

    (＋14.1)

    約8%

    (+11.4)

    Décor Materials

    157.0

    (+10.2)

    19%

    65%

    約7%

    (＋2.3)

    約7%

    (+2.2)

    8.0%

    700

    600

    500

    400

    300

    200

    100

    0

    50 6% 7%

    40

    30

    20

    10

    0

    FY23 FY24 FY25 FY26(Plan)

    Non-GAAP Operating Profit Operating Profit

    6.0%

    4.0%

    2.0%

    0.0%

    Sub-segment

    Forecast

    Packaging

    Décor materials

    • Sales growth due to contribution of TFP business and Irplast to full-year earnings, growth of barrier films in Europe and organic growth in Asia. Continued expansion of SX packaging also.

    • Increased profits from sales expansion and reduction of M&A related one-time costs (+JPY 7.8 bn)

    • Overseas: Increased revenue and profits from sales growth due to market recovery and cost reducing measures such as bringing ink manufacturing in-house

    • Japan: Increased sales and profits from scaling spatial design business

  • Sub-segment Forecast

    FY23 FY24 FY25 FY26(Plan)

    OP Margin Non-GAAP OP Margin

  • Sales by Region - Packaging Overall

400

350

300

250

200

150

100

50

0

Japan Oversea total US Europe Asia, others

FY25 FY26

© TOPPAN Holdings Inc.

140

120

100

80

60

40

20

0

  • Sales by Region - SX Packaging

    SX 33%

    Japan Oversea total US Europe Asia, others

    FY25 FY26

    20

    Living & Industry: Fiscal 2026 Forecast

    ‌Profit decrease due to deconsolidation of TPC and rising R&D costs for advanced semiconductor packaging, but significant increase in profit for FC-BGA

  • Segment Net Sales (JPY bn)

  • Segment Operating Profit (JPY bn)/ Margin

  • Sub-segment Net Sales and Operating Profit

    *(Change) / Unit: JPY bn

    266.5

    186.3

    162.0

    300

    250

    200

    150

    100

    50

    0

    283.3

    60 Non-GAAP operating profit

    49.8 53.4 34.1 24.0

    1G%

    18%

    15%

    1G%



    50

    40

    30

    20

    10

    0

    FY23 FY24 FY25 FY26(Plan)

    Non-GAAP Operating Profit Operating Profit

    24.0%

    22.0%

    20.0%

    18.0%

    16.0%

    14.0%

    12.0%

    Sub-segment

    Net sales

    % of sales

    GAAP operating profit

    Non-GAAP operating profit

    Electronics overall

    162.0

    (-24.3)

    100%

    約15%

    (-9.7)

    約15%

    (-10.1)

    Semiconductors

    116.0

    (-24.4)

    70%

    約21%

    (-8.6)

    約21%

    (-8.9)

    (Excl. advanced packaging)

    -

    -

    約28%

    約28%

    Displays

    46.0

    (+0.1)

    30%

    約1%

    (-1.0)

    約1%

    (-1.2)

    Sub-segment

    Forecast

    Semiconductors

    Displays

    • Decreased revenue and profit due to impact of TPC changing to equity method associate.

    • New Niigata line to contribute production of FC-BGAs, and increase in proportion of AI-related products to significantly increase sales and profits.

    • Cost increase due to acceleration of advanced packaging R&D

    • Increased revenue and profit from installation of wide line for anti-reflective film

    • Declining revenue and profits for color filters as business downsizes

  • Sub-segment Forecast

    FY23 FY24 FY25 FY26(計画)

    OP Margin Non-GAAP OP Margin

    • Non-GAAP Operating Profit of Semiconductor Business Excluding Photomasks from Last Year and Advanced Packaging This Year

      34.1

      11.4

      21

      24.0

      -13

      (1.2)

      (7.3)

      40

      35

      30

      25

      20

      15

      10

      5

      0

      FY25

      TPC

      FY25(Ex-TPC)

      Advanced Packaging R&D

      Semiconductors

      Displays

      FY26(Plan)

      Electronics: Fiscal 2026 Forecast

      ‌The most significant impact is in the Living segment. We will work to minimize the impact by passing through price increases and sourcing alternative products.

      Main impacts by segment

      Information

      Inks and secondary materials for information printing and raw materials (adhesives, solvents, hologram film,

      etc.) for security business and securities & business printing

      Living

      Materials (films, resins), inks, and secondary materials for flexible packaging and décor materials

      Electronics

      Secondary materials (solvents, etc.) for display business

      Addressing price increases

      Policy

  • Minimize impact on business by passing through all cost increases associated with the situation in the Middle East

    Status

  • We are currently reviewing our prices every month in light of price increases and negotiating with customers in a timely manner. Negotiations are generally progressing smoothly.

    Addressing supply concerns

    Status

  • Although we have generally secured enough inventory for Q1 at the current time, the status for Q2 and beyond remains

    uncertain due to the fluidity of the situation.

  • We will maintain productivity by securing procurement channels, including using alternatives, and carefully managing raw material usage and inventory.

We will continue to closely monitor the situation with regard to impact on business performance

Impact of Situation in Middle East (as of May 14, 2026)

‌- APPENDIX -

© TOPPAN Holdings Inc.



  • ‌Progress made in GHG emission reduction and renewable energy ratio due to introduction of internal carbon pricing system

  • Aiming to achieve targets related to waste by supporting recycling and reducing landfill waste volume at overseas subsidiaries

    10%

5.7%

4%

・Area preserved in regions in which humans coexist with nature (*1)

(As percentage of area of TOPPAN Inc.'s manufacturing bases)

FY2025 100%

100%

(N=136)

79.7% (N=142)

54.6% reduction

16.5% reduction

11.2% reduction

・ Scope 3: Reduction percentage

(compared to FY2017)

54.6% reduction

（25%）

41.8% reduction

（7.9%）

28.7% reduction

（3.5%）

Theme/Vision Indicators

FY2024 Results

FY2025 Forecast

FY2030 Targets

Contributing to Decarbonization

Aiming for net zero Scope 1, 2, and 3 greenhouse gas emissions.

・Scope 1+2: Reduction percentage

(compared to FY2017)

(Renewable energy ratio)

Preserving Biodiversity

Aiming for a society that coexists in harmony with nature, balancing conservation with socioeconomic activity.

・ Percentage confirmation of legality in procurement of raw materials of paper

Contributing to Resource Circulation

Aiming for zero waste emissions.

・Reduction percentage of final landfill

waste disposal

(compared to FY2017)

Optimal Water Use

Contributing to achieving optimal water use and improving water quality by preventing pollution.

・No. of sites with high water risk (total of

7 sites) that achieve water withdrawal reduction targets

0 cases

0 cases

1 cases

・No. of cases of action taken by

authorities due to exceeding regulatory threshold values

4 sites

2 sites

0 sites

9%pt increase

2.3％pt decrease

1.1％pt. decrease

・Waste plastic material recycling rate

(compared to FY2017 level)

60% reduction

43% reduction

50% reduction

*Forecast figures at current time. Confirmed figures will be disclosed in Sustainability Report 2026. *1: Set based on the area of sites of TOPPAN Inc. and subsidiaries with manufacturing equipment

Efforts to Reduce Environmental Impact

  • ‌ Introduce personnel system as a shared platform for the Group and talent management system that provides visibility for necessary positions and skills and leverage them to deploy talent required for each business

    Survey revised to global-standard criteria and conducted at Group companies in Japan and overseas from FY2025

Rollout of various measures

Introduced in FY2024

・Rollout of measures for more human

asset fluidity within the Group

・ Development of management talent

6,000

6,200

5,941

Theme/Efforts Indicators

FY2024 Results

FY2025 Forecast

FY2025 Targets

Creating Human Asset Development Programs

Implement diverse human asset development programs to secure and develop talent to support business portfolio transformation

・No. of human assets engaged in Erhoeht-X

Promoting Diversity & Inclusion

  • Advance women's participation

  • Support for balancing work with childcare or nursing care

  • Efforts related to sexual diversity

・ Percentage of female managers (*2)

12.9%

15%

14.7%

Employee Well-being

  • Enhance employee job satisfaction

  • Further advance promotion of health of employees and their families

  • Enhance physical and mental condition of every employee

・Engagement score

(compared to FY2021)

Personnel System

  • Introduce unique TOPPAN job-type-based

    personnel system

  • Design new system to align enterprise value enhancement and employee motivation

・Introduce job-type-based personnel system

Plan introduced

Introduced in FY2023

・Consider stock compensation plan for employees

System introduced

Introduced in FY2022

4pt. improvement

0.7pt. improvement

±0pt. improvement

・Condition risk assessment (*3) (compared to FY2021)

6pt. improvement

2pt. improvement

2pt. improvement

・Health risk score (*3) (compared to FY2021)

*Forecast figures at current time. Confirmed figures will be disclosed in Sustainability Report 2026.

*2: Entire TOPPAN Group (incl. overseas) *3: Consolidated TOPPAN Group companies in Japan

Efforts Focused on Human Capital and Diversity

  • ‌Continue to identify, mitigate, and take corrective actions for risks by conducting supply chain ESG risk assessments and human rights

    risk assessments within the Group

  • For governance, strengthen the management system by raising the proportion of independent external directors and revising the executive compensation system

Theme Activities Efforts in FY2025

Human Rights

Based on the tenet of "respect for human beings," respect human rights and advance initiatives to prevent human rights violations caused by business activities

  • Conducted third human rights risk assessment of consolidated subsidiaries and continued to implement PDCA cycle of human rights risk mitigation and corrective action within the Group

Supply Chain

Drive PDCA cycle of disseminating and

implementing guidelines, auditing, and taking corrective measures and further accelerate sustainable procurement activities with suppliers and subcontractors

  • Continued to implement PDCA cycle of working together to reduce and rectify risks in line with the TOPPAN Group Sustainable Procurement Guidelines

  • Revised TOPPAN Group Sustainable Procurement guidelines to 4th version in

accordance with society's expectations and changes in external conditions

  • Strengthened supervisory and advisory functions by increasing the proportion of independent external directors on the board (4 external directors out of total of 10)

Future initiatives

  • In addition to revising the executive compensation system and increasing performance-linked compensation to enhance short and medium- to long-term incentives, we will introduce malus/clawback provisions.

(To be proposed at 180th Ordinary General Meeting of Shareholders)

Governance

Drive further strengthening and enhancement of

governance system to maximize enterprise value

Efforts Focused on Human Rights and Governance

‌Creating a circular economy

Percentage of barrier-technology-based packaging switched to mono-material

FY23 2％ FY24 5％

FY25 12％

(overseas 6%) (overseas 13%) (overseas 29%) Number of proofs of concept for establishing recycling schemes for packaging and sales promotion materials*

FY23 50

FY24 78 FY25 91

Prevent pollution and destruction due to waste by driving processes from sharing and recovery to upcycling based on the 3Rs (reduce, reuse, recycle), product life extension, and material development.

Decarbonizing

Number of services contributing to greenhouse

gas reduction*

FY23 36

FY24 55 FY25 63

Contribute to reduction in greenhouse gas emissions and the mitigation of global warming by providing eco-friendly materials and schemes as well as solutions for energy saving and energy creation.

Expanding eco-friendly products and solutions

Percentage of packaging sales accounted for by

sustainable packaging

FY23 46％

FY24 46％ FY25 47％

SX priority theme sales

FY23 ¥119.4bn FY24 ¥141.9bn

FY25 ¥169.3bn

Expand TOPPAN's development of mono-material GL FILM and other eco-friendly products and solutions and ensure contribution to the environment is visible and widely recognized by establishing certification programs.

Creating a safe society in which we can be ourselves

Reducing food loss to help eliminate hunger

Number of services enriching people's lives*

(Use of platforms for metaverse and web3 era)

FY23 24

FY24 35 FY25 57

Leverage security system technologies to create environments that enable everyone to use their own data safely and provide personal data usage services that achieve both enhanced usability and privacy protection.

Total weight of food in packaging that contributes to

longer shelf lives

FY23

240 kt FY24 260 kt FY25 270 kt

Reduce food loss throughout the value chain from primary industry sectors to consumers by combining functional packaging and digital transformation to extend shelf lives and optimize the balance of supply and demand.

Contributing to enhanced quality of life for communities

Number of local authorities providing residents services optimized for the community*

FY23 75 FY24 98 FY25 110

Take advantage of nationwide network and digital technologies to provide residents with optimal region-specific services and contribute to sustaining provincial cities.

Showcasing and preserving culture

Number of archives of materials related to culture and industry*

FY23 139 FY24 164 FY25 167

Combine experience in the fields of culture and education with cutting-edge technologies to develop solutions for preserving and passing down tangible and intangible culture and protecting the world's diversity.

Creating obstacle-free educational environments

Number of people whose learning we contribute to (cumulative)

(Japan) (Japan)

FY23 21m FY24 25m FY25 25m

(Overseas) (Overseas)

- -

Create a society in which anyone can learn anywhere and anytime by providing a global platform combining educational software and translation technologies.

Contributing to health through innovative healthcare

services

Number of services that contribute to health*

FY23 26

FY24 36 FY25 47

Contribute to longer healthy lives for people throughout the world by facilitating access to healthcare information and services transcending national or regional borders.

















*Target figures marked with an asterisk are cumulative figures over the years leading up to the target year. (Other targets are for single fiscal years.)

TOPPAN Business Action for SDGs

‌Quarterly

Full year

FY2023

FY2024

FY2025

FY23

FY24

FY25

FY26

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Actual

Forecast

Information Solutions

Net sales

199.5

214.4

228.0

257.8

205.6

219.7

225.6

274.4

210.2

215.2

238.3

259.4

900.0

925.5

923.2

966.0

Variance vs. prior year (%)

-5.3

0.5

1.0

8.6

-

-

-

-

2.3

-2.1

5.6

-5.5

1.4

2.8

-0.2

4.6

Operating profit

3.4

7.5

8.5

26.1

2.9

7.4

10.2

24.9

5.0

5.8

14.0

20.0

45.6

45.5

45.0

54.5

Operating margin (%)

1.7

3.5

3.7

10.1

1.4

3.4

4.5

9.1

2.4

2.7

5.9

7.7

5.0

4.9

4.8

5.6

Variance vs. prior year (%)

-26.8

4.4

-30.1

39.6

-

-

-

-

73.1

-20.9

37.8

-19.8

6.5

-

-1.0

21.1

Living & Industry

Net sales

130.1

133.4

130.9

142.8

135.4

140.3

137.6

136.6

136.2

194.3

194.9

197.4

537.4

550.1

723.0

827.0

Variance vs. prior year (%)

2.3

-1.3

1.3

10.6

-

-

-

-

0.5

38.4

41.5

44.5

3.2

2.3

31.4

14.3

Operating profit

6.1

6.8

6.5

7.7

6.9

8.7

9.4

8.2

9.3

5.5

10.4

7.7

27.4

33.4

33.0

49.5

Operating margin (%)

4.7

5.1

5.0

5.4

5.1

6.2

6.8

6.0

6.8

2.8

5.3

3.9

5.1

6.0

4.5

6.0

Variance vs. prior year (%)

-21.0

32.4

20.5

54.9

-

-

-

-

33.7

-36.5

10.1

-5.7

16.6

-

-1.1

50.0

Electronics

Net sales

63.5

70.3

62.9

69.7

69.1

69.7

72.4

71.9

56.6

62.3

31.7

35.6

266.5

283.3

186.3

162.0

Variance vs. prior year (%)

4.7

3.4

2.7

6.4

-

-

-

-

-18.1

-10.7

-56.1

-50.5

4.3

6.3

-34.2

-13.0

Operating profit

11.5

12.8

11.5

13.6

12.4

12.8

16.5

11.2

9.0

11.4

6.2

6.9

49.6

53.0

33.6

24.0

Operating margin (%)

18.1

18.2

18.3

19.5

17.9

18.3

22.8

15.6

15.9

18.3

19.7

19.5

18.6

18.7

18.0

14.8

Variance vs. prior year (%)

15.3

1.0

-8.2

6.2

-

-

-

-

-27.2

-10.8

-62.2

-38.3

2.8

-

-36.6

-28.5

Adjustments (Net sales)

5.6

5.6

6.3

8.0

7.3

4.7

5.8

21.5

5.5

5.8

5.8

10.2

25.7

39.4

27.5

-30.0

Adjustments (Operating profit)

11.2

11.9

12.3

12.9

11.0

11.8

11.8

12.1

9.8

11.6

10.6

12.4

48.4

46.9

44.6

-48.0

Consolidated net sales

387.7

412.5

415.5

462.4

402.8

425.1

429.9

461.5

397.5

466.0

459.1

482.2

1,678.2

1,719.5

1,805.0

1,925.0

Consolidated

operating profit

9.9

15.3

14.3

34.6

11.2

17.1

24.3

32.2

13.5

11.2

20.0

22.2

74.3

85.0

67.1

80.0

* Units are ¥BN unless otherwise indicated.

**Due to the change in accounting policy from fiscal 2025, fiscal 2024 results presented here have been retrospectively adjusted.

(Reference) Quarterly Sales and Operating Profit by Segment

‌Information Solutions

Comm. Media Secure Media BPO

Digital Business

Operating Profit (RHS)

Living & Industry

(¥bn) (¥bn)

300 30

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY2022

FY2023

FY2024

FY2025

250 25

200 20

150 15

100 10

50 5

0 0

Q4 (3 months, YoY comparison)

(¥bn) (¥bn)

300



250

200

150

100

50

0

FY23 Q4 FY24 Q4 FY25 Q4

Q4 (3 months, YoY comparison)

30.0

25.0

20.0

15.0

10.0

5.0

0.0

(¥bn) (¥bn)

(¥bn) (¥bn)

Décor Materials Packaging

Operating Profit (RHS)

250

200

150

100

50

0

12.5

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY2022

FY2023

FY2024

FY2025

10.0

7.5

5.0

2.5

0.0

250

200

150

100

50

0

FY23 Q4 FY24 Q4 FY25 Q4

10.0



8.0

6.0

4.0

2.0

0.0

Electronics

Semiconductors Displays

Operating Profit (RHS)

(¥bn) (¥bn)

80 20

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY2022

FY2023

FY2024

FY2025

18

60 16

14

12

40 10

8

20 6

4

2

0 0

Q4 (3 months, YoY comparison)

(¥bn) (¥bn)



100

75

50

25

0

FY23 Q4 FY24 Q4 FY25 Q4

15.0

10.0

5.0

0.0

(Reference) Quarterly Sales and Operating Profit by Segment

‌Quarterly

Full year

FY2023

FY2024

FY2025

FY23

FY24

FY25

FY26

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Actual

Forecast

Net sales

387.7

412.5

415.5

462.4

402.8

425.1

429.9

461.5

397.5

466.0

459.1

482.2

1,678.2

1,719.5

1,805.0

1,925.0

Variance vs. prior year (%)

-0.8

0.3

1.0

8.7

-

-

-

-

-1.3

9.6

6.8

4.4

-

-

5.0

0.1

Gross profit

83.6

92.4

95.8

115.4

92.4

98.7

104.9

117.1

95.3

107.8

108.0

113.0

387.4

413.3

424.2

455.4

Gross margin (%)

21.5

22.4

23.0

24.9

22.9

23.2

24.3

25.3

24.0

23.1

23.5

23.4

23.1

24.0

23.5

23.7

SG&A

73.6

77.1

81.4

80.8

81.1

81.6

80.5

84.8

81.7

96.6

87.9

90.7

313.0

328.2

357.1

375.4

SG&A to sales (%)

19.0

18.6

19.6

17.4

20.1

19.1

18.7

18.3

20.6

20.7

19.2

18.8

18.7

19.0

19.7

19.5

Operating profit

9.9

15.3

14.3

34.6

11.2

17.1

24.3

32.2

13.5

11.2

20.0

22.2

74.3

85.0

67.1

80.0

Margin (%)

2.5

3.7

3.4

7.4

2.8

4.0

5.6

6.9

3.4

2.4

4.3

4.6

4.4

4.9

3.7

0.0

Variance vs. prior year (%)

-27.7

3.8

-32.1

28.9

-

-

-

-

20.1

-34.4

-17.7

-30.9

-

-

-17.7

19.2

Ordinary profit

16.1

16.4

13.6

36.3

16.6

15.8

26.4

30.6

15.0

11.1

26.6

22.9

82.5

89.5

75.7

83.5

Extraordinary

income

0.4

1.8

44.9

30.6

6.3

26.6

39.5

111.3

3.5

21.7

15.3

20.9

77.8

183.8

61.6

0.0

Extraordinary losses

1.3

4.3

0.9

28.1

1.4

2.6

5.7

78.3

0.9

2.1

1.1

27.6

34.7

88.2

31.9

0.0

Profit before taxes

15.2

13.9

57.6

38.8

21.4

39.9

60.2

63.5

17.6

30.6

40.7

16.2

125.6

185.2

105.3

83.5

Profit

(attributable to owners of parent)

9.6

8.4

39.7

16.4

9.8

23.0

39.3

17.8

9.3

20.5

28.2

6.6

74.1

90.1

64.8

55.0

Margin (%)

2.4

2.0

9.5

3.5

2.4

5.4

9.1

3.8

2.4

4.4

6.1

1.4

4.4

5.2

3.6

2.9

Variance vs. prior year (%)

-30.9

-78.5

233.6

-

-

-

-

-

-4.8

-11.0

-28.3

-62.6

-

-

-28.1

-15.1

Exchange rate (JPY/USD)

145

149

142

151

158

152

153

152

143

146

149

149

151

149

151

150

(JPY/EUR)

158

158

157

163

170

165

165

163

165

168

172

172

162

163

175

175

* Units are ¥BN unless otherwise indicated.

** Due to the change in accounting policy from fiscal 2025, fiscal 2024 results presented here have been retrospectively adjusted.

(Reference) Consolidated Statements of Income

- Main Items by Quarter -



‌ (Unit: ¥BN)

Quarterly

FY2023

FY2024

FY2025

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Information Solutions

Operating Profit

2.9

7.4

10.1

24.9

5.0

5.8

14.0

20.0

Amortization

1.0

1.3

0.6

0.7

1.2

1.4

1.7

1.2

M&A related fee

0.0

0.0

0.0

0.6

0.1

0.0

0.0

0.1

Stock compensation reserve

0.4

0.4

0.4

0.4

0.4

0.4

0.4

1.2

Non-GAAP Operating Profit

4.4

9.2

11.3

26.7

6.8

7.7

16.1

22.7

Living & Industry

Operating Profit

6.9

8.7

9.4

8.2

9.3

5.5

10.4

7.9

Amortization

0.8

0.5

1.1

0.4

0.5

4.4

4.3

2.4

M&A related fee

0.0

0.0

0.0

1.8

0.0

4.5

0.1

0.1

Stock compensation reserve

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.5

Non-GAAP Operating Profit

8.0

9.4

10.7

10.7

10.0

14.7

15.0

11.1

Electronics

Operating Profit

12.4

12.8

16.5

11.2

9.0

11.4

6.2

6.9

Amortization

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

M&A related fee

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Stock compensation reserve

0.0

0.1

0.0

0.0

0.0

0.0

0.0

0.2

Non-GAAP Operating Profit

12.5

12.9

16.6

11.3

9.1

11.5

6.3

7.1

Full year

FY23

FY24

FY25

FY26

Actual

Forecast

45.6

45.5

45.0

54.5

2.3

3.8

5.6

6.5

0.2

0.7

0.3

0.0

0.8

1.7

2.5

0.0

48.9

51.7

53.4

61.0

27.4

33.4

33.0

49.5

4.2

2.9

11.7

14.5

0.4

1.8

4.8

0.0

0.4

0.7

1.1

0.0

32.4

38.9

50.8

64.0

49.6

53.0

33.6

24.0

0.1

0.1

0.0

0.0

0.0

0.0

0.0

0.0

0.1

0.3

0.4

0.0

49.8

53.4

34.1

24.0

(Reference) Non-GAAP Operating Profit Reconciliation (by quarter)

‌(Unit: ¥BN)

Quarterly

Full year

FY2023

FY2024

FY2025

FY23

FY24

FY25

FY26

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Actual

Forecast

Net sales

402.8

425.1

429.9

461.5

397.5

466.0

459.1

482.2

1,678.2

1,719.5

1,805.0

1,925.0

Operating Profit

11.2

17.1

24.3

32.2

13.5

11.2

20.0

22.2

74.3

85.0

67.1

80.0

Amortization

1.9

1.9

1.7

1.2

1.7

5.8

6.1

3.7

6.6

6.8

17.4

21.0

M&A related fee

0.0

0.0

0.0

2.5

0.1

4.5

0.1

0.3

0.6

2.6

5.1

0.0

Stock compensation reserve

0.7

0.7

0.7

0.7

0.7

0.7

0.7

2.1

1.5

3.0

4.4

0.0

Non-GAAP Operating Profit

14.0

19.8

26.9

36.7

16.1

22.4

27.0

28.5

83.0

97.6

94.1

101.0

Margin (%)

3.5

4.7

6.3

8.0

4.1

4.8

5.9

5.9

4.9

5.7

5.2

5.2

Variance vs. prior year (%)

-

-

-

-

15.0

13.1

0.4

-22.3

-

17.6

-3.6

-12.1

Net Profit

9.8

23.0

39.3

17.8

9.3

20.5

28.2

6.8

74.1

14.9

64.8

55.0

(Items/amounts adjusted after tax and deduction of non-controlling interests)

Amortization

1.6

1.5

1.5

1.0

1.4

5.3

5.5

2.5

5.7

5.7

14.7

17.0

M&A related fee

0.0

0.0

0.0

1.7

0.0

3.1

0.0

0.4

0.5

1.8

3.5

0.0

Stock compensation reserve

0.5

0.5

0.5

0.5

0.5

0.5

0.5

1.5

1.0

2.1

3.0

0.0

Structural-reform-related costs

0.1

1.5

4.0

79.8

0.0

0.2

0.2

22.0

22.4

85.6

22.4

3.0

Gain or loss on sale of investment securities

-4.2

-17.2

-24.9

-71.7

-2.1

-14.6

-6.7

-13.9

-51.5

-118.1

-37.3

0.0

Non-GAAP Net Profit

8.0

9.3

20.7

29.1

9.3

15.2

27.9

18.7

52.2

67.2

71.2

75.0

Margin (%)

2.0

2.2

4.8

6.3

2.3

3.3

6.1

3.9

3.1

3.9

3.9

3.9

Variance vs. prior year (%)

-

-

-

-

16.3

63.4

34.8

-35.7

-

28.7

6.0

5.3

(Reference) Non-GAAP Companywide Operating Profit Reconciliation (by quarter)

‌Disclaimer Regarding Forward-Looking Statements

Results forecasts and other forward-looking statements in these materials are made by the Company based on information available at the current time. Actual results may differ from forecasts due to future changes in the business environment.



‌