May 20, 2026
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FY2025 Full-Year Results
(From April 2025 to March 2026)
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FY2026 Full-Year Forecast
(From April 2026 to March 2027)
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Progress in Capital Efficiency Initiative 2027
P.3 - P.12
P.13 - P.19
P.20 - P.32
- Reference Information P.33 - P.36
All yen amounts in this document are rounded down to the nearest hundred million yen.
The accounting of a business consolidation that was provisionally recorded in the consolidated financial statements for fiscal 2024 was finalized in the first quarter of fiscal 2025, and the finalized accounts for the business consolidation have been reflected in the amounts for fiscal 2024.
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FY2025 Full-Year Results
(From April 2025 to March 2026)
Both sales and profits grew mainly due to product price hikes in the packaging business and a recovery in engineering operations in North America.
ROE increased to 8.1%, as a capital gain (extraordinary income) of 17.9 billion yen from the disposal of strategic shareholdings also contributed to profitability.
FY2024
FY2025
Change
Change %
922.5
963.2
40.6
4.4%
34.2
52.0
17.7
51.8%
3.7%
5.4%
37.1
58.2
21.0
56.7%
22.4
54.9
32.4
144.5%
90.2
106.3
16.0
17.8%
3.4%
8.1%
The sales and operating income targets for fiscal 2025 were both achieved as we implemented all measures set in the Medium-Term Management Plan 2025. ROE also exceeded the target for the year, even excluding the impact of extraordinary income for the year.
(in billions of yen, except for ratios)
Net sales Operating income
Operating income margin
Ordinary income
Profit attributable to owners of parent EBITDA
ROE
ROE excluding the contribution of extraordinary income: 5.9%
COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 4
Operating income target of 50 billion yen for the final year was achieved.
We also achieved the target ROE of 5% for the final year, even excluding the impact of extraordinary income.
Earnings
FY2021
FY2022
FY2023
FY2024
FY2025
(Results)
(Target)
(Difference)
Net sales
(JPY billion)
821.5
906.0
950.6
922.5
963.2
850
113.2
Operating Income
(JPY billion)
34.1
7.3
33.8
34.2
52.0
50
2.0
EBITDA
(JPY billion)
85.4
60.3
89.2
90.2
106.3
110
-3.7
ROE
-
7.0%
1.6%
3.5%
3.4%
8.1%
5.0%
3.1%
ROE excluding the contribution of extraordinary income: 5.9%
Investment / Capital for investment FY2021 FY2022 FY2023 FY2024
FY2025 Five-year cumulative amount
(Results)
(Target)
(Difference)
Investment (JPY billion)
47.5
65.9
51.5
49.0
55.0
269.1
330
-60.8
Operating cash flow (JPY billion)
75.4
-18.8
64.5
94.0
89.0
304.2
380
-75.7
Sale of strategic
(JPY billion)
shareholdings
21.3
0.5
3.5
1.4
24.5
51.4
40
11.4
Japan: Sales were largely unchanged year on year as the effect of product price hikes offset the impact of lower sales volume in packaging operations.
Overseas: Sales grew in Asia with the full-year contribution of newly consolidated subsidiary PREMIER CENTRE GROUP SDN. BHD. (PCG). The U.S. and other regions also performed well as engineering operations in North America expanded sales to new customers despite ongoing challenging market conditions.
+22.7 963.2
(in billions of yen)
+13.2
922.5
+1.6
+5.3
+0.5
-1.8
-0.9
FY2024
Packaging
Engineering /
Steel
Functional
Real
Asia
U.S. /
FY2025
filling /
plate
materials
estate /
Others
logistics
Others
Domestic operating
companies
+4.7
Overseas operating companies
+35.9
Japan: Operating income rose due to product price hikes mainly for packaging and the positive impact of the previous year's special
factors, despite increases in personnel expenses and other fixed costs.
Overseas: Operating income also rose in Asia, where PCG fully contributed to consolidated earnings, and in the U.S. and other regions,
which saw a smaller operating loss in engineering operations in North America.
(in billions of yen)
+14.3
+5.9
52.0
-0.2
+3.0
+3.6
34.2
+2.0
-11.0
Impact of changes in estimates of retirement benefit liability: -3.1
+6.7
Impact of losses related to trade receivables:
FY2024 Material & energy prices
Sales prices
Sales volume / Fixed cost / Sales mix
FY2024(*)
Special
Factor
Asia U.S. / Others
Intersegment adjustment
FY2025
Domestic operating companies
+8.9
Overseas operating companies
+8.9
Engineering, filling and logistics grew in sales and profit due to a recovery in engineering operations in North America,
PCG's full-year contribution to the Group's earnings, and the positive impact of the previous year's special factors.
Functional materials also grew in sales and profit as the market for magnetic disk aluminum substrates recovered.
Net sales Operating income (*)
(in billions of yen, except for ratios)
FY2024
FY2025
Change
FY2024
FY2025
Change
Packaging
602.4
602.2
-0.1
27.0
26.7
-0.2
4.5%
4.4%
Engineering / filling / logistics
146.4
179.3
32.9
-9.6
3.2
12.9
-6.6%
1.8%
Steel plate
89.9
91.4
1.4
7.6
9.8
2.1
8.6%
10.8%
Functional materials
51.8
57.7
5.9
6.0
6.8
0.7
11.8%
11.8%
Real estate
8.0
8.3
0.2
4.5
5.0
0.4
56.3%
60.3%
Others
23.7
23.9
0.2
1.5
2.1
0.6
6.5%
9.0%
Adjustment
-
-
-
-2.9
-1.9
1.0
Total
922.5
963.2
40.6
34.2
52.0
17.7
3.7%
5.4%
Packaging
Sales composition
GlassEngineering, filling and logistics
51%
48%
67%
69%
71%
33%
52%
49%
31%
29%
7% | 7% | 7% | 7% | 7% | ||||||
16% | 16% | 16% | 16% | 16% | ||||||
36% | 35% | 35% | 35% | 35% | ||||||
40% | 41% | 41% | 42% | 41% |
Sales composition
65.3
FY2024
%
FY2025
62.5%
PaperPlastic
Metal
FY2021 FY2022 FY2023 FY2024 FY2025
FY2024
15.9
%
18.6
FY2025
%
Filling / logisticsEngineering
FY2021 FY2022 FY2023 FY2024 FY2025
Steel plate
Sales
Battery materials
Functional materials
28%
33%
40%
60%
67%
72%
35%
33%
65%
67%
32% | 43% | 45% | 43% | 44% | ||||||
68% | ||||||||||
57% | 55% | 57% | 56% |
Sales
composition
9.8
FY2024
%
FY2025
9.5%
Can stock / steel sheet (excl. battery materials) / construction materials
FY2021 FY2022 FY2023 FY2024 FY2025
composition
5.6
FY2024
%
FY2025
6.0%
Pigments / glass fritsMagnetic disk aluminum substrates / optical
functional films
FY2021 FY2022 FY2023 FY2024 FY2025
Net Sales and Operating Income by Region
Japan: Profit rose as the steel plate business performed well. The previous year's special factors also supported the profit growth.
Asia: Both sales and profit grew due to PCG's full-year contribution to the Group's earnings and favorable performance of contract
filling operations in Thailand.
U.S. and others: Both sales and profit grew as engineering operations in North America began to recover amid ongoing challenging market conditions.
Net sales Operating income(*)
(in billions of yen, except for ratios)
FY2024
FY2025
Change
FY2024
FY2025
Change
Japan
772.6
777.3
4.7
32.6
41.6
8.9
4.2%
5.4%
Asia
83.0
96.2
13.2
9.8
12.8
3.0
11.9%
13.4%
U.S. / Others
66.8
89.6
22.7
-8.5
-2.5
5.9
-12.7%
-2.9%
Adjustment
-
-
-
0.2
0.0
-0.2
Total
922.5
963.2
40.6
34.2
52.0
17.7
3.7%
5.4%
Consolidated Balance SheetInvestment securities increased due to the higher valuation of our shareholdings despite the ongoing disposal of strategic shareholdings.
Equity capital increased mainly due to external factors (including higher stock prices) although we implemented share buyback programs.
Mar. 31(*) 2025
Mar. 31
2026
Change
594.3
617.7
23.4
119.8
123.1
251.4
264.6
199.6
206.9
23.3
23.1
608.6
622.8
14.2
351.4
353.8
28.2
25.3
228.8
243.6
167.0
169.4
61.8
74.2
1,202.9
1,240.6
37.7
(in billions of yen)
Current assets Cash/deposits Trade receivables Inventory
Others
Non-current assets Property/plant/equipment Intangible assets Investments/other assets
Investment securities Others
Total assets
* The balances as of March 31, 2025 were retrospectively adjusted.
(in billions of yen)
Mar. 31(*) 2025
Mar. 31
2026
Change
508.0
513.0
5.0
282.4
315.6
33.1
109.9
112.7
75.8
85.4
96.6
117.4
225.5
197.4
-28.0
150.4
118.0
75.1
79.3
694.9
727.5
32.6
667.0
697.7
27.8
29.8
1,202.9
1,240.6
37.7
Total liabilities
Current liabilities Trade payables
Short-term borrowings Others
Non-current liabilities
Long-term borrowings/bonds Others
Total net assets
Equity capital
Non-controlling interest
Total liabilities & net assets
Capital Investment and DepreciationThe investment amount increased partially due to timing differences in cost recognition.
(*1)
FY2024
FY2025
19.9
27.7
4.5
9.8
6.9
13.9
2.6
3.1
2.4
0.1
36.5
54.8
(*2)
FY2024
FY2025
30.3
28.1
10.3
10.8
9.2
8.8
2.9
3.2
2.8
2.8
55.7
53.9
Capital Investment Depreciation
by Segment
Packaging
Engineering / filling / logistics Steel plate
Functional materials
(in billions of yen)
Real estate / Others / Adjustment
Total
by Region
(in billions of yen)
Japan
31.3
44.2
44.0
42.3
Overseas
5.1
10.6
11.7
11.5
Total
36.5
54.8
55.7
53.9
[Expected investment and depreciation for FY2026] Investment: 70.0 billion yen / Depreciation: 56.5 billion yen
*1: The investment amount for fiscal 2024 does not include 12.2 billion yen spent to acquire the shares in PREMIER CENTRE GROUP SDN. BHD.
*2: The depreciation expenses for fiscal 2024 were retrospectively adjusted.
COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 12
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FY2026 Full-Year Forecast
(From April 2026 to March 2027)
Conditions taken into account in forecasting earnings
Surges in raw material and energy prices
As raw material and energy prices have been soaring, we have taken account of these price conditions in our forecast.
[Conditions for calculating the impact on our earnings forecast]
The levels of raw material and energy prices that were assumed based on information available as of April 30, 2026,
will remain throughout fiscal 2026.
We will pass on part of raw material and energy cost increases to our product prices.
Conditions not taken into account in forecasting earnings
Supply chain disruptions
While we have identified risks of production constraints and sales volume declines as a result of supply chain disruptions, including rapid demand shift and supply bottlenecks, we have not factored these supply chain conditions in our forecast since there has been no clear evidence so far that our production and sales activities are affected by such conditions.
Decline in consumer confidence
While we have identified a risk of falling sales volume with declining consumer confidence amid surging prices and other market trends, we have not factored these conditions in our forecast since they are highly uncertain.
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FY2026 Full-Year Forecast
Our earnings forecast for fiscal 2026 is based on the following estimates of currency and commodity indicators and also takes account of the possible impact of the ongoing conflict in Middle East.
* The estimation of economic indicators shown below does not include the possible impact of the Middle East conflict.
(*)
Net sales will grow due to product price hikes to address raw material and energy cost increases.
However, profitability will fall in fiscal 2026, as we do not expect to be able to pass on all cost increases during the year.
FY2025
FY2026
(Forecast)
Change
Change %
963.2
1,030.0
66.7
6.9%
52.0
30.0
-22.0
-42.3%
5.4%
2.9%
58.2
35.0
-23.2
-39.9%
54.9
30.0
-24.9
-45.4%
106.3
86.5
-19.8
-18.7%
8.1%
4.3%
(in billions of yen, except for ratios)
Net sales Operating income
Operating income margin
Ordinary income
Profit attributable to owners of parent EBITDA
ROE
Japan: Sales will grow as we pass on cost increases to our product prices in packaging operations.
Overseas: Sales will grow due to sales expansion in engineering operations in North America.
* The impact of product price hikes related to the ongoing Middle East conflict is factored in each segment's sales forecast.
(in billions of yen)
+17.8 1,030.0
+28.9
+6.3
+2.8
+6.4
+4.5
-0.2
963.2
FY2025
Packaging
Engineering /
Steel
Functional
Real
Asia
U.S. /
FY2026
filling /
plate
materials
estate /
Others
(Forecast)
logistics
Others
Domestic operating companies
+49.1
Overseas operating companies
+17.6
Japan: Operating income will fall due to increases in personnel expenses and other fixed costs.
Overseas: Operating income will remain unchanged year on year. While engineering operations in North America are expected to increase profitability with sales expansion, the exclusion of Bangkok Can Manufacturing Co., Ltd. from the scope of consolidation will affect overall profitability.
* The impact of the Middle East conflict shown below is calculated on the assumption that part of the cost increases resulting from surges in raw material and energy prices will be passed on to our product prices.
52.0
+15.0
(in billions of yen)
+3.0
-8.7
-14.5
-3.3
30.0
-13.5
FY2025 Material &
Sales prices
Sales
Asia
U.S. /
Middle East(*)
FY2026
energy
volume /
Others
Conflict
(Forecast)
prices
Fixed cost /
Sales mix
Domestic operating companies
-8.1
Overseas operating companies
-0.3
Packaging will see higher sales but lower operating income due to the impact of the Middle East conflict.
Engineering, filling and logistics will record higher sales and operating income due to sales expansion in engineering operations in North America.
Net sales Operating income(*)
(in billions of yen, except for ratios) | FY2025 | FY2026 (Forecast) | Change | FY2025 | FY2026 (Forecast) | Change | ||
Packaging | 602.2 | 625.0 | 22.7 | 26.7 | 8.5 | -18.2 | ||
4.4% | 1.4% | |||||||
Engineering / filling / logistics | 179.3 | 207.0 | 27.6 | 3.2 | 5.5 | 2.2 | ||
1.8% | 2.7% | |||||||
Steel plate | 91.4 | 98.0 | 6.5 | 9.8 | 6.5 | -3.3 | ||
10.8% | 6.6% | |||||||
Functional materials | 57.7 | 64.5 | 6.7 | 6.8 | 7.0 | 0.1 | ||
11.8% | 10.9% | |||||||
Real estate | 8.3 | 8.5 | 0.1 | 5.0 | 4.5 | -0.5 | ||
60.3% | 52.9% | |||||||
Others | 23.9 | 27.0 | 3.0 | 2.1 | 2.0 | -0.1 | ||
9.0% | 7.4% | |||||||
Adjustment | - | - | - | -1.9 | -4.0 | -2.0 | ||
Total | 963.2 | 1,030.0 | 66.7 | 52.0 | 30.0 | -22.0 | ||
5.4% | 2.9% | |||||||
* Percentages shown in the table above indicate operating income margins.
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Progress in Capital Efficiency Initiative 2027
Overview (re-posted)
Progress up to date