November 10, 2025
-
FY2025 Half-Year Results
(From April to September 2025)
-
FY2025 Full-Year Forecast
(From April 2025 to March 2026)
- Progress in Capital Efficiency Initiative 2027
- Reference Information
P. 3 - P. 10
P. 11 - P. 18
P. 19 - P. 37
P. 38 - P. 40
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.
1. FY2025 Half-Year Results
(From April to September 2025)
Summary of FY2025 Half-Year Results (Year-on-Year Comparison)
Both sales and profits grew as price hikes mainly for packaging and decreases in raw material and energy prices supported overall earnings.
FY2024
H1
FY2025
H1
Change
Change %
464.3
484.3
19.9
4.3%
18.3
30.1
11.8
64.7%
3.9%
6.2%
18.4
33.4
15.0
81.4%
12.3
34.1
21.8
177.0%
45.6
57.1
11.5
25.3%
We recorded extraordinary income of 14.4 billion yen for the half-year period largely due to the disposal of strategic shareholdings.
(in billions of yen, except for ratios)
Net sales Operating income
Operating income margin
Ordinary income
Profit attributable to owners of parent
EBITDA
153
146
82
69
74,700
71,000
2,490
2,540
Forex (JPY/USD)
Crude oil (USD/bbl)
Naphtha (domestically sourced) (JPY/kl)
Aluminum (LME) (USD/mt)
COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 4
Factors of Change in Net Sales (Half-Year Results, Year-on-Year)
Japan: Packaging performed well mainly due to the implementation of price hikes.
Overseas: Sales in Asia increased as a result of the inclusion of PREMIER CENTRE GROUP SDN. BHD. in the scope of consolidation.
(in billions of yen)
FY2024
Packaging
Engineering /
Steel
Functional
Real
Asia
U.S. /
FY2025
H1
filling /
plate
materials
estate /
Others
H1
logistics
Others
Domestic operating companies
+10.2
Overseas operating
companies
+9.7
Factors of Change in Operating Income (Half-Year Results, Year-on-Year)
Japan: Operating income surged due to price hikes mainly for packaging and the impact of the large amount of allowance for doubtful accounts provided in the first half of fiscal 2024.
Overseas: Operating income in Asia increased as a result of the inclusion of PREMIER CENTRE GROUP SDN. BHD.
in the scope of consolidation.
(in billions of yen)
・Provision of allowance for doubtful accounts:
+4.4
FY2024 H1
Material & energy prices
Sales prices
Sales volume / Fixed cost / Sales mix
FY2024 *
Special
Factor
Asia U.S. / Others
Intersegment
adjustment
FY2025 H1
Domestic operating companies
+9.3
Overseas operating
companies
+2.4
Net Sales and Operating Income by Segment (Half-Year Results, Year-on-Year)
Packaging recorded growth in both sales and profit as price hikes and lower raw material and energy costs supported the
segment performance.
Engineering, filling and logistics achieved growth in profit partly due to the positive impact of the special factor recorded in the first half of fiscal 2024, despite the ongoing challenging market conditions for engineering operations in North America.
Net sales Operating income*
(in billions of yen, except for ratios)
FY2024
H1
FY2025
H1
Change
FY2024
H1
FY2025
H1
Change
Packaging
307.4
312.1
4.6
14.5
19.6
5.1
4.7%
6.3%
Engineering / filling / logistics
71.9
79.1
7.1
-3.4
0.3
3.8
-4.9%
0.4%
Steel plate
45.7
48.4
2.6
4.4
4.7
0.2
9.8%
9.7%
Functional materials
24.9
27.6
2.6
2.3
2.9
0.5
9.4%
10.6%
Real estate
4.0
4.1
0.1
2.3
2.4
0.1
58.0%
60.0%
Others
10.0
12.8
2.7
0.2
1.1
0.8
2.5%
8.7%
Adjustment
-
-
-
-2.1
-1.0
1.0
Total
464.3
484.3
19.9
18.3
30.1
11.8
3.9%
6.2%
Net Sales and Operating Income by Region (Half-Year Results, Year-on-Year)
Japan: Both sales and profit grew with the implementation of price hikes mainly for packaging.
Asia: Both sales and profit grew as PREMIER CENTRE GROUP SDN. BHD., a new consolidated subsidiary, began to contribute to the Group's earnings.
Net sales Operating income *
(in billions of yen, except for ratios)
FY2024
FY2025
Change
FY2024
FY2025
Change
H1
H1
H1
H1
Japan
390.6
400.8
10.2
16.6
26.0
9.3
4.3%
6.5%
Asia
37.5
47.6
10.1
4.2
6.6
2.3
11.2%
13.9%
U.S. / Others
36.1
35.8
-0.3
-2.4
-2.3
0.0
-6.6%
-6.7%
Adjustment
-
-
-
-0.1
-0.0
0.0
Total
464.3
484.3
19.9
18.3
30.1
11.8
3.9%
6.2%
* Percentages shown in the table above indicate operating income margins.
Consolidated Balance Sheet
Total assets: Investment securities decreased as the disposal of strategic shareholdings progressed.
Net assets: Equity capital decreased due to share repurchase and a decline in foreign currency translation adjustment.
(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
(in billions of yen)
Sep. 30
2024
Mar. 31
2025
Sep. 30
2025
VS Sep.2024
VS Mar.2025
495.3
508.0
494.4
-0.8
-13.5
291.2
282.4
309.8
18.5
27.3
108.6
109.9
108.5
85.8
75.8
100.9
96.7
96.6
100.3
204.0
225.5
184.6
-19.4
-40.9
123.9
150.4
106.6
80.0
75.1
78.0
700.3
694.9
683.0
-17.2
-11.8
674.4
667.0
655.1
25.9
27.8
27.9
1,195.6
1,202.9
1,177.5
-18.1
-25.3
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
Sep. 30
2024
Mar. 31
2025
Sep. 30
2025
VS Sep.2024
VS Mar.2025
587.3
594.3
586.3
-0.9
-7.9
101.9
119.8
111.8
260.8
251.4
252.4
196.3
199.6
198.7
28.1
23.3
23.2
608.3
608.6
591.1
-17.1
-17.4
361.5
351.4
345.8
30.7
28.2
24.4
216.0
228.8
220.8
162.3
167.0
159.6
53.6
61.8
61.2
1,195.6
1,202.9
1,177.5
-18.1
-25.3
[Reference] Investment Depreciation
1st half FY2025
23.1 billion yen
27.0 billion yen
1st half FY2024
14.4 billion yen
27.3 billion yen
Summary of FY2025 Half-Year Results
(Compared to the forecast announced in May 2025)
Profits exceeded the forecast in May partly due to progress in price hikes for packaging and timing differences in cost recognition.
FY2025 H1 (May forecast) | FY2025 H1 (Results) | Difference | Difference % |
485.0 | 484.3 | -0.6 | -0.1% |
25.0 | 30.1 | 5.1 | 20.6% |
5.2% | 6.2% | ||
26.0 | 33.4 | 7.4 | 28.5% |
27.0 | 34.1 | 7.1 | 26.4% |
(in billions of yen, except for ratios)
Net sales Operating income
Operating income margin
Ordinary income
Profit attributable to owners of parent
150 | 146 |
64 | 69 |
69,600 | 71,000 |
2,450 | 2,540 |
Forex (JPY/USD)
Crude oil (USD/bbl)
Naphtha (domestically sourced) (JPY/kl)
Aluminum (LME) (USD/mt)