Toyo Seikan Group Holdings Ltd.TSE: 5901

Financial Results for Third Quarter Year-to-Date of FY2025 (From April to December 2025)

· Issued by Toyo Seikan Group Holdings Ltd.
Financial Results for Third Quarter Year-to-Date of FY2025 (From April to December 2025)

February 12, 2026





  1. FY2025 Q3 Year-to-Date Results

    (From April to December 2025)

  2. FY2025 Full-Year Forecast

    (From April 2025 to March 2026)

  3. Reference Information
P. 3 - P. 8 P. 9 - P. 15 P. 16 - P. 20

  • 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 Q3 Year-to-Date Results (From April to December 2025)

    Summary of FY2025 Q3 Year-to-Date Results (YoY Comparison)

    • Both sales and profits grew as price hikes mainly for packaging supported overall earnings.

      FY2024

      Q3 YTD

      FY2025

      Q3 YTD

      Change

      Change %

      698.6

      721.5

      22.8

      3.3%

      30.6

      41.0

      10.3

      33.8%

      4.4%

      5.7%

      35.0

      46.6

      11.5

      32.9%

      25.2

      48.3

      23.0

      91.4%

      72.0

      81.9

      9.8

      13.7%

    • We recorded extraordinary income of 19.8 billion yen for the nine-month 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

      153

      149

      79

      67

      75,700

      68,700

      2,530

      2,630

      Profit attributable to owners of parent EBITDA

      Foreign exchange (JPY/USD)

      Crude oil (USD/bbl)

      Naphtha (domestically sourced) (JPY/kl)

      Aluminum (LME) (USD/mt)



      Factors of Change in Net Sales (Q3 Year-to-Date Results, YoY)

    • Japan: Despite the price hikes, sales were largely unchanged year on year due to lower sales volume in packaging.

    • Overseas: Sales in Asia increased as a result of the inclusion of PREMIER CENTRE GROUP SDN. BHD. in the scope of consolidation. Sales in the U.S. and other regions grew as engineering operations in North America began to recover due to increased sales to new customers despite the ongoing challenging market conditions.

      (in billions of yen)

      +8.2 721.5

      +10.5

      698.6

      +0.8

      +3.1

      +0.9

      -0.2

      -0.6

      FY2024

      Packaging

      Engineering /

      Steel

      Functional

      Real

      Asia

      U.S. /

      FY2025

      Q3 YTD

      filling /

      plate

      materials

      estate /

      Others

      Q3 YTD

      logistics

      Others

      Domestic operating

      companies

      +4.0

      Overseas operating

      companies

      +18.7



      Factors of Change in Operating Income (Q3 Year-to-Date Results, YoY)

    • Japan: Operating income surged due to price hikes mainly for packaging and the impact of recording a large amount of

      "provision of allowance for doubtful accounts" for the same period 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.

      +11.4

      (in billions of yen)

      +2.2

      +1.0

      41.0

      +2.8

      -0.1

      +2.3

      30.6

      -9.3

      • Impact of losses related to trade receivables: +4.8

      • Impact of changes in estimates of retirement benefit liability: -2.0

      FY2024 Q3 YTD

      Material & energy prices

      Sales prices

      Sales volume / Fixed cost / Sales mix

      FY2024 *

      Special Factor

      Asia U.S. /

      Others

      Intersegment adjustment

      FY2025 Q3 YTD

      Domestic operating

      companies

      +7.2

      Overseas operating companies

      +3.2



      Net Sales and Operating Income by Segment (Q3 Year-to-Date Results, YoY)

    • Engineering, filling and logistics grew in sales and profit due to a recovery in engineering operations in North America, favorable performance in the contract filling in Asia, and a positive impact of the special factor recorded in fiscal 2024.

    • Functional materials grew in sales and profit mainly due to a recovery in the market for magnetic disk aluminum

      substrates.

      Net sales Operating income*

      (in billions of yen, except for ratios)

      FY2024

      FY2025

      Change

      FY2024

      FY2025

      Change

      Q3 YTD

      Q3 YTD

      Q3 YTD

      Q3 YTD

      Packaging

      457.9

      459.2

      1.2

      21.5

      23.7

      2.2

      4.7%

      5.2%

      Engineering / filling / logistics

      108.9

      125.5

      16.6

      -4.7

      0.8

      5.6

      -4.4%

      0.7%

      Steel plate

      69.4

      69.1

      -0.3

      7.1

      6.8

      -0.2

      10.2%

      9.9%

      Functional materials

      38.7

      43.0

      4.2

      4.5

      5.3

      0.7

      11.8%

      12.4%

      Real estate

      6.0

      6.2

      0.2

      3.4

      3.7

      0.3

      56.3%

      60.6%

      Others

      17.5

      18.2

      0.7

      0.8

      1.6

      0.8

      4.7%

      8.9%

      Adjustment

      -

      -

      -

      -2.0

      -1.2

      0.8

      Total

      698.6

      721.5

      22.8

      30.6

      41.0

      10.3

      4.4%

      5.7%



      Net Sales and Operating Income by Region (Q3 Year-to-Date Results, YoY)

    • Japan: Profit increased mainly due to market recovery for functional materials and the positive impact of the special

      factor recorded in fiscal 2024.

    • Asia: Both sales and profit grew mainly due to favorable performance in contract filling operations of group companies, including the newly added subsidiary.

    • U.S. and others: Both sales and profit increased as engineering operations in North America began to recover despite

      the ongoing challenging market conditions.

      Net sales Operating income*

      (in billions of yen, except for ratios)

      FY2024

      FY2025

      Change

      FY2024

      FY2025

      Change

      Q3 YTD

      Q3 YTD

      Q3 YTD

      Q3 YTD

      Japan

      586.0

      590.1

      4.0

      27.9

      35.1

      7.2

      4.8%

      6.0%

      Asia

      60.8

      71.3

      10.5

      7.3

      9.5

      2.2

      12.1%

      13.4%

      U.S. / Others

      51.7

      59.9

      8.2

      -4.4

      -3.3

      1.0

      -8.5%

      -5.6%

      Adjustment

      -

      -

      -

      -0.2

      -0.3

      -0.1

      Total

      698.6

      721.5

      22.8

      30.6

      41.0

      10.3

      4.4%

      5.7%



  2. FY2025 Full-Year Forecast (From April 2025 to March 2026)

    Changes in Earnings and Key Economic Indicators

    • The assumed exchange rate for the second half of fiscal 2025 is 155 yen against the US dollar.

    • The aluminum price is expected to be in line with our forecast in November 2025.

      Apr - Sep

      (Results)

      Latest forecast FY2025

      Oct - Mar

      (Forecast)

      Full-year

      (Forecast)

      484.3

      475.7

      960.0

      30.1

      14.9

      45.0

      146

      155

      150

      69

      62

      65

      71,000

      64,600

      67,800

      2,540

      2,800

      2,670

    • The price of domestically sourced naphtha is likely to be below fiscal 2024's levels.

      Earnings / Key indicators

      Results for FY2024

      Previous estimates (in Nov 2025) FY2025

      Apr - Sep

      Oct - Mar

      Full-year

      Apr - Sep

      Oct - Mar

      Full-year

      (Unit)

      (Results)

      (Forecast)

      (Forecast)

      Net sales (JPY billion)

      464.3

      458.1

      922.5

      484.3

      475.7

      960.0

      Operating income (JPY billion)

      18.3

      15.9

      34.2

      30.1

      14.9

      45.0

      Foreign exchange (JPY/USD)

      153

      153

      153

      146

      150

      148

      Crude oil (USD/bbl)

      82

      74

      78

      69

      57

      63

      Naphtha

      (JPY/kl)

      (domestically sourced)

      74,700

      76,000

      75,400

      71,000

      60,100

      65,500

      Aluminum (LME) (USD/mt)

      2,490

      2,610

      2,550

      2,540

      2,800

      2,670



      Summary of FY2025 Full-Year Forecast (YoY Comparison / vs. November Forecast)

    • Net sales, operating income, and ordinary income remain unchanged from our forecast in May and November 2025.

    • We forecast that profit (net income) will surpass the November forecast due to the recording of additional gains on sale of strategic shareholdings under extraordinary income.

    (in billions of yen, except for ratios)

    Change Change %

    FY2024

    FY2025

    (Nov. forecast)

    FY2025

    (Latest forecast)

    922.5

    960.0

    960.0

    34.2

    45.0

    45.0

    3.7%

    4.7%

    4.7%

    37.6

    48.0

    48.0

    22.4

    46.0

    49.0

    90.2

    100.0

    100.0

    3.4%

    6.9%

    7.4%

    VS FY2024

    Change Change %

    VS Nov. forecast

    Net sales Operating income

    Operating income margin

    Ordinary income

    Profit attributable to owners of parent EBITDA

    ROE

    [Expected annual investment and depreciation for FY2025] Investment: 55 billion yen* Depreciation: 55 billion yen*

    * Both amounts are unchanged from the previous forecast in November 2025.

    37.4 4.1% - -

    10.7 31.3% - -

    1. 27.6% - -

      26.5 117.9% 3.0 6.5%

      9.7 10.8% - -

      Unchanged from November 2025



      [Re-posted] Factors of Change in Net Sales (Full-Year Forecast, YoY)

      • Engineering operations in North America will contribute to overall growth, as their sales are expected to recover

        to a certain extent from the previous year's slump despite the ongoing challenging market conditions.

        (in billions of yen)



        FY2024

        Packaging

        Engineering /

        Steel

        Functional

        Real

        Asia

        U.S. /

        FY2025

        filling /

        plate

        materials

        estate /

        Others

        (Forecast)

        logistics

        Others

        Domestic operating companies

        +10.8

        Overseas operating

        companies

        +26.5

        Unchanged from November 2025



        [Re-posted] Factors of Change in Operating Income (Full-Year Forecast, YoY)

      • Japan: Operating income will rise with the expected contribution of price hikes although fixed costs, such as labor and logistics expenses, are likely to increase.

      • Overseas: Engineering operations in North America will achieve growth in operating income mainly thanks to fixed cost reduction.

        +13.5

        +5.0

        -0.2

        45.0

        34.2

        +3.6

        +1.6

        -1.0

        -11.9

        ・Impact of losses related to trade receivables: +6.7

        ・Impact of changes in estimates of retirement benefit liability: -3.1

        (in billions of yen)

        FY2024

        Material & energy prices

        Sales prices

        Sales volume / Fixed cost / Sales mix

        FY2024 *

        Special factors

        Asia U.S. /

        Others

        Intersegment adjustment

        FY2025

        (Forecast)

        Domestic operating

        companies

        +4.3

        Overseas operating companies

        +6.6



        Net Sales and Operating Income by Segment

        (Full-Year Forecast, YoY / vs. November Forecast)

      • Net sales and operating income of all segments will be in line with the forecast in November 2025.

        Net sales

        Operating income*

        (in billions of yen, except for ratios)

        FY2024

        FY2025

        (Nov. forecast)

        FY2025

        (Latest forecast)

        Change

        VS FY2024

        Change

        VS

        Nov. forecast

        FY2024

        FY2025

        (Nov. forecast)

        FY2025

        (Latest forecast)

        Change

        VS FY2024

        Change

        VS

        Nov. forecast

        Packaging

        602.4

        607.0

        607.0

        4.5 -

        27.0

        25.5

        25.5

        -1.5 -

        4.5%

        4.2%

        4.2%

        Engineering / filling / logistics

        146.4

        171.0

        171.0

        24.5 -

        -9.6

        1.5

        1.5

        11.1 -

        -6.6%

        0.9%

        0.9%

        Steel plate

        89.9

        91.0

        91.0

        1.0 -

        7.6

        8.0

        8.0

        0.3 -

        8.6%

        8.8%

        8.8%

        Functional materials

        51.8

        57.0

        57.0

        5.1 -

        6.0

        6.0

        6.0

        -0.0 -

        11.8%

        10.5%

        10.5%

        Real estate

        8.0

        8.0

        8.0

        -0.0 -

        4.5

        4.5

        4.5

        -0.0 -

        56.3%

        56.3%

        56.3%

        Others

        23.7

        26.0

        26.0

        2.2 -

        1.5

        1.5

        1.5

        -0.0 -

        6.5%

        5.8%

        5.8%

        Adjustment

        -

        -

        -

        - -

        -2.9

        -2.0

        -2.0

        0.9 -

        Total

        922.5

        960.0

        960.0

        37.4 -

        34.2

        45.0

        45.0

        10.7 -

        3.7%

        4.7%

        4.7%

        * Percentages shown in the table above indicate operating income margins.



        Progress in achieving the Mid-term Management Plan 2025

        (Forecast)

        FY2025

        (Target)

        (Difference)

        960.0

        850

        110.0

        45.0

        50

        -5.0

        100.0

        110

        -10.0

        7.4%

        5.0%

        2.4%

      • With progress in Capital Efficiency Initiative 2027, ROE for fiscal 2025 will exceed 7%, achieving 5% even excluding the contribution of extraordinary income.

        ROE excluding the contribution of extraordinary income: 5.5%

        Earnings FY2021 FY2022 FY2023

        FY2024

        Net sales

        (JPY billion)

        821.5

        906.0

        950.6

        922.5

        Operating Income

        (JPY billion)

        34.1

        7.3

        33.8

        34.2

        EBITDA

        (JPY billion)

        85.4

        60.3

        89.2

        90.2

        ROE

        -

        7.0%

        1.6%

        3.5%

        3.4%

        Investment / Capital for investment

        FY2021

        FY2022

        FY2023

        FY2024

        Investment

        (JPY billion)

        47.5

        65.9

        51.5

        49.0

        Operating cash flow

        (JPY billion)

        75.4

        -18.8

        64.5

        94.0

        Sale of strategic

        shareholdings

        (JPY billion)

        21.3

        0.5

        3.5

        1.4

        10.2

        40

        50.2

        -64.8

        380

        315.1

        -60.8

        330

        269.1

        *

        5

        23.

        2

        100.

        1

        *

        0

        55.0

        (Target) (Difference)

        (Expected)

        Five-year cumulative amount

        FY2025

        (Expected)

*1. EBITDA is used as a proxy for operating cash flow for the sake of convenience.



  1. Reference Information


Shareholder Returns

  • We distribute profits to shareholders in accordance with the shareholder return policy of Mid-Term Management Plan 2025 and Capital Efficiency Initiative 2027.

    Dividend

    • Aim for a payout ratio of 50 percent or higher*1 on a consolidated basis.

      *1. The extraordinary income and losses arising from the disposal of assets are not taken into account, in principle, in the calculation of the total return ratio and the consolidated payout ratio.

    • Set a minimum annual dividend of 46 yen per share and gradually increase the amount.

      FY2021

      FY2022

      FY2023

      FY2024

      FY2025

      23

      44

      45

      45

      57

      65

      45

      45

      46

      (Expected) 57

      88

      89

      90

      91

      (Expected) 114

      Dividend per share Interim

      Year-end

      Annual Total

      Share repurchase

    • Total repurchase planned for the period from FY2023 to FY2027: 100 billion yen

    • We repurchased shares worth a total of 80 billion yen for the period from FY2023 to FY2025.

      FY2023

      FY2024

      FY2025

      Total

      20.0

      34.2

      25.7*2

      80.0

      (in billion yen)

      Total purchase price

      *2. As of the end of the third quarter of FY2025

      (in yen)



      Asset Disposal

  • We are carrying out the asset disposal strategy in accordance with the policy of Mid-Term Management Plan 2025 and Capital Efficiency Initiative 2027.

    Strategic shareholdings (including cross-shareholdings)

    • We plan to sell a total of 60 billion yen worth of shares―40 billion yen worth during the period from FY2021 to FY2025 and

      additional 20 billion yen worth by the end of FY2027.

    • We sold a total of 50.2 billion yen worth during the period from the beginning of FY2021 to the end of the third quarter of FY2025.

    • We will sell the remaining amount going forward, as early as possible.

Amount sold

Real estate

(in billions of yen)

FY2021

FY2022

FY2023

FY2024

FY2025

Total

21.3

0.5

3.5

1.4

23.5 *

50.2

* As of the end of third quarter of FY2025

  • Since FY2023, we have been examining whether to dispose of real estate assets, invest more in them for conversion

    of use, or maintain the status quo, taking account of rates of return and other conditions of individual assets.

  • We have been implementing our asset disposal strategy based on our examination since 2024, and sold 2.6 billion yen worth of assets as of the end of the third quarter of FY2025.

Changes in Quarterly Results

(in billions of yen)



Net sales

Operating

income margin

Operating income

(Forecast)

FY2023 FY2024 FY2025

Changes in Quarterly Results by Segment

Packaging

Engineering / filling / logistics



(in billions of yen)

151.0 148.5 149.5 139.1 153.6 153.8 150.5 144.4 156.8 155.2 147.1 147.7

Net sales

Operating

income margin

4.3

2.5

9.6

10.3

6.6

0.8

4.9

7.0

9.2

5.4

4.1

1.7

Operating income



１Q ２Q ３Q ４Q １Q ２Q ３Q ４Q １Q ２Q ３Q ４Q

(Forecast)

FY2023 FY2024 FY2025

１Q ２Q ３Q ４Q １Q ２Q ３Q ４Q １Q ２Q ３Q ４Q

46.5

48.5

51.8

56.7

34.9

37.0

36.9

37.4

39.0

40.0

46.4 45.4

1.8

2.7

2.9

1.8

0.5

0.5 0.6

-0.2

-3.2

-1.2

-0.1

-4.8



(Forecast)

FY2023 FY2024 FY2025

Net sales

Steel plate



22.2 22.7 21.4 21.5 22.4 23.2 23.6 20.5 21.9 26.5 20.7 21.8

Functional materials

Operating income margin

Operating income

1.3 1.5 1.7 2.6 2.8 1.6 2.6 0.5 1.5

3.1

2.1

1.1

2

1

2

10.7

11.5

12.1

12.8

13.7

13.1

13.8

13.7

15.3

13.9

7.9

9.0

00.8

1

1.1

1

1.1

2.2

1

2.4

1.5

1

1.1

1.7

00.6



-0.1 -0.4 -0.1

１Q ２Q ３Q ４Q １Q ２Q ３Q ４Q １Q ２Q ３Q ４Q

(Forecast)

FY2023 FY2024 FY2025

１Q ２Q ３Q ４Q １Q ２Q ３Q ４Q １Q ２Q ３Q ４Q

(Forecast)

FY2023 FY2024 FY2025

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