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Nippon Paper Industries, Ordinary Profit Forecast for the Fiscal Year Revised Downward by 8%

Thu Nov 6, 2025 3:00 pm JST Earnings

3863 Nippon Paper Industries Co.,Ltd. 【J-GAAP】

Earnings Report

Nippon Paper Industries Co.,Ltd. <3863> [TSE Prime] announced its financial results in the afternoon session on November 6th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) surged 4.8 times that of the same period last year, reaching 8.54 billion yen.

However, the full-year forecast for consolidated ordinary profit has decreased 7.7%, from the previous forecast of 26.0 billion yen to 24.0 billion yen (compared to 15.5 billion yen in the previous period), leading to a reduction in the profit growth rate from 67.7% to 54.8%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow 12.7% from the same period last year, reaching 15.4 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a profit of 2.99 billion yen (compared to a loss of 3.25 billion yen in the same period last year). The operating profit/loss margin improved from -0.7% in the same period last year to 1.2%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Sep, 2023 583,942 4,852 5,777 -9,370 -81.2 39.7 Nov 10, 2023 J-GAAP
Apr - Sep, 2024 584,539 2,056 1,790 -12,353 -107.0 11.5 Nov 6, 2024 J-GAAP
Apr - Sep, 2025 589,217 9,006 8,547 754 6.5 35.6 Nov 6, 2025 J-GAAP
YoY +0.8% +338.0% +377.5% － －

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance ー ー ー ー － 5 May 15, 2025 J-GAAP
Apr - Sep, 2025 Results 589,217 9,006 8,547 754 6.5 5 Nov 6, 2025 J-GAAP
Revision Rate － － － － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 1,205,000 34,000 26,000 12,000 103.9 15 May 15, 2025 J-GAAP
Mar, 2026 New 1,200,000 30,000 24,000 10,000 86.6 15 Nov 6, 2025 J-GAAP
Revision Rate -0.4% -11.8% -7.7% -16.7% -16.7%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 597,892 17,650 13,715 16,892 146.4 10 May 15, 2025 J-GAAP
Oct - Mar, 2025 Guidance 610,783 20,994 15,453 9,246 80.0 10 Nov 6, 2025 J-GAAP
YoY +2.2% +18.9% +12.7% -45.3% -45.3%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 1,167,314 17,266 14,550 22,747 197.1 10 May 15, 2024 J-GAAP
Mar, 2025 1,182,431 19,706 15,505 4,539 39.3 10 May 15, 2025 J-GAAP
Mar, 2026 Guidance 1,200,000 30,000 24,000 10,000 86.6 15 Nov 6, 2025 J-GAAP
YoY +1.5% +52.2% +54.8% +120.3% +120.1%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 297,525 -2,081 -3,259 -11,264 -97.6 -0.7 Nov 6, 2024 J-GAAP
Oct - Dec, 2024 301,734 9,040 11,015 12,410 108.9 3.0 Feb 7, 2025 J-GAAP
Jan - Mar, 2025 296,158 8,610 2,700 4,482 38.8 2.9 May 15, 2025 J-GAAP
Apr - Jun, 2025 292,629 5,485 5,551 1,905 16.5 1.9 Aug 6, 2025 J-GAAP
Jul - Sep, 2025 296,588 3,521 2,996 -1,151 -10.0 1.2 Nov 6, 2025 J-GAAP
YoY -0.3% － － +89.8% +89.8%

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