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JAPAN PULP AND PAPER, Net Income Forecast for the Fiscal Year Revised Downward to an Unexpected 74% Decrease, Dividend Revised Upward by 6 Yen

Thu Nov 6, 2025 4:50 pm JST Earnings

8032 JAPAN PULP AND PAPER COMPANY LIMITED 【J-GAAP】

Earnings Report

JAPAN PULP AND PAPER COMPANY LIMITED <8032> [TSE Prime] announced its financial results after the market closed on November 6th (16:50). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2026 (April to September) significantly dropped 83.9% from the same period last year to 0.92 billion yen.

In addition, the full-year forecast for consolidated net income has decreased 76.5%, from the previous forecast of 8.50 billion yen to 2.00 billion yen (compared to 7.56 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 73.6% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to drop 41.8% from the same period last year to 1.08 billion yen.

At the same time, the company has increased its planned annual dividend for the current fiscal year from the original plan of 28 yen to 34 yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income/loss turned to a loss of 0.24 billion yen (compared to a profit of 2.79 billion yen in the same period last year).

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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 271,375 8,867 8,909 5,324 38.8 53.2 Nov 8, 2023 J-GAAP
Apr - Sep, 2024 278,419 8,185 8,250 5,714 46.4 52.1 Nov 8, 2024 J-GAAP
Apr - Sep, 2025 287,131 4,327 3,748 920 7.5 35.7 Nov 6, 2025 J-GAAP
YoY +3.1% -47.1% -54.6% -83.9% -83.9%

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 － 14 May 14, 2025 J-GAAP
Apr - Sep, 2025 Results 287,131 4,327 3,748 920 7.5 14 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 ー 16,500 15,500 8,500 74.0 28 May 14, 2025 J-GAAP
Mar, 2026 New ー 11,500 10,500 2,000 17.4 34 Nov 6, 2025 J-GAAP
Revision Rate － -30.3% -32.3% -76.5% -76.5%

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 276,105 6,886 7,572 1,855 15.1 12.50 May 14, 2025 J-GAAP
Oct - Mar, 2025 Guidance ー 7,173 6,752 1,080 9.4 20 Nov 6, 2025 J-GAAP
YoY － +4.2% -10.8% -41.8% -37.6%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 534,230 17,403 16,753 10,357 78.9 13 May 10, 2024 J-GAAP
Mar, 2025 554,524 15,071 15,822 7,569 61.4 25 May 14, 2025 J-GAAP
Mar, 2026 Guidance ー 11,500 10,500 2,000 17.4 34 Nov 6, 2025 J-GAAP
YoY － -23.7% -33.6% -73.6% -71.7%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 143,252 3,864 3,500 2,798 22.7 2.7 Nov 8, 2024 J-GAAP
Oct - Dec, 2024 127,129 3,304 3,665 1,261 10.2 2.6 Feb 10, 2025 J-GAAP
Jan - Mar, 2025 148,976 3,582 3,907 594 4.8 2.4 May 14, 2025 J-GAAP
Apr - Jun, 2025 144,739 2,428 2,602 1,166 9.5 1.7 Aug 7, 2025 J-GAAP
Jul - Sep, 2025 142,392 1,899 1,146 -246 -2.0 1.3 Nov 6, 2025 J-GAAP
YoY -0.6% -50.9% -67.3% － －

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