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Chuetsu Pulp & Paper, Ordinary Profit Forecast for the Fiscal Year Revised Downward to an Unexpected 20% Decrease

Thu Nov 13, 2025 3:30 pm JST Earnings

3877 Chuetsu Pulp & Paper Co.,Ltd. 【J-GAAP】

Earnings Report

Chuetsu Pulp & Paper Co.,Ltd. <3877> [TSE Prime] announced its financial results after the market closed on November 13th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) dropped 48.1% from the same period last year to 1.55 billion yen, fell short of the previous forecast of 2.10 billion yen.

In addition, the full-year forecast for consolidated ordinary profit has decreased 21.2%, from the previous forecast of 5.20 billion yen to 4.10 billion yen (compared to 5.11 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 19.8% decrease in profit.

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 20.3% from the same period last year, reaching 2.54 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 1.50 billion yen, a 28.9% decrease compared to the same period last year. The operating profit margin drastically worsened from 9.2% in the same period last year to 5.3%.

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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 52,493 3,304 3,794 2,569 198.4 55.6 Nov 9, 2023 J-GAAP
Apr - Sep, 2024 55,572 3,126 2,997 2,044 157.9 58.6 Nov 12, 2024 J-GAAP
Apr - Sep, 2025 53,052 1,355 1,554 982 78.2 37.9 Nov 13, 2025 J-GAAP
YoY -4.5% -56.7% -48.1% -52.0% -50.4%

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 55,000 1,900 2,100 1,400 111.4 40 May 15, 2025 J-GAAP
Apr - Sep, 2025 Results 53,052 1,355 1,554 982 78.2 40 Nov 13, 2025 J-GAAP
Revision Rate -3.5% -28.7% -26.0% -29.9% -29.8%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 112,000 4,900 5,200 3,500 278.5 80 May 15, 2025 J-GAAP
Mar, 2026 New 110,000 3,700 4,100 2,700 214.9 80 Nov 13, 2025 J-GAAP
Revision Rate -1.8% -24.5% -21.2% -22.9% -22.9%

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 55,437 1,717 2,117 -283 -22.0 35 May 15, 2025 J-GAAP
Oct - Mar, 2025 Guidance 56,948 2,345 2,546 1,718 136.7 40 Nov 13, 2025 J-GAAP
YoY +2.7% +36.6% +20.3% － －

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 107,826 6,172 6,820 3,701 285.9 60 May 14, 2024 J-GAAP
Mar, 2025 111,009 4,843 5,114 1,761 136.7 70 May 15, 2025 J-GAAP
Mar, 2026 Guidance 110,000 3,700 4,100 2,700 214.9 80 Nov 13, 2025 J-GAAP
YoY -0.9% -23.6% -19.8% +53.3% +57.2%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 29,168 2,680 2,115 1,529 118.1 9.2 Nov 12, 2024 J-GAAP
Oct - Dec, 2024 27,584 198 779 521 40.2 0.7 Feb 12, 2025 J-GAAP
Jan - Mar, 2025 27,853 1,519 1,338 -804 -62.4 5.5 May 15, 2025 J-GAAP
Apr - Jun, 2025 26,727 -53 50 -60 -4.9 -0.2 Aug 7, 2025 J-GAAP
Jul - Sep, 2025 26,325 1,408 1,504 1,042 83.0 5.3 Nov 13, 2025 J-GAAP
YoY -9.7% -47.5% -28.9% -31.9% -29.7%

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