TOPPAN Holdings, Ordinary Profit Forecast for the Fiscal Year Revised Downward to an Unexpected 10% Decrease

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Thu Nov 13, 2025 3:30 pm JST Earnings

7911 TOPPAN Holdings Inc. 【J-GAAP】

Earnings Report

TOPPAN Holdings Inc. <7911> [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) decreased 19.7% from the same period last year to 26.1 billion yen.

In addition, the full-year forecast for consolidated ordinary profit has decreased 10.0%, from the previous forecast of 90.0 billion yen to 81.0 billion yen (compared to 89.5 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 9.6% decrease in profit. However, the full-year forecast for consolidated net income has been revised upward 7.7%, from the previous forecast of 65.0 billion yen to 70.0 billion yen (compared to 90.1 billion yen in the previous period), and the declining rate is expected to decrease from 27.9% to 22.3%.

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 decrease 3.8% from the same period last year to 54.8 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 11.1 billion yen, a 29.9% decrease compared to the same period last year. The operating profit margin worsened from 4.0% in the same period last year to 2.4%.

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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	800,275	25,361	32,566	18,061	55.6	39.5	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	828,026	28,429	32,526	32,904	106.4	36.3	Nov 13, 2024	J-GAAP
Apr - Sep, 2025	863,619	24,787	26,120	29,890	103.9	32.2	Nov 13, 2025	J-GAAP
YoY	+4.3%	-12.8%	-19.7%	-9.2%	-2.3%

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	－	28	May 14, 2025	J-GAAP
Apr - Sep, 2025 Results	863,619	24,787	26,120	29,890	103.9	28	Nov 13, 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	1,817,000	79,000	90,000	65,000	229.8	56	Oct 16, 2025	J-GAAP
Mar, 2026 New	1,790,000	70,000	81,000	70,000	247.5	56	Nov 13, 2025	J-GAAP
Revision Rate	-1.5%	-11.4%	-10.0%	+7.7%	+7.7%

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	891,486	56,637	57,052	57,240	189.6	32	May 14, 2025	J-GAAP
Oct - Mar, 2025 Guidance	926,381	45,213	54,880	40,110	141.8	28	Nov 13, 2025	J-GAAP
YoY	+3.9%	-20.2%	-3.8%	-29.9%	-25.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	1,678,249	74,349	82,500	74,198	231.0	48	May 13, 2024	J-GAAP
Mar, 2025	1,719,512	85,066	89,578	90,144	298.6	56	May 14, 2025	J-GAAP
Mar, 2026 Guidance	1,790,000	70,000	81,000	70,000	247.5	56	Nov 13, 2025	J-GAAP
YoY	+4.1%	-17.7%	-9.6%	-22.3%	-17.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	425,175	17,156	15,870	23,064	74.6	4.0	Nov 13, 2024	J-GAAP
Oct - Dec, 2024	430,633	24,938	27,087	39,867	130.5	5.8	Feb 13, 2025	J-GAAP
Jan - Mar, 2025	460,853	31,699	29,965	17,373	57.6	6.9	May 14, 2025	J-GAAP
Apr - Jun, 2025	397,561	13,541	15,002	9,370	32.4	3.4	Aug 8, 2025	J-GAAP
Jul - Sep, 2025	466,058	11,246	11,118	20,520	71.3	2.4	Nov 13, 2025	J-GAAP
YoY	+9.6%	-34.4%	-29.9%	-11.0%	-4.3%