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Okayama Paper Industries, First Half Ordinary Profit Decreases by 17%, Sep-Nov Ordinary Profit Decreases by 23%

Tue Jan 13, 2026 1:00 pm JST Earnings

3892 Okayama Paper Industries Co.,Ltd. 【J-GAAP】

Earnings Report

Okayama Paper Industries Co.,Ltd. <3892> [TSE Std] announced its financial results in the afternoon session on January 13th (13:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending May 2026 (June to November) decreased 17.1% from the same period last year to 0.57 billion yen. However, Progress toward the full-year plan of 1.00 billion yen was 57.8%, almost the same as the five-year average of 55.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the December to May period (second half) is expected to decrease 6.2% from the same period last year to 0.42 billion yen.

In the most recent three-month period, from September to November (2Q), the ordinary profit decreased to 0.30 billion yen, a 22.7% decrease compared to the same period last year. The operating profit margin decreased from 12.4% in the same period last year to 9.8%.

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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
Jun - Nov, 2023 5,834 999 1,050 728 157.7 59.0 Jan 11, 2024 J-GAAP
Jun - Nov, 2024 5,966 637 697 483 104.4 60.8 Jan 10, 2025 J-GAAP
Jun - Nov, 2025 5,631 503 578 429 92.5 57.8 Jan 13, 2026 J-GAAP
YoY -5.6% -21.0% -17.1% -11.2% -11.4%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jun - Nov, 2025 Guidance 5,900 520 590 410 88.3 25 Jul 14, 2025 J-GAAP
Jun - Nov, 2025 Results 5,631 503 578 429 92.5 25 Jan 13, 2026 J-GAAP
Revision Rate -4.6% -3.3% -2.0% +4.6% +4.8%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec - May, 2024 5,556 395 450 315 68.0 25 Jul 14, 2025 J-GAAP
Dec - May, 2025 Guidance 5,969 397 422 271 58.3 25 Jan 13, 2026 J-GAAP
YoY +7.4% +0.5% -6.2% -14.0% -14.2%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
May, 2024 11,511 1,681 1,779 1,157 250.2 24 Jul 12, 2024 J-GAAP
May, 2025 11,522 1,032 1,147 798 172.3 40 Jul 14, 2025 J-GAAP
May, 2026 Guidance 11,600 900 1,000 700 150.7 50 Jul 14, 2025 J-GAAP
YoY +0.7% -12.8% -12.8% -12.3% -12.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Sep - Nov, 2024 3,015 374 388 271 58.6 12.4 Jan 10, 2025 J-GAAP
Dec - Feb, 2024 2,712 257 298 198 42.7 9.5 Apr 11, 2025 J-GAAP
Mar - May, 2025 2,844 138 152 117 25.3 4.9 Jul 14, 2025 J-GAAP
Jun - Aug, 2025 2,762 222 278 222 48.1 8.0 Oct 14, 2025 J-GAAP
Sep - Nov, 2025 2,869 281 300 207 44.6 9.8 Jan 13, 2026 J-GAAP
YoY -4.8% -24.9% -22.7% -23.6% -23.8%

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