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HEIWA PAPER, Ordinary Profit Forecast for the Fiscal Year Revised Downward to an Unexpected 43% Decrease

Thu Feb 12, 2026 4:00 pm JST Earnings

9929 HEIWA PAPER CO., LTD. 【J-GAAP】

Earnings Report

HEIWA PAPER CO., LTD. <9929> [TSE Std] announced its financial results after the market closed on February 12th (16:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) dropped 32.7% from the same period last year to 101 million yen.

In addition, the full-year forecast for consolidated ordinary profit has decreased 48.0%, from the previous forecast of 225 million yen to 117 million yen (compared to 206 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 43.2% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the October to March period (second half) has decreased 57.1%, from the previous forecast of 189 million yen to 81 million yen (compared to 126 million yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 35.7% decrease in profit.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit decreased to 65 million yen, a 7.1% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 0.8% in the same period last year to 0.6%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Dec, 2023 11,915 113 174 102 10.8 78.7 Feb 13, 2024 J-GAAP
Apr - Dec, 2024 11,963 83 150 81 8.6 72.8 Feb 13, 2025 J-GAAP
Apr - Dec, 2025 11,603 19 101 41 4.4 86.3 Feb 12, 2026 J-GAAP
YoY -3.0% -77.1% -32.7% -49.4% -48.9%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2025 Prev 8,827 168 189 137 14.8 6 Nov 11, 2025 J-GAAP
Oct - Mar, 2025 New 8,127 75 81 51 5.5 6 Feb 12, 2026 J-GAAP
Revision Rate -7.9% -55.4% -57.1% -62.8% -62.8%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 16,400 162 225 137 14.8 12 May 13, 2025 J-GAAP
Mar, 2026 New 15,700 69 117 51 5.5 12 Feb 12, 2026 J-GAAP
Revision Rate -4.3% -57.4% -48.0% -62.8% -62.8%

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 8,316 95 126 79 8.4 6 May 13, 2025 J-GAAP
Oct - Mar, 2025 Guidance 8,127 75 81 51 5.5 6 Feb 12, 2026 J-GAAP
YoY -2.3% -21.1% -35.7% -35.4% -34.0%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 16,124 158 221 136 14.4 12 May 13, 2024 J-GAAP
Mar, 2025 16,032 142 206 117 12.4 12 May 13, 2025 J-GAAP
Mar, 2026 Guidance 15,700 69 117 51 5.5 12 Feb 12, 2026 J-GAAP
YoY -2.1% -51.4% -43.2% -56.4% -55.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2024 4,247 36 70 43 4.6 0.8 Feb 13, 2025 J-GAAP
Jan - Mar, 2025 4,069 59 56 36 3.8 1.4 May 13, 2025 J-GAAP
Apr - Jun, 2025 3,723 -23 6 -9 -1.0 -0.6 Aug 8, 2025 J-GAAP
Jul - Sep, 2025 3,850 17 30 9 1.0 0.4 Nov 11, 2025 J-GAAP
Oct - Dec, 2025 4,030 25 65 41 4.4 0.6 Feb 12, 2026 J-GAAP
YoY -5.1% -30.6% -7.1% -4.7% -3.7%

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