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HEIWA PAPER, Ordinary Profit Forecast for Last Fiscal Year Revised Upward by 25%

Fri May 1, 2026 5:00 pm JST Revision

9929 HEIWA PAPER CO., LTD. 【J-GAAP】

Guidance Update Report

HEIWA PAPER CO., LTD. <9929> [TSE Std] announced a performance revision after the market closed on May 1st (17:00). The consolidated ordinary profit forecast for the fiscal year ending March 2026 has been revised upward 24.8%, from the previous forecast of 117 million yen to 146 million yen (compared to 206 million yen in the previous period), and the declining rate is expected to decrease from 43.2% to 29.1%.

Based on the upwardly revised full-year plan announced by the company, our calculation indicates that the October to March period (second half) consolidated ordinary profit has been revised upward 35.8%, from the previous forecast of 81 million yen to 110 million yen (compared to 126 million yen in the same period of the previous year), and the declining rate is expected to decrease from 35.7% to 12.7%.

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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 8,127 75 81 51 5.5 6 Feb 12, 2026 J-GAAP
Oct - Mar, 2025 New 8,223 105 110 78 8.4 6 May 1, 2026 J-GAAP
Revision Rate +1.2% +40.0% +35.8% +52.9% +52.1%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 15,700 69 117 51 5.5 12 Feb 12, 2026 J-GAAP
Mar, 2026 New 15,796 99 146 78 8.4 12 May 1, 2026 J-GAAP
Revision Rate +0.6% +43.5% +24.8% +52.9% +52.1%

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 8,223 105 110 78 8.4 6 May 1, 2026 J-GAAP
YoY -1.1% +10.5% -12.7% -1.3% +0.4%

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 15,796 99 146 78 8.4 12 May 1, 2026 J-GAAP
YoY -1.5% -30.3% -29.1% -33.3% -32.3%

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