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HEIWA PAPER, First Half Operating Profit Turns to Loss, Jul-Sep Operating Profit Decreases by 64%

Tue Nov 11, 2025 4:50 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 November 11th (16:50). The consolidated operating profit/loss for the cumulative second quarter of the fiscal year ending March 2026 (April to September) turned into a loss of 6 million yen (compared to a profit of 47 million yen in the same period last year).

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated operating profit for the October to March period (second half) is expected to expand 76.8% from the same period last year, reaching 168 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated operating profit significantly dropped to 17 million yen, a 63.8% decrease compared to the same period last year. The operating profit margin worsened from 1.2% in the same period last year to 0.4%.

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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 7,787 51 84 36 3.9 38.0 Nov 13, 2023 J-GAAP
Apr - Sep, 2024 7,716 47 80 38 4.1 38.8 Nov 13, 2024 J-GAAP
Apr - Sep, 2025 7,573 -6 36 0 0.0 16.0 Nov 11, 2025 J-GAAP
YoY -1.9% － -55.0% － －

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 － 6 May 13, 2025 J-GAAP
Apr - Sep, 2025 Results 7,573 -6 36 0 0.0 6 Nov 11, 2025 J-GAAP
Revision Rate － － － － －

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 8,827 168 189 137 14.8 6 Nov 11, 2025 J-GAAP
YoY +6.1% +76.8% +50.0% +73.4% +77.4%

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 16,400 162 225 137 14.8 12 May 13, 2025 J-GAAP
YoY +2.3% +14.1% +9.2% +17.1% +19.7%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 3,947 47 46 29 3.1 1.2 Nov 13, 2024 J-GAAP
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
YoY -2.5% -63.8% -34.8% -69.0% -66.9%

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