Worth reading
64In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
-48.9
% (year-on-year change in operating income)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025 to 31 March 2026ConsolidatedJapanese GAAPNet Sales1,861,709Millions of yenYear on year +0.7%Progress 96.0%
Operating profit34,582Millions of yenYear on year -48.9%Progress 57.6%
Ordinary income40,529Millions of yenYear on year -40.9%Progress 90.1%
Net income attributable to owners of the parent55,582Millions of yenYear on year +20.4%Progress 158.8%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥61.10
Operating Margin1.9％
Financial position at period-end
Total assets2,686,944Millions of yen
of which net assets 1,136,882 Millions of yenEquity ratio 41.0%vs. prior year-end -0.8pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+113,376
Investment-12,475
Financials-93,618
Net change+7,283
Stacked from zero: upward is an increase in cash, downward a decrease (in Millions of yen).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period74,247 Millions of yen
Segment revenueConsumer and Industrial Materials ¥9,433 million (YoY +2.8%), Functional Materials ¥2,360 million (YoY -0.2%), Resources and Environment Business ¥3,897 million (YoY -0.7%), Printing and Information Media ¥2,721 million (YoY -7.2%)
Segment profitConsumer and Industrial Materials ¥197 million (YoY +7.5%), Functional Materials ¥108 million (YoY -12.6%), Resources and Environment Business ¥67 million (YoY -78.5%), Printing and Information Media ¥75 million (YoY -43.5%)
Regional sales¥10,824 million, ¥7,793 million
Outlook and shareholder returns
Full-year earnings forecast
Net Sales1,940,000 Millions of yen (YoY +4.2%)
Operating profit60,000 Millions of yen (YoY +73.5%)
Ordinary income45,000 Millions of yen (YoY +11.0%)
Net income35,000 Millions of yen (YoY -37.0%)
Annual Dividend Forecast¥36 per share → ¥36 per share（0.0%）
Payout ratio58.9％
Shareholder Return PolicyNo dividend reduction for the time being, with an annual dividend of ¥24 per share as the minimum, and the payout ratio raised to 50% from fiscal 2025
Factors Behind Changes in Business Performance
Net sales increased due to the acquisition of Walki and its inclusion in the consolidated results, despite deteriorating overseas pulp market conditions and other factors. Operating income declined due to the impact of lower domestic sales volumes and deteriorating overseas pulp market conditions, among other factors. Net income attributable to owners of the parent increased due to gains on the sale of fixed assets associated with the sale of rental real estate and other factors, despite the recognition of business structure improvement expenses.
Disclosure regarding the going concern assumption
No applicable matters.
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew Number of companies 3 / Company name AustroCel Hallein GmbH, Gamma（Fiber）Holdings Four GmbH, Gamma（Fiber）Holdings Three GmbH / Excluded Number of companies 0 / Company name Not disclosed
Material subsequent eventsAt a meeting of the Board of Directors held on 13 May 2026, the Company resolved to cancel 100,000,000 common shares on 29 May 2026, equivalent to 9.9% of the total number of issued shares before the cancellation
Impairment loss18,959 Millions of yen
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets 40,062 Millions of yen, Gain on sale of investment securities 34,842 Millions of yen, Gain on return of retirement benefit trust assets 9,468 Millions of yen, Other 8,462 Millions of yen / Extraordinary loss Business structure improvement expenses 24,459 Millions of yen, Impairment Losses 10,195 Millions of yen, Other 7,072 Millions of yen
Depreciation and amortization92,805 Millions of yen
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingWhether applicable Yes / Subject person Institutional investors and analysts
Issued Shares at Period-End1,014,381,817 Shares
Treasury Shares at Period-End137,745,577 Shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025 to 31 March 2026 |
| Net Sales | 1,861,709 Millions of yen (YoY +0.7%) |
| Operating profit | 34,582 Millions of yen (YoY -48.9%) |
| Ordinary income | 40,529 Millions of yen (YoY -40.9%) |
| Profit attributable to owners of the parent | 55,582 Millions of yen (YoY +20.4%) |
| Net income per share | ¥61.10 |
| Operating Margin | 1.9％ |
| Equity ratio | End of the current fiscal period 41.0％ / End of previous period 41.8％ |
| Total assets | 2,686,944 Millions of yen |
| Net assets | 1,136,882 Millions of yen |
| Cash flows from operating activities | 113,376 Millions of yen |
| Cash flows from investing activities | -12,475 Millions of yen |
| Cash flows from financing activities | -93,618 Millions of yen |
| Cash and cash equivalents at end of period | 74,247 Millions of yen |
| Full-year earnings forecast | Net Sales 1,940,000 Millions of yen (YoY +4.2%) / Operating profit 60,000 Millions of yen (YoY +73.5%) / Ordinary income 45,000 Millions of yen (YoY +11.0%) / Net income 35,000 Millions of yen (YoY -37.0%) |
| Annual Dividend Forecast | ¥36 per share → ¥36 per share（0.0%） |
| Payout ratio | 58.9％ |
| Shareholder Return Policy | No dividend reduction for the time being, with an annual dividend of ¥24 per share as the minimum, and the payout ratio raised to 50% from fiscal 2025 |
| Segment revenue | Consumer and Industrial Materials ¥9,433 million (YoY +2.8%), Functional Materials ¥2,360 million (YoY -0.2%), Resources and Environment Business ¥3,897 million (YoY -0.7%), Printing and Information Media ¥2,721 million (YoY -7.2%) |
| Segment profit | Consumer and Industrial Materials ¥197 million (YoY +7.5%), Functional Materials ¥108 million (YoY -12.6%), Resources and Environment Business ¥67 million (YoY -78.5%), Printing and Information Media ¥75 million (YoY -43.5%) |
| Regional sales | ¥10,824 million, ¥7,793 million |
| Depreciation and amortization | 92,805 Millions of yen |
| Impairment loss | 18,959 Millions of yen |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets 40,062 Millions of yen, Gain on sale of investment securities 34,842 Millions of yen, Gain on return of retirement benefit trust assets 9,468 Millions of yen, Other 8,462 Millions of yen / Extraordinary loss Business structure improvement expenses 24,459 Millions of yen, Impairment Losses 10,195 Millions of yen, Other 7,072 Millions of yen |
| Disclosure regarding the going concern assumption | No applicable matters. |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New Number of companies 3 / Company name AustroCel Hallein GmbH, Gamma（Fiber）Holdings Four GmbH, Gamma（Fiber）Holdings Three GmbH / Excluded Number of companies 0 / Company name Not disclosed |
| Material subsequent events | At a meeting of the Board of Directors held on 13 May 2026, the Company resolved to cancel 100,000,000 common shares on 29 May 2026, equivalent to 9.9% of the total number of issued shares before the cancellation |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Whether applicable Yes / Subject person Institutional investors and analysts |
| Issued Shares at Period-End | 1,014,381,817 Shares |
| Treasury Shares at Period-End | 137,745,577 Shares |
| Factors Behind Changes in Business Performance | Net sales increased due to the acquisition of Walki and its inclusion in the consolidated results, despite deteriorating overseas pulp market conditions and other factors. Operating income declined due to the impact of lower domestic sales volumes and deteriorating overseas pulp market conditions, among other factors. Net income attributable to owners of the parent increased due to gains on the sale of fixed assets associated with the sale of rental real estate and other factors, despite the recognition of business structure improvement expenses. |
Items this document does not state (2)
Revision to Earnings ForecastOrders received and order backlog
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Net sales increased due to the acquisition of Walki and its inclusion in the consolidated results, among other factors. Operating income declined due to the impact of lower domestic sales volumes and deteriorating overseas pulp market conditions, while ordinary income declined due to the decrease in operating income, higher interest payments resulting from rising interest rates, and other factors. Net income, however, increased due to extraordinary gains, including gains on the sale of fixed assets.
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