Worth reading
73In focus
Scored from 5 of 6 sectionsDirection
Deterioration
Direction inferred from the company’s description.Scale
-83
¥100 million (year-on-year change in operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ending March 2027, second quarter (first half)12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥6,323 100 million+7.3%
Operating profit¥7 100 million-92.1%
Ordinary income¥6 100 million-92.6%
Net income¥53 100 million+597.6%
Results for the three months of the current quarter
Net Sales
Second quarter of FY2026¥3,178 100 million
Operating profit
Second quarter of FY2026¥-22 100 million
Operating income by segment
Paper and paperboard¥-8 100 million
Lifestyle-related businesses¥-56 100 million
Energy¥12 100 million
Timber, building materials, civil engineering and construction-related businesses¥21 100 million
Other¥9 100 million
Full-year earnings forecast
Net Sales
¥12,200 100 million
Operating profit
¥-50 100 million
Ordinary income
¥-130 100 million
Net income for the current fiscal year
¥-400 100 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
First-half operating income year on year
Volume and selling price¥99 100 million paper and paperboard
Raw material and fuel prices¥-98 100 million paper and paperboard
Cost reductions and other factors¥0 100 million paper and paperboard
Other¥-72 100 million paper and paperboard
Lifestyle-related businesses
Volume and selling price¥28 100 million
Raw material and fuel prices¥-23 100 million
Cost reductions and other factors¥-9 100 million
Other¥-73 100 million
Consolidated
Other businesses¥-12 100 million
Change in operating income¥-83 100 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Foreign exchange
¥160 /US$
Foreign-exchange sensitivity¥5.5 billion per year for each ¥1 appreciation against the US dollar
Coal
150 US$/tonne Australian coal
Crude oil
100 US$/barrel Dubai
Domestic sales volume
NewsprintFull-year change from the previous year: ▲13%
Printing paperFull-year change from the previous year: ▲10%
Information paperFull-year change from the previous year: ▲19%
ContainerboardFull-year change from the previous year: ＋1%
New initiatives
- Ending the graphic paper and pulp businesses at the Yatsushiro Plant and reconsidering the household paper business plan
- Considering new businesses and collaboration opportunities at the Yatsushiro Plant
- NPCE to cease business activities at the end of December 2026 and consolidate CMC production in Japan
- Integrating 3 logistics subsidiaries, with the new entity scheduled to launch on 1 July 2027
- Considering collaboration among 4 packaging businesses
- Coniferous-tree plantations and carbon-credit business in Australia
- Attracting a containerized data center to the Kushiro facility
- Demonstration testing and commercialization of ATJ-SAF derived from domestic timber
- Developing new applications for cellenpia®PLAS
Key KPIsA metric the company considers important as a management benchmark.
Printing paper and paperboard sales volume
2,021 thousand tonnes-1.7%
Printing paper sales volume
1,026 thousand tonnes-6.0%
Paperboard sales volume
995 thousand tonnes+3.2%
Net debt-to-equity ratio
1.06 x
Yatsushiro Plant employees
381 people
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Sales volumes and the factors driving changes in volumes and selling prices are presented, but standalone unit-price indicators such as average price per customer are not disclosedSegment results
Paper and paperboard
Net Sales¥3,005 100 million
Operating profit¥-9 100 million
Year-on-year change in revenue¥263 100 million
Year-on-year change in operating income¥6 100 million
Lifestyle-related businesses
Net Sales¥2,573 100 million
Operating profit¥-53 100 million
Year-on-year change in revenue¥181 100 million
Year-on-year change in operating income¥-77 100 million
Energy
Net Sales¥211 100 million
Operating profit¥12 100 million
Year-on-year change in revenue¥-17 100 million
Year-on-year change in operating income¥-5 100 million
Timber, building materials, civil engineering and construction-related businesses
Net Sales¥376 100 million
Operating profit¥41 100 million
Year-on-year change in revenue¥-3 100 million
Year-on-year change in operating income¥-12 100 million
Other
Net Sales¥158 100 million
Operating profit¥16 100 million
Year-on-year change in revenue¥7 100 million
Year-on-year change in operating income¥5 100 million
Medium-term management plan targets
Opal earnings-improvement targetA$135 million
Chemical business operating margin10% in FY2030
Packaging processing business operating margin5% in FY2030
Household paper and healthcare business operating margin5% in FY2030
Reduction of cross-shareholdings¥25.0 billion by the end of FY2030
Financial targets
Actual net debt-to-equity ratio1.06x
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
NDP operating lossApproximately ▲¥21.0 billion
NDP extraordinary lossApproximately ▲¥11.0 billion in disaster-related losses
NDP extraordinary gainApproximately ¥3.0 billion
Losses from the disaster at the Yatsushiro PlantApproximately ▲¥20.0 billion in losses from the disaster at the Yatsushiro Plant
Business structure improvement expensesApproximately ▲¥24.0 billion in business-structure improvement costs
Disaster-related lossApproximately ▲¥11.0 billion in disaster-related losses
Market Size / Share
A graph of market statistics is included, but specific figures for market size and share are not disclosed in the textNumber of employees
Yatsushiro Plant
381 people
As of1 October 2026
Businesses subject to changes in policy
400 people
Capital expenditures
¥228 100 million first half of FY2026, based on construction in progress
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ending March 2027, second quarter (first half) |
| Net Sales | ¥6,323 100 million (YoY +7.3%) |
| Operating profit | ¥7 100 million (YoY -92.1%) |
| Ordinary income | ¥6 100 million (YoY -92.6%) |
| Net income | ¥53 100 million (YoY +597.6%) |
| Results for the three months of the current quarter | Net Sales Second quarter of FY2026 ¥3,178 100 million / Operating profit Second quarter of FY2026 ¥-22 100 million / Operating income by segment Paper and paperboard ¥-8 100 million / Lifestyle-related businesses ¥-56 100 million / Energy ¥12 100 million / Timber, building materials, civil engineering and construction-related businesses ¥21 100 million / Other ¥9 100 million |
| Full-year earnings forecast | Net Sales ¥12,200 100 million / Operating profit ¥-50 100 million / Ordinary income ¥-130 100 million / Net income for the current fiscal year ¥-400 100 million |
| Segment results | Paper and paperboard Net Sales ¥3,005 100 million / Operating profit ¥-9 100 million / Year-on-year change in revenue ¥263 100 million / Year-on-year change in operating income ¥6 100 million / Lifestyle-related businesses Net Sales ¥2,573 100 million / Operating profit ¥-53 100 million / Year-on-year change in revenue ¥181 100 million / Year-on-year change in operating income ¥-77 100 million / Energy Net Sales ¥211 100 million / Operating profit ¥12 100 million / Year-on-year change in revenue ¥-17 100 million / Year-on-year change in operating income ¥-5 100 million / Timber, building materials, civil engineering and construction-related businesses Net Sales ¥376 100 million / Operating profit ¥41 100 million / Year-on-year change in revenue ¥-3 100 million / Year-on-year change in operating income ¥-12 100 million / Other Net Sales ¥158 100 million / Operating profit ¥16 100 million / Year-on-year change in revenue ¥7 100 million / Year-on-year change in operating income ¥5 100 million |
| Breakdown of Factors Affecting the Change | First-half operating income year on year Volume and selling price ¥99 100 million (paper and paperboard) / Raw material and fuel prices ¥-98 100 million (paper and paperboard) / Cost reductions and other factors ¥0 100 million (paper and paperboard) / Other ¥-72 100 million (paper and paperboard) / Lifestyle-related businesses Volume and selling price ¥28 100 million / Raw material and fuel prices ¥-23 100 million / Cost reductions and other factors ¥-9 100 million / Other ¥-73 100 million / Consolidated Other businesses ¥-12 100 million / Change in operating income ¥-83 100 million |
| Key KPIs | Printing paper and paperboard sales volume 2,021 thousand tonnes (YoY -1.7%) / Printing paper sales volume 1,026 thousand tonnes (YoY -6.0%) / Paperboard sales volume 995 thousand tonnes (YoY +3.2%) / Net debt-to-equity ratio 1.06 x / Yatsushiro Plant employees 381 people |
| Unit price and quantity metrics | Sales volumes and the factors driving changes in volumes and selling prices are presented, but standalone unit-price indicators such as average price per customer are not disclosed |
| Number of employees | Yatsushiro Plant 381 people / Businesses subject to changes in policy 400 people |
| Assumptions Underlying the Business Outlook | Foreign exchange ¥160 /US$ / Foreign-exchange sensitivity ¥5.5 billion per year for each ¥1 appreciation against the US dollar / Coal 150 US$/tonne (Australian coal) / Crude oil 100 US$/barrel (Dubai) / Domestic sales volume Newsprint Full-year change from the previous year: ▲13% / Printing paper Full-year change from the previous year: ▲10% / Information paper Full-year change from the previous year: ▲19% / Containerboard Full-year change from the previous year: ＋1% |
| Risk amount incorporated into the outlook | NDP operating loss Approximately ▲¥21.0 billion / NDP extraordinary loss Approximately ▲¥11.0 billion in disaster-related losses / NDP extraordinary gain Approximately ¥3.0 billion / Losses from the disaster at the Yatsushiro Plant Approximately ▲¥20.0 billion in losses from the disaster at the Yatsushiro Plant / Business structure improvement expenses Approximately ▲¥24.0 billion in business-structure improvement costs / Disaster-related loss Approximately ▲¥11.0 billion in disaster-related losses |
| Medium-term management plan targets | Opal earnings-improvement target A$135 million / Chemical business operating margin 10% in FY2030 / Packaging processing business operating margin 5% in FY2030 / Household paper and healthcare business operating margin 5% in FY2030 / Reduction of cross-shareholdings ¥25.0 billion by the end of FY2030 |
| Financial targets | Actual net debt-to-equity ratio 1.06x / Financial target values Not disclosed |
| Capital expenditures | ¥228 100 million (first half of FY2026, based on construction in progress) |
| Market Size / Share | A graph of market statistics is included, but specific figures for market size and share are not disclosed in the text |
| New initiatives | Ending the graphic paper and pulp businesses at the Yatsushiro Plant and reconsidering the household paper business plan, Considering new businesses and collaboration opportunities at the Yatsushiro Plant, NPCE to cease business activities at the end of December 2026 and consolidate CMC production in Japan, Integrating 3 logistics subsidiaries, with the new entity scheduled to launch on 1 July 2027, Considering collaboration among 4 packaging businesses, Coniferous-tree plantations and carbon-credit business in Australia, Attracting a containerized data center to the Kushiro facility, Demonstration testing and commercialization of ATJ-SAF derived from domestic timber, Developing new applications for cellenpia®PLAS |
Items this document does not state (11)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planNumber of stores and locationsAnnual DividendPayout ratioAcquisition of treasury sharesOrders received and order backlogKey points of the Q&A
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.Operating income declined because, while the domestic business posted higher profits, the overseas business, particularly Opal and NDP, deteriorated. The full-year outlook incorporates the damage to the Yatsushiro Plant, the NDP tank-collapse accident, the impact of NDP's suspension of operations, business-structure improvement costs and other factors.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.