Slides
Page 1
1st - quarter of FY2026 Summary of Financial Business Results OJI Dedicated to Sustainability August 5 , 2026 OJI HOLDINGS CORPORATION
Page 2
2 Summary of Financial Business Results Message from the CEO August 5, 2026 Representative Director of the Board President and CEO Oji Holdings Corporation Hiroyuki Isono In 1Q of FY2026, we achieved ¥3.9bil. of Operating profit and ¥3.2bil. of Net profit which is ¥8.3bil. higher than the previous year. 1Q result was largely in line with Forecast as of May 15, 2026. The FY2026 forecast remains unchanged, with operating profit of ¥60bil. and net profit attributable to owners of parent of ¥35bil. FY2026 dividend forecast also remains unchanged at ¥36/share. Despite recent changes in assumptions regarding the Middle East (ME) tensions and market, the overall impact is expected to be limited (page 14). We will steadily generate profits in 2Q and 2H (page 15). As shown on page 16, we are steadily progressing growth investments and restructuring of low profitability businesses - laying the foundation for business portfolio transformation. In Financial strategy, we’re focusing on treasury stock buyback and shareholdings reduction, while raising the target of shareholdings reduction. (page 17) With those initiatives, we’ll achieve FY2027 targets (mid-term management plan) and Long-term Vision 2035 with dedication to Sustainability. Progressing steadily towards FY2027 targets, while business circumstances change.
Page 3
3 1Q of FY2026 Result Overview FY2026 Financial Forecast(1) Executive Summary 1st-quarter of FY2026 vs Previous year Operating Profit 3.9 +0.2 Profit Attributable to Owners of Parent 3.2 +8.3 ⚫ Operating profit slightly increased due to the following factors; Positive impact from price increase implemented in FY2025. Negative impact of Middle East tensions and maintenance shutdown at CENIBRA, not conducted in 1Q of FY2025. ⚫ Profit attributable to owners of parent increased thanks to foreign exchange gains and lower business restructuring expenses. FY2026 Forecast vs Original Forecast Operating Profit 60.0 No ChangeProfit Attributable to Owners of Parent 35.0 ROE 3.3％ ⚫ Both 1st and 2nd half forecasts remain unchanged. ⚫ Pulp market conditions remain in line with the original forecast, as weaker LBKP prices in China are offset by stronger prices in Europe, North America, and NUKP . ⚫ The net impact of the ME tensions is expected to remain in line with the original forecast (¥15bil.), as higher costs are offset by greater price pass-through. ⚫ While the paper market is expected to trend downward – due to partial delay of domestic price increase and weaker Chinese market - cost reduction initiatives will offset the impact. ⚫ Steady restructuring initiatives support profit (page 16) ⚫ Financial strategy: Raised the target for shareholdings reduction (page 17). (2) Shareholder Returns ⚫ Dividend/share: Maintain the FY2026 forecast of ¥36 ⚫ Treasury stock buyback: Achieved FY2026 target of ¥100bil. (accum.) in May. Additional ¥50bil. is scheduled by the end of FY2027. ⚫ Cancellation of treasury stock: Cancelled 9.9% of outstanding shares - 100M shares in May. (3) Summary of Financial Business Results (¥bil.) (¥bil.)
Page 4
4 1st-quarter of FY2026 Result Overview FY2026 Financial Forecast, Progress of initiatives ① Financial Highlights of 1st-quarter of FY2026 (consolidated) 7 ② Sales and Operating Profit by Segment [1st-quarter of FY2026] 8 ③ Breakdown of Operating Profit Difference (consolidated) [1st-quarter of FY2025 vs FY2026] 10 ① Financial Forecast and Dividend Forecast for FY2026 13 ② Changes in the Assumptions from the Original Forecast 14 ③ Operating Profit Forecast for the 2nd-quarter and Beyond 15 ④ Profit Contribution from steady Business Restructuring and Portfolio Transformation 16 ⑤ Progress of Treasury Stock Buyback and Shareholdings Reduction 17 ⑥ Impact on Operating Profit from External Environment 18 Contents 01 02 Reference Material 03 1st-quarter of FY2026 Industry Demand 20 Summary of Financial Business Results
Page 5
5 This document does not constitute a disclosure document under the provisions of the Financial Instruments and Exchange Law, and no guarantees are provided concerning the accuracy or completeness of the information contained therein. Forecasts and other forward-looking statements in this document represent judgments by Oji Holdings Corporation based on information available at the time of the briefing, and they may be affected by unforeseeable events. You are therefore urged not to make investment decisions solely on the basis of this document. Oji Holdings Corporation will not accept any liability whatsoever for losses incurred as a result of use of this document.
Page 6
6 1st-quarter of FY2026 Result Overview01
Page 7
01. 1st-quarter of FY2026 Result Overview ① Financial Highlights of 1st-quarter of FY2026 (consolidated, YTD) 7 1st-quarter of FY2025 1st-quarter of FY2026 Increase (Decrease) 457.4 468.5 11.1 3.7 3.9 0.2 [Domestic Companies] [4.2] [4.8] [0.6] [Overseas Companies] [(0.5)] [(0.9)] [(0.4)] (3.6) 5.6 9.2 21.8 23.1 1.4 144.6 159.6 15.0 Number of Domestic 94 94 - Consolidated Companies Overseas 122 120 (2) Total 216 214 (2) Domestic : No increase or decrease Overseas : Equity Method Affiliates : 0 [Overseas+3,Overseas(3)] Depreciation 3.2 (¥ billion) Average Exchange Rate (¥/US$) 8.3 Net Sales Operating Profit Ordinary Profit (5.2) +1[Packaging in Vietnam], +3[Biorefinery in Austria], +1[Forest Plantation], +1[Investment in Europe], +1[Forest Plantation in Brazil] (1)[Printing in Malaysia],(7)[Packaging in Australia],(1)[Packaging in France] Profit Attributable to Owners of Parent
Page 8
Net Sales Operating Profit Net Sales Operating Profit Net Sales Operating Profit 229.8 0.2 237.9 5.8 8.1 5.6 57.8 2.8 59.4 4.0 1.6 1.2 95.6 2.4 98.2 1.6 2.6 (0.8) 67.8 (0.3) 60.6 (3.3) (7.2) (3.0) 6.4 (1.4) 12.4 (4.3) 6.0 (2.8) 457.4 3.7 468.5 3.9 11.1 0.2 (¥ billion) Increase (Decrease) Household & Industrial Materials Functional Materials 1st-quarter of FY2025 1st-quarter of FY2026 Printing & Communications Media Others Total Forest Resources & Environment Marketing *1: Sales include inter-segment sales *2: Others include adjustment amount ② Sales and Operating Profit by Segment [1st-quarter of FY2026] 8 01. 1st-quarter of FY2026 Result Overview
Page 9
② Operating Profit by Segment [1st-quarter of FY2026 ] 9 01. 1st-quarter of FY2026 Result Overview Net Sales 229.8 237.9 Operating Profit 0.2 5.8 [Domestic] [2.4] [5.5] [Overseas] [(2.2)] [0.3] Operating Margin 0.1% 2.5% Net Sales 57.8 59.4 Operating Profit 2.8 4.0 [Domestic] [2.6] [3.6] [Overseas] [0.2] [0.5] Operating Margin 4.9% 6.8% Net Sales 95.6 98.2 Operating Profit 2.4 1.6 [Domestic] [0.8] [0.6] [Overseas] [1.6] [1.0] Operating Margin 2.5% 1.6% Net Sales 67.8 60.6 Operating Profit (0.3) (3.3) [Domestic] [(0.9)] [(3.1)] [Overseas] [0.6] [(0.2)] Operating Margin (0.4%) (5.4%) 1st-quarter of FY2025 1st-quarter of FY2026 1st-quarter of FY2025 1st-quarter of FY2026 1st-quarter of FY2025 1st-quarter of FY2026 1st-quarter of FY2025 1st-quarter of FY2026 Household & Industrial Materials Functional Materials Forest Resources & Environment Marketing Printing & Communications Media +¥5.6 bil. Operating Profit +¥1.2 bil. Operating Profit (¥0.8 bil.) Operating Profit (¥3.0 bil.) Operating Profit Domestic +¥3.1 bil. Overseas +¥2.5 bil. Domestic +¥1.0 bil. Overseas +¥0.3 bil. Domestic (¥0.2 bil.) Overseas (¥0.6 bil.) Domestic (¥2.2 bil.) Overseas (¥0.8 bil.)
Page 10
(\ billion) Sales price Sales volume Raw materials & fuels Other costs Total Others - - - (1.1) (1.1) Total 10.5 (2.0) (3.5) (4.4) 0.6 3.1Household & Industrial Materials 6.5 - (2.0) (1.4) 1.0 Forest Resources & Environment Marketing - - - (0.2) (0.2) Functional Materials 1.5 - (0.5) - (2.2)Printing & Communications Media 2.5 (2.0) (1.0) (1.7) ¥4.2bil. +¥10.5bil. (¥4.4bil.) (¥3.5bil.) Foreign exchange (¥1.9bil.) (¥2.0bil.) ¥4.8bil. Woodchip (2.0) Base Paper (1.0) Chemicals (0.5) Including impact of ME tensions (2.5) +¥0.6bil. Distribution costs & personnel expense (1.5) HQ expense (1.0) Other maintenance costs, inflation impact, etc.Sales price Sales volume Other costs Raw materials & fuels Paper +10.0 Pulp +0.5 Including impact of ME tensions +0.5 ③ Breakdown of Operating Profit Difference (consolidated) Domestic Companies – 1st-quarter of FY2025 vs FY2026 10 01. 1st-quarter of FY2026 Result Overview 1Q of FY2025 1Q of FY2026 Impact of ME tensions is as originally forecasted Sales price +0.5, Raw materials & fuels (2.5)
Page 11
③ Breakdown of Operating Profit Difference (consolidated) Overseas Companies – 1st-quarter of FY2025 vs FY2026 11 01. 1st-quarter of FY2026 Result Overview (¥0.4bil.) (¥0.5bil.) Sales price Sales volume Raw materials & fuels Other costs (¥4.5bil.) +¥1.0bil. +¥3.0bil. +¥0.1bil. 1Q of FY2025 1Q of FY2026 (¥0.9bil.) Paper (2.5) Pulp (2.0) Electricity, Pulp, etc.
Page 12
12 FY2026 Financial Forecast, Progress of initiatives02
Page 13
02.FY2026 Financial Forecast, Progress of initiatives ① Financial Forecast and Dividend Forecast for FY2026 13 ■Financial Forecast ■Dividend Forecast Net Sales 1,940.0 Operating Profit [Domestic/Overseas] 60.0 [48.0/12.0] Ordinary Profit 45.0 Profit Attributable to Owners of Parent 35.0 ROE 3.3％ Dividend Policy Dividend payout ratio 50％ Minimum annual dividend ¥24/share FY2026 Forecast ¥36/share No Change from the original forecast (¥bil.)
Page 14
② Changes in the Assumptions from the Original Forecast 14 Middle East tensionsPulp Price Others As originally forecastedAs originally forecasted Net price for China market 2026 Jan-Mar 2026 Apr-Jun NBKP Original FC 673USD/t 650USD/t 1H Act & FC 670USD/t 650USD/t LBKP Original FC 595USD/t 622USD/t 1H Act & FC 595USD/t 598USD/t NUKP Original FC 580USD/t 547USD/t 1H Act & FC 587USD/t 597USD/t ◼ ⇩ Japanese paper market: FY2025 price increases for containerboard were delayed in 1Q but are now fully reflected. Price increases for other paper grades have been completed. ◼ ⇩ Chinese paper market: Remains weak due to oversupply and sluggish demand, with no major recovery expected in 2026. ◼ ⇧ Cost reduction: Additional initiatives beyond the original forecast expected to deliver positive impact. ⇒ Impact to be offset ◼ NBKP: Largely in line with forecast ◼ LBKP: Prices in China are below the original forecast due to weak demand and paper market conditions, but are expected to recover in the autumn demand season. Prices in Europe and North America remain above the forecast for the full year. ◼ NUKP: Higher than the original forecast ⇒ As a whole, as originally forecasted Profit impact for FY2026 (¥15.0bil.) ⇒ While Middle East tensions remain uncertain, we will pursue equivalent price pass-through to offset any additional cost increases. 02.FY2026 Financial Forecast, Progress of initiatives Higher raw material and fuel costs are expected, but the impact is expected to be offset by expanded price pass-through.
Page 15
③ Operating Profit Forecast for the 2nd-quarter and Beyond 0 2 4 6 8 10 1st-Quarter 2nd-Quarter F 0 10 20 30 40 50 1st Half F 2nd Half F Operating Profit [1Q vs 2Q] Operating Profit [1st Half vs 2nd Half] (¥ billion) (¥ billion) ¥3.9bil. ¥8.1bil. ¥12.0bil. ¥48.0bil. Full year ¥60.0bil. +¥4.2bil. +¥36.0bil. Domestic Maintenance Shutdown (SD) +6.5 Scheduled Shutdowns were concentrated in 1Q, resulting in a one-time negative impact from lower production and higher maintenance expenses compared to 2Q Domes -tic Maintenance SD+5.0 Days of SD: 1H＞2H Middle East tensions+5.0 2H will see less impact thanks to product price increase Price increase+5.5 Planned in 2H Over- seas Pulp Price+5.0 Autumn demand pulls price up Maintenance SD+5.0 Days of SD: 1H＞2H Sales+4.0 More operating days etc. Total of 1st Half ¥12.0bil. As originally forecasted Main factors Main factors 02.FY2026 Financial Forecast, Progress of initiatives As originally forecasted 15
Page 16
④ Profit Contribution from steady Business Restructuring and Portfolio Transformation 16 ■Portfolio transformation ■Restructuring of low-profitability businesses 9.0 billion yen 5.0 billion yen Initiatives, projects Category Operating Profit contribution FY2026 FY2027 Withdrawal from part of Oceanian business Domestic diaper, household paper and newsprint paper business Investment in growing business/area Growth investment Shift to high value-added products Expansion of Sustainable Packaging Restructuring of low-profitability businesses Central Malaysia - new plant and M&A Liquid packaging carton business company [IPI – Italy] Packaging materials converter [Walki – Finland] Label printing & converting company [Adampak – SE Asia] Expansion of thermal paper production [KANZAN - Germany] New ultrathin OPP film machines [Oji F-Tex] Northern Vietnam, Southern India – new plants Cambodia - expansion of a plant Kanto region of Japan - new plant *Evaluation is ongoing on withdrawal and restructuring projects. Further disclosure will follow upon formal decision. *M&A projects completed in FY2025 are expected to contribute to FY2027 profit: AustroCel etc. 13.0 billion yen 12.0 billion yen Major growth investments. Profit contribution excludes goodwill amortization. Closure of - UK plant of Walki - corrugators in Japan 02.FY2026 Financial Forecast, Progress of initiatives Corrugated container business
Page 17
17 ⑤ Progress of Treasury Stock Buyback and Shareholdings Reduction 29.3 47.7 77.0 100.0 23.0 FY2024 FY2025 FY2026 FY2027 FY2026 Target ¥100.0bil. ■Progress of Treasury Stock Buyback ¥150.0bil. ¥77.0bil. ¥29.3bil. Target (FY2024-2027 in Total) 67％ Progress (vs ¥150 bil.) ▼ Cancelled 9.9％ of outstanding shares - 100M shares – in May Cancellation of treasury stock ▶︎ -FY2030 scheduled ¥25.6bil. FY2024 Completed ★41.0 ★29.0 10.6 ★4.4 15.0 Additional FY2025 Completed 1Q of FY2026 Completed FY2026-2027 Scheduled FY2024 Completed★14.0 ★15.0 FY2025 Completed ■Progress of shareholdings reduction 6.0 Shares contributed to retirement benefit ¥35.0bil. Completed ¥29.0bil. ▼ ▼ Forecast in Total ¥135.0bil. Progress Total of (★) ¥103.4bil. *Target raised: Addition of shares and revaluation of share prices as of March 2026 Strategic shareholding ¥85.0bil. ¥100.0bil. Completed ¥74.4bil. 02.FY2026 Financial Forecast, Progress of initiatives Achieved FY2026 target in May Complete the remaining ¥50bil. by the end of FY2027▶︎
Page 18
（¥billion/year) ◆Changes in exchange rates Japanese Yen * 155.00 JPY/USD (7.4) Brazilian Real (BRL) 5.30 BRL/USD +6.2 New Zealand Dollar (NZD) 1.70 NZD/USD +6.3 * The figure includes the effect of conversion of profit in USD to JPY ◆Changes in pulp prices Pulp sales & purchase (USD 10/t higher) +3.4 (2.9)Dubai crude oil purchase (USD 10/bbl higher) (heavy oil, bunker and others) Functional Materials Total Total Impact from USD fluctuation on trade & profit- conversion (in case of stronger USD by 10%) Functional Materials Assumed exchange rates for FY2026 Household & Industrial Materials Forest Resources & Environment Marketing Printing & Communi- cations Media Household & Industrial Materials Forest Resources & Environment Marketing Printing & Communi- cations Media ⑥ Impact on Operating Profit from External Environment 18 02.FY2026 Financial Forecast, Progress of initiatives
Page 19
19 Reference Material03
Page 20
03.Reference Material 1st-quarter of FY2026 Industry Demand 20