Slides
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November 10, 2025 Financial Results for Half-Year FY2025 (From April to September 2025)
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. * All yen amounts in this document are rounded down to the nearest hundred million yen. * The accounting of a business consolidation that was provisionally recorded in the consolidated financial statements for fiscal 2024 was finalized in the first quarter of fiscal 2025, and the finalized accounts for the business consolidation have been reflected in the amounts for fiscal 2024. 2 1. FY2025 Half-Year Results (From April to September 2025) 2. FY2025 Full-Year Forecast (From April 2025 to March 2026) 3. Progress in Capital Efficiency Initiative 2027 4. Reference Information P . 3 – P . 10 P . 11 – P . 18 P . 19 – P . 37 P . 38 – P . 40
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 1. 3 FY2025 Half-Year Results (From April to September 2025)
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 4 Summary of FY2025 Half-Year Results (Year-on-Year Comparison) Both sales and profits grew as price hikes mainly for packaging and decreases in raw material and energy prices supported overall earnings. We recorded extraordinary income of 14.4 billion yen for the half-year period largely due to the disposal of strategic shareholdings. Forex (JPY/USD) 153 146 Crude oil (USD/bbl) 82 69 (JPY/kl) 74,700 71,000 Aluminum (LME) (USD/mt) 2,490 2,540 Naphtha (domestically sourced) Net sales 464.3 484.3 19.9 4.3% Operating income 18.3 30.1 11.8 64.7% Operating income margin 3.9% 6.2% Ordinary income 18.4 33.4 15.0 81.4% Profit attributable to owners of parent 12.3 34.1 21.8 177.0% EBITDA 45.6 57.1 11.5 25.3% Change %FY2024 FY2025 H1 H1 (in billions of yen, except for ratios) Change
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. FY2025 H1 FY2024 H1 Packaging Engineering / filling / logistics Steel plate Functional materials Real estate / Others Asia U.S. / Others Domestic operating companies +10.2 Overseas operating companies +9.7 5 (in billions of yen) Factors of Change in Net Sales (Half-Year Results, Year-on-Year) Japan: Packaging performed well mainly due to the implementation of price hikes. Overseas: Sales in Asia increased as a result of the inclusion of PREMIER CENTRE GROUP SDN. BHD. in the scope of consolidation.
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. Domestic operating companies +9.3 Overseas operating companies +2.4 FY2025 H1 FY2024 H1 Material & energy prices Sales prices Asia U.S. / Others Sales volume / Fixed cost / Sales mix Intersegment adjustment FY2024 Special Factor 6 (in billions of yen) Factors of Change in Operating Income (Half-Year Results, Year-on-Year) Japan: Operating income surged due to price hikes mainly for packaging and the impact of the large amount of allowance for doubtful accounts provided in the first half of fiscal 2024. Overseas: Operating income in Asia increased as a result of the inclusion of PREMIER CENTRE GROUP SDN. BHD. in the scope of consolidation. ・Provision of allowance for doubtful accounts: +4.4 *The special factor that adversely affected profitability in the first half of fiscal 2024 served as a supporting factor for profit growth in the first half of fiscal 2025. *
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. Packaging 307.4 312.1 4.6 14.5 19.6 5.1 4.7% 6.3% Engineering / filling / logistics 71.9 79.1 7.1 -3.4 0.3 3.8 -4.9% 0.4% Steel plate 45.7 48.4 2.6 4.4 4.7 0.2 9.8% 9.7% Functional materials 24.9 27.6 2.6 2.3 2.9 0.5 9.4% 10.6% Real estate 4.0 4.1 0.1 2.3 2.4 0.1 58.0% 60.0% Others 10.0 12.8 2.7 0.2 1.1 0.8 2.5% 8.7% Adjustment - - - -2.1 -1.0 1.0 Total 464.3 484.3 19.9 18.3 30.1 11.8 3.9% 6.2% Change FY2024 FY2025 FY2024 FY2025 H1 H1 H1 H1 Change(in billions of yen, except for ratios) Net sales Operating income 7 Net Sales and Operating Income by Segment (Half-Year Results, Year-on-Year) * Percentages shown in the table above indicate operating income margins. Packaging recorded growth in both sales and profit as price hikes and lower raw material and energy costs supported the segment performance. Engineering, filling and logistics achieved growth in profit partly due to the positive impact of the special factor recorded in the first half of fiscal 2024, despite the ongoing challenging market conditions for engineering operations in North America. *
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. Japan 390.6 400.8 10.2 16.6 26.0 9.3 4.3% 6.5% Asia 37.5 47.6 10.1 4.2 6.6 2.3 11.2% 13.9% U.S. / Others 36.1 35.8 -0.3 -2.4 -2.3 0.0 -6.6% -6.7% Adjustment - - - -0.1 -0.0 0.0 Total 464.3 484.3 19.9 18.3 30.1 11.8 3.9% 6.2% FY2024 FY2025 FY2024 FY2025 H1 H1 H1 H1 Net sales Operating income ChangeChange(in billions of yen, except for ratios) 8 Net Sales and Operating Income by Region (Half-Year Results, Year-on-Year) Japan: Both sales and profit grew with the implementation of price hikes mainly for packaging. Asia: Both sales and profit grew as PREMIER CENTRE GROUP SDN. BHD., a new consolidated subsidiary, began to contribute to the Group’s earnings. * Percentages shown in the table above indicate operating income margins. *
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 9 Consolidated Balance Sheet Total assets: Investment securities decreased as the disposal of strategic shareholdings progressed. Net assets: Equity capital decreased due to share repurchase and a decline in foreign currency translation adjustment. Investment Depreciation 1st half FY2025 23.1 billion yen 27.0 billion yen 1st half FY2024 14.4 billion yen 27.3 billion yen Sep. 30 2024 Mar. 31 2025 Sep. 30 2025 VS Sep.2024 Sep. 30 2024 Mar. 31 2025 Sep. 30 2025 VS Sep.2024 Current assets 587.3 594.3 586.3 -0.9 -7.9 Total liabilities 495.3 508.0 494.4 -0.8 -13.5 Cash/deposits 101.9 119.8 111.8 Current liabilities 291.2 282.4 309.8 18.5 27.3 Trade receivables 260.8 251.4 252.4 Trade payables 108.6 109.9 108.5 Inventory 196.3 199.6 198.7 Short-term borrowings 85.8 75.8 100.9 Others 28.1 23.3 23.2 Others 96.7 96.6 100.3 Non-current assets 608.3 608.6 591.1 -17.1 -17.4 Non-current liabilities 204.0 225.5 184.6 -19.4 -40.9 Property/plant/equipment 361.5 351.4 345.8 Long-term borrowings/bonds 123.9 150.4 106.6 Intangible assets 30.7 28.2 24.4 Others 80.0 75.1 78.0 Investments/other assets 216.0 228.8 220.8 Total net assets 700.3 694.9 683.0 -17.2 -11.8 Investment securities 162.3 167.0 159.6 Equity capital 674.4 667.0 655.1 Others 53.6 61.8 61.2 Non-controlling interest 25.9 27.8 27.9 (in billions of yen) VS Mar.2025(in billions of yen) VS Mar.2025 1,177.5 -25.3 Total assets 1,202.9 1,177.5 -25.3 Total liabilities & net assets 1,202.9 1,195.6 1,195.6 -18.1 -18.1 [Reference]
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 10 Summary of FY2025 Half-Year Results (Compared to the forecast announced in May 2025) Profits exceeded the forecast in May partly due to progress in price hikes for packaging and timing differences in cost recognition. Forex (JPY/USD) 150 146 Crude oil (USD/bbl) 64 69 (JPY/kl) 69,600 71,000 Aluminum (LME) (USD/mt) 2,450 2,540 Naphtha (domestically sourced) FY2025 FY2025 (May forecast) (Results) Net sales 485.0 484.3 -0.6 -0.1% Operating income 25.0 30.1 5.1 20.6% Operating income margin 5.2% 6.2% Ordinary income 26.0 33.4 7.4 28.5% Profit attributable to owners of parent 27.0 34.1 7.1 26.4% Difference %H1 H1 Difference(in billions of yen, except for ratios)
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 2. 11 FY2025 Full-Year Forecast (From April 2025 to March 2026)
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 12 Changes in Earnings and Key Economic Indicators The assumed exchange rate for the second half of fiscal 2025 is 150 yen against the US dollar. The aluminum price is expected to rise in the second half of fiscal 2025. The price of domestically sourced naphtha is likely to be below fiscal 2024’s levels. Forecast in May 2025 Latest forecast FY2025 FY2025 Apr - Sep Oct - Mar Full-year Apr - Sep Oct - Mar Full-year (Unit) (Results) Net sales (JPY billion) 464.3 458.1 922.5 485.0 475.0 960.0 484.3 475.7 960.0 Operating income (JPY billion) 18.3 15.9 34.2 25.0 20.0 45.0 30.1 14.9 45.0 Foreign exchange (JPY/USD) 153 153 153 150 150 150 146 150 148 Crude oil (USD/bbl) 82 74 78 64 61 62 69 57 63 Naphtha (domestically sourced) (JPY/kl) 74,700 76,000 75,400 69,600 60,000 64,800 71,000 60,100 65,500 Aluminum (LME) (USD/mt) 2,490 2,610 2,550 2,450 2,530 2,490 2,540 2,800 2,670 Earnings / Key indicators Apr - Sep Oct - Mar Full-year Results for FY2024
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 13 Summary of FY2025 Full-Year Forecast (Year-on-Year Comparison) Our full-year earnings forecast for fiscal 2025 remains unchanged from May 14, 2025. The expected year-on-year growth in profit (net income) is mainly due to gains on sale of strategic shareholdings to be recorded under extraordinary income. Net sales 922.5 960.0 37.4 4.1% Operating income 34.2 45.0 10.7 31.3% Operating income margin 3.7% 4.7% Ordinary income 37.6 48.0 10.3 27.6% Profit attributable to owners of parent 22.4 46.0 23.5 104.6% EBITDA 90.2 100.0 9.7 10.8% ROE 3.4% 6.9% Change %Change(in billions of yen, except for ratios) FY2025 (Latest forecast) FY2024
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. FY2025 (Forecast) FY2024 Packaging Engineering / filling / logistics Steel plate Functional materials Real estate / Others Asia U.S. / Others Domestic operating companies +10.8 Overseas operating companies +26.5 14 Factors of Change in Net Sales (Full-Year Forecast, Year-on-Year) Engineering operations in North America will contribute to overall growth, as their sales are expected to recover to a certain extent from the previous year’s slump despite the ongoing challenging market conditions. (in billions of yen)
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. Domestic operating companies +4.3 Overseas operating companies +6.6 Sales prices FY2025 (Forecast) FY2024 Sales volume / Fixed cost / Sales mix Material & energy prices Asia U.S. / Others FY2024 Special factors Intersegment adjustment 15 Factors of Change in Operating Income (Full-Year Forecast, Year-on-Year) Japan: Operating income will rise with the expected contribution of price hikes although fixed costs, such as labor and logistics expenses, are likely to increase. Overseas: Engineering operations in North America will achieve growth in operating income mainly thanks to fixed cost reduction. (in billions of yen) ・Impact of losses related to trade receivables: +6.7 ・Impact of changes in estimates of retirement benefit liability: -3.1 *The special factors that adversely affected fiscal 2024’s profitability will be a supporting factor of profit growth for fiscal 2025. *
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. Packaging 602.4 604.0 607.0 4.5 3.0 27.0 23.0 25.5 -1.5 2.5 4.5% 3.8% 4.2% Engineering / filling / logistics 146.4 171.0 171.0 24.5 - -9.6 4.5 1.5 11.1 -3.0 -6.6% 2.6% 0.9% Steel plate 89.9 94.5 91.0 1.0 -3.5 7.6 9.0 8.0 0.3 -1.0 8.6% 9.5% 8.8% Functional materials 51.8 56.5 57.0 5.1 0.5 6.0 5.5 6.0 -0.0 0.5 11.8% 9.7% 10.5% Real estate 8.0 8.0 8.0 -0.0 - 4.5 4.5 4.5 -0.0 - 56.3% 56.3% 56.3% Others 23.7 26.0 26.0 2.2 - 1.5 1.5 1.5 -0.0 - 6.5% 5.8% 5.8% Adjustment - - - - - -2.9 -3.0 -2.0 0.9 1.0 Total 922.5 960.0 960.0 37.4 - 34.2 45.0 45.0 10.7 - 3.7% 4.7% 4.7% VS FY2024 VS May forecast(May forecast) FY2025 May forecast (in billions of yen, except for ratios) FY2024 FY2025FY2025 (May forecast) Operating income (Latest forecast)(Latest forecast) FY2024 FY2025VS Net sales FY2024 VS 16 Net Sales and Operating Income by Segment (Full-Year Forecast, Year-on-Year / vs. May Forecast) Packaging will record higher operating income than the forecast in May 2025 mainly due to price hikes. Engineering, filling and logistics will see lower operating income than May’s forecast due to a slower-than-expected sales recovery of engineering operations in North America. * Percentages shown in the table above indicate operating income margins. *
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. Packaging 19.9 31.0 30.3 29.5 Engineering / filling / logistics 4.5 5.0 10.2 10.0 Steel plate 6.9 13.0 9.2 9.0 Functional materials 2.6 3.5 2.9 3.5 Real estate / Others / Adjustment 2.4 2.5 2.8 3.0 Total 36.5 55.0 55.6 55.0 by Region (in billions of yen) Japan 31.3 48.5 44.0 43.5 Overseas 5.1 6.5 11.6 11.5 Total 36.5 55.0 55.6 55.0 FY2024FY2025 (Forecast) FY2025 (Forecast) Capital Investment Depreciation (in billions of yen)by Segment FY2024 17 Capital Investment and Depreciation (Full-Year Forecast, Year-on-Year) Capital Investment, mainly in packaging and steel plate, will increase from the previous year’s levels. *The investment amount for fiscal 2024 does not include 12.2 billion yen spent to acquire the shares of PREMIER CENTRE GROUP SDN. BHD. *
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. (Forecast) (Target) (Difference) Net sales (JPY billion) 821.5 906.0 950.6 922.5 960.0 850 110.0 Operating Income (JPY billion) 34.1 7.3 33.8 34.2 45.0 50 -5.0 EBITDA (JPY billion) 85.4 60.3 89.2 90.2 100.0 110 -10.0 ROE - 7.0% 1.6% 3.5% 3.4% 6.9% 5.0% 1.9% FY2024 FY2025Earnings FY2021 FY2022 FY2023 18 Progress in achieving the Mid-term Management Plan 2025 With progress in Capital Efficiency Initiative 2027, ROE for fiscal 2025 will reach nearly 7%, and 5% excluding the contribution of extraordinary income. ROE excluding the contribution of extraordinary income: 5.5% (Expected) (Expected) (Target) (Difference) Investment (JPY billion) 47.5 65.9 51.5 49.0 55.0 269.1 330 -60.8 Operating cash flow (JPY billion) 75.4 -18.8 64.5 94.0 100.0 315.1 380 -64.8 Sale of strategic shareholdings (JPY billion) 21.3 0.5 3.5 1.4 16.7 43.4 40 3.4 FY2024 FY2025 Five-year cumulative amountFY2023Investment / Capital for investment FY2021 FY2022 *1. EBITDA is used as a proxy for operating cash flow for the sake of convenience. *2. All of the 16.7 billion yen was already completed during the first half of fiscal 2025. *1 *2
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 3. 19 Progress in Capital Efficiency Initiative 2027 1. Overview (re-posted) 2. Progress up to date
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 20 1-1. Current state analysis and issues to address (re-posted) The price-to-book ratio remaining less than 1.0 for the recent years has prompted us to take specific action following our basic approaches for higher returns on capital and to make a strong commitment. Shareholders' equity cost 3.2 -0.1 2.6 7.0 1.6 -2 0 2 4 6 8 19/03 20/03 21/03 22/03 23/03 0.0 0.2 0.4 0.6 0.8 1.0 19/03 20/03 21/03 22/03 23/03 Average for the recent 5 years: 2.9% Average for the previous mid-term plan period: 1.9% PBR (times) PBR remaining below 1.0 ROE remaining below the cost of shareholders' equity Issues to address Setting an ROE target exceeding the shareholders' equity cost Enhancing efforts to achieve the ROE target Current state analysis ROE (%)
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 21 1-2. Analysis of return on equity (re-posted) Soaring raw material and energy prices have led to lower ROE, which has forced us to face additional challenges, particularly in improving profitability and capital structure. 1.6 % -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 2017年度 2018年度 2019年度 2020年度 2021年度 2022年度 当社 Manufacturing industry average: 6.7 - 9.0% ROE (%) Mid-Term Management Plan 2025 launched in 2021 to improve returns Delay in price hikes amid the rapid rise in raw material and energy costs Note: Manufacturing industry averages are shown as a range of annual averages for the period from fiscal 2017 to 2021. As for the industry’s ROE averages, FY2020 data is excluded as an outlier. Manufacturing industry average: 3.7 - 5.8% 1.1% 0.8 X Manufacturing industry average: 0.8 - 1.0 times Profit (net income) margin (%) Manufacturing industry average: 2.0 - 2.2 times 1.8 x Need to take another step to improve capital structure Urgent need to increase profit margin Total asset turnover (times) Financial leverage (times)
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 22 1-3. Basic approaches (re-posted) Promoting both growth strategy and capital and financial strategy to increase returns on capital Growth strategy Capital & financial strategy Allocate more resources to growth areas of the engineering/filling/ logistics, steel plate related, and functional materials related businesses. Seek appropriate cost pass-through and streamline and restructure unprofitable operations mainly in the domestic packaging business. Substantially increase returns to shareholders through dividend payment and share buybacks, which we have gradually enhanced. Further reduce “strategic shareholdings” (incl. cross-shareholdings). Reduce assets in unprofitable operations and streamline real estate management (disposal and adding value). Optimizing business portfolio Improving asset efficiency
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 23 1-4. Setting key performance indicators (KPIs) (re-posted) We will reduce equity capital while seeking the FY2027 operating income target, which has been set under the assumptions of the ongoing Mid-Term Management Plan 2025, aiming to achieve an ROE of 8% or more, a return that exceeds the shareholders' equity cost. See page 26 for progress. Operating income ROE Continuous growth 2.66％ FY2025 Mid-Term Management Plan 2025 FY2027 FY2030 Mid- to Long-Term Management Goals FY2022 (Results) FY2020 (Results) Previous mid-term management plan Equity capital Reduction Long - Term Management Vision 2050 “The Future, Wrapped for All” New initiative 8% or more5％
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 24 1-5. Optimizing business portfolio (re-posted) We will accelerate cost pass-through efforts and the restructuring of unprofitable operations mainly in the domestic packaging business and achieve business expansion in growth areas, in order to meet FY2027 operating income target. FY2023–FY2025 FY2026–FY2027 FY2027 targetsFY2022 results(in billions of yen) Cost pass-through efforts (30 to 35 billion yen)Net sales: 544.4 Operating income: -10.7 Operating income margin: -2.0% Net sales: 198.3 Op. income: 8.7 Op. margin: 4.4% Net sales: 86.5 Op. income: 4.6 Op. margin: 5.4% Net sales: 45.7 Op. income: 2.0 Op. margin: 4.4% Restructure unprofitable operations. Reduce environmental impact. / Promote automation, labor saving and other cost cutting efforts. Improve profitability by tapping into the growing global market for can making machines. (Engineering) / Increase production capacity in Asian markets with high growth potential. (Filling) Invest in production of materials and components for automotive rechargeable batteries, which are rapidly growing. Pursue growth through the expansion of business areas by leveraging our technologies in optical and other functional films. Continue to expand components and engineering operations in the mobility market. Expand filling and packaging manufacturing operations through M&As in growing overseas markets, particularly in South East Asia. Restructure unprofitable operations. Restructuring Packaging Steel Plate Growth Functional Materials Growth Cross-segment growth areas Growth Engineering/ Filling/Logistics Growth (and restructuring) Net sales: 600.0 Operating 30.0 income: (+40.7) Operating income margin: 5.0% Net sales: 190.0 Op. income: 13.0(+4.3) Op. margin: 6.8% Net sales: 110.0 Op. income: 7.0(+2.4) Op. margin: 6.4% Net sales: 60.0 Op. income: 6.0(+4.0) Op. margin: 10.0% Net sales: 80.0 Op. income: 6.0(+6.0) See page 27–30 for progress.
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 25 1-6. Cash allocation (FY2023 – FY2027) (re-posted) Seeking business growth and higher returns on capital, we will strategically allocate funds obtained from operating cash flows and through asset disposal and financing to investment activities and shareholder returns. Cash inflows Cash outflows Operating cash flow 370 billion yen Expanding business opportunities in new growth areas 145 billion yen Reinforcing foundations for existing operations 110 billion yen Dividend payout 80 billion yen Share repurchase 100 billion yen Asset disposal & financing 80 billion yen or more Enhancing management foundation 15 billion yen Share- holder returns Dispose of approx. 40 billion yen worth of strategic shareholding (incl. cross-shareholding) by FY2027. - 20 billion yen worth unsold under Mid-Term Management Plan 2025 (To date, 20 billion yen worth has been sold under the plan.) - Additional 20 billion yen worth to be sold Reduce assets in unprofitable operations and dispose of real estate. Improve financial efficiency through the use of debt financing. Asset disposal & financing Continuous investment to enhance growing existing operations, including automotive rechargeable battery materials and components Investment in new fields with growth potential / M&As Continuous investment to maintain solid foundations for existing operations Investment Details of income and spending Investment 270 billion yen Shareholder returns 180 billion yen Expected total dividend payout: approx. 80 billion yen - Aim for an average consolidated payout ratio of 50 percent or more (FY2021–FY2025) - Set a minimum annual dividend of 46 yen per share and gradually increase the amount. (FY2021–FY2025) Total share repurchase amount: approx. 100 billion yen - Substantially increase returns to shareholders, which we have gradually enhanced. Note: The dividends for FY2026 and FY2027 are assumptions based on the planned level for FY2025, and the dividend plans for the years will be determined based on actual earnings. * See page 31 for progress. See page 37 for progress. See page 32 for progress.
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. JPY 7.3 bil. JPY 34.2 bil. JPY 50.0bil. JPY 65 bil.JPY 33.8 bil. JPY45.0 bil. (Forecast) (Target) JPY 643.0 bil. JPY 658.0 bil. JPY 600 bil. ExternalfactorsJPY 34.7 bil. JPY 630.9 bil. JPY 603.7 bil. ExternalfactorsJPY 63.3 bil. Total JPY 667.0 bil. Total JPY 665.7 bil. 2-1. Progress in achieving KPIs 26 Operating income for the first half of FY2025 increased year on year, mainly due to the implementation of price hikes. Full-year operating income is expected to be 45.0 billion yen. Equity capital declined mainly due to share repurchase worth 25.7 billion yen during the first half of FY2025 (a total of 80.0 billion yen for three years to FY2025), despite external factors (including the weaker yen and higher value of shareholdings). ROE 3.4% Major external factors ・ Valuation difference on available-for-sale securities ・ Foreign currency translation adjustment Up to 1st half FY2025 From 2nd half FY2025 onward Work on optimizing business portfolio to achieve the operating income target for FY2027. Manage capital to an appropriate level by accelerating disposal of strategic shareholdings and share repurchase. *Retrospectively adjusted 1.6% 3.5% 6.9% (Forecast) 8.0% or more (Target) 5.0% (Target) Operating income Equity capital FY2022 FY2023 FY2024 FY2025 (Forecast) FY2027 (Target)
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. Packaging 39% 40% 41% 41% 42% 607.0 600.0 38% 36% 35% 35% 35% 16% 16% 16% 16% 16% 7% 7% 7% 7% 7% 13.8 11.2 -10.7 14.4 27.0 25.5 30.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2027 Glass Paper Plastic Metal Operating income Net sales (in billions of yen) 500.3 544.4 588.3 495.1 602.4 Operating income (in billions of yen) Implement additional cost pass-through to cover increases in labor and logistics expenses. Continue with the restructuring of operations with stagnant profitability. Allocate more resources to growth areas. Reduce costs through labor saving efforts. Develop and offer environmentally friendly products. 2-2. Progress in optimizing business portfolio (1) 27 Pass on raw material and energy cost increases to customers. Restructure unprofitable operations. → Improving the earnings of unprofitable operations through reallocation of resources to growth areas and cost pass-through Develop and offer environmentally friendly products. → Launch and expand production of paper containers for pasta (Reduce plastic use and GHG emissions) → Launch of BOX-type large-capacity pouches (Reduce plastic use and GHG emissions, improve transport efficiency) < Main approaches – initially developed > - Cost pass-through (30 to 35 billion yen) - Restructuring unprofitable operations - Reducing environmental impact; reducing costs through automation and labor saving efforts Measures & facts up to 1st half FY2025 Measures from 2nd half FY2025 onward (Initial estimates)
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. Engineering / filling / logistics 55% 67% 71% 69% 49% 171.0 190.0 45% 33% 29% 31% 51%3.7 9.9 8.7 9.4 -9.6 1.5 13.0 0.0 50.0 100.0 150.0 200.0 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2027 Filling / logistics Engineering Operating income Net sales (in billions of yen) 167.1 198.3 203.6 127.8 146.4 Operating income (in billions of yen) Engineering Tap into markets that have growth potential in demand for can making machinery while adjusting the scale of operations in line with market conditions. Contract filling Expand the capacity of our filling operations, particularly in Asia. Create synergies with the acquisition of PREMIER CENTRE GROUP SDN. BHD. Further optimize operation for aerosol and general liquid filled products in Japan Engineering Slowdown in customers' capital spending due to a fall in demand after too-rapid growth for the past years Scale down of operations in a temporarily shrinking market Recognition of losses related to trade receivables (FY2024) Contract filling Acquisition of PREMIER CENTRE GROUP SDN. BHD., which became a subsidiary at the end of the first half of FY2024 Optimization of operation for aerosol and general liquid filled products in Japan 2-3. Progress in optimizing business portfolio (2) 28 Measures & facts up to 1st half FY2025 Measures from 2nd half FY2025 onward - Restructuring unprofitable operations - Improving profitability by leveraging the growing global market for can making machinery (Engineering) - Expanding production capacity in Asian markets with high growth potential (Filling) (Initial estimates) < Main approaches – initially developed >
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. Steel plate 73% 68% 57% 55% 57% 27% 32% 43% 45% 43% 91.0 -0.3 2.6 4.6 7.2 7.6 8.0 7.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2027 Battery materials Can stock / steel sheet (excl. battery materials) / construction materials Operating income Net sales (in billions of yen) Operating income (in billions of yen)75.0 86.5 87.9 110.0 54.5 89.9 Battery materials Ensure purchase order acquisition and supply capacity for automotive rechargeable battery materials, as their demand is expected to grow rapidly. Enhance the development of next-generation battery anode current collectors toward future mass production. Battery materials Expanding production capacity of automotive rechargeable battery materials → 12.5 billion yen investment: Operation started in November 2023 → 3 billion yen investment: Operation started in January 2024 While battery materials for EVs saw temporary lower demand, those for HVs have been growing steadily. 2-4. Progress in optimizing business portfolio (3) 29 Measures & facts up to 1st half FY2025 Measures from 2nd half FY2025 onward - Investing in production of materials for rapidly growing automotive rechargeable batteries (Initial estimates) < Main approaches – initially developed >
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. Functional materials 71% 72% 67% 60% 65% 57.0 60.0 29% 28% 33% 40% 35% 3.0 5.3 2.0 0.0 6.0 6.0 6.0 0.0 20.0 40.0 60.0 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2027 Pigments / glass frits Magnetic disk aluminum substrates / optical functional films Operating income Net sales (in billions of yen) 48.5 45.7 39.240.3 51.8 Operating income (in billions of yen) Magnetic disk aluminum substrates Improve productivity and product performance to meet customer demand. Optical functional films Increase competitiveness in the expanding Chinese market. Pigments, glass frits, and other materials Expand sales in overseas markets. 2-5. Progress in optimizing business portfolio (4) 30 Magnetic disk aluminum substrates and optical functional films Production adjustment for magnetic disk aluminum substrates in line with market recovery Pigments, glass frits, and other materials Sales expansion of electrostatic glazing powder (electrostatically processed glass frit in a powdered form) Measures & facts up to 1st half FY2025 Measures from 2nd half FY2025 onward - Exploring new applications of our existing technologies, including optical functional films (Initial estimates) < Main approaches – initially developed >
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 2-6. Progress in asset disposal 31 Disposal of real estate - Since FY2023, we have been examining whether to dispose of real estate assets, invest more in them for conversion of use, or maintain the status quo, taking account of rates of return and other conditions of individual assets. - We have been implementing asset restructuring based on our examination since 2024, and disposed of 2.6 billion yen worth of assets in FY2025. Asset disposal Disposal of “strategic shareholdings” (including cross-shareholdings) - We plan to sell a total of 60 billion yen worth of shares—40 billion yen worth during the period from FY2021 to FY2025 and additional 20 billion yen worth by the end of FY2027. - We sold 43.4 billion yen worth by the end of September 2025. - We will sell the remaining amount going forward, as early as possible. * All of the 16.7 billion yen was already completed during the first half of fiscal 2025. (in billions of yen) FY2021 FY2022 FY2023 FY2024 FY2025 Total Amount sold 21.3 0.5 3.5 1.4 16.7* 43.4
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 2-7. Major investments and new business projects Up to 1st half FY2025 From 2nd half FY2025 onward Packaging Development and offering of environmentally friendly products → Launch and expand production of paper containers for pasta / Launch of BOX- type large-capacity pouches Engineering / filling / logistics Acquisition of PREMIER CENTRE GROUP SDN. BHD. An additional beverage filling line in Thailand (5.5 billion-yen investment) started operation in December 2023. Promoting transport modal shift to improve efficiency and advance decarbonization in logistics Steel plate Expanding production capacity of automotive rechargeable battery materials → 12.5 billion yen investment: Operation started in November 2023 → 3 billion yen investment: Operation started in January 2024 Developing anode current collectors for next-generation batteries 32 Cross-segment growth areas Starting shipment of MiraNeo®, a functional material for electronic devices, to be used in solar panels Jointly developing a deodorizing sheet as part of the Deolica® series for medical and nursing care use Starting feasibility experiment using a CO2 capture equipment Functional materials Sales expansion of electrostatic glazing powder (electrostatically processed glass frit in a powdered form) See page 36 See page 34 See page 35 Expanding contract filling operations in growing markets, particularly in Southeast Asia Rebuilding the portfolio of packaging operations in Southeast Asia Continuous investment to further drive our growing businesses, including automotive rechargeable battery materials Capital investment and M&As in emerging growth areas Continuous investment to enhance foundations for our existing operations Expected investment amount for FY2025: 55 billion yen See page 33
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 2-8. Investment and new business (1) 33 Jointly developing a deodorizing sheet as part of the Deolica® series for medical and nursing care use —Control odors caused by ulcerating cancer wounds*1 and bedsores*2 as well as excretory odors - Co-developed with Nippon Zoki Pharmaceutical Co., Ltd. - Processed by taking advantage of the deodorizing power of Deolica®, a deodorant made of porous silica, which chemically absorbs odor molecules. - Aiming to roll out the new sheet for healthcare and nursing care facilities nationwide during FY2025. *1. A wound caused by tumor necrosis, death of tumor tissues, which break through the skin when breast cancer, head and neck cancers, etc. advanced. This may be accompanied by pain, bleeding, or foul odors. *2. Skin redness, sores, and wounds that occur from prolonged pressure on the skin, where the blood flow is blocked, resulting from retaining of the same position, such as being bedridden. Features of Deolica® Instant deodorization Quickly catch odors across the entire surface of countless microscopic pores Multi deodorization High deodorizing power against mixed odors Antiviral Inactivating various viruses Scanning electron microscope image
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 2-9. Investment and new business (2) 34 MiraNeo® Ultra Moisture Barrier Film Flexible solar panels developed by Enfoil using MiraNeo® MiraNeo®, Ultra Moisture Barrier Film for electronic devices, adopted for flexible solar panels - The Ultra Moisture Barrier Film, adopted by Belgian startup Enfoil BV*1 in its CIGS-based*2 flexible solar panels, began to be shipped in March 2025. - Promoting collaboration in the flexible solar cell market through capital participation in Enfoil ・ In April 2025, Toyo Seikan Group Holdings completed investment to become a major shareholder of Enfoil. ・ Through this investment, we will help accelerate Enfoil’s business growth and expand sales of MiraNeo® globally, thereby promoting our collaboration in the flexible solar cell market to reduce greenhouse gas (GHG) emissions. Features of MiraNeo® World’s highest-level moisture barrier performance Water vapor transmission rate: 10⁻⁶ g/m²/day High durability Demonstrated in tests simulating harsh environmental conditions Pinhole-free The film structure is resistant to pin-hole defects, preventing moisture permeation over a long period. *1. Enfoil BV is a Belgium-based solar panel manufacturer, spun off from Netherlands Organization for Applied Scientific Research (TNO), Interuniversity Microelectronics Centre (IMEC) and Hasselt University. Enfoil has advantages in mass customization, which enable the production of flexible modules tailored to customer specifications while achieving high productivity, attracting attention in Europe as a pioneer of next-generation solar cells. *2. CIGS-based solar cells are made of a compound material consisting of copper, indium, gallium and selenium, and exhibit a higher durability than perovskite solar cells, as durable as silicon solar cells.
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 35 2-10. Investment and new business (3) Challenge of recycling CO2 through a joint project of three parties —Feasibility experiment using a CO2 capture equipment begins in FY2025. 35 Roles of individual parties JCCL, Inc. (Startup from Kyushu University) Aims to improve technologies and equipment for practical application and to build a patent network. Toyo Seikan Group Implements standardizing, scaling up, and manufacturing equipment utilizing packaging manufacturing technology. Mitsui & Co. Plastics Ltd. Advances the international standardization of the CO2 separation and capture process using its global network and marketing capabilities. J C C L Toyo Seikan Group Mitsui & Co. Plastics× × - The three parties collaborate to accelerate the practical application of JCCL’s CO2 separation and capture technology.* - Since 2025, feasibility experiments using a CO2 capture equipment have been implemented at the Kudamatsu Plant of Toyo Kohan Co., Ltd. - The project plans to launch a small equipment with a CO2 capture capacity of 30 kg a day in FY2026 and a container-type equipment with a capacity of 300-500 kg a day in FY2028. - Going forward, we will aim to develop an efficient and low-cost system to capture CO2 at high purity (97-99%) from ambient air, where CO2 concentration is low. * JCCL, Inc. possesses two types of CO2 separation and capture technologies that adopt amine-containing gel, a polymer gel absorbent. These technologies can effectively utilize unused waste heat, reduce recovery costs, and avoid the risk of environmental pollution due to amine volatilization and leakage. CO2 capture equipment (VPSA1)
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 2-11. Investment and new business (4) 36 Promoting transport modal shift to improve efficiency and advance decarbonization in logistics * Comparison with GHG emissions calculated using the ton-kilometer method under Japan’s Act on Rationalization of Energy Use and Shift to Non-fossil Energy – In 2025, feasibility study for a modal combination of autonomous driving trucks and railroads started between Kanto and Kyushu areas. ・ Collaboration with Tokan Logitech Co., Ltd., Japan Freight Railway Company, Zenkoku Tsuun K.K., and T2 Inc. ・ Aim to achieve zero-carbon and alleviate driver shortage by introducing Level 4 autonomous driving trucks going forward. – Tokan Logitech Co., Ltd. introduced two privately-owned containers in 2024 to drive modal shift. ・ Plan to reduce GHG emissions by approximately 79%.*
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 2-12. Progress in increasing shareholder returns 37 Dividend Share repurchase (FY2023–FY2027) (Expected) (Amounts are in billions of yen) ■ Share repurchase ■ Dividend FY2023 – FY2027 Total share repurchase during 5 years: approx. 100 billion yen FY2021 – Total return ratio of 80% or more Payout ratio of 50% or more FY2018 – FY2020 Share repurchase worth 30 billion yen Annual dividend per share of 14 yen or more FY2013 - FY2017 Payout ratio of 20% or more Capital Efficiency Initiative 2027 Mid-Term Management Plan 20255th Mid-Term Management Plan 4th Mid-Term Management Plan 3rd Mid-Term Management Plan FY2023 FY2024 FY2025 (Expected) 90 yen 91 yen 114 yen Dividend per share FY2023 FY2024 FY2025 Total 20.0 34.2 25.7 80.0 Total purchase price
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. Reference Information 38 4.
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. 39 Net sales FY2023 FY2024 FY2025 Operating income margin Operating income Changes in Quarterly Results (in billions of yen)
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. Functional materials 7.9 9.0 10.7 11.5 12.1 12.8 13.7 13.1 13.8 13.7 ▲ 0.1 ▲ 0.4 ▲ 0.1 0.8 1.1 1.1 2.2 1.5 1.1 1.7 Packaging 151.0 148.5 149.5 139.1 153.6 153.8 150.5 144.4 156.8 155.2 4.3 2.5 6.6 0.8 9.6 4.9 7.0 5.4 10.3 9.2 １Q ２Q ３Q ４Q １Q ２Q ３Q ４Q １Q ２Q FY2023 FY2024 FY2025 Steel plate 22.2 22.7 21.4 21.5 22.4 23.2 23.6 20.5 21.9 26.5 1.3 1.5 1.7 2.6 2.8 1.6 2.6 0.5 1.5 3.1 １Q ２Q ３Q ４Q １Q ２Q ３Q ４Q １Q ２Q Engineering / filling / logistics 46.5 48.5 51.8 56.7 34.9 37.0 36.9 37.4 39.0 40.0 1.8 2.7 2.9 1.8 ▲ 0.2 ▲ 3.2 ▲ 1.2 ▲ 4.8 0.5 ▲ 0.1 Packaging 151.0 148.5 149.5 139.1 153.6 153.8 150.5 144.4 156.8 155.2 4.3 2.5 6.6 0.8 9.6 4.9 7.0 5.4 10.3 9.2 １Q ２Q ３Q ４Q １Q ２Q ３Q ４Q １Q ２Q FY2023 FY2024 FY2025 Packaging 151.0 148.5 149.5 139.1 153.6 153.8 150.5 144.4 156.8 155.2 4.3 2.5 6.6 0.8 9.6 4.9 7.0 5.4 10.3 9.2 １Q ２Q ３Q ４Q １Q ２Q ３Q ４Q １Q ２Q Net sales Operating income margin Operating income Net sales Operating income margin Operating income Changes in Quarterly Results by Segment 4040 (in billions of yen) FY2023 FY2024 FY2025 6.1% 6.6% 8.2% 12.3% 12.8% 6.9% 11.1% 2.9% 7.0% 12.0% FY2023 FY2024 FY2025
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COPYRIGHT Toyo Seikan Group Holdings, Ltd. All rights reserved. Disclaimer This document was prepared solely for information purposes and does not constitute a solicitation for investment in the Company. Although every effort is made to ensure the accuracy of the information contained herein, the Company does not guarantee the completeness of such information. The Company is not liable for any loss or damage whatsoever arising from the use of information contained herein. Future business outlook presented in this document is based on information available as of the date of release of the document and assumptions deemed reasonable. The actual performance may differ from the projection due to various factors, and the projection may be changed without notice. The information contained herein shall be used at your own discretion and responsibility. The information contained herein shall not be duplicated, copied or otherwise reproduced in whole or in part without the permission of the Company. 41