Slides
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Fiscal 2025 Half Year Results Briefing Six months ended September 30, 2025 TOPPAN Holdings Inc. November 13, 2025
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INDEX 2 1. Summary of Half Year Results 2. Full Year Results Forecast & Outline of Fiscal 2026
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© TOPPAN Holdings Inc. H1 FY24 H1 FY25 GAAP Profit margin Non- GAAP Profit margin GAAP Profit margin Non- GAAP Profit margin GAAP Non- GAAP Net sales 828.0 828.0 863.6 863.6 4.3% Info.& Communication 425.3 425.3 425.4 425.4 0.0% Living & Industry 275.7 275.7 330.5 330.5 19.9% Electronics 138.9 138.9 118.9 118.9 -14.4% Adjustment -12.0 -12.0 -11.4 -11.4 - Operating profit 28.4 3.4% 33.9 4.1% 24.7 2.9% 38.6 4.5% -12.8% 14.0% Info.& Communication 10.3 2.4% 13.6 3.2% 10.9 2.6% 14.5 3.4% 5.5% 6.5% Living & Industry 15.7 5.7% 17.4 6.3% 14.8 4.5% 24.7 7.5% -5.4% 41.5% Electronics 25.2 18.2% 25.4 18.3% 20.4 17.2% 20.6 17.3% -18.8% -19.0% Adjustment -22.8 - -22.7 - -21.5 - -21.3 - - - Ordinary profit 32.5 3.9% - 26.1 3.0% - -19.7% 32.9 4.0% 17.3 2.1% 29.8 3.5% 24.5 2.8% -9.2% 41.5% 為替レートExchange rate : JPN / USD JPY JPY : JPN / EUR JPY JPY Share buybucks 52.16 (end of Sep./2024) 17.15 (end of Sep./2025) *Units are \BN unless otherwise indicated. ** A new foreign exchange processing method applies from the fiscal year under review onwards. Results for the previous fiscal year are modified retrospectively. Profit attributable to owners of parent Variance Key points 152 165 146 168 3 Overall • Overall net sales increased due to new entities such as the Sonoco TFP business joining the scope of consolidation. • Operating profit decreased due to one-time costs associated with new entities joining the scope of consolidation (Q2) and the downturn in FC-BGA earnings (Q1). • Double-digit increase achieved for non-GAAP operating profit net of one-time costs. Information & Communication • Sales growth was flat. Operating profit increased. Living & Industry • Sales revenue increased significantly due to the TFP business and other new entities joining the scope of consolidation, but profit decreased due to the commencement of goodwill amortization and other one- time costs associated with acquisitions. Non-GAAP operating profit increased. Electronics • Although profit decreased in H1 due to being unable to completely cover the decrease in Q1, FC-BGA product mix improved in Q2 and profit grew compared with Q1. Summary of Fiscal 2025 Half Year Results (Six months ended September 2025) - Achieved double-digit increase in non-GAAP operating profit. Electronics shifted to profit growth against Q1.
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© TOPPAN Holdings Inc. 4 Fiscal 2024 Half Year Non-GAAP Operating Profit Fiscal 2025 Half Year Non-GAAP Operating Profit Fiscal 2025 Half Year: Changes in Non-GAAP Operating Profit Versus Prior Year - Profit increased due to the Sonoco TFP business and other acquired entities joining the scope of consolidation. *Due to the change in accounting policy from fiscal 2025, fiscal 2024 results presented here have been retrospectively adjust ed. Foreign exchange impact Infrastructure development costs Erhoeht-X Japan SX / Overseas Living Semiconductors Cyclical businesses Existing businesses, others (Unit: ¥BN)
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© TOPPAN Holdings Inc. 5 Information & Communication: Fiscal 2025 Half Year Results - Digital Business will make meaningful profit contribution in H2. Profits of existing businesses increased due to the effects of structural reform, but markets continue to contract. Category Sales Composition CommentOperating Profit Margin (YoY change) GAAP Non-GAAP Digital Business Approx. 21% (+14.4 billion yen) ✓ Sales increased due to growth for marketing DX as well as the contribution of the HID and dzcard businesses joining the scope of consolidation and growth in government ID business in the overseas security business. ✓ Profit decreased due to some results of large-scale projects in the overseas security business being deferred until H2. Profit increased on a non-GAAP basis. Approx. 2% (-0.4 billion yen) Approx. 4% (+0.1 billion yen) BPO Approx. 12% (-6.0 billion yen) ✓ Sales to the financial sector grew. Overall sales decreased due to the residual impact in H1 of large-scale public- and private-sector projects handled in the previous year. ✓ Profit decreased due to a decline in sales following large- scale projects handled in the previous year. Approx. 8% (-1.2 billion yen) Approx. 8% (-1.2 billion yen) Secure Media Approx. 23% （-1.2 billion yen) ✓ Smart cards performed well, but overall sales decreased due to a decline in the financial printing business following US election solution projects in the previous year. ✓ Profit increased due to an increase in smart card sales and improvement of DPS profitability. Approx. 9% (+2.1 billion yen) Approx. 10% (+1.9 billion yen) Communication Media Approx. 44% (-7.1 billion yen) ✓ Sales decreased due to the continued contraction of the publication and commercial printing markets and the impact of the cyclical nature of the textbook business. ✓ Similar profit level to the previous year maintained as the effects of structural reform offset the impact of lower sales. Approx. -1% (+0.1 billion yen) Approx. -1% (+0.1 billion yen)
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© TOPPAN Holdings Inc. 6 - Overall sales and profit increased in H1. Sales and profit are also expected to increase over the full year due to the progress of scaling in H2. (Reference) Information & Communication: Erhoeht-X Fiscal 2025 Half Year Results and Full Year Forecast Fiscal 2024 Half Year Results Fiscal 2025 Half Year Results YoY Change Details of H1 Fiscal 2024 Full Year Results Fiscal 2025 Full Year Forecast YoY Change Erhoeht-X Total Sales 136.0 bn yen 143.0 bn yen +7.0 bn yen ✓ Sales increased steadily due to growth in marketing DX and security business. ✓ Slight increase in profit. Profit margin growth was flat due to decline following large-scale projects in the previous year and the impact of some results being deferred to H2. 295.0 bn yen 338.0 bn yen +43.0 bn yen OP% Approx. 6% Approx. 6% Increase Approx. 6% Approx. 7% Increase Marketing DX Sales 19.0 26.0 +7.0 ✓ Sales and profit increased due to an increase in new projects resulting from digital marketing and customer experience (CX) solution proposals. 49.0 59.0 +10.0 OP% Approx. 6% Approx. 8% Increase Approx. 5% Approx. 9% Increase Security Business Sales 38.0 49.0 +11.0 ✓ Sales increased overseas due to the HID and dzcard businesses joining the scope of consolidation and growth in the government ID business. Profit decreased due to the deferral of results in the government ID business and a decline in Japan following large- scale projects in the previous year. 79.0 110.0 +32.0 OP% Approx. 1% 0% Decrease Approx. 2% Approx. 2% Increase Hybrid BPO Sales 53.0 43.0 -10.0 ✓ Although sales to the financial sector increased, sales and profit decreased due to the significant impact of a decline in public- sector auxiliary operation projects and large-scale private-sector projects compared with the previous year. If the impact from the previous year’s large-scale projects is excluded, sales and profit increased. 113.0 109.0 -4.0 OP% Approx. 10% Approx. 12% Decrease Approx. 10% Approx. 11% Decrease Digital Content Sales 20.0 19.0 -1.0 ✓ Despite decreased sales due to a slowdown in digital book and metaverse growth, profit increased due to cost reduction efforts. 41.0 44.0 +3.0 OP% Approx. 4% Approx. 5% Increase Approx. 6% Approx. 8% Increase Manufacturing & Distribution DX Sales 6.0 6.0 Flat ✓ Sales growth was flat but profit increased due to strong orders for manufacturing DX. 13.0 15.0 +2.0 OP% Approx. 1% Approx. 6% Increase Approx. 3% Approx. 6% Increase
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© TOPPAN Holdings Inc. 7 - Non-GAAP operating profit increased significantly. The Sonoco TFP business faced headwinds due to a decline in demand in the US and an increase in one-time startup costs. Living & Industry: Fiscal 2025 Half Year Results Category Sales Composition CommentOperating Profit Margin (YoY change) GAAP Non-GAAP Packaging Sales composition by geography Approx. 79% (+55.3 billion yen) ✓ Overseas: Sales increased significantly due to robust performance of barrier films in Europe and the Sonoco TFP business and Irplast joining the scope of consolidation in Q2. Although profit is largely on a growth trajectory in Europe and Asia, profit declined due to factors such as one-time M&A costs and decreased demand in the US food market. ✓ Japan: Sales increased on the back of strong SX packaging growth. Profit increased due to higher profit margins driven by an increase in the proportion of SX packaging. ✓ Packaging overall: Profit increased significantly on a non-GAAP basis. Approx. 4% (-2.8 billion yen) Approx. 8% (+5.8 billion yen) Décor Materials Sales composition by geography Approx. 21% (-0.5 billion yen) ✓ Overseas: While the market recovery is still ongoing, sales decreased only slightly due to strong performance for decorative sheets, particularly in Europe and South America. Profit increased due to cost reductions and the effects of structural reforms. ✓ Japan: Sales declined slightly while profit increased due to an increase in market share for decorative sheets and growth of the spatial design business, amid a continued decline in housing starts. Approx. 7% (+2.0 billion yen) Approx. 7% (+1.4 billion yen)
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© TOPPAN Holdings Inc. 8 Living & Industry: Fiscal 2025 Impact of Packaging Business M&A / Sales by Region Non-recurring factors associated with M&A (Sonoco TFP business and Irplast) - This year’s (1) M&A-related costs and (2) one-time startup costs will lead to increased profit next year. *Fiscal 2025 consolidated results will include 9 months’ results for the Sonoco TFP business and 8 months’ results for Irplast. *Figures for amortization of goodwill, etc. are estimates as they are yet to be finalized. * Sonoco TFP business SX packaging sales are excluded as they are under review. Period Main Items and Amounts for M&A-Related Impacts Fiscal 2025 Half year results (amounts recorded in Q2) • Sales • Operating profit (Excl. (1)-(3) below) (1) M&A-related costs (2) One-time startup costs (3) Amortization of goodwill/ intangible assets Approx. +55.0 bn yen Approx. +5.8 bn yen Approx. -4.5 bn yen Approx. -1.7 bn yen Approx. -3.9 bn yen Fiscal 2025 Full year forecast • Sales • Operating profit (Excl. (1)-(3) below) (1) M&A-related costs (2) One-time startup costs (3) Amortization of goodwill/ intangible assets Approx. +160.0 bn yen Approx. +16.0bn yen Approx. -4.5bn yen Approx. -5.5 bn yen Approx. -12.0 bn yen Impact on fiscal 2026 (annual) • Sales / Operating profit … Increase to 12 months’ results New consolidated entities YoY in Q1 • M&A-related costs … Will decrease to zero • One-time startup costs … Approx -2.0 bn yen in Q1 To zero from Q2 onwards • Amortization of goodwill/ … Approx. -16.0 bn yen/year intangible assets H1 FY2025 Packaging - Sales by Region - 0.0 50.0 100.0 150.0 Domestic Overseas Americas Europe Asia + Others Packaging -Sales by Region- H1 FY24 H1 FY25 (Billion yen) 0.0 10.0 20.0 30.0 40.0 50.0 Domestic Overseas Americas Europe Asia + Others SX Packaging -Sales by Region- H1 FY24 H1 FY25 (Billion yen)
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© TOPPAN Holdings Inc. 9 更新中 - Results exceeded plan overall. FC-BGAs recovered in Q2 and further recovery in H2 is anticipated. Electronics: Fiscal 2025 Half Year Results Category Sales Composition CommentOperating Profit Margin (YoY change) GAAP Non-GAAP Semiconductors Approx. 81% (±0) ✓ FC-BGAs: Sales and profit decreased in H1 but have been on a recovery trajectory since Q2. In Q1, although there was an impact due to the inventory adjustments of some customers in network switches, we catered to demand from the rapidly recovering consumer market. In Q2, profit margin improved on the back of an increase in the proportion of products with high unit prices for applications such as server CPUs. ✓ Photomasks: Performance was strong globally, driven by demand for cutting-edge products in Asia, Europe, and North America. Approx. 21% (-4.6 billion yen) Approx. 21% (-4.6 billion yen) Displays Approx. 19% (-20.0 billion yen) ✓ Anti-reflective films: Sales and profit decreased due to the impact of inventory adjustments. Recovery trend from Q1 to Q2. ✓ Color filters: Sales growth was flat. Profit margin was also stable. ✓ Display solutions: Profit increased due to the effects of structural reforms. Approx. 0% (-0.1 billion yen) Approx. 0% (-0.2 billion yen) Special factors ー ✓ Foreign exchange impact: Decrease in profit of approximately 1.5 billion yen.
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© TOPPAN Holdings Inc. FY2024 FY25 H1 H1 Net sales 828.0 863.6 Variance vs. prior year (%) - 4.3 Gross profit 191.2 203.1 Gross margin (%) 23.1 23.5 SG&A 162.7 178.3 SG&A to sales (%) 19.7 20.7 Operating profit 28.4 24.7 Margin (%) 3.4 2.9 Variance vs. prior year (%) - -12.8 Non-GAAP Operating profit 33.9 38.6 Margin (%) 4.1 4.5 Variance vs. prior year (%) - 14.0 Ordinary profit 32.5 26.1 Extraordinary income 32.9 25.3 Extraordinary losses 4.1 3.1 Profit before taxes 61.3 48.3 Profit (attributable to owners of parent) 32.9 29.8 Margin (%) 4.0 3.5 Variance vs. prior year (%) - -9.2 Exchange rate ( JPY/USD ) 152 146 ( JPY/EUR ) 165 168 Unit : Billion yen ** *Due to the change in accounting policy from fiscal 2025, fiscal 2024 results presented here have been retrospectively adjusted. Key points of H1 FY2025 (6 months) results (Ended September 30, 2025) 10 ○ Gross profit margin: 0.4% point improvement. The improvement was due to reduction of fixed costs resulting from structural reforms in the previous year and increase in the proportion of high-value-added products, such as sustainable packaging. ○ SG&A expenses: The ratio of SG&A expenses increased 1.0% point to 20.7%. The actual amount increased by 15.6 billion yen. The main contributing factor was the impact of new entities joining the scope of consolidation. ○ Non-GAAP operating profit: Profit increased by 4.7 billion yen. Foreign exchange impact was -1.6 billion yen (real profit growth rate at constant currency was approximately 18%) ○ Non-operating income/expenses Non-operating income/expenses decreased to a positive 1.3 billion yen (from positive 4.1 billion yen in the same period in the previous year), due to an increase in interest paid on higher borrowings and a decrease in dividends received due to divestment of securities, etc. ○ Gain on sale of investment securities: Decreased by 6.7 billion yen. Strategic-shareholdings were reduced as planned. (From 174 stocks at end of Q4 of fiscal 2024 to 167 stocks at end of Q2 of fiscal 2025) Fiscal 2025 Half Year: Consolidated Statements of Income ーFactors Affecting Main Itemsー
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© TOPPAN Holdings Inc. 11 ◯Cash & deposits Decreased mainly due to payment for acquisition of Sonoco TFP business. ◯Inventories Increased mainly due to acquisition of Sonoco TFP business. ◯Intangible assets Sonoco TFP business goodwill, etc. ◯Treasury shares Decreased due to cancellation. ◯Long-term borrowings The change is due to converting short-term financing borrowed in association with acquisitions into long-term financing. (Reference) Consolidated Balance Sheet ーMain Itemsー ✓ Investment securities Number of stocks held End of March 2025: 174 stocks End of September 2025: 167 stocks (Following the sale of some or all of shareholdings of 17 stocks) → Half year results (six months) Extraordinary income: 24.6 billion yen Extraordinary losses: 0.3 billion yen Ratio to net assets (including deemed-owned shares): 14.8% (Unit: \BN) End of Mar. 2024 End of Mar. 2025 End of Sep. 2026 Main factors for change End of Mar. 2024 End of Mar. 2025 End of Sep. 2026 Main factors for change Current assets 1,196.6 1,406.9 1,066.6 Liabilities 865.4 1,096.4 1,046.8 Cash & deposits 489.9 768.9 368.5 Current liabilities 544.2 822.8 631.4 Notes & accounts receivable 441.8 439.7 445.8 Notes & accounts payable 205.7 178.6 170.9 Securities 68.0 9.6 6.2 Short-term borrowings 19.0 312.7 206.4 Inventories 148.3 141.0 184.1 Current portion of long-term borrowings 36.4 27.1 18.7 Non-current assets 1,235.8 1,108.1 1,388.6 Non-current liabilities 321.2 273.5 415.3 Property, plant & equipment 623.1 620.9 687.5 Bonds/convertible bonds 50.0 50.0 50.0 Intangible assets 91.0 87.2 282.6 Long-term borrowings 102.9 77.6 192.6 Goodwill 23.9 22.3 199.3 Net assets 1,567.0 1,418.6 1,408.4 Investments & other assets 521.6 399.9 418.5 Shareholders' equity 1,184.7 1,157.6 1,156.3 Investment securities 450.5 310.6 307.1 Treasury shares -46.2 -114.3 -32.7 Total assets 2,432.5 2,515.0 2,455.3 231.7 135.9 120.5 Valuation difference on available-for-sale securities 170.8 73.1 72.5 Foreign currency translation adjustment 55.7 59.4 41.7 Share acquisition rights 0.0 0.0 0.0 Non-controlling interests 150.5 125.0 131.6 Total liabilities & net assets 2,432.5 2,515.0 2,455.3 自己資本Equity 1,416.5 1,293.5 1,276.8 Valuation/translation difference, etc. / Comprehensive income
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© TOPPAN Holdings Inc. 12 ■Changes in strategic shareholdings Reduction of Strategic Shareholdings - Current medium-term plan (MTP) target has been achieved, with the ratio to consolidated net assets at 14.8% as of the end of September 2025 (including deemed-owned shares). 12 Status of progress ✓ Value of divestments since April 2018: ✓ More than 710 billion yen *Includes partial divestments ✓ Reduced by 154 stocks by end of September 2024 (-48% compared with end of March 2018) We will continue reductions to: ・ Achieve a ratio to consolidated net assets of less than 15% during the current MTP period ・ Target a ratio of less than 10% in the next MTP End of March 2018 End of March 2025 321 stocks End of September 2025 174 stocks -147 stocks -7 stocks * Strategic shareholdings of TOPPAN Holdings Inc., TOPPAN Inc., and TOPPAN Digital Inc. as of the end of September 2025. Shareholdings divested in fiscal 2025 (including partial divestments) 17 stocks 167 stocks
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INDEX 13 1. Summary of Half Year Results 2. Full Year Results Forecast & Outline of Fiscal 2026
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© TOPPAN Holdings Inc. 14 Summary of Revised Fiscal 2025 Plan (Year ending March 2026) - Full year results forecast revised in light of H1 results and the operating environment in H2. Actual OP margin Non-GAAP OP margin J-GAAP OP margin Non-GAAP OP margin J-GAAP OP margin Non-GAAP OP margin Amount % Amount % Net sales 1,719.5 1,719.5 1,880.0 1,880.0 1,790.0 1,790.0 70.4 4.1% Information & Communication 925.5 925.5 907.0 907.0 902.0 902.0 -23.5 -2.5% Living & Industry 550.1 550.1 739.0 739.0 723.0 723.0 172.8 31.4% Electronics 283.3 283.3 259.0 259.0 190.0 190.0 -93.3 -32.9% Elimination -39.4 -39.4 -25.0 -25.0 -25.0 -25.0 14.4 - 0.0 0.0 0 0 Operating profit 85.0 4.9% 97.6 5.7% 92.0 4.9% 114.9 6.1% 70.0 3.9% 97.2 5.4% -15.0 -17.7% -0.4 -0.4% Information & Communication 45.5 4.9% 51.7 5.6% 46.5 5.1% 50.9 5.6% 42.5 4.7% 49.7 5.5% -3.0 -6.6% -2.0 -4.0% Living & Industry 33.4 6.1% 38.9 7.1% 42.0 6.8% 59.7 8.1% 37.5 5.2% 56.7 7.8% 4.0 12.2% 17.7 45.7% Electronics 53.0 18.7% 53.4 18.9% 50.0 19.3% 50.3 19.4% 35.5 18.7% 35.8 18.8% -17.5 -33.1% -17.6 -33.1% Elimination -46.9 - -46.5 - -46.5 - -46.0 - -45.5 - -45.1 - 1.4 - 1.4 - 0.0 0.0 0 0 0 Profit (attributable to owners of parent) 90.1 5.2% 67.2 3.9% 65.0 3.5% 83.5 4.4% 70.0 3.9% 82.5 4.6% -20.1 -22.3% 15.2 22.6% 0 0 0ROE EBITDA Earinings per share 295.98 JPY 232.59 JPY 230.40 JPY 295.97 JPY 245.49 JPY 289.12 JPY Bookvalue per share JPY JPY JPY Dividend per share JPY 56.0 JPY 56.0 JPY 0 0 0 0 0 0 0 0 Exchange rate JPY / USD JPY 140 JPY 145 JPY JPY / EUR JPY 154 JPY 169 JPY Share buybacks *Units are \BN unless otherwise indicated. ** The period of acquisition of treasury shares is from May 15, 2025 to May 14, 2026, which is not consistent with the fiscal year. Variance Variance (Based Non-GAAP) 6.7% 164 99.9 FY2024 4.8% 5.0% 30.0 （Upper limit、Disclosed on May 13th）** 30.0 （Upper limit、Disclosed on May 13th）** FY2025 5,125.90 4,826.04 RevisedOriginal 200.0 5.4% 6.4% 161.0 6.4% 165.6 4,471.44 56.0 153
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© TOPPAN Holdings Inc. 15 （単位：億円） Details of Fiscal 2025 Results Forecast Revision - Anticipated negative factors have been reflected in the revision. Segment Fiscal 2024 Results Fiscal 2025 Plan Initial plan Tekscend impact October 16 revision Change under latest revision November 13 revision Main reasons for revision from initial plan Information & Communication Sales 925.5 907.0 - 907.0 -5.0 902.0 ✓ Impact of contraction of the communication media market ✓ Revision based on H1 performance of Erhoeht-X ✓ Increase for overseas security due to contribution of large-scale projects Operating profit 45.5 46.5 - 46.5 -4.0 42.5 Living & Industry Sales 550.1 739.0 - 739.0 -16.0 723.0 ✓ Increase in one-time startup costs ✓ Continued decrease in demand in the US food market ✓ Deferral of full-scale SX packaging adoption by European customers Operating profit 33.4 42.0 - 42.0 -4.5 37.5 Electronics Sales 283.3 259.0 -63.0 196.0 -6.0 190.0 ✓ Transition of Tekscend Photomask to equity method ✓ Deferral of ToF sensor business sales expansionOperating profit 53.0 50.0 -13.0 37.0 -1.5 35.5 Adjustments Sales -39.4 -25.0 - -25.0 - -25.0 ✓ Reflecting H1 results Operating profit -46.9 -46.5 - -46.5 +1.0 -45.5 Consolidated Total Sales 1,717.9 1,880.0 -63.0 1,817.0 -27.0 1,790.0 ✓ Ordinary profit revised in line with revision of operating profit ✓ Net profit revised upward based on comprehensive consideration of expected gain on sale of investment securities and projected structural reform costs, etc. Operating profit 85.0 92.0 -13.0 79.0 -9.0 70.0 Ordinary profit 89.5 97.0 -7.0 90.0 -9.0 81.0 Net profit 90.1 65.0 0 65.0 +5.0 70.0 (Unit: billion yen)
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© TOPPAN Holdings Inc. 16 Fiscal 2024 Non-GAAP Operating Profit Foreign exchange impact Infrastructure development costs Erhoeht-X Japan SX / Overseas Living Semiconductors Cyclical businesses Existing businesses, others Fiscal 2025 Revised Guidance Non-GAAP Operating Profit Impact of bonus provision period change Tekscend Photomask transition to equity method Comparable Fiscal 2024 Non-GAAP Operating Profit - Profit is forecast to increase when excluding the impact of the transition of Tekscend Photomask to the equity method. Fiscal 2025 Revised Plan: Changes in Operating Profit Versus Prior Year *Due to the change in accounting policy from fiscal 2025, fiscal 2024 results presented here have been retrospectively adjust ed. (Unit: ¥BN)
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© TOPPAN Holdings Inc. Category Full Year Sales Composition H2 ForecastFull Year Operating Profit Margin (YoY change) GAAP Non-GAAP Digital Business Approx. 23% (+44.3 billion yen) ✓ Sales are expected to increase due to further expansion of marketing DX as well as the contribution of the HID and dzcard businesses joining the scope of consolidation and growth in the government ID business in the overseas security business. ✓ Profit is expected to increase in tandem with sales due to factors such as the results for large-scale projects in the overseas security business being deferred to H2. Approx. 4% (+4.6 billion yen) Approx. 7% (+5.4 billion yen) BPO Approx 12% (-6.0 billion yen) ✓ Orders are expected to increase in the focus areas of the financial, public, and private sectors. ✓ Flat growth is expected for sales and profit, with impact related to large-scale orders in the previous year becoming minimal. Approx. 10% (-1.2 billion yen) Approx. 10% (-1.2 billion yen) Secure Media Approx. 21% (-13.3 billion yen) ✓ A decrease is expected for smart cards. Sales are expected to decrease overall due to the decline following US election solution projects in financial printing last year. ✓ Profit is expected to decrease due to lower sales.Approx. 7% (-0.7 billion yen) Approx. 8% (-0.6 billion yen) Communication Media Approx. 44% (-48.5 billion yen) ✓ Sales are expected to decrease due to a decline for publication/commercial printing and business forms as well as the impact of the cyclical nature of the textbook business. ✓ Although the effects of structural reform are expected to contribute, profit is expected to decrease as it will not be possible to offset the impact of decreased sales. Approx. 3% (-3.3 billion yen) Approx. 3% (-3.3 billion yen) Special factors ー ✓ Impact of bonus provision period standardization (-2.4 billion yen) 17 Information & Communication: Fiscal 2025 Full Year Forecast - Despite decreased sales and profit in existing businesses, the growth business of digital business is expected to make a meaningful profit contribution due to progress in scaling.
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© TOPPAN Holdings Inc. Category Full Year Sales Composition H2 ForecastFull Year Operating Profit Margin (YoY change) GAAP Non-GAAP Packaging Sales composition by geography Approx. 80% (+167.6 billion yen) ✓ Overseas: While the Sonoco TFP business and Irplast have joined the scope of consolidation, the impacts of an increase in one-time startup costs and a decrease in demand in the US food market will persist. Although demand for barrier film has weakened in Europe, demand in Asia remains firm, and sales and profit are expected to increase overall. ✓ Japan: Sales and profit are expected to increase due to continued robust expansion for SX packaging. ✓ Packaging overall: A significant increase in profit is expected on a non-GAAP basis. Approx. 5% (+0.7 billion yen) Approx. 8% (+15.5 billion yen) Décor Materials Sales composition by geography Approx. 20% (+5.3 billion yen) ✓ Overseas: With the market recovery still ongoing, sales and profit are expected to increase due to expansion of decorative sheet sales, reduction of costs, and the effects of structural reforms. ✓ Japan: Sales and profit are expected to increase due to growth of the spatial design business.Approx. 7% (+4.8 billion yen) Approx. 8% (+3.7 billion yen) Special factors － ✓ Impact of bonus provision period standardization (-1.4 billion yen) 18 Living & Industry: Fiscal 2025 Full Year Forecast - Non-GAAP operating profit is expected to increase significantly. The Sonoco TFP business will contribute to profits from the next fiscal year due to a decrease in one-time costs. Japan Overseas Japan Overseas
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© TOPPAN Holdings Inc. Category Full Year Sales Composition H2 ForecastFull Year Operating Profit Margin (YoY change) GAAP Non-GAAP Semiconductors Approx. 77% (-48.9 billion yen) ✓ Photomasks: No sales or operating profit will be posted following the transition of Tekscend Photomask to the equity method. ✓ Continuing the trend for Q2, the proportion of FC-BGAs for server CPUs and network switches is expected to increase. We expect profit levels to rise significantly in Q4 due to tapping into strong demand with the full- scale operation of the new line. Qualifications for high- end AI server switches and AI ASIC are progressing in line with expectations in preparation for mass production in the next fiscal year. Approx. 24% (-16.8 billion yen) Approx. 24% (-16.8 billion yen) Displays Approx. 23% (-44.4 billion yen) ✓ Anti-reflective films: H2 is expected to see a recovery trend due to taking in demand for high-value-added products. ✓ Display solutions: Profit is expected to increase due to the effects of structural reforms. Approx. -3% (-0.2 billion yen) Approx. 3% (-0.3 billion yen) Special factors ー ✓ Foreign exchange: Profit decrease of approx. 2.1 billion yen over the full year ✓ Impact of bonus provision period standardization (-0.6 billion yen) 19 - FC-BGAs are expected to further recover in H2 due to an increase in the proportion of products for AI and the contribution of the new line at the Niigata Plant. Electronics: Fiscal 2025 Full Year Forecast
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© TOPPAN Holdings Inc. 20 Fiscal 2025 Full Year Forecast for Capital Investment, Depreciation, and R&D Expenditure - Reflecting the impact of the transition of Tekscend Photomask to the equity method. Note: From the fiscal year ended March 31, 2025, the Company has changed its accounting policy for reduction entry of non -current assets from the reserve method to the direct write-down method. Figures presented here for total assets and net assets for the fiscal year ended March 31, 2024, have therefore been retrospectively adjusted to reflect the change. Unit：\BN FY2022 FY2023 FY2024 Original Revised Information & Communication 26.3 35.4 31.9 36.5 36.5 Living & Industry 28.2 33.1 65.0 43.0 43.0 Electronics 26.5 33.8 58.5 61.5 47.0 Corporate 10.9 11.0 12.3 14.0 14.0 Capital expenditure 92.1 113.4 167.9 155.0 140.5 Information & Communication 28.3 29.7 29.2 33.0 33.0 Living & Industry 25.0 25.2 22.2 30.0 30.0 Electronics 13.3 22.0 19.7 22.5 14.0 Corporate 4.0 5.9 6.5 7.0 7.0 Depreciation 70.8 83.0 77.8 92.5 84.0 Research & Development 26.5 27.8 26.9 30.0 29.5 ＜Refference＞ Total assets 2,238.8 2,432.5 2,515.0 2,480.0 2,310.0 Net assets 1,452.1 1,567.0 1,418.6 1,440.0 1,350.0 Liquidity on hand 504.9 558.0 778.5 330.0 270.0 Debt with interest 239.0 222.9 487.8 470.0 450.0 FY2025
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© TOPPAN Holdings Inc. 21 Segment Subsegment Projected Performance Trend in Fiscal 2026 Information & Communication Digital Business ◼ Further scaling centered on overseas security and marketing DX BPO ◼ Stabilization of earnings due to increase in proportion of continuous projects Secure Media ◼ Contribution of cyclical projects (US-election-related) in financial printing Communication Media ◼ Profitability maintained in existing printing businesses due to cost reduction efforts addressing market contraction Living & Industry Packaging ◼ Sonoco TFP business will start to make full-scale contribution to profits －Synergies generated by vertical integration strategy from film to packaging －Decreases in M&A-related costs (+4.5 billion yen) and startup costs (+3.5 billion yen) Décor Materials ◼ Overseas business on a recovery trajectory Electronics Displays ◼ Earnings to stabilize due to progress of structural reforms of business Semiconductors ◼ The proportion of high-end FC-BGA products will increase further due to the contribution of the Niigata Plant’s new line over the full year ◼ Bolstering development investment to establish next-generation packaging substrate technologies Companywide ー ◼ Decrease in impact of bonus provision period standardization (+5.0 billion yen) Risk factors ◼ Weaker consumer sentiment due to slowdown in global economic growth(mainly Living & Industry) ◼ Foreign exchange impact Outline of Fiscal 2026 ー Profit is expected to increase significantly next year due to growth in focus areas and a decrease in one-time costs incurred this year.
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© TOPPAN Holdings Inc. - APPENDIX -
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© TOPPAN Holdings Inc. 23 (Reference) Quarterly Sales and Operating Profit by Segment FY2023 FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY23 FY24 Original 14 May, 2025 Revised 13 Nov., 2025 Information & Communication Net sales 199.5 214.4 228.0 257.8 205.6 219.7 225.6 274.4 210.2 215.2 900.0 925.5 907.0 902.0 Variance vs. prior year (%) -5.3 0.5 1.0 8.6 - - - - 2.3 -2.1 1.4 2.8 -1.9 -2.5 Operating profit 3.4 7.5 8.5 26.1 2.9 7.4 10.2 24.9 5.0 5.8 45.6 45.5 46.5 42.5 Operating margin (%) 1.7 3.5 3.7 10.1 1.4 3.4 4.5 9.1 2.4 2.7 5.0 4.9 5.1 4.7 Variance vs. prior year (%) -26.8 4.4 -30.1 39.6 - - - - 73.1 -20.9 6.5 - 2.1 -6.5 Living & Industry Net sales 130.1 133.4 130.9 142.8 135.4 140.3 137.6 136.6 136.2 194.3 537.4 550.1 739.0 723.0 Variance vs. prior year (%) 2.3 -1.3 1.3 10.6 - - - - 0.5 38.4 3.2 2.3 34.3 31.4 Operating profit 6.1 6.8 6.5 7.7 6.9 8.7 9.4 8.2 9.3 5.5 27.4 33.4 42.0 37.5 Operating margin (%) 4.7 5.1 5.0 5.4 5.1 6.2 6.8 6.0 6.8 2.8 5.1 6.0 5.6 5.1 Variance vs. prior year (%) -21.0 32.4 20.5 54.9 - - - - 33.7 -36.5 16.6 - 25.7 12.2 Electronics Net sales 63.5 70.3 62.9 69.7 69.1 69.7 72.4 71.9 56.6 62.3 266.5 283.3 259.0 190.0 Variance vs. prior year (%) 4.7 3.4 2.7 6.4 - - - - -18.1 -10.7 4.3 6.3 -8.5 -32.9 Operating profit 11.5 12.8 11.5 13.6 12.4 12.8 16.5 11.2 9.0 11.4 49.6 53.0 50.0 35.5 Operating margin (%) 18.1 18.2 18.3 19.5 17.9 18.3 22.8 15.6 15.9 18.3 18.6 18.7 19.3 18.6 Variance vs. prior year (%) 15.3 1.0 -8.2 6.2 - - - - -27.2 -10.8 2.8 - -5.6 -33.0 Adjustments (Net sales) 5.6 5.6 6.3 8.0 7.3 4.7 5.8 21.5 5.5 5.8 25.7 39.4 25.0 25.0 Adjustments (Operating profit) 11.2 11.9 12.3 12.9 11.0 11.8 11.8 12.1 9.8 11.6 48.4 46.9 46.5 45.5 Consolidated net sales 387.7 412.5 415.5 462.4 402.8 425.1 429.9 461.5 397.5 466.0 1,678.2 1,719.5 1,880.0 1,790.0 Consolidated operating profit 9.9 15.3 14.3 34.6 11.2 17.1 24.3 32.2 13.5 11.2 74.3 85.0 92.0 70.0 *Units are \BN unless otherwise indicated. **Due to the change in accounting policy from fiscal 2025, fiscal 2024 results presented here have been retrospectively adjusted. Quarterly FY25 E Full year
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© TOPPAN Holdings Inc. 24 (Reference) Quarterly Sales and Operating Profit by Segment Information & Communication Q2 (3 months, YoY comparison) Living & Industry Q2 (3 months, YoY comparison) Electronics Q2 (3 months, YoY comparison) * Due to the change in accounting policy from fiscal 2025, fiscal 2024 results presented here have been retrospectively adjusted. 0 5 10 15 20 25 30 0 50 100 150 200 250 300 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2022 FY2023 FY2024 FY2025 Comm. Media Secure Media BPO Digital Business Operating Profit (RHS) (¥bn) (¥bn) 0 2 4 6 8 10 0 50 100 150 200 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2022 FY2023 FY2024 FY2025 Décor Materials Packaging Operating Profit (RHS) (¥bn) (¥bn) 0 5 10 15 20 0 20 40 60 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2022 FY2023 FY2024 FY2025 Semiconductors Displays Operating Profit (RHS) (¥bn) (¥bn) 0.0 2.0 4.0 6.0 8.0 10.0 0 50 100 150 200 250 FY23 Q2 FY24 Q2 FY25 Q2 (¥bn) (¥bn) 0.0 2.5 5.0 7.5 10.0 0 50 100 150 200 FY23 Q2 FY24 Q2 FY25 Q2 (¥bn) (¥bn) 0.0 5.0 10.0 15.0 0 25 50 75 FY23 Q2 FY24 Q2 FY25 Q2 (¥bn) (¥bn)
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© TOPPAN Holdings Inc. 25 (Reference) Consolidated Statements of Income - Main Items by Quarter - FY2023 FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY23 FY24 Original 14 May, 2025 Revised 13 Nov., 2025 Net sales 387.7 412.5 415.5 462.4 402.8 425.1 429.9 461.5 397.5 466.0 1,678.2 1,719.5 1,880.0 1,790.0 Variance vs. prior year (%) -0.8 0.3 1.0 8.7 - - - - -1.3 9.6 - - 9.4 4.1 Gross profit 83.6 92.4 95.8 115.4 92.4 98.7 105.4 116.6 95.3 107.8 387.4 413.3 Gross margin (%) 21.5 22.4 23.0 24.9 22.9 23.2 24.5 25.2 24.0 23.1 23.1 24.0 SG&A 73.6 77.1 81.4 80.8 81.1 81.6 80.5 84.8 81.7 96.6 313.0 328.2 SG&A to sales (%) 19.0 18.6 19.6 17.4 20.1 19.1 18.7 18.3 20.6 20.7 18.7 19.0 Operating profit 9.9 15.3 14.3 34.6 11.2 17.1 24.3 32.2 13.5 11.2 74.3 85.0 92.0 70.0 Margin (%) 2.5 3.7 3.4 7.4 2.8 4.0 5.6 6.9 3.4 2.4 4.4 4.9 4.9 3.9 Variance vs. prior year (%) -27.7 3.8 -32.1 28.9 - - - - 20.1 -34.4 - - 9.4 -17.7 Ordinary profit 16.1 16.4 13.6 36.3 16.6 15.8 26.4 30.6 15.0 11.1 82.5 89.5 97.0 81.0 Extraordinary income 0.4 1.8 44.9 30.6 6.3 26.6 39.5 111.3 3.5 21.7 77.8 183.8 Extraordinary losses 1.3 4.3 0.9 28.1 1.4 2.6 5.7 78.3 0.9 2.1 34.7 88.2 Profit before taxes 15.2 13.9 57.6 38.8 21.4 39.9 60.2 63.5 17.6 30.6 125.6 185.2 Profit (attributable to owners of parent) 9.6 8.4 39.7 16.4 9.8 23.0 39.3 17.8 9.3 20.5 74.1 90.1 65.0 70.0 Margin (%) 2.4 2.0 9.5 3.5 2.4 5.4 9.1 3.8 2.4 4.4 4.4 5.2 3.5 3.9 Variance vs. prior year (%) -30.9 -78.5 233.6 - - - - - -4.8 -11.0 - - -27.3 -22.3 Exchange rate (JPY/USD) 145 149 142 151 158 152 153 152 143 146 151 149 140 145 (JPY/EUR) 158 158 157 163 172 165 165 163 165 168 163 163 154 169 *Units are \BN unless otherwise indicated. ** Due to the change in accounting policy from fiscal 2025, fiscal 2024 results presented here have been retrospectively adjusted. Quarterly Full year FY25 E
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© TOPPAN Holdings Inc. 26 (Reference) Non-GAAP Operating Profit Reconciliation (by quarter) (Unit: \BN) FY2023 FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY23 FY24 Original 14 May, 2025 Revised 13 Nov., 2025 Information & Communication Operating Profit 2.9 7.4 10.1 24.9 5.0 5.8 45.6 45.5 46.5 42.5 Amortization 1.0 1.3 0.6 0.7 1.2 1.4 2.3 3.8 2.0 5.4 M&A related fee 0.0 0.0 0.0 0.6 0.1 0.0 0.2 0.7 0.8 0.1 Stock compensation reserve 0.4 0.4 0.4 0.4 0.4 0.4 0.8 1.7 1.6 1.6 Non-GAAP Operating Profit 4.4 9.2 11.3 26.7 6.8 7.7 48.9 51.7 50.9 49.7 Living & Industry Operating Profit 6.9 8.8 9.4 8.2 9.3 5.5 27.4 33.4 42.0 37.5 Amortization 0.8 0.6 0.7 0.8 0.5 4.4 4.2 2.9 13.5 13.9 M&A related fee 0.0 0.0 0.0 1.8 0.0 4.5 0.4 1.8 3.4 4.5 Stock compensation reserve 0.1 0.2 0.1 0.1 0.1 0.1 0.4 0.7 0.8 0.7 Non-GAAP Operating Profit 8.0 9.4 10.3 11.0 10.0 14.7 32.4 38.9 59.7 56.7 Electronics Operating Profit 12.4 12.8 16.5 11.2 9.0 11.4 49.6 53.0 50.0 35.5 Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 M&A related fee 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Stock compensation reserve 0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.3 0.2 0.2 Non-GAAP Operating Profit 12.5 12.9 16.6 11.3 9.1 11.5 49.8 53.4 50.3 35.8 Full year FY25 E Quarterly
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© TOPPAN Holdings Inc. 27 (Reference) Non-GAAP Companywide Operating Profit / Net Profit Reconciliation (by quarter) (Unit: \BN) FY2023 FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY23 FY24 Original 14 May, 2025 Revised 13 Nov., 2025 Operating Profit 11.2 17.2 24.3 32.2 13.5 11.2 74.3 85.0 92.0 70.0 Amortization 1.9 1.9 1.3 1.6 1.7 5.8 6.6 6.8 15.7 19.4 M&A related fee 0.0 0.0 0.0 2.5 0.1 4.5 0.6 2.6 4.2 4.6 Stock compensation reserve 0.7 0.8 0.7 0.7 0.7 0.7 1.5 3.0 3.0 3.0 Non-GAAP Operating Profit 14.0 19.9 26.5 37.1 16.1 22.4 83.0 97.6 114.9 97.2 Net Profit 9.8 23.0 39.3 17.8 9.3 20.5 74.1 90.1 65.0 70.0 (Items/amounts adjusted after tax and deduction of non-controlling interests) Amortization 1.6 1.5 1.1 1.4 1.4 5.3 5.7 5.7 13.5 17.6 M&A related fee 0.0 0.0 0.0 1.7 0.0 3.1 0.5 1.8 2.9 3.3 Stock compensation reserve 0.5 0.5 0.5 0.5 0.5 0.5 1.0 2.1 2.1 2.2 Structural-reform-related costs 0.1 1.5 4.0 79.8 0.0 0.2 22.4 85.6 - 10.2 Gain or loss on sale of investment securities -4.2 -17.2 -24.9 -71.7 -2.1 -14.6 -51.5 -118.1 - -20.8 Non-GAAP Net Profit 8.0 9.3 20.3 29.5 9.3 15.2 52.2 67.2 83.5 82.5 FY25 E Quarterly Full year
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Disclaimer Regarding Forward-Looking Statements Results forecasts and other forward-looking statements in these materials are made by the Company based on information available at the current time. Actual results may differ from forecasts due to future changes in the business environment.