Oji Holdings Corp. · TSE:3861
Oji — H1 FY2026 Earnings Presentation
46 slides from Oji's earnings presentation, Nov 6, 2026
Slide 1: 1st-half of FY2026 Summary of Financial Results
1st-half of FY2026 Summary of Financial Results November 6, 2026 1
Slide 2: Message from the CEO
Summary of Financial Results Message from the CEO In the first half of FY2026, operating profit was ¥15.5 bil., a decrease of ¥1.2 bil. from the previous year, while net profit was ¥11.7 bil., an increase of ¥0.8 bil. from the previous year. For FY2026, we revised our operating profit forecast downw
Slide 3: Executive Summary
Summary of Financial Results Executive Summary 01 1st-half of FY2026 Result Overview (¥bil.) 02 FY2026 Financial Forecast (¥bil.) 1st-half of vs vs FY2026 Forecast FY2026 Previous year Original forecast Operating Profit 15.5 (1.2) Operating Profit 45.0 (15.0) Profit 11.7 +0.8 Profit 35.0 - attributa
Slide 4: Contents
Summary of Financial Results Contents Follow-up on the 1st-half of FY2026 FY2026 01 02 03 Medium-Term Result Overview Financial Forecast Management Plan 2027 Financial Highlights of 1st-half of FY2026 ① Financial Forecast for FY2026 16 ① Outlook of FY2026 and FY2027 28 ① 7 (consolidated) Sales and O
Slide 5: Disclaimer
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 rep
Slide 6: 1st-half of FY2026 Result Overview
01 1st-half of FY2026 Result Overview 6
Slide 7: Financial Highlights of 1st-half of FY2026 (consolidated)
01.1st-half of FY2026 Result Overview ① Financial Highlights of 1st-half of FY2026 (consolidated) (¥ billion) 1st-half of 1st-half of Increase FY2025 FY2026 (Decrease) Net Sales 915.0 958.0 43.0 Operating Profit 16.7 15.5 (1.2) [Domestic Companies] [18.1] [19.9] [1.8] [Overseas Companies] [(1.4)] [(
Slide 8: Domestic Companies - Breakdown of Operating Profit Difference
01.1st-half of FY2026 Result Overview ① Financial Highlights of 1st-half of FY2026 (consolidated) Domestic Companies - Breakdown of Operating Profit Difference (1st-half of FY2025 vs FY2026) Sales volume (¥3.5bil.) Distribution costs & Sales price Raw materials & personnel expense (3.5) fuels Compan
Slide 9: Overseas Companies - Breakdown of Operating Profit Difference
01.1st-half of FY2026 Result Overview ① Financial Highlights of 1st-half of FY2026 (consolidated) Overseas Companies - Breakdown of Operating Profit Difference (1st-half of FY2025 vs FY2026) 1st-half of Raw materials 1st-half of FY2025 & fuels FY2026 (¥1.0bil.) Sales volume (¥1.4bil.) Paper +1.5 +¥2
Slide 10: Sales and Operating Profit by Segment [1st-half of FY2026 Result]
01.1st-half of FY2026 Result Overview ② Sales and Operating Profit by Segment [1st-half of FY2026 Result] (¥ billion) 1st-half of FY2025 1st-half of FY2026 Increase (Decrease) Net Sales Operating Profit Net Sales Operating Profit Net Sales Operating Profit Household & Industrial Materials 462.0 5.2
Slide 11: Analysis of Operating Profit by Segment: Household and Industrial Materials
01.1st-half of FY2026 Result Overview ③ Analysis of Operating Profit by Segment ■Household and Industrial Materials Profit increased in domestic markets due to price revisions despite higher costs, while profit from overseas businesses also increased due to business restructuring. Increase (Decrease
Slide 12: Analysis of Operating Profit by Segment: Functional Materials
01.1st-half of FY2026 Result Overview ③ Analysis of Operating Profit by Segment ■Functional Materials Profit increased in domestic markets due to price revisions, while profit from overseas businesses also increased due to cost reductions. Increase (Decrease) of Operating Profit Domestic +¥1.9 bil.
Slide 13: Analysis of Operating Profit by Segment: Forest Resources and Environment Marketing
01.1st-half of FY2026 Result Overview ③ Analysis of Operating Profit by Segment ■Forest Resources and Environment Marketing Profit decreased due to higher costs resulting from foreign exchange fluctuations and long shutdown. Increase (Decrease) of Operating Profit Overseas (¥4.2 bil.) Price of Key P
Slide 14: Analysis of Operating Profit by Segment: Printing and Communications Media
01.1st-half of FY2026 Result Overview ③ Analysis of Operating Profit by Segment ■Printing and Communications Media Profit decreased in domestic markets due to higher costs despite price revisions, while profit from overseas businesses also declined due to deteriorating market conditions. Increase (D
Slide 15: FY2026 Financial Forecast
02 FY2026 Financial Forecast 15
Slide 16: Financial Forecast for FY2026 (consolidated)
02.FY2026 Financial Forecast ① Financial Forecast for FY2026 (consolidated) (¥ billion) FY2025 FY2026F Increase(Decrease) Net Sales 1,861.7 1,960.0 98.3 Operating Profit 34.6 45.0 10.4 [Domestic Companies] [39.9] [44.0] [4.1] [Overseas Companies] [(5.3)] [1.0] [6.3] Ordinary Profit 40.5 30.0 (10.5)
Slide 17: Domestic Companies - Breakdown of Operating Profit Difference (FY2025 vs FY2026F)
02.FY2026 Financial Forecast ① Financial Forecast for FY2026 (consolidated） Domestic Companies - Breakdown of Operating Profit Difference (FY2025 vs FY2026F) Sales volume (¥1.5bil.) Sales price Raw materials & +¥59.0bil. fuels Paper +55.5 (¥45.5bil.) Distribution costs & Pulp +3.5 Woodchip (12.5) [F
Slide 18: Overseas Companies - Breakdown of Operating Profit Difference (FY2025 vs FY2026F)
02.FY2026 Financial Forecast ① Financial Forecast for FY2026 (consolidated） Overseas Companies - Breakdown of Operating Profit Difference (FY2025 vs FY2026F) Paper +2.0 Sales volume Pulp +1.5 +¥3.5bil. Raw materials & fuels Impact of (¥15.0bil.) ME tensions (19.0), etc. Sales price Paper +11.0 Forei
Slide 19: Sales and Operating Profit by Segment [FY2026 Forecast]
02.FY2026 Financial Forecast ② Sales and Operating Profit by Segment [FY2026 Forecast] (¥ billion) FY2025 FY2026F Increase (Decrease) Net Sales Operating Profit Net Sales Operating Profit Net Sales Operating Profit Household & Industrial Materials 943.3 19.7 968.0 33.0 24.7 13.3 Functional Materials
Slide 20: Operating Profit by Segment
02.FY2026 Financial Forecast ③ Operating Profit by Segment FY2025 FY2026F Net Sales 943.3 968.0 Household & Operating Profit 19.7 33.0 Operating Profit Domestic +¥3.5 bil. Industrial Materials [Domestic] [25.5] [29.0] +¥13.3 bil. [Overseas] [(5.8)] [4.0] Overseas +¥9.8 bil. Operating Margin 2.1% 3.4
Slide 21: Impact on Operating Profit from External Environment
02.FY2026 Financial Forecast ④ Impact on Operating Profit from External Environment （¥billion/year) Household Forest Printing & & Functional Resources & Communi- Other Industrial Environment cations Total ◆Changes in exchange rates Materials businesses Materials Marketing Media Assumed exchange rate
Slide 22: FY2026 Comparison with Original Forecast
02.FY2026 Financial Forecast ⑤ FY2026 Comparison with Original Forecast (¥ billion) FY2026F FY2026F Increase(Decrease) (Revised) Net Sales 1,940.0 1,960.0 20.0 Operating Profit 60.0 45.0 (15.0) [Domestic Companies] [48.0] [44.0] [(4.0)] [Overseas Companies] [12.0] [1.0] [(11.0)] Ordinary Profit 45.0
Slide 23: Revised Forecast: Domestic Companies Operating Profit Difference
02.FY2026 Financial Forecast ⑤ Revised Financial Forecast for FY2026 (consolidated) Domestic Companies - Breakdown of Operating Profit Difference (FY2026F vs Revised FY2026F) Sales price Sales volume +¥9.0bil. (¥1.0bil.) Raw materials & fuels (¥17.5bil.) (¥4.0bil.) Paper +7.0 Other costs Pulp +2.0 +
Slide 24: Revised Forecast: Overseas Companies Operating Profit Difference
02.FY2026 Financial Forecast ⑤ Revised Financial Forecast for FY2026 (consolidated) Overseas Companies - Breakdown of Operating Profit Difference (FY2026F vs Revised FY2026F) Sales price (¥1.5bil.) (¥11.0bil.) Paper (0.5) Pulp (3.5) Sales volume Impact of (¥3.0bil.) ME tensions Wood +2.5 (6.5), etc.
Slide 25: Revised Forecast: 2nd-half Operating Profit Difference
02.FY2026 Financial Forecast ⑤ Revised Financial Forecast for FY2026 (consolidated) 2nd-half - Breakdown of Operating Profit Difference (FY2026F vs Revised FY2026F) (¥bil.) Sales price Sales volume Raw materials & fuels Other costs Total (8.9) Household & Industrial Materials 1.5 (1.0) (7.5) (0.7) (
Slide 26: Sales and Operating Profit by Segment [Revised FY2026 Forecast]
02.FY2026 Financial Forecast ⑤ Sales and Operating Profit by Segment [Revised FY2026 Forecast] (¥ billion) FY2026F FY2026F (Revised) Increase (Decrease) Net Sales Operating Profit Net Sales Operating Profit Net Sales Operating Profit Household & Industrial Materials 971.0 39.5 968.0 33.0 (3.0) (6.5)
Slide 27: Follow-up on the Medium-Term Management Plan 2027
03 Follow-up on the Medium-Term Management Plan 2027 27
Slide 28: Outlook of FY2026 and FY2027
03.Follow-up on the Medium-Term Management Plan 2027 ① Outlook of FY2026 and FY2027 FY2026 Operating Profit [1st-half vs 2nd-half] FY2027 Forecast (¥bil.) 30 ¥29.5bil. Maintain the numerical targets 25 +14.0 set out in the Mid-Term Management Plan 20 Full year ¥15.5bil. 15 ¥45.0bil. 10 ROE 8％ 5 0 1H
Slide 29: Financial Strategy – Shareholder Returns
03.Follow-up on the Medium-Term Management Plan 2027 ② Financial Strategy – Shareholder Returns ■Dividend forecast ■Progress of Treasury Stock Buyback Target Maintain the FY2026 forecast Achieved (FY2024-2027 in total) FY2026 Target ¥150.0bil. Dividend Policy ▼ FY2026 Target Dividend payout ratio 50
Slide 30: Financial Strategy – Assets Slimming
03.Follow-up on the Medium-Term Management Plan 2027 ③ Financial Strategy – Assets Slimming ■Progress of shareholdings reduction ■Progress in FY2026 Strategic shareholdings Forecast in Total ⚫ Revised reduction target ¥110.0bil. ¥150.0bil. Reduction target through FY2030 Completed ¥83.0bil. Progress
Slide 31: Business Strategy – Business Restructuring
03.Follow-up on the Medium-Term Management Plan 2027 ④ Business Strategy – Business Restructuring Continuously consider/implement withdrawals from low-profitability businesses to carry out restructuring Completed in FY2025 Oceania business Restructuring of Household Restructuring of Restructuring of
Slide 32: Business Strategy – Forest Biomass Business
03.Follow-up on the Medium-Term Management Plan 2027 ④ Business Strategy – Forest Biomass Business Maximize the value of forest resources and expand into next-generation materials Sustainable Cellulose P.33 Cellulose, Hemicellulose P.34 Forest Wood-derived High-purity Biomass resist Resources CNF MC
Slide 33: Business Strategy – Forest Biomass Business (Cellulose)
03.Follow-up on the Medium-Term Management Plan 2027 ④ Business Strategy – Forest Biomass Business Expand high-value-added cellulose business globally, acquiring technology via M&A Austria AustroCel ⚫ Sharing technology and expertise across Oji Japan Yonago mill, Oji Paper Sales ⚫ Establishing an in
Slide 34: Business Strategy – Forest Biomass Business (R&D)
03.Follow-up on the Medium-Term Management Plan 2027 ④ Business Strategy – Forest Biomass Business Accelerating R&D and commercialization toward real-world implementation in biomanufacturing, semiconductors, and pharmaceuticals and healthcare Expected Schedule 2026 Topics Sales Target 2025 2030 2035
Slide 35: Business Strategy – Sustainable Products
03.Follow-up on the Medium-Term Management Plan 2027 ④ Business Strategy – Sustainable Products Leveraging Packaging Regulations to Expand Paper-Based Solutions and Group Collaboration Sales of sustainable products ＊ [Background] • In August 2026, PPWR was implemented in Europe *Packaging and Packag
Slide 36: Sustainability Strategy – Circular Economy
03.Follow-up on the Medium-Term Management Plan 2027 ⑤ Sustainability Strategy – Circular Economy Accelerating Real-World Implementation of a Resource Circulation Model through Partnerships Resource Circulation Difficult-to-recycle wastepaper Technology Inter-company Examples of products from Renewa
Slide 37: Sustainability Strategy – ESG Evaluation
03.Follow-up on the Medium-Term Management Plan 2027 ⑤ Sustainability Strategy – ESG Evaluation Oji’s sustainability activities and disclosure initiatives are highly regarded externally MSCI ESG rating CDP Others Received a rating of “AA” Recognized on Oji’s initiatives and disclosure (August 2026)
Slide 38: Reference Materials
04 Reference Materials 38
Slide 39: Trends of Net Sales by Segment (consolidated)
04.Reference Materials Trends of Net Sales by Segment (consolidated) From FY2025, Walki and IPI (previously included in “Others”) are now included in “Household & Industrial Materials.” Accordingly, the past segment results (FY2023 and FY2024) have been restated to reflect this change on this page.
Slide 40: Trends of Operating Profit (consolidated)
04.Reference Materials Trends of Operating Profit (consolidated) Operating Profit of Operating Profit of Profit Attributable to Operating Profit Margin Overseas Companies Domestic Companies Owners of Parent (¥ billion) 120.1 58.6 106.1 36.1 8.2% 84.8 84.8 7.0% 21.6 66.0 72.6 67.7 6.2% 87.5 7.8 70.0
Slide 41: Trends of Return on Equity (ROE)
04.Reference Materials Trends of Return on Equity (ROE) Net Assets per Share (¥) Net Profit per Share (¥) ROE (%) 1,257.44 1,256.53 1,177.99 1,083.13 88.35 945.27 859.29 758.28 699.12 61.10 58.78 10.9 57.00 50.13 51.31 8.5 47.34 40.94 6.9 6.3 5.1 5.0 4.3 3.2 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024
Slide 42: Trends of Net Interest-bearing Debt (consolidated)
04.Reference Materials Trends of Net Interest-bearing Debt (consolidated) Consolidated Net D/E (×) *D/E(×)＝consolidated net interest-bearing debt / Interest-bearing Debt (¥ billion) net assets at the year-end 947.6 880.9 837.5 731.3 673.9 594.7 497.3 511.4 0.9 0.8 0.8 0.7 0.7 0.6 0.6 0.6 Mar.31.2020
Slide 43: Trends of CAPEX / Depreciation (consolidated)
04.Reference Materials Trends of CAPEX / Depreciation (consolidated) CAPEX, CAPEX, Depreciation Depreciation Investment & loan Investment & loan [Domestic] [Overseas] [Domestic] [Overseas] (¥ billion) 222.8 220.4 145.4 132.6 133.3 135.2 123.0 175.0 170.2 106.7 92.8 92.1 89.2 89.2 87.8 79.5 86.3 51.9
Slide 44: Trends of the Number of Employees (consolidated)
04.Reference Materials Trends of the Number of Employees (consolidated) Employees [Domestic] (consolidated) Employees [Overseas] (consolidated) (person) 38,322 39,136 37,845 38,757 36,810 36,034 35,608 22,039 22,903 22,493 19,823 21,653 19,456 19,240 16,987 16,578 16,368 16,192 16,283 16,233 16,264
Slide 45: 1st-half of FY2026 Industry Demand
04.Reference Materials 1st-half of FY2026 Industry Demand 45
Slide 46: Oil
Oil Dedicated to Sustainability 46