Toppan Holdings revises forecast as subsidiary lists on Tokyo Stock Exchange

On October 16, 2025, Tekscend Photomask Corp. (TPC), an affiliate of Toppan Holdings Inc., listed its common shares on the Tokyo Stock Exchange Prime Market. This listing will reduce Toppan Holdings' ownership in TPC to below 50%, transforming TPC from a consolidated subsidiary into an equity-method affiliate. Toppan Holdings currently owns 46,237,901 shares, representing 46.57% of TPC's voting rights. TPC, established on December 13, 2021, manufactures and sells photomasks for semiconductors.

This change in TPC's status will impact Toppan Holdings' financial forecast for the fiscal year ending March 31, 2026. The company revised its previously announced consolidated financial results, reducing net sales from 1,880.0 bn yen to 1,817.0 bn yen, operating profit from 92.0 bn yen to 79.0 bn yen, and ordinary profit from 97.0 bn yen to 90.0 bn yen.

Despite these revisions to sales and profit, the profit attributable to owners of the parent and basic earnings per share forecast for the fiscal year ending March 31, 2026, remain unchanged at 65.0 bn yen and 230.40 yen, respectively. This adjustment reflects TPC's exclusion from the scope of consolidation starting from the second half of the current fiscal year.