Toppan revises forecast, lowers sales and profit but raises net income

Toppan Holdings announced a revision to its consolidated financial forecast for the fiscal year ending March 31, 2026. The company projects net sales of JPY 1,790,000 million (down 1.5%), operating profit of JPY 70,000 million (down 11.4%), and ordinary profit of JPY 81,000 million (down 10.0%) compared to previous estimates. However, profit attributable to owners of the parent is expected to increase by 7.7% to JPY 70,000 million, due to structural reforms, optimal capital allocation, and gains from investment securities sales. The year-end dividend forecast of JPY 28.00 remains unchanged.

The revisions are attributed to a faster-than-anticipated contraction in the communication media market and delays in digital business expansion within the Information & Communication segment. The Living & Industry segment faces increased start-up costs for newly consolidated packaging businesses and reduced demand in the U.S. food market. In the Electronics segment, while FC-BGA demand is recovering, the rollout of new ToF sensors is slower than expected.

Toppan completed the acquisition of Sonoco Products Company's thermoformed and flexible packaging businesses on April 1, 2025, consolidating 27 new companies and increasing goodwill by JPY 181,702 million. Additionally, the company plans an absorption-type merger effective April 1, 2026, with TOPPAN Inc. as the surviving entity, absorbing TOPPAN Edge Inc. and TOPPAN Digital Inc. A domestic unsecured straight bond issuance of up to JPY 80,000 million was also approved on November 13, 2025.