Oji Holdings (3861) Q3 2025 earnings summary

Executive summary

• Net sales for the first nine months of FY2024 rose 7.1% year-over-year to ¥1,383.7 billion, driven by new consolidation of Walki Holding Oy and recovery at Pan Pac Forest Products.

• Operating profit increased 1.3% to ¥57.1 billion, while ordinary profit declined 3.6% to ¥63.1 billion due to lower foreign exchange gains.

• Profit attributable to owners of parent grew 18.8% to ¥50.3 billion, supported by gains on sale of investment securities and asset returns from retirement benefits trust.

• Overseas sales ratio increased by 5.0 points to 39.5% year-over-year.

• Acquisition of Walki Holding Oy completed in April 2024 to expand packaging business in Europe.

Financial highlights

• Net sales: ¥1,383.7 billion (+7.1% YoY); Operating profit: ¥57.1 billion (+1.3% YoY); Ordinary profit: ¥63.1 billion (−3.6% YoY); Profit attributable to owners: ¥50.3 billion (+18.8% YoY).

• EPS for the period: ¥51.20, up from ¥42.70 year-over-year.

• Gross profit margin improved, with gross profit at ¥265.1 billion (up from ¥247.2 billion YoY).

• Comprehensive income fell to ¥46.9 billion from ¥120.7 billion year-over-year, mainly due to lower other comprehensive income.

Outlook and guidance

• Full-year FY2024 net sales forecast at ¥1,877.0 billion (+10.7% YoY); operating profit forecast at ¥70.0 billion (−3.6% YoY); ordinary profit forecast at ¥73.0 billion (−15.1% YoY); profit attributable to owners forecast at ¥57.0 billion (+12.2% YoY); EPS forecast at ¥57.89.

• Annual dividend forecast maintained at ¥24 per share.

• Policy to acquire ¥100 billion of treasury shares by end-FY2026, with ¥50 billion targeted by December 2025.