TOPPAN (7911) Q1 2026 earnings summary

Executive summary

• Q1 net sales were JPY 397.5 billion, down 1.3% year-over-year, with performance largely in line with forecasts.

• Non-GAAP operating profit rose 15.3% to JPY 16.1 billion; GAAP operating profit increased 20.1% to JPY 13.5 billion.

• Profit attributable to owners was JPY 9.3 billion, down 4.8% year-over-year, excluding special gains.

• The business environment was marked by geopolitical risks, inflation, FX volatility, and growth in sustainability and digital/semiconductor markets.

Financial highlights

• EBITDA increased 2.6% year-over-year to JPY 32.3 billion; gross profit margin improved by 1 percentage point to 24%.

• Comprehensive income dropped to JPY 2.0 billion from JPY 66.8 billion, mainly due to negative FX translation adjustments.

• Basic EPS for the quarter was JPY 32.41, up from JPY 31.48 year-over-year.

• SG&A ratio increased by 0.4 percentage points due to higher payroll and freight costs.

• Non-operating income dropped from JPY 5.3 billion to JPY 1.4 billion, mainly due to higher interest expenses and lower FX gains.

Outlook and guidance

• No revisions to the full-year forecast; exchange rate assumption remains at JPY 140 per USD.

• Full-year net sales forecast at JPY 1,880.0 billion (+9.3%), operating profit at JPY 92.0 billion (+8.2%), and profit attributable to owners at JPY 65.0 billion (−27.9%).

• Business portfolio transformation and structural reforms will continue to drive growth.

• Actual results may differ due to market factors.