Japan Pulp & PaperJapan Pulp & Paper Co., Ltd.8032東証プライム卸売業FY ending Mar 2026, consolidated, J-GAAP

Japan Pulp & Paper FY ending Mar 2026 results

About 56% of Japan Pulp & Paper's sales come from Overseas wholesaling, with Wholesaling:Japan and Paper Manufacturing and Processing making up much of the rest.

Out of every ¥100 of sales, about ¥2 is left as operating profit.

Revenue changed +9.4% from the prior year, operating profit -28.0%.

Revenue and profit pattern

Revenue up, profit downRevenue grew faster

Revenue +9.4% · profit -28.0%, calculated from disclosed figures.

Operating leverage: -2.97× (profit growth ÷ revenue growth)

What changed from last year

FY ending Mar 2025 → FY ending Mar 2026

Revenue: +9.4%¥554.5B → ¥606.8B
Gross profit: +15.3%¥91.5B → ¥105.4B
Operating income: -28.0%¥15.1B → ¥10.8B
Net income attributable to owners: -37.6%¥7.57B → ¥4.72B
Operating cash flow: +16.9%¥21B → ¥24.6B
Free cash flow: +11.7%¥16.4B → ¥18.3B

Results at a glance

Revenue for the FY ending Mar 2026 was ¥606.8B, up +9.4% on the prior year.
Profit went the other way: operating income fell -28.0% to ¥10.8B and net income attributable to owners fell -37.6% to ¥4.72B.
Cash generation improved, with operating cash flow up +16.9% to ¥24.6B and free cash flow up +11.7% to ¥18.3B.

What drove the change

German and French distributors bought in the previous year contributed for a full year, sharply raising overseas sales.
The overseas unit swung to a loss as the German business took longer than expected to recover, selling prices fell in the UK and Oceania, and the company booked foreign exchange losses.
In Japan, demand for printing and communication paper kept shrinking, and lower gross profit plus higher expenses reduced domestic profit.

Things to watch

Demand for paper and paperboard may keep falling structurally as media go digital and packaging is reduced or switched to other materials.
Logistics and labor costs for selling remain high.
If paper mills consolidate further, the company could lose bargaining power with its suppliers.

Annual securities report (164th term) / 経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析 · Annual securities report (164th term) / 事業等のリスク · Annual securities report (164th term) / 経営方針、経営環境及び対処すべき課題等

Where the money goes

FY ending Mar 2025 → FY ending Mar 2026

Where ¥100 of sales goes

For every ¥100 Japan Pulp & Paper sells, how much goes where, and how much is kept.

FY ending Mar 2026

Cost of sales: ¥83
SG&A: ¥15
Operating profit: ¥2
Net profit kept: ¥1

Annual margin trends

Gross margin17.4%

Operating margin1.8%

Net margin0.8%

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Which businesses earn the money

Revenue by business segment, and the profit each one keeps.

FY ending Mar 2026

Overseas wholesaling¥338.1B
56%
Op. margin -0.2%Industry: Specialty Trading & Wholesale
Wholesaling:Japan¥193.1B
32%
Op. margin 3.0%Industry: Specialty Trading & Wholesale
Paper Manufacturing and Processing¥51.4B
8%
Op. margin 14.1%Industry: Paper & Pulp
Raw Materials and Environment¥20B
3%
Op. margin 2.8%Industry: Waste Management & Recycling
Real estate leasing¥4.13B
1%
Op. margin 36.6%Industry: Real Estate Development & Leasing

Profit by segment

※ Segment figures include inter-segment sales and do not sum to the company total

Sources

Show source documents (6)

EDINET (FSA Japan)
有価証券報告書－第164期(2025/04/01－2026/03/31)
ID S100YF3W2026-06-22Open
EDINET (FSA Japan)
有価証券報告書－第163期(2024/04/01－2025/03/31)
ID S100W6SG2025-06-27Open
EDINET (FSA Japan)
有価証券報告書－第162期(2023/04/01－2024/03/31)
ID S100TQSO2024-06-26Open
EDINET (FSA Japan)
有価証券報告書－第161期(2022/04/01－2023/03/31)
ID S100R1YX2023-06-23Open
EDINET (FSA Japan)
有価証券報告書－第160期(令和3年4月1日－令和4年3月31日)
ID S100OF962022-06-27Open
EDINET (FSA Japan)
有価証券報告書－第159期(令和2年4月1日－令和3年3月31日)
ID S100LR1A2021-06-28Open

Extracted from XBRL: 57 / Derived from other figures: 2

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