Overview
Pulp and Paper

Nippon Paper Industries Co.,Ltd.

Nippon Paper Group is one of Japan's largest integrated paper manufacturers, engaged in the production and sale of printing/writing papers, paperboard, specialty papers, and pulp under its Paper & Paperboard segment, alongside household paper products (Kleenex®, Scottie® brands via Nippon Paper Crecia), packaging, and chemical products. The Group operates across energy generation, timber and building materials, and logistics, leveraging its management of approximately 160,000 hectares of forests to pursue a sustainable biomass-oriented business model. With 159 group companies and operations spanning Japan, Australia, North America, and Europe, the Group positions itself as a 'comprehensive biomass enterprise' converting wood resources into diversified value-added products.

Market Cap
¥149B
US$951M
EV
¥712B
US$4.53B
Stock¥1,295▲+1.97%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
8.3
x
LTM EV/EBIT
30.0
x
LTM PER
15.5
x
LTM PBR
0.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-14.9%pt
10012345
Oct 23, 25 – Oct 22, 26StockTOPIX
1May 12, 26Former Murakami Fund group (City Index Eleventh, Reno, Mi… filed large shareholding report
2Jun 3, 26Former Murakami Fund group (City Index Eleventh, Reno, Minamia… changed stake (2.98%→4.3%)
3Jun 9, 26Former Murakami Fund group (City Index Eleventh, Reno, Minamia… changed stake (4.3%→5.41%)
4Jun 15, 26Former Murakami Fund group (City Index Eleventh, Reno, Minamiao… changed stake (0.0%→0.0%)
5Jul 23, 26Former Murakami Fund group (City Index Eleventh, Reno, Minami… changed stake (1.18%→1.81%)
MC → EV Bridge
149BUS$951MMarket Cap867BUS$5.52B+ Debt160BUS$1.02B− Cash176BUS$1.12B− Inv. Sec.32.3BUS$206M+ NCI712BUS$4.53BEV
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Performance & Balance
Revenue 5Y (¥B)
1,045US$6.65B'22/31,153US$7.34B'23/31,167US$7.43B'24/31,182US$7.53B'25/31,193US$7.59B'26/3
EBITDA 5Y (¥B)
78.6US$501M'22/339.4US$251M'23/381.5US$519M'24/386.3US$550M'25/388.4US$563M'26/3
Net Income 5Y (¥B)
1.99US$12.7M'22/3-50.4-US$321M'23/322.7US$145M'24/34.54US$28.9M'25/311.7US$74.8M'26/3
Capital Structure
37%
63%
EquityD/E 1.68xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
317US$2.02B833US$5.30B'22/3311US$1.98B889US$5.66B'23/3340US$2.16B868US$5.53B'24/3359US$2.29B871US$5.54B'25/3387US$2.46B853US$5.43B'26/3
Shareholders
Top 10 hold 35.3%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
11.55%
2
Custody Bank of Japan, Ltd. (Trust Account)
6.90%
3
Nippon Paper Industries Co.,Ltd. Employee Stock Ownership Association
2.64%
4
State Street Bank and Trust Company 505223 (Standing Proxy: Mizuho Bank, Ltd.)
2.61%
5
Nippon Paper Industries Co.,Ltd. Business Partners' Stock Ownership Association
2.32%
6
Aya NOMURA (Standing Proxy: Mita Securities Co., Ltd.)
2.14%
7
Nippon Life Insurance Company
2.13%
8
Taiju Life Insurance Company Limited
1.95%
9
State Street Bank and Trust Company 505001 (Standing Proxy: Mizuho Bank, Ltd.)
1.65%
10
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
1.38%
Management
13 officers
Toru NOZAWA
Representative Director, Chairman
Apr 1981 Joined Tomoe Seishi Co., Ltd. Jun 2005 General Manager, Finance Department, Administration Division, the Company Feb 2008 General Manager, Accounting Department, Administration Division, the Company Jun 2009 Deputy General Manager, Administration Division, the Company Apr 2013 Executive Officer; Deputy General Manager, Administration Division, the Company Jun 2014 Director, Executive Officer; General Manager, Planning Division; in charge of Affiliated Companies, the Company Jun 2017 Director, Managing Executive Officer; General Manager, Planning Division; in charge of Affiliated Companies, the Company Jun 2018 Director, Managing Executive Officer; General Manager, Planning Division and Administration Division; in charge of Affiliated Companies, the Company Jun 2019 Representative Director, President and Executive Officer, the Company Jun 2025 Representative Director, Chairman, the Company (current)
1959-03-10
Akira SEBE
Representative Director, President and Executive Officer
Apr 1988 Joined Tomoe Seishi Co., Ltd. Jul 2014 General Manager, Forestry Department, Raw Materials Division, the Company Jun 2016 Deputy General Manager, Raw Materials Division; General Manager, Forestry Department, the Company Jun 2018 General Manager, Raw Materials Division and Forestry Department, the Company Apr 2020 General Manager, Raw Materials Division, the Company Jun 2020 Executive Officer; General Manager, Raw Materials Division, the Company Jun 2021 Executive Officer; General Manager, Planning Division; in charge of Affiliated Companies and Overseas Business Division (concurrent), the Company Jun 2021 Outside Director, Lintec Corporation; Director, Nippon Paper Crecia Co., Ltd.; Director, Opal Jun 2024 Managing Executive Officer; General Manager, Planning Division; in charge of Affiliated Companies, the Company Jun 2025 Representative Director, President and Executive Officer, the Company (current)
1965-12-12
Mitsuhiro SUGINO
Representative Director, Executive Vice President and Executive Officer; Assistant to the President; General Manager, Technology Division; in charge of Biomass Materials Business Promotion Division
Apr 1988 Joined Sanyo Kokusaku Pulp Co., Ltd. Jun 2014 General Manager, Corporate Planning Department, Planning Division, the Company Jun 2015 Deputy General Manager, Planning Division; General Manager, Corporate Planning Department, the Company Jun 2018 Executive Officer; Deputy General Manager, Technology Division; General Manager, Production Department, the Company Jun 2019 Executive Officer; General Manager, Technology Division, Production Department and Energy Business Division, the Company Sep 2019 Executive Officer; General Manager, Technology Division and Energy Business Division, the Company Jun 2021 Executive Officer; General Manager, Biomass Materials Business Promotion Division; Head of Business Transformation Promotion Office, the Company Jan 2022 Executive Officer; General Manager, Biomass Materials Business Promotion Division, the Company Jun 2023 Director, Managing Executive Officer; General Manager, Biomass Materials Business Promotion Division, the Company Jun 2025 Representative Director, Executive Vice President and Executive Officer; Assistant to the President; General Manager, Technology Division; in charge of Biomass Materials Business Promotion Division, the Company (current)
1963-07-30
Yasuto MURAKAMI
Representative Director, Executive Vice President and Executive Officer; Assistant to the President; in charge of White Paperboard and Packaging Paper Sales Division
Apr 1986 Joined Sanyo Kokusaku Pulp Co., Ltd. Apr 2009 General Manager, Safety and Environment Management Office and Technical Office, Shiraoi Mill, the Company Apr 2010 Deputy General Manager, Shiraoi Plant, Hokkaido Mill, the Company Apr 2011 General Manager, Yufutsu Plant, Hokkaido Mill, the Company Jun 2014 Technical Director, Phoenix Pulp and Paper Public Company Limited Jul 2016 Chief Technical Officer, Paper Australia Pty Ltd Jun 2018 President, Paper Australia Pty Ltd Jun 2019 Executive Officer; General Manager, Hokkaido Mill, the Company Jun 2020 Executive Officer; General Manager, Shiraoi Mill, the Company Jun 2021 Executive Officer; General Manager, Technology Division, the Company Jun 2023 Managing Executive Officer; General Manager, Technology Division, the Company Jun 2025 Representative Director, Executive Vice President and Executive Officer; Assistant to the President; in charge of White Paperboard and Packaging Paper Sales Division (concurrent), the Company President and Representative Director, Nippon Tokai Industrial Paper Supply Co., Ltd. (current) Director, Opal (current)
1962-07-02
Keiko WATANABE
Director, Executive Officer; General Manager, SX Promotion Division
Apr 1991 Joined Tomoe Seishi Co., Ltd. Jul 2019 General Manager, Environment and Safety Department, Technology Division, the Company Mar 2021 General Manager, Environment Department, Technology Division, the Company Jun 2022 Deputy General Manager, Technology Division; General Manager, Environment Department, the Company Jun 2024 Executive Officer; General Manager, SX Promotion Division, the Company Jun 2025 Director, Executive Officer; General Manager, SX Promotion Division, the Company (current)
1966-11-10
Takafumi FUJIWARA
Director
Apr 1991 Joined Tomoe Seishi Co., Ltd. Oct 2017 General Manager, Information Paper Division 1, Information and Industrial Paper Sales Division, the Company Jun 2021 Deputy General Manager, Information Paper Sales Division; General Manager, Information Paper Division 1, the Company Jun 2022 General Manager, Yatsushiro Mill, the Company Jun 2024 Executive Officer; General Manager, Fuji Mill, the Company Jun 2026 Director, the Company (concurrent) Representative Director, President, Nippon Paper Crecia Co., Ltd. (current)
1967-03-26
Makoto FUJIOKA
Director
Apr 1972 Joined Ministry of International Trade and Industry (now Ministry of Economy, Trade and Industry) Jun 1975 Studied at Harvard Business School, USA (MBA obtained) Jun 1987 Director, Energy Conservation Division, International Energy Agency (based in France) Jun 1996 Deputy Director-General, Minister's Secretariat, Ministry of International Trade and Industry (now Ministry of Economy, Trade and Industry) Feb 2001 Ambassador Extraordinary and Plenipotentiary to the United Arab Emirates Sep 2003 Retired from Ministry of Economy, Trade and Industry Oct 2003 Standing Adviser, Nippon Light Metal Co., Ltd. Jun 2004 Director, Managing Executive Officer, Nippon Light Metal Co., Ltd. Jun 2007 Director, Senior Managing Executive Officer, Nippon Light Metal Co., Ltd. Oct 2012 Director (in charge of CSR and Audit Office), Nippon Light Metal Holdings Company, Ltd. Jun 2013 Director, Executive Vice President and Executive Officer, Nippon Light Metal Co., Ltd. Jul 2015 Managing Director, New Chemical Technology Promotion Association (Public Interest Incorporated Association) Jun 2016 Outside Director, Eagle Industry Co., Ltd.; Outside Director, NOK Corporation; Outside Director, the Company (current) Jun 2024 Outside Director (Audit and Supervisory Committee Member), NOK Corporation Aug 2024 Outside Director (Audit and Supervisory Committee Member), NOK Corporation; Chairman, Nomination and Remuneration Advisory Committee (current)
1950-03-27
Tomoyasu ITAKURA
Standing Audit & Supervisory Board Member (Full-time)
Apr 1988 Joined Tomoe Seishi Co., Ltd. Jun 2015 General Manager, Accounting Department, Administration Division, the Company Jun 2017 Deputy General Manager, Administration Division; General Manager, Accounting Department, the Company Jun 2018 Deputy General Manager, Administration Division, the Company Jun 2019 Executive Officer; General Manager, Administration Division, the Company Jun 2021 Director, Executive Officer; General Manager, Administration Division, the Company Jun 2024 Director, Managing Executive Officer; General Manager, Administration Division, the Company Jun 2025 Audit & Supervisory Board Member, Nippon Paper Crecia Co., Ltd. (current) Jun 2025 Standing Audit & Supervisory Board Member, the Company (current)
1964-04-08
Tomomi NISHIMOTO
Audit & Supervisory Board Member (Full-time)
Apr 1984 Joined Tomoe Seishi Co., Ltd. Oct 2010 General Manager, Overseas Business Department, Planning Division, the Company Apr 2013 General Manager, Affiliated Companies Department, Planning Division, the Company Jun 2017 Deputy General Manager, Group Sales Strategy Division, the Company Feb 2019 Deputy General Manager, Group Sales Strategy Division; General Manager, Sales Planning Department, the Company Jun 2021 Audit & Supervisory Board Member, Nihon Shi Tsusho Co., Ltd. (current) Jun 2021 Audit & Supervisory Board Member, the Company (current)
1962-02-06
Yoko HATTA
Director
Aug 1988 Joined Peat Marwick Main & Co. (now KPMG LLP, New York office) Aug 1997 Partner, KPMG Peat Marwick Main & Co., New York office Sep 2002 Partner, KPMG Peat Marwick Tax Accounting Corporation (now KPMG Tax Corporation) Jun 2008 Auditor, International Christian University (school corporation) Jun 2015 Outside Audit & Supervisory Board Member, Kobayashi Pharmaceutical Co., Ltd. Jun 2016 Outside Audit & Supervisory Board Member, IHI Corporation; Outside Audit & Supervisory Board Member, the Company Jun 2019 Outside Director, the Company (current) Jun 2022 Outside Director, Ajinomoto Co., Inc. (current) Jun 2022 Outside Director (Audit and Supervisory Committee Member), Koei Chemical Co., Ltd. (current)
1952-06-08
Toyohito KUNIGO
Director
Apr 1977 Joined Tokyo Gas Co., Ltd. Apr 2007 Executive Officer; General Manager, Raw Materials Department, Resources Business Division, Tokyo Gas Co., Ltd. Apr 2010 Managing Executive Officer; General Manager, Resources Business Division, Tokyo Gas Co., Ltd. Jun 2013 Director, Managing Executive Officer; General Manager, Energy Production Division, Tokyo Gas Co., Ltd. Apr 2014 Representative Director, Senior Managing Executive Officer; General Manager, Energy Solutions Division, Tokyo Gas Co., Ltd. Apr 2015 Representative Director, Senior Managing Executive Officer; in charge of Power Business Planning Department, Business Innovation Project Department and Sales Innovation Project Department, Tokyo Gas Co., Ltd. Apr 2016 Representative Director, Senior Managing Executive Officer; General Manager, Energy Production Division; in charge of Power Business Overall Management and Power Business Planning Department, Tokyo Gas Co., Ltd. Apr 2017 Chairman, Tokyo Gas Engineering Solutions Corporation Jun 2020 Outside Director, the Company (current) Mar 2022 Outside Director, Ise Chemical Corporation (current) Jun 2022 Outside Director, Chiyoda Corporation (current)
1954-11-17
Takafumi OKUDA
Audit & Supervisory Board Member
Apr 1976 Assistant Judge, Tokyo District Court Apr 1988 Judge, Tokyo District Court Feb 2002 Presiding Judge, Tokyo District Court Apr 2006 Judge, Tokyo High Court May 2007 Presiding Judge, Niigata District Court Jun 2009 Presiding Judge, Tokyo High Court Apr 2015 Presiding Judge, Yokohama District Court Jun 2016 Retired from judiciary Aug 2016 Registered as attorney-at-law (Tokyo Bar Association) Visiting Attorney, Mori Hamada & Matsumoto Foreign Law Joint Enterprise (current) Jun 2020 Outside Audit & Supervisory Board Member, the Company (current)
1951-06-19
Nanako AONO
Audit & Supervisory Board Member
Apr 1984 Joined Nikko Securities Co., Ltd. (now SMBC Nikko Securities Inc.) Nov 1995 Joined Chuo Aoyama Audit Corporation Jul 2002 Joined Bizcom, Inc. (now OAG Bizcom Inc.) Mar 2005 Director, Bizcom, Inc. Jun 2008 Outside Audit & Supervisory Board Member, Duskin Co., Ltd. May 2010 Representative Director, President, GEN Inc. (current) Jun 2017 Outside Audit & Supervisory Board Member, MISUMI Group Inc. (current) Jun 2019 Outside Audit & Supervisory Board Member, the Company (current) Mar 2020 Outside Director, Optex Group Co., Ltd. Mar 2021 Outside Audit & Supervisory Board Member, Meikou Network Japan Co., Ltd. Nov 2022 Outside Director (Audit and Supervisory Committee Member), Meikou Network Japan Co., Ltd. (current)
1962-01-15
Large Shareholding Reports
株式会社Mホールディングス
2026-10-22
5.83%→5.83%
M Holdings Co., Ltd.
2026-07-23
5.41%→5.83%
BlackRock Fund Advisors
2026-07-06
2.16%
M Holdings Co., Ltd.
2026-06-15
5.41%→5.41%
M Holdings Co., Ltd.
2026-06-09
4.30%→5.41%
M Holdings Co., Ltd.
2026-06-03
2.98%→4.30%
M Holdings Co., Ltd.
2026-05-12
2.98%
Nippon Life Insurance Company
2025-12-22
2.13%→2.13%
Annual report (as of 2026-03-31): 2.13%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-12-19
2.60%→2.58%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-09-19
2.84%→2.60%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-22
Large Shareholding Report
TDnet
2026-08-05
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-23
Large Shareholding Report
EDINET
2026-07-06
Large Shareholding Report
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-15
Large Shareholding Report
EDINET
2026-06-09
Large Shareholding Report
EDINET
2026-06-03
Large Shareholding Report
EDINET
2026-05-12
Large Shareholding Report
TDnet
2026-02-06
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-12-22
Large Shareholding Report
EDINET
2025-12-19
Large Shareholding Report
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-19
Large Shareholding Report
TDnet
2025-08-06
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-07
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-07
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINETAmended
2022-07-29
Amended Annual Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
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