Paper & Packaging Sector: Earnings Outlook (Apr-Jun): Product pricing policies in focus amid volatile raw materials and fuel prices

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Paper & Packaging Sector: Earnings Outlook (Apr-Jun): Product pricing policies in focus amid volatile raw materials and fuel prices

J P M O R G A N Asia Pacific Equity Research

25 June 2026

Paper & Packaging Sector:

Earnings Outlook (Apr-Jun)

Product pricing policies in focus amid volatile raw

materials and fuel prices

We expect the April-June results of paper and packaging companies in our Japan Equity Research

coverage to show disparities among performance based on the weightings of major

Cosmetics and Personal Care /

products. Based on April-May statistics, in printing and information paper, with Paper and Packaging

the effect of price hikes yet to fully materialize, it seems highly likely that a decline AC Akiko Kuwahara

in shipments and a deterioration in imported raw material costs will weigh on

(81-3) 6736-8617

profits. On the other hand, in containerboard and corrugated products, while akiko.kuwahara@jpmorgan.com

domestic shipments may have slowed slightly QoQ in April-June, we expect this JPMorgan Securities Japan Co., Ltd.

to be offset by price increase effects. We believe the earnings environment is more

favorable for Rengo, which has a high weighting of corrugated board products,

than it is for other sector companies. The focal point for all companies is product

pricing policy amid volatile raw materials and fuel prices.

• Rengo (3941, OW): We forecast April-June operating profit of ¥13.2 billion

(+¥3.6 billion YoY), which represents steady progress toward 1H guidance of

¥25 billion. In the paperboard & Packaging business, we expect profit to grow

YoY thanks to price increases for corrugated products products. In the flexible

packaging business, raw material costs have increased, but we estimate the