08400003020222023202220232022202320222023202220232022202420252026(Forecast)20252026(Forecast)202420252026(Forecast)202420252026(Forecast)202420252026(Forecast)202420252026(Forecast)173.3132.41003.01.4–491.478.15019.212.51033.033.2201.0(1.7)2023–3169.0184.6186.55.54.9(1.1)202496.394.673.918.517.811.733.535.035.91.30.50.0(Fiscal years ended / ending March 31)(Fiscal years ended / ending March 31)(Fiscal years ended / ending March 31)(Fiscal years ended / ending March 31)(Fiscal years ended / ending March 31)(Fiscal years ended / ending March 31) Optimizing the Business Portfolio Through Fundamental Structural ReformsTo further strengthen the cost advantages of the integrated production system described above, we recognize that improving the profitability of existing businesses is a top priority. Based on a careful assessment of competitiveness and profitability in each business, we implemented structural reforms during the fiscal year ended March 31, 2025. This included the dissolution of two overseas production subsidiaries in South Korea and Taiwan that had been engaged in adhesive processing for polarizing films under Optical Products Operations. In the same fiscal year, we also recorded impairment losses on fixed assets within Fine & Specialty Paper Products Operations, as part of efforts to improve profitability and optimize our business portfolio. Looking back, LINTEC has a track record of making decisive changes to address low-profit businesses. In April 2011, Healthcare Products Operations, which had handled medical adhesive products, was integrated into Printing & Variable Information Products Operations. In 2017, we exited the solar panel backsheet business as part of efforts to streamline operations at our U.S. subsidiary. In 2018, we also dissolved a Chinese subsidiary that had been involved in the manufacture and sale of label printing machines. These decisions exemplify LINTEC’s approach of taking decisive action when necessary. Since the fiscal year ended March 31, 2024, we have been preparing and analyzing balance sheets by business operation on a semiannual basis. This analysis has brought to light several issues, including the level of fixed assets and asset turnover rates. Based on these findings, and through consultation with the heads of each business operation, we have set KPIs for each unit and, starting in the fiscal year ended March 31, 2025, have launched full-scale efforts to improve performance. Furthermore, the Business Administration Division also houses dedicated organizations tasked with creating new businesses beyond the boundaries of existing business operations. These initiatives are accelerating efforts to generate the next pillars of revenue and support LINTEC’s long-term sustainable growth. 1 Integrated Production SystemLINTEC has established a fully integrated production system for adhesive products, covering not only the development and coating of adhesive agents but also the production of base paper for release paper, the development and coating of release agents, and surface treatment processes that add various functions to base paper and films. Specifically, our Fine & Specialty Paper Products Operations produce base paper for release paper and supply it internally to Converted Products Operations. Converted Products Operations then add release agent layer to the base paper to produce release paper, which is supplied internally to Printing & Variable Information Products Operations and Industrial & Material Operations, which in turn complete the final adhesive products and deliver them to customers. This structure enables us to maintain a competitive advantage in terms of delivery times and empowers us to independently create a diverse array of products that meet customer needs, supported by our technological capabilities that span the entire process, from upstream to downstream. 2 Stable Profit GenerationOur six business operations serve a broad range of industries rather than relying on a specific sector, making our performance less vulnerable to fluctuations in the economy or market conditions. In recent years, our Advanced Materials Operations have gained attention amid the strong semiconductor market, driven by factors such as increased investment in AI. However, our mainstay adhesive papers and films for labels have applications across a wide array of sectors, including food, distribution and e-commerce, daily goods, automotive, medical and pharmaceutical, and home appliances. Because of this broad application base, performance volatility in this segment tends to be relatively low, helping to stabilize overall earnings. Thanks to this business structure, LINTEC has never posted an operating loss, even during periods of global instability such as the COVID-19 pandemic or U.S.–China trade tensions. Page 3 Printing and Industrial Materials ProductsNet Sales by Segment¥ Billion200Operating Income (Loss) by Segment¥ Billion Electronic and Optical ProductsNet Sales by Segment¥ Billion100Operating Income by Segment¥ Billion20 Paper and Converted ProductsNet Sales by Segment¥ Billion40Operating Income (Loss) by Segment¥ BillionBusiness Segment Performance39
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