Worth reading
71In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
—
Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+3.7%
基準 270Target280100 million
Operating profit+48.1%
基準 13.5Target20100 million
Operating profit margin+2.1pt
基準 5Target7.1％
ROE+3.0pt
基準 6Target9％
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planOperating profit of ¥13.5 billion, ROE of 6.0% or higher → FY2024 actual results: operating profit of ¥16.1 billion, ROE of 8.3%+14,892.6%Calculated from the two disclosed figures
Total investment planApproximately ¥80 billion (during the 2024–2028 Medium-Term Management Plan period)
Investment amount by sectorField Business Investment / Amount Approximately ¥28 billion, Field Capital Expenditure / Amount Approximately ¥27 billion, Field Human capital investment / Amount Approximately ¥15 billion, Field IT and DX investment / Amount Approximately ¥10 billion
Statements about the use of capital
Payout ratio / DOE policyThe total payout ratio during the Medium-Term Management Plan period is expected to be 50–60%. The basic policy of maintaining a dividend payout ratio of 40% or higher is expected to continue. The applicable period is 2024–2028.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe Company plans to repurchase treasury shares in an amount equivalent to approximately 10–20% of profit during the Medium-Term Management Plan period. The estimated amount is approximately ¥13 billion.
Cost of capitalApproximately 5% (CAPM basis, as of October 2025). The cost of capital calculated by investors was in the 6% range.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR has exceeded 1x from the previous fiscal year's actual level as the share price has risen. The Company will strengthen its IR activities to obtain an appropriate market valuation.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Execution of the 2030 Vision and Medium-Term Management Plan (2024–2028)
02Accelerating initiatives in priority businesses, based on the business portfolio and on further deepening existing businesses
03Utilization of cash based on capital allocation
04Implementing proactive growth investment and enhanced shareholder returns
05Promoting dialogue with shareholders and investors
06Further enhancing information disclosure
Plan assumptionsThe Company recognizes its cost of capital as approximately 5% (CAPM basis, as of October 2025). The cost of capital calculated by investors was in the 6% range. The numerical targets under the 2030 Vision will be reviewed as necessary after assessing developments in the business environment and the appropriate timing.
Segment targetSegment Tohoku and Niigata / FY2028 revenue ¥216.1 billion, Segment Areas other than Tohoku and Niigata / FY2028 revenue ¥28.8 billion, Segment Overseas Business / FY2028 revenue ¥29.3 billion, Segment Renewable energy-related construction / FY2028 revenue ¥11.2 billion, Segment Renovation work / FY2028 revenue ¥42.8 billion
Risks identified by the company
Decline in profit due to the recognition of extraordinary losses
Increase in the cost of shareholders' equity due to changes in market conditions
Rising costs
Delays in licenses and approvals associated with tighter regulations
The possibility that actual business performance and other results may differ substantially due to various factors
Reason for revision or withdrawal
As some of the numerical targets under the Medium-Term Management Plan (2024–2028), namely operating profit and ROE, have been achieved, the numerical targets have been reviewed to support further earnings growth. The ROE target was revised to 9.0% based on, among other factors, the Company's cost of capital calculated by investors, which was in the 6% range.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (2024–2028) |
| Plan period | FY2024–FY2028 |
| Progress against the plan | Partially revised |
| Sales Target | ¥270.0 billion → Consolidated operating revenue target: ¥280 billion |
| Operating profit target | ¥13.5 billion → ¥20 billion |
| Operating profit margin target | 5.0％ → 7.1％ |
| ROE target | 6.0% or higher → 9.0％ |
| Payout ratio / DOE policy | The total payout ratio during the Medium-Term Management Plan period is expected to be 50–60%. The basic policy of maintaining a dividend payout ratio of 40% or higher is expected to continue. The applicable period is 2024–2028. |
| Treasury share acquisition policy | The Company plans to repurchase treasury shares in an amount equivalent to approximately 10–20% of profit during the Medium-Term Management Plan period. The estimated amount is approximately ¥13 billion. |
| Cost of capital | Approximately 5% (CAPM basis, as of October 2025). The cost of capital calculated by investors was in the 6% range. |
| Self-assessment of PBR and share price | PBR has exceeded 1x from the previous fiscal year's actual level as the share price has risen. The Company will strengthen its IR activities to obtain an appropriate market valuation. |
| Total investment plan | Approximately ¥80 billion (during the 2024–2028 Medium-Term Management Plan period) |
| Investment amount by sector | Field Business Investment / Amount Approximately ¥28 billion, Field Capital Expenditure / Amount Approximately ¥27 billion, Field Human capital investment / Amount Approximately ¥15 billion, Field IT and DX investment / Amount Approximately ¥10 billion |
| Segment target | Segment Tohoku and Niigata / FY2028 revenue ¥216.1 billion, Segment Areas other than Tohoku and Niigata / FY2028 revenue ¥28.8 billion, Segment Overseas Business / FY2028 revenue ¥29.3 billion, Segment Renewable energy-related construction / FY2028 revenue ¥11.2 billion, Segment Renovation work / FY2028 revenue ¥42.8 billion |
| Plan assumptions | The Company recognizes its cost of capital as approximately 5% (CAPM basis, as of October 2025). The cost of capital calculated by investors was in the 6% range. The numerical targets under the 2030 Vision will be reviewed as necessary after assessing developments in the business environment and the appropriate timing. |
| Key initiatives | Execution of the 2030 Vision and Medium-Term Management Plan (2024–2028), Accelerating initiatives in priority businesses, based on the business portfolio and on further deepening existing businesses, Utilization of cash based on capital allocation, Implementing proactive growth investment and enhanced shareholder returns, Promoting dialogue with shareholders and investors, Further enhancing information disclosure |
| Results under the previous plan | Operating profit of ¥13.5 billion, ROE of 6.0% or higher → FY2024 actual results: operating profit of ¥16.1 billion, ROE of 8.3% |
| Reason for revision or withdrawal | As some of the numerical targets under the Medium-Term Management Plan (2024–2028), namely operating profit and ROE, have been achieved, the numerical targets have been reviewed to support further earnings growth. The ROE target was revised to 9.0% based on, among other factors, the Company's cost of capital calculated by investors, which was in the 6% range. |
| Risks identified | Decline in profit due to the recognition of extraordinary losses, Increase in the cost of shareholders' equity due to changes in market conditions, Rising costs, Delays in licenses and approvals associated with tighter regulations, The possibility that actual business performance and other results may differ substantially due to various factors |
| Date of board resolution | 28 April 2026 |
| Publication date | 28 April 2026 |
Items this document does not state (4)
Net income targetROIC targetNon-financial targetsSize of the Target Market
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The numerical targets for operating profit and ROE under the Medium-Term Management Plan have been achieved, prompting a review of the targets to support further earnings growth. The ROE target was also revised to 9.0% based on, among other factors, the cost of capital calculated by investors, which was in the 6% range.
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