Worth reading
78Important
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
1000
¥100 million or more (five-year cumulative M&A)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+10.0pt
基準 2,026Target2,036％
ROE+10.0pt
基準 2,026Target2,036％
ROIC+10.0pt
基準 2,026Target2,036％
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).
What happened to the previous planOrganic sales growth of +4–6%, consolidated operating profit growth of +6–8%, ROE of 10% or more, overseas sales ratio of 30–35%, and new-area sales ratio of 5% → Organic sales growth of +7%, consolidated operating profit growth of +5%, ROE of 8.5%, overseas sales ratio of 26%, and new-area sales ratio of 4.8% (revised plan for the fiscal year ending March 2026 or three-year outlook)+5,688.6%Calculated from the two disclosed figures
Total investment plan¥280 billion or more (calculated as the total of at least ¥100 billion in non-continuous investments, at least ¥110 billion in growth investments, and ¥70 billion in maintenance and business-continuity investments)
Investment amount by sectorField Non-continuous investments / Amount ¥100 billion or more, Field Growth Investment / Amount ¥110 billion or higher, Field Maintenance and business-continuity investments / Amount ¥70.0 billion
Statements about the use of capital
Payout ratio / DOE policyThrough the fiscal year ending March 2026, the Company will steadily increase dividends, targeting a total payout ratio of 50% or more and a DOE of approximately 4%. During the fiscal years ending March 2027 through March 2031, the Company will implement progressive dividends based on increasing or maintaining dividends, with an increase of at least ¥3 per share each fiscal year.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 policyDuring the fiscal years ending March 2027 through March 2031, the Company will also consider flexible share repurchases depending on progress in growth and maintenance investments.
Cost of capitalAssumed to be 7% (as of the present time). The Company expects to reduce it by approximately 1 percentage point through the achievement of an optimal capital structure.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe Company assesses that its initiatives under Change2025 over the three-year period did not lead to an increase in the share price. PBR: Not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Deepening the value-creation model
02Maximizing the North American business and establishing a foundation in other regions
03Non-continuous growth toward portfolio transformation
04Financial strategy to maximize corporate value
05Human Capital Management
06DX
07Sustainability
08Strengthening corporate governance to support growth
09Customer-centric value creation
10Strengthening operational capabilities
11Expansion into new categories
Segment targetSegment Domestic Business / Indicator EBITDA growth rate / Fiscal year ending March 2031 ＋10％～ / FY ending March 2036 ＋8％～, Segment Overseas Business / Indicator EBITDA growth rate / Fiscal year ending March 2031 ＋15％～ / FY ending March 2036 ＋15％～, Segment Growth areas (overseas and new categories) / Indicator Revenue mix / Fiscal year ending March 2026 30％ / Fiscal year ending March 2031 40～45％ / FY ending March 2036 50％
Non-financial targetsIndicator DX personnel / Target value 500-person structure (including 182 certified personnel) / Timing Fiscal year ending March 2031, Indicator Calbee Human Capital Index / Target value 81.28 (79.90 in the fiscal year ending March 2025) / Timing Fiscal year ending March 2031, Indicator Ratio of independent directors and Audit & Supervisory Board members / Target value 63％ / Timing After the 77th Annual General Meeting of Shareholders scheduled for June 2026
Risks identified by the company
Worsening climate change
Demographic changes
Declining birthrate and aging population, population decline, and declining household size in Japan
Diversification of eating habits
Growing health consciousness
Rising Costs
Raw material risks
Profitability, growth rate and earnings stability of the overseas business
Reason for revision or withdrawal
The transformation toward a portfolio capable of absorbing fluctuations in the performance of the domestic core businesses remains unfinished, and the Company has not established an overseas management platform. Taking into account the fact that the business environment is undergoing a major transition due to climate change, demographic shifts and the diversification of eating habits, the Company formulated its growth strategy based on a backcasting approach with a view to 2035.
| Item | Details |
|---|---|
| Plan name | Calbee Group Growth Strategy, “Accelerate the Future” |
| Plan period | Fiscal years ending March 2027 to March 2036 (growth investment period: fiscal years ending March 2027 to March 2031; value creation period: fiscal years ending March 2032 to March 2036) |
| Progress against the plan | Formulated |
| Sales Target | +7% (revised plan for the fiscal years ending March 2024 to March 2026) → +7% or more (fiscal year ending March 2036; organic sales growth rate) |
| ROE target | 8.5% (fiscal year ending March 2026) → 15% (fiscal year ending March 2036)（Approximately 76.5% (calculated)） |
| ROIC target | 8.1% (fiscal year ending March 2026) → 13% or more (fiscal year ending March 2036)（Approximately 60.5% or more (calculated)） |
| Payout ratio / DOE policy | Through the fiscal year ending March 2026, the Company will steadily increase dividends, targeting a total payout ratio of 50% or more and a DOE of approximately 4%. During the fiscal years ending March 2027 through March 2031, the Company will implement progressive dividends based on increasing or maintaining dividends, with an increase of at least ¥3 per share each fiscal year. |
| Treasury share acquisition policy | During the fiscal years ending March 2027 through March 2031, the Company will also consider flexible share repurchases depending on progress in growth and maintenance investments. |
| Cost of capital | Assumed to be 7% (as of the present time). The Company expects to reduce it by approximately 1 percentage point through the achievement of an optimal capital structure. |
| Self-assessment of PBR and share price | The Company assesses that its initiatives under Change2025 over the three-year period did not lead to an increase in the share price. PBR: Not disclosed. |
| Total investment plan | ¥280 billion or more (calculated as the total of at least ¥100 billion in non-continuous investments, at least ¥110 billion in growth investments, and ¥70 billion in maintenance and business-continuity investments) |
| Investment amount by sector | Field Non-continuous investments / Amount ¥100 billion or more, Field Growth Investment / Amount ¥110 billion or higher, Field Maintenance and business-continuity investments / Amount ¥70.0 billion |
| Segment target | Segment Domestic Business / Indicator EBITDA growth rate / Fiscal year ending March 2031 ＋10％～ / FY ending March 2036 ＋8％～, Segment Overseas Business / Indicator EBITDA growth rate / Fiscal year ending March 2031 ＋15％～ / FY ending March 2036 ＋15％～, Segment Growth areas (overseas and new categories) / Indicator Revenue mix / Fiscal year ending March 2026 30％ / Fiscal year ending March 2031 40～45％ / FY ending March 2036 50％ |
| Non-financial targets | Indicator DX personnel / Target value 500-person structure (including 182 certified personnel) / Timing Fiscal year ending March 2031, Indicator Calbee Human Capital Index / Target value 81.28 (79.90 in the fiscal year ending March 2025) / Timing Fiscal year ending March 2031, Indicator Ratio of independent directors and Audit & Supervisory Board members / Target value 63％ / Timing After the 77th Annual General Meeting of Shareholders scheduled for June 2026 |
| Key initiatives | Deepening the value-creation model, Maximizing the North American business and establishing a foundation in other regions, Non-continuous growth toward portfolio transformation, Financial strategy to maximize corporate value, Human Capital Management, DX, Sustainability, Strengthening corporate governance to support growth, Customer-centric value creation, Strengthening operational capabilities, Expansion into new categories |
| Results under the previous plan | Organic sales growth of +4–6%, consolidated operating profit growth of +6–8%, ROE of 10% or more, overseas sales ratio of 30–35%, and new-area sales ratio of 5% → Organic sales growth of +7%, consolidated operating profit growth of +5%, ROE of 8.5%, overseas sales ratio of 26%, and new-area sales ratio of 4.8% (revised plan for the fiscal year ending March 2026 or three-year outlook) |
| Reason for revision or withdrawal | The transformation toward a portfolio capable of absorbing fluctuations in the performance of the domestic core businesses remains unfinished, and the Company has not established an overseas management platform. Taking into account the fact that the business environment is undergoing a major transition due to climate change, demographic shifts and the diversification of eating habits, the Company formulated its growth strategy based on a backcasting approach with a view to 2035. |
| Risks identified | Worsening climate change, Demographic changes, Declining birthrate and aging population, population decline, and declining household size in Japan, Diversification of eating habits, Growing health consciousness, Rising Costs, Raw material risks, Profitability, growth rate and earnings stability of the overseas business |
| Publication date | 27 March 2026 |
Items this document does not state (6)
Operating profit targetOperating profit margin targetNet income targetPlan assumptionsSize of the Target MarketDate of board resolution
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.Under the previous growth strategy, “Change2025,” the Company improved profitability and strengthened its business foundation, primarily in its domestic core businesses. However, the transformation toward a portfolio capable of absorbing fluctuations in the performance of its domestic core businesses remains unfinished, and the Company has not yet established an overseas management platform. In light of environmental changes including climate change, demographic shifts and the diversification of eating habits, the Company will accelerate its transformation into a company that delivers value globally.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.