Worth reading
66In 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
1900
¥100 million (difference between forecast consolidated net sales of ¥510 billion for fiscal 2026 and the fiscal 2030 target of ¥700 billion)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+37.3%
基準 5,100Target7,000100 million
Operating profit+74.4%
基準 430Target750100 million
Operating profit margin+2.3pt
基準 8.4Target10.7%
ROE+5.0pt
基準 2,025Target2,030%
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.
Total investment plan¥300 billion cumulatively for fiscal 2026 to fiscal 2030
Investment amount by sectorField Overseas Investments / Amount ¥210.0 billion, Field Domestic investment / Amount ¥90.0 billion, Field Capital Expenditure / Amount Overseas: ¥180 billion; Japan: ¥70 billion, Field IT and marketing/DX-related investments / Amount Overseas: ¥30 billion; Japan: ¥20 billion, Field M&A investment / Amount ¥100 billion (separate from the ¥300 billion ordinary investment budget)
Statements about the use of capital
Payout ratio / DOE policyMaintain progressive dividends and aim for a total payout ratio of at least 80% for fiscal 2027 to fiscal 2030. DOE: Not disclosed.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 policyAcquire approximately ¥100 billion more during fiscal 2027 to fiscal 2030. Implement purchases flexibly with a target total payout ratio of at least 80%, and cancel the treasury shares acquired as appropriate.
Cost of capitalShareholders' equity cost: 6-7%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 aims to achieve sustained share-price appreciation through improvements in its PER and EPS. Current PBR: Not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Product category expansion
02Evolution of channels and customer touchpoints
03Supply-chain and logistics-network efficiency
04Growth story by business-location portfolio
05Evolution toward a growth model balancing volume and quality
06Expansion of business areas and markets
Plan assumptionsThe targets for the end of fiscal 2030 are total assets of ¥1.03 trillion, cash and deposits of ¥130 billion, interest-bearing debt of ¥260 billion, equity of ¥560 billion and an equity ratio of 55%. In the United States, production capacity will be expanded from 900 thousand bottles per day to 1,780 thousand bottles per day, and the number of sales outlets from 20 thousand to at least 40 thousand.
Segment targetSegment Beverages and Food (Japan) / Net Sales ¥285 billion / Operating profit ¥35.0 billion / Operating profit margin 12.3%, Segment Beverages and Food (Overseas) / Net Sales ¥365 billion / Operating profit ¥58 billion, Segment Wellness / Net Sales ¥45 billion / Operating profit ¥3 billion / Operating profit margin 6.7%, Segment Other and adjustments / Net Sales ¥5 billion / Operating profit −¥21 billion
Non-financial targetsIndicator Number of new products launched / Target At least 10 products per year / Timing FY2030, Indicator Number of customers using the company's e-commerce platform / Target 3 million people / Timing FY2030, Indicator Global bottle volume / Target 42.3 million bottles per day / Timing FY2030, Indicator Number of overseas countries and regions / Target 46 countries and regions / Timing FY2030, Indicator Percentage of outside directors / Target Over 50% / Timing After transitioning to a company with an Audit & Supervisory Committee
Size of the Target MarketThe company referred to the solid expansion of the U.S. probiotics market. Specific figures and sources for market size and growth rate: Not disclosed.
Reason for revision or withdrawal
The company recognized that, amid major changes in the environment surrounding its businesses and the capital markets, it will be important going forward to improve the "quality of growth" through not only expansion in scale but also profitability and capital efficiency.
| Item | Details |
|---|---|
| Plan name | Management Policies to Enhance Corporate Value / Medium-Term Management Plan (2025-2030) |
| Plan period | Fiscal 2025 to fiscal 2030 (fiscal 2026 to fiscal 2030 for the investment plan, balance-sheet management and cash allocation) |
| Progress against the plan | Partially revised |
| Sales Target | ¥5,100 100 million → ¥7,000 100 million（37.3%） |
| Operating profit target | ¥430 100 million → ¥750 100 million（74.4%） |
| Operating profit margin target | 8.4% → 10.7% |
| ROE target | 7.5% (actual for fiscal 2025) → More than 10% (fiscal 2030) |
| Payout ratio / DOE policy | Maintain progressive dividends and aim for a total payout ratio of at least 80% for fiscal 2027 to fiscal 2030. DOE: Not disclosed. |
| Treasury share acquisition policy | Acquire approximately ¥100 billion more during fiscal 2027 to fiscal 2030. Implement purchases flexibly with a target total payout ratio of at least 80%, and cancel the treasury shares acquired as appropriate. |
| Cost of capital | Shareholders' equity cost: 6-7% |
| Self-assessment of PBR and share price | The company aims to achieve sustained share-price appreciation through improvements in its PER and EPS. Current PBR: Not disclosed. |
| Total investment plan | ¥300 billion cumulatively for fiscal 2026 to fiscal 2030 |
| Investment amount by sector | Field Overseas Investments / Amount ¥210.0 billion, Field Domestic investment / Amount ¥90.0 billion, Field Capital Expenditure / Amount Overseas: ¥180 billion; Japan: ¥70 billion, Field IT and marketing/DX-related investments / Amount Overseas: ¥30 billion; Japan: ¥20 billion, Field M&A investment / Amount ¥100 billion (separate from the ¥300 billion ordinary investment budget) |
| Segment target | Segment Beverages and Food (Japan) / Net Sales ¥285 billion / Operating profit ¥35.0 billion / Operating profit margin 12.3%, Segment Beverages and Food (Overseas) / Net Sales ¥365 billion / Operating profit ¥58 billion, Segment Wellness / Net Sales ¥45 billion / Operating profit ¥3 billion / Operating profit margin 6.7%, Segment Other and adjustments / Net Sales ¥5 billion / Operating profit −¥21 billion |
| Non-financial targets | Indicator Number of new products launched / Target At least 10 products per year / Timing FY2030, Indicator Number of customers using the company's e-commerce platform / Target 3 million people / Timing FY2030, Indicator Global bottle volume / Target 42.3 million bottles per day / Timing FY2030, Indicator Number of overseas countries and regions / Target 46 countries and regions / Timing FY2030, Indicator Percentage of outside directors / Target Over 50% / Timing After transitioning to a company with an Audit & Supervisory Committee |
| Plan assumptions | The targets for the end of fiscal 2030 are total assets of ¥1.03 trillion, cash and deposits of ¥130 billion, interest-bearing debt of ¥260 billion, equity of ¥560 billion and an equity ratio of 55%. In the United States, production capacity will be expanded from 900 thousand bottles per day to 1,780 thousand bottles per day, and the number of sales outlets from 20 thousand to at least 40 thousand. |
| Key initiatives | Product category expansion, Evolution of channels and customer touchpoints, Supply-chain and logistics-network efficiency, Growth story by business-location portfolio, Evolution toward a growth model balancing volume and quality, Expansion of business areas and markets |
| Reason for revision or withdrawal | The company recognized that, amid major changes in the environment surrounding its businesses and the capital markets, it will be important going forward to improve the "quality of growth" through not only expansion in scale but also profitability and capital efficiency. |
| Size of the Target Market | The company referred to the solid expansion of the U.S. probiotics market. Specific figures and sources for market size and growth rate: Not disclosed. |
| Publication date | 13 November 2026 |
Items this document does not state (5)
Net income targetROIC targetResults under the previous planRisks identifiedDate 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.The company recognized that, amid major changes in the environment surrounding its businesses and the capital markets, it is important to improve the "quality of growth" through not only expansion in scale but also profitability and capital efficiency. It will shift from management focused on sales volume and sales growth to "value-creation management," pursuing higher profitability and capital efficiency while remaining mindful of the cost of capital.
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